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Thread: the future Investment 'Bible' ?

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    Banned Melonie's Avatar
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    Default the future Investment 'Bible' ?

    if you only read one book in your life to guide future investment strategies, this is it !



    If you can spare a few minutes, read through the reviews !

    (snip)"Not all journalists are great book authors, but the award winning journalist Thomas Friedman is an exception. This book is a superb introduction to globalisation in our world today. You really cannot understand the 21st century without it.

    He divides globalisation into 3 phases:

    1.0 up to 1800 when things depended on states
    2.0 when it was multinational corporations 1800-2000

    and then

    3.0 since 2000 when it has been up to brilliant individuals.

    Over 400,000 Americans, he reminds us, will have their taxes sorted out in Bangalore, and in Britain we are phoned every few minutes by outsourced call centers in the same city. We truly do live in a global world, and Friedman briliantly shows us how.

    For my money, pp 391-406 on Al Qaeda, whom Friedman so aptly calls Islamo-Leninists, is worth the whole price of the book for its outstanding analysis of the real causes of terrorism today. (snip)"

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    Veteran Member girlnew156's Avatar
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    Default Re: the future Investment 'Bible' ?

    This guy any kin to him?

    To me, all friedmans look alike.

    http://www.daviddfriedman.com/index.shtml

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    Banned Melonie's Avatar
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    Default Re: the future Investment 'Bible' ?

    I doubt it - your Friedman is a left coast guy, and my Friedman is the right coast guy referred to as 'economic journalist David Friedman' at the linked page you posted.

    Your Friedman's works appear at a quick glance to be more involved with legal/political issues than pure economics. This seems to go with the territory for people involved with higher educational institutions in California.

    Not that 'my' Friedman sticks to 100% economics, but he appears to at least try to keep economics in the 'crosshairs' all the time ...


    ~
    Last edited by Melonie; 11-09-2005 at 04:22 PM.

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    Default Re: the future Investment 'Bible' ?

    Personally, I'm a fan of Paul Erdman.

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    Banned Katrine's Avatar
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    Default Re: the future Investment 'Bible' ?

    Tom Friedman rocks. Not as much as Kinky Friedman, but in a different way. Combine those two, and you create the world's coolest jew, hahaha (halfies can say that right )!!

    This is an excellent intro to global economy, also by Friedman, one of my first required readings in business school:
    http://www.amazon.com/gp/product/038...books&v=glance

    Beware, haters of George Soros, Friedman really sucks his dick hard in the book......

    "Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
    "And do the cats give a shit? No, they do not. Why? Because they're cats."-from The Onion

    Quote Originally Posted by Mia M
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    Default Re: the future Investment 'Bible' ?

    'Lexus and the Olive Tree' is a bit dated at this point, although it pretty accurately described the underpinnings of the late 90's US economy. As Friedman himself admits, the silicon valley (Lexus) paradigm is now under major attack by globalization ... specifically the outsourcing of 'high-tech' engineering/technical services and the foreign production of highest-tech components/subassemblies/chips. The 'Olive Tree' paradigm is also on shaky ground, as globalization adds a major price premium for those who choose to stick with their 'roots'.

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    Banned Katrine's Avatar
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    Default Re: the future Investment 'Bible' ?

    Quote Originally Posted by Melonie
    'Lexus and the Olive Tree' is a bit dated at this point, although it pretty accurately described the underpinnings of the late 90's US economy.
    Yes, it is dated, I forgot to mention it originally. