Average customer rating:
- Trading in the Zone a Winner
- Worth nothing.
- Excellent Trader Psychology
- full of sounds and words
- A must read for any trader!
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Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude
Mark Douglas
Manufacturer: Prentice Hall Press
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Binding: Hardcover
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ASIN: 0735201447
Release Date: 2001-01-02 |
Book Description
Maximizing the trader's state of mind is the key to successful results. Conflicts, contradictions and paradoxes in thinking can spell disaster for even a highly motivated, astute and well grounded trader. Mark Douglas, a trader, personal trading coach, and industry consultant since 1982, sends the message that "thinking strategy" will profoundly influence a trader's success rate. Douglas addresses five very specific issues to give traders the insight and understanding about themselves that will make them consistent winners in the market.
Trading In The Zone offers specific solutions to the “people factor” of commodity price movement. It uncovers the true culprit for lack of consistency when it comes to stock picking: lack of focus and self-confidence. Through simple exercises, traders will learn how to think in terms of probabilities, and adopt the specific beliefs necessary to developing a winner's mindset. Along the way, they'll gain valuable insights into their own entrenched misconceptions about the market.
Backed by compelling examples, Trading In The Zone adds a new dimension to getting an edge on the market. Through a better understanding of themselves, as well as of Wall Street's realities, traders will come to leverage the power of their psyche for unprecedented profitability.
Customer Reviews:
Trading in the Zone a Winner.......2007-10-22
If you are serious about getting yourself right to enter the world of trading in the markets, this book is a must. If you are just looking for more technical information on market analysis, this is not the place. This is the place for the person who really wants to be consistent with their approach to trading and is ready to realise that it all begins with what is going on inside each of us as individuals. The author breaks down much of the psychobabble around motivation and gives some tangible and useful information that can be implemented by anyone who chooses to improve their trading regime. Definitely on the recommended list.
Worth nothing........2007-10-17
There are too many useless concepts which a real trader will never care about. There is so much jargons and text without substance. Concepts that are up in the air, with no real world application. I do not know about you, but totally useless for me. If you really study the entire book, you will never trade. You will be confused as what to do.
Moreover it seems that the author just tried to fill the book, and had run out of concepts.... in trading terms, this book is way too overvalued but under-performing.
Excellent Trader Psychology.......2007-09-26
An important book that does a good job of addressing the whole mental game of trading. Mark S. explains what it takes and how to do it. I highly recommend this book for anyone trading.
full of sounds and words.......2007-09-18
but like the tale by shakespeare's idiot, signifying nothing. that a trader needs discipline, a fully developed tool set, and self awareness are trivialities. get a book on trading psychology that WILL help you: the psychology of trading.
sorry, but i'm getting really tired of books that promise all and deliver little, are expensive, and parade insignificance behind promising titles.
tlt
A must read for any trader!.......2007-09-17
I have read many books on trading, and often they mention things like developing discipline or focus, but never go into "how to develop it" or into the behaviors we may exhibit in the market, like our nervousness to enter and exit a trade, when a stop-loss has been activated. By far, this is one of the best books on trading I have read, and will forever be one of the top 5 books on my shelf of trading books.
One thing that this book brings forth, very clearly, is that trading is a probability game, and that by developing a trading system, you develop a slight probabilistic edge, and that when you keep all variables constant, and trade using your system, then like a casino in Vegas, the odds will be with you.
Book Description
Using Investor's Business Daily as his major source of investment information, Dhun Sethna tripled his portfolio in five years. In Investing Smart, Sethna shares what he's learned about picking stocks with the nation's fastest growing newspaper, unlocking the powerful money=making information in every edition.
You'll discover where to look for winning stocks every day. . .which indicators to watch to avoid losses. . .the psychology of market behavior. . .and much more. The book delivers straightforward explanations of the complex and powerful forces which drive stock prices. All in all, it gives you the tools you need to invest wisely.
Download Description
Written by a man who tripled his market holdings in five years through careful application of information in "Investor's Business Daily", this guide shows investors how to maximize the value of the paper's many features to reach their market objectives.
