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Discussion in 'Investor Resources & Tools' started by Jacque, 28th Sep, 2005.

  1. Jacque

    Jacque Team InvestEd

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    I realise that we haven't begun a book thread (well not yet anyway!) but just wanted to share what I do when I come across a great read. As I tend to be a night owl reader I have recently got into the habit of keeping a pad and pencil beside my bed for those truly inspirational thoughts that always pop into my head at this time! I also find just after waking that something usually commands my brain attention and it helps to jot it down before getting on with the "busy-ness" that constitutes the mad Parker household.

    I tend to also write down notes in pencil on the side columns and revise it later, even sometimes summarising particular good reads for my own use. I once listened to and summarised the entire Jenman course (on something like 16 tapes) on a car trip to Qld, and it's amazing how writing down what you're picking up can be retained so much more easily.

    Anyone else got any reading tips that they've found useful or enlightening?
     
  2. Tropo

    Tropo Well-Known Member

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    Jacque

    "Anyone else got any reading tips that they've found useful or enlightening?"


    Just a few to start with ...

    Don't Sign Anything! by Neil Jenman ....it's about how to protect yourself from the tricks and traps of real estate.
    Take On The Street by Arthur Levitt ....it's about what Wall Street and Corporate America don't want you to know
    Naked Among Cannibals by Graham Hand ....it's about what really happens inside Australian Banks ( corporate greed in the banking industry, transfer pricing, speculation & manipulation, funny money e.t.c...)
    Reminiscences of a Stock Operator by Edwin Lefevre .... this book is a true classic and is one of the most highly regarded financial books ever written ....

    Enjoy reading...
    :cool:
     
  3. Tzaki

    Tzaki Well-Known Member

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    I just though I would post my opinions of some of the books out there (and in my shelves)

    Rich Dad Poor Dad Robert Kiyosaki Basic Investing mindset, Good Debt vs. Bad Debt - Reid CIT recommends for ALL business study students V. Good

    Cashflow Quadrant Robert Kiyosaki Explains difference between working for money and having money work for you Good

    Guide to Investing Robert Kiyosaki Describes risk vs. reward Good

    Rich Kid Smart Kid Robert Kiyosaki 12 Geniuses - Emotional Intelligence, different ways of learning Good

    Retire Young, Retire Rich Robert Kiyosaki Importance of Continued learning and reaffirmation of mindset Good

    Who took my money Robert Kiyosaki Importance of maintaining control over your investments and improving the speed of your investment returns Good

    Think & Grow Rich Napoleon Hill Importance of Positive Mindset in Daily Life and Investing. Daily reaffirmation of goals Dated text but Excellent

    Secreats of the Millionaire Mind T. Harv Eker Mindset of the millionaires and invetors V. excellent

    Powerful Changes John Burley Mindset, how to become financially free, using change positively V.Good

    0 to 130 properties in 3.5 years Steve McKnight Explains importance of positive cashflow V. Good

    $1000000 in property in 1 year Steve McKnight Explains that cashflow is not bought, it is created. Problem + Solution = Profit V. Good

    What I didn't learn at School but wish I did Jamie McIntyre Good starter - Financial Planning, Real Estate, and Share Options Good

    Investing In Residential Property Peter Waxman Australian Property market explained. Technical analysis. Excellent

    $10 Million Property Portfolio in 10 Years Peter Spann Outlines the Buy, Rejuvenate and Hold strategy, and Buy Rejuvenate and Sell strategy Australian based investor. V Good

    Building Wealth through Investment Property Jan Somers Outlines the Buy & Hold strategy V.Good

    Positive Cash Flow Property Margaret Lomas Explains importance of positive cashflow, and how to locate it Good

    Real Estate Riches Dolf de Roos Benefits of Real Estate as Investment vehicle Good

    The E Myth revisited Micheal Gerber Work ON the business not IN the business V. Good

    Instant Cashflow Brad Sugars Ideas on how to increase the cashflow of your business Good

    A Beginner's guide to small business in Australia Lance Chambers Business Management Good

    Beating Debt and Increasing Wealth Peter Switzer Financial Management V. Good

    The Automatic Millionaire David Bach Financial Management and saving Excellent

    Making Money Paul Clitheroe Financial Management and Different Investment Vehicles. Ok
     
  4. Tropo

    Tropo Well-Known Member

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    Few more :

    The Warren Buffet Way - by Robert G.Hagstrom, Jr
    Fast Money 4 - by Edna Carew
    One Up On The Wall Street - by Peter Lynch with John Rothchild
    The New Market Wizards ( Conversations With America's Top Traders ) - by Jack D. Schwager

    :cool:
     
  5. Tropo

    Tropo Well-Known Member

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    One more :
    Mr.China - by Tim Clissold ; The real story about a Wall Street banker who went to China with $ 418,000,000 and learned the hard way that China doesn't play by Western rules...
    :cool:
     
  6. Maverick

    Maverick Well-Known Member

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    Books for a beginner

    Can anyone provide feedback on the following list of books to start investing directly in shares market. Any more suggestians will be much appreciated.

