Wise Investing Made Simple: Larry Swedroe's Tales to Enrich Your Future (Focused Investor)
by Larry Swedroe
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Book Summary Information
Author: Larry SwedroeEdition: Hardcover
Audio: English (Original Language); English (Unknown); English (Published)
Published: 2007-09-01
ISBN: 0976657422
Number of pages: 200
Publisher: Charter Financial Pub Network
Book Reviews of Wise Investing Made Simple: Larry Swedroe's Tales to Enrich Your Future (Focused Investor)
Book Review: Hard to decide if this book was helpful.
Summary: 3 Stars
I'll admit, I'm a very neophyte investor. I found Swedroe's description of how the market works to make a lot of sense and the first few chapters alone gave me high hopes for the rest of the book. Instead, those few chapters are the only part I found very helpful. The rest was a combination of rehashing the same points over and over, or introducing some pretty generic pieces of advice.
When Swedroe used 'concrete' examples to make his points, the statistician in me felt his spidey sense tingling. Almost all of his examples involved someone trying to outcompete the market using an investment method that Swedroe obviously doesn't like. Often, the first person is contrasted with someone who uses the passive investment method that Swedroe does like. The problem is, a lot of these examples use the setup that the first investment method did well the previous few years, but at exactly the moment these people chose their respective methods, the market changed, thus 'proving' that the passive method was really the better one to choose and therefore since it was better to choose in the 'story' presented, it must be better now.
The problem, as anyone who knows statistics can tell you, is one of 'cherry picking'. If Swedroe had instead set the two investment methods against each other and chosen a decent number of random starting points to make his case, and they had indeed shown that the passive method of i nvesting works better in a significant number of those cases, I would have given a lot more credence to his arguments. Instead, I had the impression he kept looking for starting dates that would make his case, which is a very misleading way to present a case.
Now, I'm not saying he's not right, nor am I saying that he intended to mislead, but the evidence he gives doesn't convince me.
Summary of Wise Investing Made Simple: Larry Swedroe's Tales to Enrich Your Future (Focused Investor)
Larry Swedroe offers engaging stories to readers as a way of explaining sound investing concepts.General Books
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