"The Only Investment Guide You'll Ever Need" Kindle daily deal

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egghead
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"The Only Investment Guide You'll Ever Need" Kindle daily deal

Post by egghead » Mon Apr 16, 2018 9:20 am

Andrew Tobias's book "The Only Investment Guide You'll Ever Need" is one of today's Kindle daily deals at $1.99.

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Re: "The Only Investment Guide You'll Ever Need" Kindle daily deal

Post by oldcomputerguy » Mon Apr 16, 2018 11:11 am

I like this book but am not sure it lives up to its title (the “only investment book you’ll ever need”).

Tobias recommends individual US Treasuries or municipal bonds on the fixed-income side and completely recommends against corporate bonds, or any bond funds. I think the prospective investor would be better served by a more thorough discussion of these points before deciding on an asset allocation.

I’m also not at all clear on this statement from the book, in which he writes about keeping some money in equities after retirement:
Even after you leave your employer, there will be ways to roll your retirement money into other tax-deferred retirement accounts. If the market takes a dive just before you retire, you could roll your stock-market retirement money into other stockmarket funds and wait for it to recover.
No mention of how fixed-income might be used to buffer the effects of a downturn.

So while I think the book is a pretty decent starting point, I certainly don’t think it’s the be-all and end-all of investment knowledge that the title implies.
It’s taken me a lot of years, but I’ve come around to this: If you’re dumb, surround yourself with smart people. And if you’re smart, surround yourself with smart people who disagree with you.

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Re: "The Only Investment Guide You'll Ever Need" Kindle daily deal

Post by CrossOverGuy » Mon Apr 16, 2018 11:22 am

It's a good book - well-written and even very funny in parts. (Come on, WIllow!!!!). Mr. Tobias addresses the issue of the book's title in the text; it was his editor's and/or publisher's insistence that he use it; plus the book became a best-seller in multiple editions, so it stuck. But I have some quibbles with his dismissal of using corporate bonds, bond funds, etc., so while I think it's a good primer, there are also other books in addition for beginning investors (and more advanced ones who want to pick up different points of views). I'd say the Eric Tyson "Dummies" books on investing, personal finance and mutual funds, along with Burton Malkiel's "A Random Walk Down Wall Street" would be great adjuncts to the Andrew Tobias book as well.

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Re: "The Only Investment Guide You'll Ever Need" Kindle daily deal

Post by nisiprius » Mon Apr 16, 2018 8:10 pm

It's awfully good. It's too bad that there are things in it that are glaringly out of date. I haven't gotten to the part, except to glance at it, where he become an advocates for Joel Greenblatt and the "Magic Formula." I am trying to decide whether to give it as a gift to my twenty-year-old granddaughter, but I think I need to read it through and see how badly I'm bothered by the Magic Formula advocacy.
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Re: "The Only Investment Guide You'll Ever Need" Kindle daily deal

Post by TravelGeek » Mon Apr 16, 2018 8:49 pm

It was one of the (if not the) first investment book I ever read, some 20+ years ago. But not the only or last one. Guess I could have picked a worse title off the shelf at Borders or B&N.

I’ll need to check if I still have it.

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Re: "The Only Investment Guide You'll Ever Need" Kindle daily deal

Post by gmaynardkrebs » Mon Apr 16, 2018 9:38 pm

There may be more comprehensive investing books out there, but none are more enjoyable than TOIGYEN. Tobias was Michael Lewis before there was Michael Lewis, and I read them both for the same reasons -- they are brilliant humorists and sage philosophers of the world of money.

NYCwriter
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Re: "The Only Investment Guide You'll Ever Need" Kindle daily deal

Post by NYCwriter » Mon Apr 16, 2018 11:06 pm

Thanks, just purchased this book.

I don't plan to relinquish bond funds, but I've heard a lot about this book and am interested in his approach.

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Re: "The Only Investment Guide You'll Ever Need" Kindle daily deal

Post by linenfort » Tue Apr 17, 2018 8:31 am

egghead wrote:
Mon Apr 16, 2018 9:20 am
Andrew Tobias's book "The Only Investment Guide You'll Ever Need" is one of today's Kindle daily deals at $1.99.
Thank you!
bogleheads, don't knock state lotteries. They helped defund the mafia.

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Re: "The Only Investment Guide You'll Ever Need" Kindle daily deal

Post by linenfort » Thu Aug 23, 2018 8:10 am

Turned out to not even be worth $2. :(
Maybe it was better when it first came out.

update— I’ve changed my mind. It’s just a horrible title, as the book is about money and not investing. It’s actually got a lot of great insights.
Last edited by linenfort on Sat Sep 08, 2018 10:47 pm, edited 1 time in total.
bogleheads, don't knock state lotteries. They helped defund the mafia.

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Re: "The Only Investment Guide You'll Ever Need" Kindle daily deal

Post by 2015 » Thu Aug 23, 2018 11:56 am

oldcomputerguy wrote:
Mon Apr 16, 2018 11:11 am
I like this book but am not sure it lives up to its title (the “only investment book you’ll ever need”).

Tobias recommends individual US Treasuries or municipal bonds on the fixed-income side and completely recommends against corporate bonds, or any bond funds. I think the prospective investor would be better served by a more thorough discussion of these points before deciding on an asset allocation.

I’m also not at all clear on this statement from the book, in which he writes about keeping some money in equities after retirement:
Even after you leave your employer, there will be ways to roll your retirement money into other tax-deferred retirement accounts. If the market takes a dive just before you retire, you could roll your stock-market retirement money into other stockmarket funds and wait for it to recover.
No mention of how fixed-income might be used to buffer the effects of a downturn.