Customer Reviews:
Bad presentation.......2007-09-21
I was very excited to find a book that was going to give me more ideas on how to pick stocks using IBD. While this book did give information on IBD, it never got into anything I found helpful in really using to pick stocks. All the author did was present information I already knew by reading IBD myself. Also this was not a pure IBD product the author attempted to mix in several authors advice and techniques into this work by quoting them verbatim. The book was very dry and hard to read and I do not think beginners or veteran traders will find it helpful. It was written by a doctor, who may be a great trader, but I did not like his writing style. I would advise reading all of William O'Neal's book and stick with IBD alone to teach you. Find your stock picks in the IBD 100, you do not need this book.
This book sucks.........2004-03-07
I bought this book a year and a half or so ago and I think it was a bad investment. I figured this book would be a great addition to How to make money in stocks but I was wrong.
This book is basically scanned in pages of parts of the paper telling you about all the economic indicators and other items in Investor's Business Daily.
I feel this book could have been a lot better if Dhun Sethna hadn't spent most of his time talking about such a boring subject... I mean who really wants to interpret economics graphs... I know I don't. He could have discuss how to find the winners (like the title suggests) but from what I remember about this book it is just about what the paper is and all the economic indicators you can find in it. I can clearly see why William O'Neil doesn't recommend this book.
Reed Floren
Its not completely worthless............2001-12-30
I did not read the book but I did look it over carefully. I was hoping it would be a clear step by step guide to using IBD to apply the CANSLIM method. There is so much information in the paper that it is not easy to apply all the techniques in an efficient manner. There are almost too many choices and directions possible. This book is not a step by step guide nor is it all that clear. I did find it to be unnecessarily wordy and vague. It just seems to go over the whole paper in a long winded fashion but does not get down to the nuts and bolts of "Smart Investing" as I was hoping it would. Refer to William O'Neil's books for better guidance about how to invest. Also, if you are a subscriber, there is a large amount of useful information on the IBD website at Investors.com.
Long Winded-But Necessary.......2001-04-22
If you are totally new to investing then you should start with "24 Essential Lessons to Investment Success" & "How to make Money in stocks", both by William O'Neil. If after reading those books part of the Investment Business Daily newspaper makes no sense, I recommend this book. Once you feel successful and comfortable in the stocks you pick, you would want to understand the whole picture. Though this book will confuse you in the beginning and I agree with many of the reviews, remember it is a brake down of the newpaper and how you can use each part of it to understand everything of the market and how Investment Business Daily feeds you that information. I strongly recommend it. Puts together the Big Market picture from the pages of the Investors Business Daily paper. It should glue together some loose ends.
Miguel-Bronx New York
Too Many Words, Too Little Information.......2001-04-18
Being a student of William O'Neil's CANSLIM method of stock selection I found this book tiresome to read mainly because I know the subject matter so well. Dr. Sethna was certainly long winded and rambling in his writing style and could have said what he did in a third of the space he used. If you desire to learn about William O'Neil's methods purchase his book, "How to Make Money In Stocks." Lastly, Investor's Business Daily has added many new features since Dr. Sethna wrote this book so some of the information he shares about the paper is dated.
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Competitive Branding: Winning in the Market Place with Value-Added Brands
Torsten H. Nilson
Manufacturer: Wiley
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Designing Brand Identity: A Complete Guide to Creating, Building, and Maintaining Strong Brands
ASIN: 0471984574 |
Book Description
"Torsten H. Nilson's new book Competitive Branding contains useful information on two of the hottest words in marketing, "competitive" and "branding". It's a must read." Jack Trout, President of Trout & Partners Ltd USA, and global marketing strategist. "With the increasing recognition that brands are assets that have to be actively managed, we all need keys to unlock the processes for managing brands in a disciplined way. This book opens the doors!" Raoul Pinnell, Global Head of Brands and Communications, Shell International Petroleum Company Ltd. "Branding is increasingly recognized as the essence of marketing. This book will give you plenty of ideas on how to build, grow, and perpetuate your brands." Philip Kotler, S.C. Johnson & Son Distinguished Professor of International Marketing, J.L. Kellogg Graduate School of Management, Northwestern University, USA. In his new book Torsten H. Nilson provides solid, practical and well-founded good advice and methods for building brands cost-effectively - brands that will succeed in the increasingly competitive market place. This book will help the reader to:
* create and implement a programme to build a competitive brand
* understand how brands are created, building the value of the brands
* use all the different parts of the marketing mix to build the power of the brand
The focus of Competitive Branding is not so much "how to do the above" but more "what to do" to achieve success. Torsten H. Nilson has developed a conceptual framework based on his vast experience - not only does this aspect set the book apart from others on this subject but it gives the reader the opportunity to consider all the strategic aspects of branding in the context of their organization. The busy professional will find this enlightening book, which is illustrated with truly inspirational examples and cases, one of the most useful in developing a successful competitive brand.
