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
For more info, see here
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)
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