[Books that changed your life]
[Books that changed your life]
[Title was "Any books really change your outlook on life?"
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Always looking for great books to read.
2020 thread bump starts on Page 7 --admin LadyGeek]
Always looking for great books to read.
Re: Any books really change your outlook on life?
More Than You Know: Finding Financial Wisdom in Unconventional Places by Michael Mauboussin.am wrote:Always looking for great books to read.
Although it has now been 4 years since I first read this book, I still think about it now in regards to investing and my engineering job.
I have read over 200 books on investing over the years, and this one probably stretched or exercised my brain the most!
His discussion about non-normal distributions, or power law distributions has been invaluable to me because I work with both normal and non-normal distributions almost every day.
Here is my Amazon book review:
Excellent Brain Food, November 18, 2006
By Dale C. Maley "Index Fund Investor" (Fairbury, IL United States)
This review is from: More Than You Know: Finding Financial Wisdom in Unconventional Places (Hardcover)
What impressed me about this book was that it made me think about applying some of the author's findings and theories to many different situations. I am really amazed at how well read the author is with regards to many different fields of study. The author's whole premise is that a multi-disciplinary approach is required to solve our big problems.
Some previous reviewers have criticized this book because of no specific information that can be applied to investing. I have actually read this book 3 times in the last couple of months, because each time it causes me to think of different applications for some of the author's ideas. I make notes each time I read it, and after this 3rd time of reading the book, I disagree with reviewers about no specific things to apply to investing.
Some of the specific ways of applying this books ideas to investing include:
Recognize there are stock market bubbles of speculation on a periodic basis that are driven by investor psychology. When these bubbles appear, take actions to protect yourself from the inevitable bursting of the bubble including withdrawing from the market or use stop-loss type orders on stocks.
Once a company reaches the Fortune 50, its annual growth usually stops. If your stock has done well and reached the Fortune 50, it is probably time to sell. The historical data shows that is almost impossible to continue double-digit growth rates once you hit this company size.
Use asset allocation (diversify your investments) to avoid the risk of a fat-tail stock market loss dramatically shrinking your portfolio value. Bonds help to reduce this risk. Although not mentioned in the book, a lot of recent research indicates that low cost immediate annuities also reduce portfolio risk by shifting the fat-tail risk to the company providing the annuity.
The Power Law (also called the 80:20 Rule, or Pareto's Law) can be applied to many things in investing. For example, you can simplify your investment portfolio to only 4 asset classes versus 12 classes because these 4 classes provide 70% of the benefits of diversification.
Use index funds as the core of your portfolio. Index funds almost always win over active mutual funds.
Be aware of reversion to the mean and that it happens to almost all companies.
And last, watch CNBC for its entertainment value only. It is a form of financial pornography that does you no good with regards to investing.
I would suggest companion books to supplement this book including The Richest Man in Babylon, Bogle on Mutual Funds, The Millionaire Next Door, The 4 Pillars of Investing, A Random Walk Down Wall Street, the Coffeehouse Investor, the Bogleheads Guide to Investing, and All About Asset Allocation.
Most investors, both institutional and individual, will find that the best way to own common stocks is through an index fund that charges minimal fees. – Warren Buffett
I like nutrition books as I feel nutrition has the biggest impact on my life as well as investment literature. This year I have read:
Primal Blueprint by Mark Sisson
Paleo Solution by Robb Wolf
Good Calories, Bad Calories - Gary Taubes
Investing in Real Estate - by Gary Eldred
For fun I also re-read Harry Potter, The Deathly Hallows before the movie came out.
Primal Blueprint by Mark Sisson
Paleo Solution by Robb Wolf
Good Calories, Bad Calories - Gary Taubes
Investing in Real Estate - by Gary Eldred
For fun I also re-read Harry Potter, The Deathly Hallows before the movie came out.
