
Written by CNBC business anchor Liz Claman, The Best Investment Advice I Ever Received consists of short essays written by investors like John Bogle, Jim Cramer, Steve Forbes, Bill Gross, and BloggingStocks's own Peter Cohan. It also has some puzzling choices such as Donald Trump, Robert Kiyosaki, and Suze Orman.
This is one of those books that sounds so good that even if I tell you it's horrible you will probably buy it anyway. And it isn't horrible. It's just repetitive. It seems like half the experts provide either "Diversify!" or "Go against the crowd!" or "Don't trade frequently!" as the best advice they ever received. It's sage advice to be sure, but gets boring after the fifteenth time.
A few of the respondents provide unique thoughts, such as Dr. Bob Froehlich of Deutsche Asset Management who recounted this quote from James Walton, the son of Wal-Mart (which is, ironically, number 7 for poor customer service) founder Sam Walton, talking about the importance of customer service:
"You know what people don't get? They don't understand the fundamental relation between a profitable company and a company with great service. Most investors don't look at this correlation, even though it's the leading indicator of a profitable company. Instead, they are too busy looking at price/earnings ratios and balance sheets, but at the end of the day if you can find those companies and industries that are really focusing on service, you watch what happens five or six years later. Good service is the best indicator. It is a qualitative way to look at companies and investment opportunities unlike anything else you tend to see.
This book is probably a decent gift for a new investor. but there's really nothing new here. If you've read a couple good investment books already, you probably don't need this. It seems more like a marketing gimmick than anything -- the title and big names associated with it guarantee that it will sell well. Some similar books include Trump: The Best Golf Advice I Ever Received, The Best Leadership Advice I Ever Got, and dozens of others. These might seem like a good idea but they tend to be repetitive and cliche-ridden.











Reader Comments (Page 1 of 1)
5-01-2007 @ 12:27PM
Wesley said...
Robert Kiyosaki talks investment gibberish
http://economicdespair.blogspot.com