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Can anyone recommend a good book or other research material for investing in the stock market and asset allocation. MAGA NRA Gun Owners of America | ||
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Paging 'jallen' in 3,2,1.... | |||
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I'm not sure about a book. But I do know Ameritrade has some good free online articles that describe how all of the various forms work. | |||
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| Lawyers, Guns and Money  |
The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) (Collins Business Essentials) Rev Sub Edition by Benjamin Graham (Author), Jason Zweig (Author), Warren E. Buffett (Collaborator) ... and for the thought process of a trader: Reminiscences of a Stock Operator: The classic novel based on the life of legendary stock market speculator Jesse Livermore "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown "The United States government is the largest criminal enterprise on earth." -rduckwor | |||
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| I believe in the principle of Due Process  |
Depending on your level and background, I would start with the Little Book of Value Investing by Christopher Browne. If that gets you started, move on to The Intelligent Investor by Ben Graham. The current editions are Grahams with updating by Jason Zweig. If you want to turn pro, dive into Securities Analysis by Graham and Dodd, the bible. It's heavy, though, and not for rookies. Stay away from trading schemes, get rich quick, other than for amusement. Watch a couple dozen episodes of American Greed for get a feel for how you can be cheated and what to watch out for. Luckily, I have enough willpower to control the driving ambition that rages within me. When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown | |||
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Now in Florida |
Jallen hit the obvious starting points for any serious investor. I would add The Little Book of Common Sense Investing by John Bogle. I would also recommend the annual letters of Warren Buffet to the Berkshire Hathaway shareholders, particularly this year's letter at page 21-24 where he discusses active vs passive investing. Spoiler alert - 99.99% of all investors (including many of the highest paid hedge fund managers) would do better over the long run with a low cost index fund than any active strategy. Link to Buffet's lettersThis message has been edited. Last edited by: ChicagoSigMan, | |||
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This! I am glad to have gotten into Vanguard low cost funds in my 20s. Another good overall financial book is: https://www.amazon.com/Making-...KD98QNDXAHC40Y6W34KB ---------------------------------------------- Proverbs 27:17 - As iron sharpens iron, so one man sharpens another. | |||
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It seemed like a good idea... |
Vanguard funds. Put in it, keep putting in it, stay in it. -Jay "Assault is a type of behavior, not a type of hardware." -Alan Korwin | |||
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Both: The Little Book of Value Investing The Little Book of Common Sense Investing ... are both great reading recommendations for anyone starting to step into investing in the stock market. Warren Buffet's 3 favorite books - A Guide to The Intelligent Investor Security Analysis The Wealth of Nations There may also be some free 'getting into the stock market' seminars in you area, ones that are not selling or pushing their agendas. Daily trading - that's a full time job ... As jallen points out, there are no quick means to getting rich. You need a large fortune to make a small fortune. We are all born ignorant, but one must work hard to remain stupid." ~ Benjamin Franklin. "If anyone in this country doesn't minimise their tax, they want their head read, because as a government, you are not spending it that well, that we should be donating extra...: Kerry Packer SIGForum: the island of reality in an ocean of diarrhoea. | |||
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| I believe in the principle of Due Process |
The book is "The Intelligent Investor." It is written for someone who has some background and experience, speaks the lingo or at least understands it. This is why I suggest starting with the other one, if necessary. There may be seminars that are worthwhile, but all I am familiar with are pure marketing ploys, conducted by slick marketing folks who have little or no investing prowess. They are salesmen, and often conmen. Maybe a college or junior college course is offered.This message has been edited. Last edited by: JALLEN, Luckily, I have enough willpower to control the driving ambition that rages within me. When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown | |||
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| No More Mr. Nice Guy |
"Money" by Tony Robbins is an outstanding book on building a portfolio. He doesn't talk about stock picking, though. If you're looking for how to pick individual stocks you need a more specialized book. You will have to learn either visual investing (using charts) or fundamentals (reading all the financials about the company and industry). I've done the short term trading (not day trading, but weeks to a few months). I've made a lot of money in covered calls and naked options. I made good money in the tech bubble. Anyone can make money in a good market if they are tuned into that market. But as soon as the market changes nature, everything goes tits up on the old strategies. What I'm saying is you are incredibly unlikely to beat the market over any length of time. You may be a genius in today's market, but next month you can't figure out how to make a good decision no matter how hard you try. Go for the smart long term strategies. Tony Robbins has numerous specific strategies and model portfolios designed by long term professionals. You won't get rich by Christmas, but you'll have a solid portfolio. | |||
