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The Little Book of Safe Money (Your Coach in a Box) Audio CD – Unabridged, December 4, 2009
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About the Author
- Publisher : Gildan Media; Unabridged edition (December 4, 2009)
- Language : English
- ISBN-10 : 1596593547
- ISBN-13 : 978-1596593541
- Item Weight : 5.6 ounces
- Dimensions : 6.4 x 1.1 x 5.3 inches
- Best Sellers Rank: #8,787,133 in Books (See Top 100 in Books)
- Customer Reviews:
Top reviews from the United States
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Much of the book covers some common sense concepts, like (1) don't take unnecessary risks, (2) don't take risks without sufficient expected return to compensate for taking the risks involved, and (3) don't risk money that you can't afford to lose. Zweig refers to these concepts as "commandments," and comes back to them throughout the book. He does a better job, in my view, when he addresses somewhat less obvious concepts, such as the (sometimes neglected) value of liquidity and the value of one's "human capital." For example, if you have invested years in your own education to become a geologist, then it might make sense not to concentrate your financial capital investments in energy stocks (because if the energy industry falls on hard times, your investments could suffer and you could lose your job at the same time).
Zweig is at his best, in my opinion, when he addresses the supposedly "low risk and high return" investments that the financial industry regularly puts out. He also deserves credit for explaining (1) how some "guarantees" are not all they are cracked up to be, (2) the difference between yield and total return, (3) how the risks that stocks seem to represent and the risk that they actually represent are often inversely correlated (think about that for a minute), and (4) why leveraged ETFs (exchange traded funds) may behave differently than some investors expect. There are more, but you get the idea.
I liked Zweig's discussions of the risks involved in hard assets and emerging markets, and I thought he did a good job pointing out the various unconscious biases many investors have, such as "anchoring" and "framing" that behavioral finance warns us about. The discussion of "Mr. Market" (an invention of the legendary Benjamin Graham) was very good, and I liked Zweig's collection of red-flag phrases for investors--like "can't lose," "guaranteed" and some less obvious others.
This book is an easy read not only because it's short, but also because Zweig has an easy writing style. I doubt that it will plow a lot of new ground for sophisticated investors, but for the rest of us, it represents a worthwhile investment.
Top reviews from other countries
If you are a connoisseur of fine investment books I would recommend William Worthington Fowler's "Revelations of the personal experiences of a speculator" written in 1880. It is available for free from the open library on google in PDF format.