    Title
    Author
    ISBN

    Top Stocks 2006
    Martin Roth
    0731403452

    The New Buffettology
    Mary Buffett, David Clark
    0743231988

    The Business of Share Trading
    Leon Wilson
    0701637730

    How to Beat the Managed Funds by 20%
    Dale Gillham
    0646446398

    Masters of the Markets
    Matthew Kidman, Anthony Hughes, Geoff Wilson
    0731402944

    Thank you very much.
     
  7. Tropo

    Tropo Well-Known Member

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    Maverick,

    Unfortunately I am not familiar with those books / authors which you posted above.
    They are mainly for fundamental traders / investors.

    My suggestion is this : read books written ONLY by pro traders who are making living out of trading / investing.
    Follow this link :http://www.invested.com.au/forums/showthread.php?t=361 and you'll find few positions ( suitable for beginners & advance traders / active investors ) which I posted some time ago on this forum.
    Happy Hunting.... :D
    :cool:
     
  8. Mark Laszczuk

    Mark Laszczuk Well-Known Member

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    The New Buffettology is awesome. It's definitely not a trading book though - if that's what you're looking for. I've heard (but haven't read it yet that One Up On Wall Street by Peter Lynch is great too.

    Mark
     
  9. Tropo

    Tropo Well-Known Member

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    One Up On Wall Street is a good reading.
    But I'm not sure if this book alone can be used as a learning " tool ".
    :cool:
     
  10. Tropo

    Tropo Well-Known Member

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    Interesting book for serious traders/investors.

    Dr. Brett Steenbarger - " The Psychology of Trading ".
    Dr. B.S writes that money management in not only a tool for preserving trading / investing account but is also very important tool for psychological mastery.... The Trading success in the market depends on a strategy for emotional risk management in addition to market knowledge.
    :cool:
     
  11. Tropo

    Tropo Well-Known Member

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    FAKE - My Life as a Rogue Trader - by David Bullen.

    It's a very good story of one of the four 'rogue traders' whose foreign exchange trading cost National Australia Bank $ 360 million.
    :cool:
     
  12. Medine

    Medine Active Member

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    Hi Jacque,

    Seeing this pop up again prompts me to ask - were you asking about books or about reading?

    If it's the latter - I find that my wealth creation reading is much clearer and useful if I browse the book first. That is, I flick through, noting the titles of the chapters, length, sub titles, pictures, just checking out what it's all about. Then I go back and read it and it sticks more and makes more sense.

    I also love writing in the margins! Invaluable when you're trying to remember that bit where.........

    Cheers, Medine
     
  13. Jacque

    Jacque Team InvestEd

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    The thread kind of digressed, Medine :)
    I was originally asking for reading tips, but a book list is fab too!
    I write in margins too, and also put post-it stickers (I got this pen with them in it- top idea!) as I all too easily forget where I read what.
    Summarising the main points/chapters of a book also helps. Doing a book review allows you to retain the information longer as well.
     
  14. Nigel Ward

    Nigel Ward Team InvestEd

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    Hint hint Medine... Why don't you review your favourite investing book for us all?! :p

    Just some short notes and general impressions would be fine. :D

    Cheers
    N.
     
  15. capitalist

    capitalist Member

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    Nigel,

    That's an excellent idea.

    We're waitng Medine.
     
  16. Medine

    Medine Active Member

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    Okay -

    I re-read "One Minute Millionaire" (the fact side) over the summer. My 30 second book review is:

    - Luck is preparation meeting opportunity. Continually prepare yourself to meet opportunity.

    - Remember: Everyone has a million dollar idea, you just have to find it, and find out how to use it.

    - You'll need a team of contacts, who all have an identified network, to put your ideas to use. You'll need to try more than one idea to strike it lucky.

    - Four main money making things to do: Shares, Property, Business and Internet

    - Determination and motivation are paramount

    - Give people the opportunity to behave in the way you'd like them to.

    Wow! I recalled that without looking back at the book (mostly because I've now passed my copy on to a friend that may join my dream team). I guess the writing in margins thing really works for recall. Will keep my eye out for that post-it pen, Jacque, I love new toys.

    Now, how about your latest book, Nigel. Can you give us a 30 second review?