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The Science of Mind by Earnest Holmes
The Four Agreements by Don Miguel Ruiz
A New Earth by Eckhart Tolle
Power vs Force by David Hawkins
Start Where You Are: A Guide to Compassionate Living By Pema Chödrön
The Four Agreements by Don Miguel Ruiz
A New Earth by Eckhart Tolle
Power vs Force by David Hawkins
Start Where You Are: A Guide to Compassionate Living By Pema Chödrön
Last edited by Grasshopper on Sat Dec 25, 2010 12:52 pm, edited 1 time in total.
Re: Any books really change your outlook on life?
Re: Any books really change your outlook on life?
Many years ago, I read Dale Carnegie's How to Win Friends and Influence People. Maybe didn't change my "outlook". But I made changes in myself in other ways.
Many years ago, I read Dale Carnegie's How to Win Friends and Influence People. Maybe didn't change my "outlook". But I made changes in myself in other ways.
Ignore the market noise. Keep to your rebalancing schedule whether that is semi-annual, annual or trigger bands.
The books that have affected my outlook on life are;
Jerry
- The Power of Positive Thinking - Peale
How to Win Friends and Influence People - Carnegie
The Millionaire in You - LeBoeuf
Jerry
"I was born with nothing and I have most of it left."
- touchdowntodd
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Jonathan Livingston Seagull
and then
Illusions
both by Richard Bach...
But I was 18 at the time... I don't know if they'd have the same effect on a 40-year old... I reread them not that long ago... still good, I could still remember how they affected me, but no longer the same...
Misquoting Jesus was a book that opened my eyes as well
Financial Books:
The Millionaire Next Door
Random Walk down Wall Street
The Four Pillars of Investing
and then
Illusions
both by Richard Bach...
But I was 18 at the time... I don't know if they'd have the same effect on a 40-year old... I reread them not that long ago... still good, I could still remember how they affected me, but no longer the same...
Misquoting Jesus was a book that opened my eyes as well
Financial Books:
The Millionaire Next Door
Random Walk down Wall Street
The Four Pillars of Investing
- nisiprius
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- Location: The terrestrial, globular, planetary hunk of matter, flattened at the poles, is my abode.--O. Henry
Stars: A Little Golden Nature Guide, by Herbert S. Zim. Well, I was six years old at the time, and I came running to Mom with the interesting news that one of the planets had the same name as the Earth. She explained to me that the Earth was a planet. It blew my mind...
Cosmic View: The Universe in Forty Jumps, by Kees Boeke. This book is a series of forty illustrations, each on a scale varying by a factor of ten from the one before it, online here. It is better known today from several works that it credit Boeke as their inspiration: the (two) films Powers of Ten by the Office of Charles and Ray Eames, and the book of the same title by Philip and Phyllis Morrison.
Flatland, by Edwin A. Abbott.
Cosmic View: The Universe in Forty Jumps, by Kees Boeke. This book is a series of forty illustrations, each on a scale varying by a factor of ten from the one before it, online here. It is better known today from several works that it credit Boeke as their inspiration: the (two) films Powers of Ten by the Office of Charles and Ray Eames, and the book of the same title by Philip and Phyllis Morrison.
Flatland, by Edwin A. Abbott.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.
"Your Money or Your Life: Transforming Your Relationship with Money and Achieving Financial Independence" by Joe Dominguez. Not for the investing advice, but the kick in the pants to leave working life as soon as financially able.
12 years in - so far, so good!
12 years in - so far, so good!
Retired |
Two-time in top-10 in Bogleheads S&P500 contest; 18-time loser
Aerobics, Kenneth Cooper, 1968
Aerobics Program For Total Well-Being: Exercise, Diet , And Emotional Balance [Paperback]
Kenneth H. Cooper (Author) ....1985....Although much of it is out of date, I still use the appendix to compare results of my annual physical. I think this book came out before statins were developed.
Aerobics Program For Total Well-Being: Exercise, Diet , And Emotional Balance [Paperback]
Kenneth H. Cooper (Author) ....1985....Although much of it is out of date, I still use the appendix to compare results of my annual physical. I think this book came out before statins were developed.
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Books changed my outlook on life? Probably none. I read the Bible, classical literature, but my parents and grandparents formed my outlook on life. I did allright, was motivated enough.
Books changed my outlook on investing? all books by Mr. Bogle, Malkiel, the authors of this forum, but that was only recently. Sorry that there were not such books and this forum 30 years ago.
Happy holidays and new year!
Bernd
Books changed my outlook on investing? all books by Mr. Bogle, Malkiel, the authors of this forum, but that was only recently. Sorry that there were not such books and this forum 30 years ago.
Happy holidays and new year!
Bernd
I read Dale Carnegie's "How to Win Friends and Influence People" from an old copy I picked up at a garage sale. Unlike others I did not care for this book. It seemed to advocate being phony regardless of the truth. Tell people what they want to hear. Give false compliments. Do this to get ahead. I know this book is highly regarded but I found many things about it distasteful.
Best Wishes, SpringMan
Scott Peck
The Road Less Travelled- by Scott Peck
- Noobvestor
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I second Flatland, but wanted to say thanks, Nis, for making me aware of Cosmic View - I had no idea Powers of Ten was based on/inspired by anything - now it is on my must-read list. For anyone looking for the Clif's Notes: http://www.youtube.com/watch?v=0fKBhvDjuy0nisiprius wrote:Stars: A Little Golden Nature Guide, by Herbert S. Zim. Well, I was six years old at the time, and I came running to Mom with the interesting news that one of the planets had the same name as the Earth. She explained to me that the Earth was a planet. It blew my mind...
Cosmic View: The Universe in Forty Jumps, by Kees Boeke. This book is a series of forty illustrations, each on a scale varying by a factor of ten from the one before it, online here. It is better known today from several works that it credit Boeke as their inspiration: the (two) films Powers of Ten by the Office of Charles and Ray Eames, and the book of the same title by Philip and Phyllis Morrison.
Flatland, by Edwin A. Abbott.
"In the absence of clarity, diversification is the only logical strategy" -= Larry Swedroe
Re: Any books really change your outlook on life?
bob90245 wrote:Re: Any books really change your outlook on life?
Many years ago, I read Dale Carnegie's How to Win Friends and Influence People. Maybe didn't change my "outlook". But I made changes in myself in other ways.
Me Too
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee
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I second the above. Having integrity,character, ethics and compassion gets thrown out the window with the useless advice this book offers. I suspect many of the problems we have today have been compounded by the suggestions this book offers.SpringMan wrote:I read Dale Carnegie's "How to Win Friends and Influence People" from an old copy I picked up at a garage sale. Unlike others I did not care for this book. It seemed to advocate being phony regardless of the truth. Tell people what they want to hear. Give false compliments. Do this to get ahead. I know this book is highly regarded but I found many things about it distasteful.
Agreed. Kicked the TV habit many years ago. The improvement on my outlook was immediate.gd wrote:"Four Arguments for the Elimination of Television", by Jerry Mander. Remove the influence of television on your thoughts and lifestyle for a few years and modern society starts looking very different.
Ignore the market noise. Keep to your rebalancing schedule whether that is semi-annual, annual or trigger bands.
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Oh, I love this topic.
Off the top of my head, some of my most influential:
Your Money of Your Life, Vicki Robbins & Joe Dominguez
How Much Is Enough? The Consumer Society and the Future of the Earth, by Alan Durning
Affluenza by John De Graaf, et al
The Bogleheads' Guide to Investing and The Bogleheads' Guide to Retirement Planning
John Boggle's books & others recommended on this site: The New Coffehouse Investor, The Only Guide to a Winning Investment Strategy You'll Ever Need
Anything by Pema Chodron, like Start Where You Are, The Wisdom of No Escape, No Time to Lose, Taking the Leap, among others
Eckhart Tolle's A New Earth and The Power of Now
The China Study by T. Colin Campbell, Mad Cowboy by Howard Lyman and Dr. Neal Barnard's books (Made me go from a semi-vegetarian to a vegan -- I've never felt better!)
