Wednesday, June 18, 2008

You don't need no stinkin' books.

I was standing in "Books-A-Million" tonight, looking for a father's day gift, (Hey, what do you want from me, punctuality? I'm too busy ruling the engineering world.) marveling at the sheer magnitude of retarded "GET RICH QUICK!" books. Maybe this post is too simple, but judging by the number of books out there that promise just this, I think I have to go ahead and say it.

DO NOT PAY FOR A BOOK OR SERVICE WHICH PROMISES TO MAKE YOU MONEY.
That goes for investment bankers, advisors, books, etc etc etc. There's this great thing that came about a few years ago; I think they call it the interwebs. It makes all this information completely free and packaged in a nifty little white box for your desk or a gray box for your lap. What's more, I've got one simple question for you: If these authors are so smart and can make money easy and quick, how in the world do they pull themselves away from their yachts, world travels, and supermodels? (shown below, for reference purposes only)


Yah... I'd totally rather be writing right now.

The point is, most times I'd be willing to bet you that the millions these dudes have made come more from motivational speeches and book sales than they do trading / not trading / saving / whatever they're peddling as an investment strategy. What's more, almost anything they're pushing can be freely found on the internet, and some uber-investors, such as Warren Buffet, even freely speak on investment strategies and ideas at times. This info is also free.

There might be a few exceptions to all this, such as basic economic text books, and three of my fave's (I'm allowed to buy books, I'm different right?)

  • A Random Walk Down Wall Street
  • Any good book on "Technical Analysis"
  • Any good book on "Fundamental Analysis"
But what can I say I'm an engineer and a bit bookish, and frankly all this info is also available freely online and could have been better used in a stock, etf, or options play.


1 comment:

Anonymous said...

i rebalanced the middle chicks 401k portfolio ;).

i completely agree with your post. Sometimes I don't trust the Wall Street Journal because they are trying to sell you the latest and greatest hot mutual fund that is going to line the portfolio managers pocket. The best thing to do is learn the fundamentals.