Book Description
This book brings together, for the first time, two very powerful concepts: customer value and competitive planning. Together they create a powerful tool that will generate breakthrough strategies for market dominance. The previously fashionable metrics of customer satisfaction have proven to be poor predictors of business performance, whereas the linkages between customer value and performance measures such as market share and profitability have been identified and documented. Value has been shown to be one of the best predictors of market share and customer loyalty available. Developing a system to harness value as a competitive weapon is an essential next step.
Competing with Customers presents a competitive planning template that enables organizations to actually harness their value creation and delivery systems to enhance their market performance. It is a planning system that focuses at the level where the organization makes money: selling products or services to people in specific markets or market segments. Readers will discover a clear blueprint for crafting breakthrough, value-added strategies. For many readers, it will challenge the way they look at their competition, their markets, and their industries. Competition will never look the same.
Book Description
The renowned "Market Wizards" author and Trader's Hall of Fame award winner presents a powerful workshop highlighting the most common traits and techniques of the super traders. This rare session can help investors of all skill levels become market masters.
Book Description
Bestselling author Charles B. Carlson returns with a counterintuitive yet simple strategy for beating the Dow and making money in the stock market.
In
Winning with the Dow's Losers, Carlson shows how any investor -- with any size portfolio or any level of investment knowledge -- can apply his worst-to-first strategy to generate impressive wealth over the long term. By following this simple, sound, and time-tested strategy, investors can invest in high-quality stocks at beaten-down prices and watch them rebound year after year.
Investors can:
- Start with as little as $1,000.
- Invest in as few as 1 or as many as 10 Dow stocks.
- Review and adjust your portfolio no more than once a year.
- Achieve better results than the famous "Dogs of the Dow" approach.
Stock market funds come and go, while investors who chase them usually enrich only their stockbrokers and not themselves. Now, with
Winning with the Dow's Losers, you can regularly pick winning stocks and make money for yourself.
Customer Reviews:
Interesting concept, worthwhile reading.......2007-01-03
In this book "Winning with the Dow's Losers", Chuck Carlson describes a simple strategy to beat the Dow Jones Industrial Average (DJIA) with the Dow's biggest losers: The worst performing stocks of one year will outperform the Dow in the following year. This had me raise an eyebrow, because a well established theory says that winners will keep on rising, and losers will keep on falling. That is the idea behind all the momentum strategies and relative strength strategies, and it has been outlined in O'Shaugnessy's acknowledged book "What works on Wall Street".
The author admits honestly that he got the idea about this strategy from just the two years 2000 and 2001: In 2000, Philip Morris was the biggest winner in the Dow (+91%) after being the biggest loser in the previous year (-57%), and in 2001, Microsoft (+53%) and AT&T (+36%) were big winners after trailing the Dow the year before (-63% and -66%, respectively). Carlson gives plausible reasons why it is likely to outperform the Dow with the laggards. The DJIA is a price index, i.e. cheap stocks don't have as big an influence on the index as expensive stocks do. Thus, if a cheap stock (and most laggards have come down in price considerably) increases by 10%, the Dow will increase by less than 10%. The other reason is his theory of "reversion to the mean".
Does Carlson's method leave room for criticism? It sure does. Some of it the author addresses himself in Chapter 9. But my main criticism is that the worst-to-first effects were most pronounced over the last 5 years (that's when the author noticed the effect).
He then extended his theory back to 1930 to show that it also works long time. And indeed, he did find a slight advantage for his worst-to-first strategy vs. buy-and-hold. During this 74 year period, his method returned 11%, while the Dow Jones returned 10% p.a.
If you consider, however, that you have to buy and sell shares once a year, the brokerage fees and commissions (usually 0.5% to 1% round turn) will eat up this advantage.
Also he mentions (on p. 105) that in his historical calculations all dividends are reinvested. Not only does this cost additional fees and commissions, but he just cannot invest all dividends because they are subject to tax (currently 15%).
The book was written in the second half of 2003, and most trading systems suffer from the fact that they were adapted to the past. Now, with three more years gone by, we can check, if the worst-to-first method stood the immediate future after publication. The following data were taken from Carlson's website (www.dowunderdogs.com). If you use his preferred worst-to-first version (a portfolio of the 5 worst performing stocks), in 2004 (+5.7%) he barely outperformed the Dow (+5.3%).
In 2005, his portfolio (-9.5%) underperformed the Dow (+1.7%).
And in 2006, he outperformed (+31.5%) the Dow (+16.3%).
So from 2004 to 2006, the worst-to-first outperformed the Dow by just 0.3% annually. And that is before fees and taxes! Do these results create confidence in his method?
Be it as it may, the book is well written (I finished it in just over a day) and easy to understand, and it is worthwhile reading because it outlines a coherent concept.
If something looks too good to be true ..........2006-01-30
The main idea of the book is explained in a few first pages. The big goal is to buy low, sell high. The way to achieve that is to buy the worst performing stocks of the Dow and sell them in a year and one day. A purely mechanical, emotionless, low overhead approach. The rest of the book gives you some information on how Dow index is calculated, what companies are included, how to buy stocks and use options etc.
How good is this strategy? The author's own goal is to be able to outperform the Dow index. Well, it does beat Dow in most cases. So should you use it? Before you decide, consider this:
1. Dow has been pretty much flat for the last 6 years, so the bar is not that high. Even not investing money at all would outperform Dow in some of the recent years.
2. Dow stocks are typically US large cap companies. If US runs into a new recession, they'll probably all go down. How about more diversification?
3. If you buy the worst performer year after year, do you think it's likely one of them will eventually file bankruptsy and your investment will become worthless?
So if you were thinking about investing in Dow index, this strategy is a reasonable alternative. But keep in mind that typically "mechanical" "automated" "emotionless" systems tend to work for some time and then their performance degrades. The market is changing and locking yourself into some automated process can be very risky.
Here is an example. A few years ago everyone was talking about investing in indecies. Dow was beating most of the funds and buying index was so much cheaper, so over time you were supposed to enjoy top performance with no research effort. Sounds familiar? Guess what happened. Dow Jones is still lower then it was 6 years ago. Did you have other options? Or yes! International stocks, real estate, natural resources, gold, energy etc. But diversification accross right sectors in right time is not what mechanical systems do well.
So my advice is don't be too excited about "no brain" systems. If something looks to good to be true ...
Sound Investment Advice For These Times.......2004-04-04
Charles B. Carlson's Winning With The Dow's Losers is an excellent resource for today's investor. The wealth of information provided between the covers is both unbiased and rich in content.
Carlson provides extensive charts and graphs displaying key statistical information where anyone can easily evaluate for their own purposes. The section where Carlson evaluates each of the 30 DOW stocks is quite exemplary. Even though the information is pretty current, Carlson keeps into account the trends of the market. He is conscience that such DOW Stocks as Eastman Kodak and AT&T might not be in touch with the current market conditions. Therefore, it may not be profitable to investment money in thoses stocks even after a battered down prior year. He also provides insight on future changes in the DOW and possible new candidates in the 30. Further analysis into the DOW Transport and Utility stocks are given as well.
The main focus of the book is to guide the reader on the simple stragegies of investing in reliable DOW Stocks and to turn over your portfolio systematically from year to year. However, the supplemental points as illustrated above certainly make this book fully loaded with valuable information. Therefore, I say keep this one handy on your shelf.