The End of Overeating by David Kessler, MD
Anti-cancer - A New Way of Life by David Servan-Schreiber, MD
Overdosed America by John Abramson, MD; The Truth About the Drug Companies by Marcia Angell, MD; Selling Sickness - How the World's Biggest Pharmaceutical Companies Are Turning Us All into Patients by Ray Moynihan. I'm in the healthcare field and these books changed my thinking about the drug and health industry.
The Myth of Osteoporosis by Gillian Sanson. I have osteoporosis, but don't believe I need to take drugs for it (see above also).
Stuff - Compulsive Hoarding & the meaning of things by Randy Frost and Buried in Treasures by David Tolin. I come from a family of hoarders and these are very insightful.
Full Catastrophe Living by Jon Kabat-Zinn
Poetry by Mary Oliver
I could go on...
Your Money of Your Life, Vicki Robbins & Joe Dominguez
How Much Is Enough? The Consumer Society and the Future of the Earth, by Alan Durning
Affluenza by John De Graaf, et al
The Bogleheads' Guide to Investing and The Bogleheads' Guide to Retirement Planning
John Boggle's books & others recommended on this site: The New Coffehouse Investor, The Only Guide to a Winning Investment Strategy You'll Ever Need
Anything by Pema Chodron, like Start Where You Are, The Wisdom of No Escape, No Time to Lose, Taking the Leap, among others
Eckhart Tolle's A New Earth and The Power of Now
The China Study by T. Colin Campbell, Mad Cowboy by Howard Lyman and Dr. Neal Barnard's books (Made me go from a semi-vegetarian to a vegan -- I've never felt better!)
The End of Overeating by David Kessler, MD
Anti-cancer - A New Way of Life by David Servan-Schreiber, MD
Overdosed America by John Abramson, MD; The Truth About the Drug Companies by Marcia Angell, MD; Selling Sickness - How the World's Biggest Pharmaceutical Companies Are Turning Us All into Patients by Ray Moynihan. I'm in the healthcare field and these books changed my thinking about the drug and health industry.
The Myth of Osteoporosis by Gillian Sanson. I have osteoporosis, but don't believe I need to take drugs for it (see above also).
Stuff - Compulsive Hoarding & the meaning of things by Randy Frost and Buried in Treasures by David Tolin. I come from a family of hoarders and these are very insightful.
Full Catastrophe Living by Jon Kabat-Zinn
Poetry by Mary Oliver
I could go on...
- dratkinson
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A Short History of Nearly Everything" by Bill Bryson.
The book takes everything taught in high school sciences about the universe (the natural laws/elements, galaxies, solar system, Earth, life,...) and makes it coherent. Only book I've read twice in one year.
(Added) Agree a single text will never replace multiple high school subject-specific text. Removed forum-specific questionable examples of some of the ways it changed my thinking on life.
The book takes everything taught in high school sciences about the universe (the natural laws/elements, galaxies, solar system, Earth, life,...) and makes it coherent. Only book I've read twice in one year.
(Added) Agree a single text will never replace multiple high school subject-specific text. Removed forum-specific questionable examples of some of the ways it changed my thinking on life.
Last edited by dratkinson on Mon Dec 27, 2010 3:44 pm, edited 3 times in total.