    Cheers, Medine
     
  17. TryHard

    TryHard Well-Known Member

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    Is it bad that most of the wealth creation books in our house are now on the top shelf out of reach ? Our daughter Ella is 15 months old now, so my latest read is :

    - Story of 5 little ducks (must be a JV)
    - Go out each day, their numbers dwindling by one each trip (stupid investor ducks apparently, not learning from previous mistakes)
    - Toward end, all 5 ducks return (because Mother Duck "went Quack Quack Quack Quack", which I assume is some veiled reference to the power of the Reserve Bank or the Media)

    Just another example of the sheep mentality, which apparently can also apply to ducks. ;-)

    Cheers
    Carl
     
  18. Nigel Ward

    Nigel Ward Team InvestEd

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    Richest Man in Babylon

    Sure! I'm re-reading Richest Man in Babylon. Okay admittedly it's a short book so maybe I'm cheating :D but here goes ... start the clock

    The 7 cures for a lean bank balance:

    1) Save 10% of your income [Comment - at least!]

    2) Control your expenses! [Comment - At first I thought this was basically the same thing as principle 1 but now I think there's a subtle difference]

    3) Make your money multiply! Cash doesn't make you wealthy, it is earnings on your money - passive income which makes you rich

    4) Guard your principal against loss! I.e. the first rule of investment is don't lose your money. Before you invest money in any venture, acquaint yourself with the dangers. Get advice.

    5) Own your own home! [Comment - the tax system in Bablyon/US :p was different to ours.]

    6) Get and maintain appropriate insurance. [Comment - most neglected area of investment I think]

    7) Increase your ability to earn

    Also 2 of the five "Laws of Gold" are worth recalling:

    a) Gold slips away from the person who invests it in businesses he is not familiar with.
    b) Gold flees the person who forces it into impossible earnings or follows the advice of tricksters

    Stop the clock! phew.

    Who's next to take up the 30 second book review challenge?

    N.
     
  19. Tropo

    Tropo Well-Known Member

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    "Who's next to take up the 30 second book review challenge?"

    N.
    __________________
    Nigel


    O.K. - My 20 cents

    I am just about to re-read "New Market Wizard" by Jack D.Schwager

    This book is a must for every trader/investor and contains interviews with some traders who distinguish themselves from the herd.
    Those supertraders make millions of dollars - sometimes in a matter of hours.

    Jack Schwager interviews these supertraders whose success occur across a whole spectrum of financial markets.
    All of them are using different methods, but they all share the same thing, which is an edge.
    Those guys are talking about their success and wins, as well as about their embarrassing losses, that have proven them all to be humans after all.

    Some of them :
    - Stan Druckenmiller - who, as manager of the famous Soros Quantum Fund realized an average annual return of more than 38% on assets worth $ 3 billion.
    - William Eckhardt, w mathematician who, in collaboration with legendary trader Richard Dennis selected and trained the legendary traders group known as the Turtles.
    - Bill Lipschutz, a former architect who, for eight years was Salomon Brothers largest and most successful currency trader.
    - Blair Hull a former blackjack player who begin an options trading company with $ 1 million - and went on to realize cumulative net profit of approx. $ 90 million.

    This book is as good for the professional as well as for an average investor, because the elements that determine success in trading are fully applicable in any field of financial endeavor...

    Have a good one..... :D
     
  20. investor

    investor Member

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    Can I cheat and copy my top 10 books from my website --- oh well sometimes it is easier to ask for forgiveness than permission. Aside: I was frustrated by how many books were waiting to be read so I took a speed reading course last year - there is always room for improvement, no to work on comprehension...

    The List

    Rich Dad Poor Dad - Robert Kiyosaki
    This book and the subsequent books are now considered and institution. A great to way to start reading about why some are wealthy and some aren’t and how you can choose.

    Think and Grow Rich – Napoleon Hill
    First published in 1937, and rewritten many times, a classic that is just as relevant today


    The Richest Man Babylon – George S Clason
    A book of basic wisdoms told through a parable.

    The Millionaire Next door – Stanley/ Danko
    This shows that anyone with a steady job can make it and that the characteristics of many millionaires are the same ones you already have.

    The 9 steps to Financial Freedom – Suze Orman
    This book takes you step by step through the process of breaking through the bad debt in your life and getting an effective savings program in place

    Building Wealth through Investment Property – Jan Somers
    The first Australian on the list. Jan’s books are easy to read and understand. She shows how to lay out a well planned wealth building strategy.

    Ordinary Millionaires – Jim McKnight
    Jim has done all the work for us by interviewing 12 ordinary Australians who have created their wealth through property. You to will be amazed at how easy it can be.

    Streets Ahead – Monique Wakelin and Richard Wakelin
    A step by step guide by two Australians who show how to build your knowledge to be successful in property investment.

    Wealth Magic – Peter Spann
    From a checkout chick to waterfront properties. Through a number of valuable mentors and hardwork Peter shows anything is possible.

    From 0-130 Properties in 3.5 years – Steve McKnight
    Steve and his partner concentrated on positive cashflow investments, a good story of one way to gain a passive income.

    Jane

    Disclaimer: These are only suggested readings and do not take into account your personal circumstances. There is no responsibility taken if you read them all and do not achieve your life goals.
     
    Last edited by a moderator: 16th Feb, 2006