Consider Commissions, Taxes, etc........2004-01-14
Charles Carlson's recent book is a variation of the "Dogs of the Dow" and like the Dogs books, this one also is flawed in the overall strategy. I suggest one take the data as presented in Carlson's book and calculate what percentage advantage the worst-to-first stocks have in order to double the DOW 30 from 1931 through half of 2003. When I checked out the ten worst price performers, Carlson's top performing portfolio, I found that the advantage only amounted to 1.22%. That means Carlson's strategy of selecting the ten worst performers by price as the stocks to purchase the follow year, outperformed the DOW 30 by 1.22% per year. This small advantage results in a portfolio that is doubles the DOW 30 over a 72 year period.
What Carlson fails to tell investors, or at least does not emphasize, is that commissions, taxes, bid/ask spread, and market impact will more than use up that 1.22% advantage. Therefore one is significantly better off to purchase an index of the DOW 30, sit back and do nothing. This is an investment book where you can save your money and invest in an index. You will be further ahead seventy years from now.
Simple Winning Strategy Using DJI Losers.......2003-12-23
Charles Carlson, the author of seven previous investment books, has uncovered a simple strategy using the worst calendar-year Dow performers to beat the Dow Jones Industrial Average (DJIA) at its own game! Carlson's strategy is a twist to the Dogs of the Dow (DoD) strategy presented in Beating the Dow (1990) written by Michael O'Higgins. O'Higgins selected the ten highest paying dividend stocks in the DJIA and bought them at year-end and held them for a year, and then bought the next batch of highest yielding stocks, etc. That strategy did great in back-testing, but has not done well in the past few years.
For the uninitiated, Carlson provides the historical basis of the DJIA and devotes an entire chapter to the DJIA components, developments, and changes in the index. At least one page is devoted to each stock in the index with complete information on its historical significance and business. Another chapter is devoted to counterpoint arguments against the naysayers of his strategy.
Carlson's strategy does not use dividend yield as his selection criteria, but instead focuses on those stock(s) that have the worst yearly percentage price performance. He simply buys the DJIA stock(s) with the worst annual performance at the end of the year and holds it for one year, then he selects that year's worst performer and buys it, etc. In addition to the one stock portfolio, Carlson also shows the comparative results using the worst performing 3-stock, 5-stock and 10-stock portfolios. The 5- and 10-stock portfolios show the most consistent performance and have less risk than a one stock portfolio.
The book focuses on the performance of the worst 1-, 3-, 5- and 10-stock DJIA portfolios, and provides statistical information showing how these different stock strategies compared to the DJIA annually since 1931 (using back-testing) on a dollar-term, percentage, annual return, and percentage difference from its 200 day moving average basis. He also provided comparative results for last 30 year, 20 year, 10 year and 5 year periods. In addition, there is as 37-page appendix containing the performance of each DJIA stock since 1931 as far as annual performance change, the DJIA annual change, and the performance of each of his stock strategies in each of the years.
In a separate chapter, he even compares his strategies with the Dogs of the Dow and indicates their superiority over the DoD since 1999. The performance before that time showed mixed results depending upon which of Carlson's strategies are used.
Overall, the author presents a credible case for considering his DJIA strategies. He warns investors that they should only invest a portion of their money in any of these strategies, and to be sure to have a diversified portfolio overall to be successful. This book offers investors a mechanical stock selection process that takes the emotion out the investment equation. In that respect it has much to offer.
Amazon.com
Winning with the Market, by Wall Street Journal editor and frequent TV financial commentator Douglas R. Sease, clearly presents a positive, no-nonsense investing approach that can be applied during any stage of life with as few expenses or associated time commitments as possible. In the first section, Sease explains why putting one's savings into stocks, bonds, and mutual funds is (and should remain) the best way to meet individual financial goals--and why stock index funds and inflation-indexed Treasury bonds are his vehicles of choice for doing so. In the second section he explains the concept of asset allocation--"a fancy term to describe the process of balancing your investment portfolio among cash, stocks, and bonds to suit your own lifestyle, your financial goals, and your tolerance for risk"--and outlines appropriate mixes for readers in their 20s, 30s, 40s, 50s and, 60s. A final section recommends specific index funds that concentrate on U.S. or foreign stocks in various size and special-interest configurations, and provides locations where accounts can be created to buy Treasury bonds directly. Sease concedes that readers may not beat the market by following his advice, but these suggestions should allow the average investor to match it with relative ease. --Howard Rothman
Book Description
Say good-bye to expensive brokers! Forget gambling on their latest "hot stock," or their junk-bond or high-cost mutual funds recommendations. The results can be disastrous. Instead, veteran Wall Street Journal editor and CNBC commentator Douglas R. Sease shows you how to take back control of your money with a simple, safe, yet powerful investment program that can be tailored to your individual needs.