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| Little ray of sunshine  |
Ignore ChicagoSigMan at your peril. 99.9% of investors would be better off with a low cost index fund. This means you. That is a fund that buys a fixed portfolio of securities in which you participate. The fund isn't actively managed - that is, they keep the same mix year in and year out, and don't add and subtract components based on their own guesses about the market. This keeps costs down, making the fees very low. It also doesn't subject you to the risk of trying to out-guess the stock market. Even fancy-pants stock market soothsayers DO NOT out-perform the market over even the medium term. Repeat: on average, professional, full-time stock pickers do not out-perform index funds. And they have fancy educations and spend 55 hours a week trying. There is no reason to think you can do better over a several year period. You might get lucky one or two years, but over five or ten, you won't. And you might lose it all over one or two years. The fish is mute, expressionless. The fish doesn't think because the fish knows everything. | |||
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| I believe in the principle of Due Process |
I'm sorry, but Tony Robbins is the last guy to take investment or business advice from. He used to have his offices in a building near us. He is a promoter of flash, excitement, attention.... as far as I am concerned he is a slick conman. I've never found any substance or value in these antics. Luckily, I have enough willpower to control the driving ambition that rages within me. When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown | |||
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'The Little Book of Common Sense Investing' by John C. Bogle. 'Morningstar Guide to Mutual Funds' by Christine Benz. 'The Five Rules for Successful Stock Investing' by Pat Dorsey (another Morningstar book). I gave these books to my daughters and nieces when they graduated from college. You should also consider subscribing to 'Morningstar StockInvestor' and 'Morningstar Mutual Fund Investor' You can look at samples online. | |||
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Will Rogers has some good advice here. Just buy the stocks that go up. | |||
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| I believe in the principle of Due Process |
This is very interesting. I've been following Buffett, and Graham, for decades. We went to school on the same book, Securities Analysis by Ben Graham. Buffett took the course from Graham himself, the only A+ student Graham had, IIRC. I did less well. Oddly, Buffett is one of the very few active investors who has done better in the long run than passive investing, a lot better. Since 1965, the S&P has compounded at 9.7%, including dividends. Berkshire Hathaway, which Buffett took control of in 1965, has a compounded annual increase of 19.8%, or 20.8%, depending on whether you look at per share book value or change in market value. When Buffett took control, shares of Berkshire were trading at around $10. Had you bought $10,000 of it (1,000 shares) and kept them since, those would be worth $263,600,000 as of the close today. One factoid is that investors in BRK have paid Buffett no fees for investment management. He drew a salary of $50,000 a year for decades, and now is paid $100,000 per year. He receives some security help and other amounts, maybe $400k total. Luckily, I have enough willpower to control the driving ambition that rages within me. When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown | |||
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Bogleheads John Bogle should receive the Medal of Freedom. Follow this mans advice, or suffer the consequences - I'm dead serious. Keep it simple, do it yourself, never pay a % under management fee, invest in very low cost funds (Vanguard all the way for me). Really, all you need are three funds, maybe two. Asset allocation has a lot of variables, and once you start asking questions, folks can better guide you. This fella is fantastic: http://jlcollinsnh.com/ As is www.mrmoneymustache.com Proof in the pudding is I retired at 46, and never had a high paying job. What I did however was always stay invested, never sold in the panics (actually quadrupled my investments), always did it myself, lived well but frugally/well under my means, and worked on staying healthy and fit. $$$, especially F-you kinda money gives you great freedom, and a great feeling to boot. IMO, I would not start out with individual securities, rather very low cost mutual funds. Good luck. ______________________________ Nitro smoke rewards a long days toil... | |||
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| No More Mr. Nice Guy |
Have you read his book? This isn't his usual pitch at all. It is well researched and documented. His interviews with the very well known fund managers etc show a variety of philosophies and approaches. He isn't selling shares in a vacation development or anything like that. | |||
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...thank you for the clarification!  We are all born ignorant, but one must work hard to remain stupid." ~ Benjamin Franklin. "If anyone in this country doesn't minimise their tax, they want their head read, because as a government, you are not spending it that well, that we should be donating extra...: Kerry Packer SIGForum: the island of reality in an ocean of diarrhoea. | |||
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Ammoholic |
I have a degree in finance and was a financial planner for five years following college, and I have zero interest in investing in individual stocks. Rather go to Vegas with jhe888. 1/2 budget on hookers and blow the rest on roulette. I am sure I'd fair better than individual stocks. Good luck, you'll need it. PS I also came in second overall in the country in a multi-campus investing simulation. Still wouldn't do it. Jesse Sic Semper Tyrannis | |||
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