So while I think the book is a pretty decent starting point, I certainly don’t think it’s the be-all and end-all of investment knowledge that the title implies.
Yea. The poor marketing contained in the title alone bugs me. I think I read it years ago and most definitely read more books after it. I've long since ceased reading investment books.

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Re: "The Only Investment Guide You'll Ever Need" Kindle daily deal

Post by Jiu Jitsu Fighter » Thu Aug 23, 2018 3:35 pm

If I were to gift a book to a beginner, I would pay the full price for William Bernstein's Four Pillars...(which I've done) and call it a day. I've also given my old man Swedroe's How to Invest Like Warren Buffet. He had a mutual fund salad and was paying an advisor for nothing. That book is short, has a title that sounds like old people would be drawn to, and lays it out so basically. That was several years ago. He never read it. Instead, I manage his money now except for a portion he keeps with his advisor even though I've told him countless times to dump the advisor. He just can't let go.

Anyway, the point being, if gifting a book, give the best one that's appropriate for the person who will convince them (if they read it) the right way to invest. Obviously, Bogle's, Bernstein's, Swedroe's, Ferri's books are mainly the go-to's.

boomergeneration
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Re: "The Only Investment Guide You'll Ever Need" Kindle daily deal

Post by boomergeneration » Thu Aug 23, 2018 6:15 pm

The advantage of giving this book to a young person is that it is written with a lot of humor. Both my sons read it in their teens; it is an easy read. And he does advise investing in low cost passive funds. I think it is a great introduction to investing.

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Re: "The Only Investment Guide You'll Ever Need" Kindle daily deal

Post by k66 » Thu Aug 23, 2018 11:38 pm

linenfort wrote:
Thu Aug 23, 2018 8:10 am
Turned out to not even be worth $2. :(
Maybe it was better when it first came out.
Do you have any particular thoughts that led to the :(-rating?
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linenfort
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Re: "The Only Investment Guide You'll Ever Need" Kindle daily deal

Post by linenfort » Fri Aug 24, 2018 6:36 pm

Yes. I’ll try to mention something specific this weekend.
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Re: "The Only Investment Guide You'll Ever Need" Kindle daily deal

Post by linenfort » Wed Sep 05, 2018 8:56 am

linenfort wrote:
Fri Aug 24, 2018 6:36 pm
Yes. I’ll try to mention something specific this weekend.
I'm really late on this, but I wanted to do some rereading of the text and I'm glad I did. I'm still not crazy about the book, but maybe I was in a bad mood the first time around.

First, a general comment, and then something more specific:

It's not that the book gives bad advice; the advice is good. It's what's missing. As has been pointed out in this thread, it was never the author's idea to have such a boastful title. This book may be a nice introduction for someone who has no idea about investing or the boglehead principles, so I can see how those who read it when it first came out have a fondness for it. The only guide we'll need it is surely not.

While Swedroe and Ferri have put out books that really add value even for experienced Bogleheads, this is not something I'd recommend for anyone with even a little experience.

Take the entry on Corporate Bonds, example (on page 95 of the Kindle version -- well, that may depend on your chosen font size). "Don't buy them." The author explains how, versus treasuries, you're not really compensated for the extra risk (fair enough), but then says they "are subject to state and local taxes, so it's a wash." Huh? Nothing about the possibility of putting these in retirement accounts? Nothing about tax brackets here? You'd have to go to tax strategies for that.

Well, maybe the author is just steering you away from individual bonds. Let's check the entry on Bond Funds. "Nah." -- that's how it begins. Even if you agree with the sentiment, and there are plenty of all-stock investors who are doing great this year (and this decade), is that really the way to discuss modern bond funds? He wants you to buy treasuries only, so...

Unless the search in my kindle reader is broken, you won't find the term "asset allocation" in text, period. It is discussed, or rather mentioned in passing. New investors would be better off using this free forum to find out about stock-to-bond ratios and the pleasure-pain ratios associated with them.

So, again, I enjoyed parts of it the second time around and it's not a bad book if you judge it in a vacuum. Therefore it is worth $2 after all, especially to those who are never lucky enough to find this forum. However, it's really not updated as well as it could be or should be.
bogleheads, don't knock state lotteries. They helped defund the mafia.

gmaynardkrebs
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Re: "The Only Investment Guide You'll Ever Need" Kindle daily deal

Post by gmaynardkrebs » Wed Sep 05, 2018 9:22 am

There's actually quite a bit of good stuff hidden in the footnotes. For example, years ago I started a Keough for my side job, which I would never have known I was eligible to do were it not for this book. The other books you mention also struck me as more about "investing."; this book, despite the title, is more about how to think about managing your financial life. Also, you won't find better writing anywhere, which is probably what's kept it in print all these years, despite the lack of true comprehensiveness. BTW, I think it's up to $9.99 again.

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Re: "The Only Investment Guide You'll Ever Need" Kindle daily deal

Post by linenfort » Wed Sep 05, 2018 12:44 pm

gmaynardkrebs wrote:
Wed Sep 05, 2018 9:22 am
The other books you mention also struck me as more about "investing."; this book, despite the title, is more about how to think about managing your financial life.
That's so true. The publisher definitely did Tobias a disservice with that title. It's a bit of investing, a lot about saving, a lot about thinking about money in different ways.
bogleheads, don't knock state lotteries. They helped defund the mafia.

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