Writing with the solid backing of The Wall Street Journal, Doug Sease reminds us that many financial services providers try to make investing appear mysterious and difficult in order to justify their fees.
You can use a combination of inexpensive, easy-to-purchase investment vehicles -- stock-index mutual funds and inflation-indexed Treasury bonds -- to build a portfolio that will maximize your returns and minimize your risk. Combining a disciplined savings program with an equally disciplined investment program is a virtual guarantee of success. It puts more money into your investments instead of into Wall Street's pockets. Best of all, Sease shows how to make the most of your money at different stages of your working life.
Winning with the Market shows you how to make the most of you rmoney for a lifetime of successful, broker-free investing.
Download Description
The good news of the 1990s was that more individuals than ever before owned stocks, bonds and mutual funds, gaining a stake in a powerful U.S. economy. The bad news was that they were also bombarded by "get-rich-quick" sales pitches from the financial services industry, and tempted by the risks of online day trading and the latest IPO flavor-of-the-month. Now veteran Wall Street Journal editor Douglas Sease contends that the financial world strives to make investing appear mysterious and difficult, when in reality, it's all actually quite simple. His terrific new audiobook, Winning With the Market, explains how to build successful long-term portfolios without having to rely on expensive and unreliable advice from the so-called experts -- financial knowledge to help listeners thrive in today's unpredictable financial market.
Customer Reviews:
The Market made easier...........2002-12-09
Sease seems to me like a man with a good head on his shoulders. He understands the market very well and simplifies it for the average investor. We are all looking to make more money while spending as little as possible and Sease's investment tips are a good start.
He spans the field of investing from those who are interested in high risk stocks to those who wish to invest there money more safely into money markets. The book has tips for every investor, which is both a good and a bad thing.
Sease focuses on a broad scope of savings and investment strategies for the person looking to explore the field. Being this broad, I do not recommend this book to those who look to dig up information on more specific types of investment strategies. There are various books out there to meet the needs of the more narrow investor, but Sease's book is focusing on the entire spectrum to inform his readers of the possiblities that are out there.
To be honest, I read this book for an economics class that I am taking, and initially I was not thrilled. In reading it, however, I have learned much more about the market and investing then I could have imagined. It is a stretch, but I may have even enjoyed the book from time to time.
I highly recommend this book for those who are looking to make the kind of retirement/nest egg/tuition money that they really dream of having. It will allow the average investor to jump into what can often be a very confusing and sometimes scary market. If nothing else you will understand the market better should you ever decide that you would like to try investing.
The Market made easier...........2002-12-09
Sease seems to me like a man with a good head on his shoulders. He understands the market very well and simplifies it for the average investor. We are all looking to make more money while spending as little as possible and Sease's investment tips are a good start.
He spans the field of investing from those who are interested in high risk stocks to those who wish to invest there money more safely into money markets. The book has tips for every investor, which is both a good and a bad thing.
Sease focuses on a broad scope of savings and investment strategies for the person looking to explore the field. Being this broad, I do not recommend this book to those who look to dig up information on more specific types of investment strategies. There are various books out there to meet the needs of the more narrow investor, but Sease's book is focusing on the entire spectrum to inform his readers of the possiblities that are out there.
To be honest, I read this book for an economics class that I am taking, and initially I was not thrilled. In reading it, however, I have learned much more about the market and investing then I could have imagined. It is a stretch, but I may have even enjoyed the book from time to time.
I highly recommend this book for those who are looking to make the kind of retirement/nest egg/tuition money that they really dream of having. It will allow the average investor to jump into what can often be a very confusing and sometimes scary market. If nothing else you will understand the market better should you ever decide that you would like to try investing.
How can I find another 2-8% of my income to invest.......2001-02-15
Douglas Sease's "Winning With The Market" is good stuff. He seems to have his head screwed on straight -- and his suggestions for how to navigate the shifting currents of the financial rivers seem sound.
