The Only Investment Guide You'll Ever Need
Andrew Tobias

Summary

Packed with information, this gives you a rundown and everything you need to know about investing and personal finance

Rating: 4/5

Notes

Never ever trade in commodities

Always buy things in bulk

Use priceline.com for cheap travel deals (and biddingfortune.com to check)

Trust no one and take responsibility for your own affairs

Never buy corporate bonds

For kids, always put the savings in their name (not taxed)

Roth IRA better than normal IRA

Never buy annuities

Buy a place where the rent covers your mortgage and expenses

Put 5-10% of your money in timber (yes wood) - only if you’re old

If you’re going to charity, set up a charity fund account (fidelity)

The market does best when earnings and dividends are getting dribbled and worst when they are zooming

Adding to your investment fund a bit every month is the key to financial security

Invest in a broad weighted mutual fund

Check out magicformulainvesting.com

Look for businesses that have a high return on capital yet sell at low multiples relative to other businesses

Professional money managers do no better than throwing darts at a wall in picking stocks - never use them

Don’t use brokers

Hot tip: if you hear one, don’t buy

Don’t short stocks, buy puts on stocks instead

Commodities always lose money

Teach your kids early about the value of saving and investing

Re-read book if you inherit 1M or more

Choose no-load mutual funds (invest it all with Vanguard)

Look at Vanguard ETFs in emerging markets

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