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We are creatures of habit! Good habits and bad habits! It's easy to fall into bad habits as we inherently seek pleasure and void pain. It's not so easy to establish good habits. It takes some attention, and I use the Common Sense Communication - Real Life Habits for Success - as a daily reference, generally opening the book and reading whatever page appears! It provides food for thought - bread for the head! It works!
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Interesting is the story behind the making of the ALAMO, a film he produced, directed and starred in, the subsequent Oscar campaign, and the aftermath. Also interesting is Wayne's relationship with director John Ford, whom he loved, and their disagreements.
--Derek Leaberry
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So buy it for an interesting histort of the time but don't buy it if your looking for information on how one of the great Real Estate investors of his time developed and managed his system of success.
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Not only that, it is peppered with generalisms which the author makes little attempt to explain, and which in any case sound fishy to me. Like this one: you are only rewarded for taking market risk, not stock-specific risk, hence there is no point taking stock-specific risk. If I remember my rational economics, all risk must be rewarded, otherwise no one will take them.
Finally, it contains dangerous analytical flaws, which can lead to bad investment decisions. For example, it asserts wrongly that it is illogical if a stock's market capitalisation is less than the value of an asset it owns. This totally ignores the question of how the asset is funded. If a company owns nothing but an asset worth $1b, funded by loans worth $1b, is the company worth $1b?
I would seriously not recommend this book to anyone.
PS. I have since gone on to read Chapters 12-14, which deal with the blunders of five big-time traders. Three chapters out of 15 - that's a poor execution of the title, I'm afraid. I can get more from an hour or two on the net.
And who are these rich and famous? They are nowhere to be found. He does have a chapter of famous losers like Nick Leeson who broke an English bank and Robert Citron who bankrupted Orange County California. But that is as close as you get to this misleading title.
About the only positive I found in this book was an in-depth study of investor's behavioral patterns. Overall, I'd recommend you pass on this book.
Then, all of the proactive advice is saved for chapter 15. That material is about as developed as a magazine article. You need to have specific financial goals, determine a reasonable investment rate of return to seek (in light of your age and goals), make appropriate asset allocations, and then find cheap ways to implement your approach (such as with index funds and exchange traded funds).
The material in the earlier chapters is entertaining, and generally well done (and properly referenced) but it just doesn't fit well into a book to teach you how to invest. It's like a series of interesting factoids, without connecting the dots very well. Any of John Bogle's books would do you more good in terms of understanding these same issues when it comes to your investing. A new book, A Mathematician Plays the Market, is also a superior story to this one.
It's very hard to scale up article-sized bits of knowledge into a book. I recommend that Professor Nofsinger find a co-author for a future edition to help him better string together his story. His knowledge level seems good, and he would seem to be capable of producing a much better book in the future. I hope he does.
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