The question is: without robbing a bank or playing the LOTTO, how can I find more money to invest wisely in order to really build up as large and secure a financial account as possible by the time I retire? It's a question that troubles me, and many people like me. I'm already trying to sock away as much as possible. I'd like to be socking away more. But how?
After you buy Sease's book, you might want to check out another book by a financial services CEO named Wade Dokken (of American Skandia, one of the fastest growing variable annuity and mutual fund companies). His new book is called "New Century, New Deal: How To Turn Your Wages Into Wealth Through Social Security Choice."
Dokken has a revolutionary premise: you already have more money with which you could invest for your retirement; the problem is that instead of using that money wisely and productively, you're sending it to Washington in the form of your Social Security taxes. Hmmm. Interesting. And frustrating.
But what if you could take 2%, or 4%, or eventually even 8% of the 12.4% you now send to the bureaucrats in Washington, and instead deposit that money in a personal retirement account conservatively invested in, say, stock mutual funds, or TIPS, for example?
In other words, what if you could apply Sease's sound investing advice with Dokken's revolutionary premise on how to scrape up more money to invest? Well, Dokken runs the numbers. They're astounding. You almost have to run them yourself, blink hard, and then run them again. But they're true: if you could invest 8% of your income (two-thirds of your Social Security taxes) in an IRA or 401(k)-like account you could retire with well over $1 million, possibly even more than $2 million. And even if Washington only created 2% accounts, you could still build up an account worth a quarter of million or more.
And the risk, over the long term, is minimal. Why? Partly because the markets have always grown 6-9% annually over the long haul. And partly because you'd be engaged in the ultimate act of dollar-cost-averaging. You'd be investing relatively small portions of money in equities out of each paycheck, every two weeks for the rest of your working life.
Sease is right -- invest what you have wisely and shrewdly.
But Dokken (interestingly enough, a lifelong Democrat) is also right -- turn up the heat on Washington for the freedom to invest more of YOUR OWN MONEY in your own personal retirement account.
Use Savings, Stocks, and Bonds to Meet Your Financial Goals.......2001-01-16
This book is an overview of simple ways to create investment income. As such, it is lacking in depth and documentation found in many narrower books. You will find that you will need to work with these more focused books in order to get the full benefit from this one. The main reason for reading this book is to consider the many sample portfolios for mixes of stocks and bonds for accomplishing financial goals at different ages, with different objectives, and with varying financial obligations.
"Do you want the stock market to go up or down?" Mr. Sease poses that question to help you decide if you are an investor or not. Investors want the market to go down so they can buy cheap. Those who are living from their investments or cashing them out want high prices, because they will be selling rather than buying in the future.
This book provides a good general overview of the role of savings, stocks, bonds, investment brokers, investment managers, financial advisors, mutual funds, public sources of information in helping you make money. Unlike many such books that then espouse one solution for all, the book segments its readers by age, financial obligations, and income to suggest different methods to be used to implement the book's ideas.
The book has a worthwhile goal: "to free you from the tyranny of the financial services industry and the wasted time spent chasing outsize returns . . . ." He has some candid views to share in this regard. "I don't like stockbrokers." He later clarifies this as the full-service stockbrokers.
Basically, Mr. Sease is an advocate of the efficient market hypothesis for financial securities. This means that most people will not be able to outperform the market averages. The track record of professional money managers certainly is consistent with this hypothesis. But you can match the averages cheaply by buying indexed, no-load mutual funds. Almost all of his portfolios have some of these in them. As you get closer to needing the money, he suggests putting money into bonds to protect your principal from the large fluctuations that stocks often experience. He also demonstrates the power of compounding to encourage you to save more and save sooner.
Despite the basic soundness of Mr. Sease's approach, the book itself does have some weaknesses that you should be aware of. Most of these weaknesses seem to relate to trying to cover too many subjects in one slim volume.
For example, the most important thing you can do to be more successful with your investing is to have written goals that you regularly review. These goals should include subjects like housing, education for your children, financial security for your family, long-term health care, and retirement. Some people will also want to include philanthropy and caring for other family members, including parents, siblings, and grandchildren. But that's up to you. Although the book does refer to goals, it does not begin to do so until the middle of the book and treats the goals as though you already have them. My experience in working with successful, educated, high-income people is that almost none of them have written financial goals that they review. For some ideas on how to do this, I suggest you review the excellent material in Charles Schwab's new book, You're 50 -- Now What?
