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The Book of Investing Wisdom: Classic Writings by Great Stock-Pickers and Legends of Wall Street Hardcover – March 19, 1999
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The Book of Investing Wisdom is an anthology of 46 essays and speeches from the most successful, well-known investors and financiers of our time. In their own words, these legends of Wall Street share their best investment ideas and advice. You'll hear from Bernard Baruch on stock market slumps, Peter Bernstein on investing for the long term, Joseph E. Granville on market movements, John Moody on investment vs. speculation, Otto Kahn on the New York Stock Exchange and public opinion, William Peter Hamilton on the Dow theory, and Leo Melamed on the art of futures trading, to name just a few.
For easy reference, the 46 essays featured in The Book of Investing Wisdom are organized into eight categories, covering the nuts and bolts of analysis, investing attitude and philosophy, investing strategies, market cycles, views from the inside, lessons from notorious characters, insights from the Great Crashes, and advice beyond your average blue chip. Each essay is preceded by a brief introduction that provides intriguing and insightful background information about its author's life and career, and places the essay in historical perspective. Significant statements, inspiring thoughts, and even quirky bits of wisdom have been highlighted throughout the book to call attention to each contributor's most memorable ideas.
Offering practical advice, strategic wisdom, and intriguing history, The Book of Investing Wisdom will inspire and motivate everyone from the professional money manager to the do-it-yourself investor to the business student.
PETER KRASS is a freelance writer and editor living in Connecticut. He contributes regularly to Investor's Business Daily. His other books include The Book of Leadership Wisdom: Classic Writings by Legendary Business Leaders and The Book of Business Wisdom: Class Writings by the Legends of Commerce and Industry, also available from Wiley.
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Thus, when Charles Dow writes in an essay titled "Booms and Busts" that "There is a pronounced difference between bull markets that are made by manipulation and those that are made by the public," you perk up. Sure, he was writing all this in the Wall Street Journal in 1899, but he could just as easily be talking about day traders and 401(k) savers in 1999.
Essays by more current investment gurus appear, too. Warren Buffett, Peter Lynch, and Abby Joseph Cohen pitch in, as does George Soros in a must-read section called "Crash and Learn". Not all investing involves the stock market, so even Donald Trump makes an appearance, with an essay called "Trump Cards: The Elements of the Deal."
You won't find hot stock tips here, but you will find the greatest investors of the past century or so discussing the principles that governed or govern their decision-making. And since those decisions created some of the greatest fortunes of all time, it's a vital read. --Lou Schuler
"Those who invest well have an innate ability to distill abundant, raw information into the scarce commodity of wisdom. Here's how some of the best have done it down through the years." -David H. Komansky, Chairman and CEO, Merrill Lynch & Co., Inc.
"I personally knew moderately all the characters except Charles Dow. Any opportunity to learn more from such people is an opportunity that should not be missed." -Roy R. Neuberger, [his job title TK], Neuberger Berman Inc., and author of So Far, So Good: The First 94 years
- Publisher : Wiley; 1st edition (March 19, 1999)
- Language : English
- Hardcover : 512 pages
- ISBN-10 : 0471294543
- ISBN-13 : 978-0471294542
- Item Weight : 1.81 pounds
- Dimensions : 6.34 x 1.59 x 9.39 inches
- Best Sellers Rank: #504,906 in Books (See Top 100 in Books)
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Despite that, still a great book. I knock one star off one obvious reason.
As a market technician, I was especially gratified by the paper by Henry Clews. Warren Buffets piece is also very insightful.
For example, in the case of Benjamin Graham, instead of choosing something sublime from, say "The Intelligent Investor", Krass chose an obscure piece from "The Magazine of Wall Street" in 1920, which talks about hedging techniques that Graham himself said were useless, later in his career.
The biographical sketches before each piece are full of errors, for example misspelling "Niagara" as "Niagra" and stating that J.S. Bach died in 1760 when even the most amateur student of music history knows that he died in 1750.
The underlying cause of all this nonsense becomes clear when you go to the dust jacket and see that Krass has written a whole series of these books, such as "Book of Financial Wisdom," "Book of Leadership Wisdom," etc. Clearly Krass is a hack who knows nothing about investing, and is just assembling quotations at random to make a few bucks. Save your money and buy a good book on investing. This is not it.
It's biography, history and smart financial advice all rolled into one compendium. Recommended.
Note: The audiobook version is abridged. It's still a great listen but you get more content in the actual book.
Even though I can identify more with Warren Buffett's and Philip Fisher's investment philosophies, I enjoyed reading about others such as Martin E. Zweig who talked about short selling. I highly recommend this book to serious investors. Even if you do not have an investment philosophy, read this book, and maybe you will be inspired by one of them.
- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market
The content is not much different from other books or audio-books of the genre, but because I don't work in the financial milieu, it helps to reinforce the type of thing and expected reaction for people living a "financial lifestyle"!