Bambi - Walter E. Disney
Green Eggs and Ham - Dr. Seuss
The Little Engine that Could
The Automatic Millionaire - David Bach
Forrest Gump - Winston Groom
The Exorcist - William Peter Blatty
The above books changed my way of thinking for the following reasons:
Bambi taught me to never trust man;
Green Eggs and Ham taught me to never read another Dr. Seuss book as long as I live;
The Little Engine that Could taught me to never give up;
The Automatic Millionaire taught me that I could invest without liking numbers or budgeting;
Forrest Gump taught me that love conquers all and
The Exorcist taught me that religion is funny and to not play with Ouji Boards just in case the Devil is real
Green Eggs and Ham - Dr. Seuss
The Little Engine that Could
The Automatic Millionaire - David Bach
Forrest Gump - Winston Groom
The Exorcist - William Peter Blatty
The above books changed my way of thinking for the following reasons:
Bambi taught me to never trust man;
Green Eggs and Ham taught me to never read another Dr. Seuss book as long as I live;
The Little Engine that Could taught me to never give up;
The Automatic Millionaire taught me that I could invest without liking numbers or budgeting;
Forrest Gump taught me that love conquers all and
The Exorcist taught me that religion is funny and to not play with Ouji Boards just in case the Devil is real
- White Coat Investor
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I thought that as well the first time I read it. Read it again in a few years.SpringMan wrote:I read Dale Carnegie's "How to Win Friends and Influence People" from an old copy I picked up at a garage sale. Unlike others I did not care for this book. It seemed to advocate being phony regardless of the truth. Tell people what they want to hear. Give false compliments. Do this to get ahead. I know this book is highly regarded but I found many things about it distasteful.
- Peter Foley
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Interesting point of view. My reaction was not as negative, but yes, it is something of a struggle between being truthful and having a personality that makes a broad spectrum of people like you. As someone who has probably tended towards making a fetish of integrity, my observation as I approach mid-life is that if you want a more pleasant and enjoyable social life experience, it is better to de-emphasize integrity and be more charming. It dramatically improves one's family, work, friendship and romantic lives. Most people value likability over integrity, and who among us has not been swayed one time or another by those with the gift of charm? I am not sure that what one thinks of as representing truth or integrity is always a matter of black and white, so why not be a bit more pragmatic? Granted, I have not really been successful in adopting this attitude as much as I would like.SpringMan wrote:I read Dale Carnegie's "How to Win Friends and Influence People" from an old copy I picked up at a garage sale. Unlike others I did not care for this book. It seemed to advocate being phony regardless of the truth. Tell people what they want to hear. Give false compliments. Do this to get ahead. I know this book is highly regarded but I found many things about it distasteful.
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Re: Any books really change your outlook on life?
Man's Search for Meaning - Victor Frankelam wrote:Always looking for great books to read.
The Misbehavior of Markets - Benoit Mandelbrot
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[quote="dratkinson"]"A Short History of Nearly Everything" by Bill Bryson.
The book takes everything taught in high school sciences about the universe (the natural laws/elements, galaxies, solar system, Earth, life,...) and makes it coherent. Only book I've read twice in one year.
--long controversial opinions about formation of the universe and greenhouse gases deleted--
I am sorry you had to use this Forum here, in contravention of forum rules, to unleash your screed.
Just about everything you say has been addressed eg the water vapour point by climate scientists.
Read Spencer Weart's 'The Discovery of Global Warming' (it is available online if you do not feel like paying for it).
--religious comments deleted--
As to Bill Bryson, well, it's popular science and he makes mistakes. It's one of those books science students are *not* encouraged to reference.
The book takes everything taught in high school sciences about the universe (the natural laws/elements, galaxies, solar system, Earth, life,...) and makes it coherent. Only book I've read twice in one year.
--long controversial opinions about formation of the universe and greenhouse gases deleted--
I am sorry you had to use this Forum here, in contravention of forum rules, to unleash your screed.
Just about everything you say has been addressed eg the water vapour point by climate scientists.
Read Spencer Weart's 'The Discovery of Global Warming' (it is available online if you do not feel like paying for it).
--religious comments deleted--
As to Bill Bryson, well, it's popular science and he makes mistakes. It's one of those books science students are *not* encouraged to reference.
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