Second, the subject of what you can expect from stocks and the case for indexed mutual funds is made much better than in this book by John Bogle in Common Sense About Mutual Funds. You should take a look at that book. You should also consider the new book, What if Boomers Can't Retire?, to understand the risk of common stocks failing to provide their historical returns in the future.
Also, financial investments are not the best way to build financial security. Books like Rich Dad, Poor Dad make the case for creating investments that generate cash from a young age. In most cases, these investments will either be real estate or businesses. These subjects deserve equal time in a book about investing, but are not considered in this one. In the new book, Rich Kid, Smart Kid, is a fascinating example of how a young man learned this lesson by his father refusing to buy the son a new set of golf clubs. In the process, the son learned how to start his own vending machine business, make investments for his own college education, and let his business pay for the golf clubs. That is a far more powerful paradigm than is presented here.
I agree in principle with almost everything said in this book, but I would not encourage most people to read the book until after they had read the other books I suggested. At that time, the reader will be ready for the sample portfolios in this book which present some interesting alternatives for getting good long-term returns from financial investing with acceptable risk for the timeframes involved.
After you have finished considering the model portfolios in this book, I suggest that you test them for risk by assuming that both the stock and bond markets perform as badly as they ever have in the past. Then look at what you projected returns look like. Imagine how you would feel if you experienced these returns. If you would be disgusted and unhappy, chances are that you are taking on too much risk.
Take out unnecessary risk first if you want to enjoy better investment returns, sounder sleep, and less emotion-tossed investing. Otherwise, you, too, could become another example of buying high and selling low.
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Winning with the Market: Beat the Traders and Brokers in Good Times and Bad
Manufacturer: Simon & Schuster Audio
ProductGroup: Book
Binding: Audio Cassette
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Introduction
| Investing
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Management
| Management & Leadership
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ASIN: 0743518241 |
Book Description
Say good-bye to expensive brokers! Forget gambling on their latest "hot stock," or their junk-bond or high-cost mutual funds recommendations. The results can be disastrous. Instead, veteran Wall Street Journal editor and CNBC commentator Douglas R. Sease shows you how to take back control of your money with a simple, safe, yet powerful investment program that can be tailored to your individual needs.
Writing with the solid backing of The Wall Street Journal, Doug Sease reminds us that many financial services providers try to make investing appear mysterious and difficult in order to justify their fees.
You can use a combination of inexpensive, easy-to-purchase investment vehicles -- stock-index mutual funds and inflation-indexed Treasury bonds -- to build a portfolio that will maximize your returns and minimize your risk. Combining a disciplined savings program with an equally disciplined investment program is a virtual guarantee of success. It puts more money into your investments instead of into Wall Street's pockets. Best of all, Sease shows how to make the most of your money at different stages of your working life.
Winning with the Market shows you how to make the most of you rmoney for a lifetime of successful, broker-free investing.
Books:
- Trading Risk: Enhanced Profitability through Risk Control
- Wall Street Journal Guide to Understanding Money and Investing (Wall Street Journal Guide to Understanding Money & Investing)
- Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders
- West Federal Taxation 2007: Corporations, Partnerships, Estates, and Trusts (with RIA Checkpoint and Turbo Tax Business CD-ROM)
- West Federal Taxation 2007: Corporations, Partnerships, Estates, and Trusts (with RIA Checkpoint and Turbo Tax Business CD-ROM)
- West Federal Taxation 2007: Corporations, Partnerships, Estates, and Trusts (with RIA Checkpoint and Turbo Tax Business CD-ROM)
- West Federal Taxation 2007: Individual Income Taxes, Volume 1, Professional Edition (West Federal Taxation Individual Income Taxes)
- West Federal Taxation 2007: Individual Income Taxes, Volume 1, Professional Edition (West Federal Taxation Individual Income Taxes)
- West Federal Taxation 2007: Individual Income Taxes, Volume 1, Professional Edition (West Federal Taxation Individual Income Taxes)
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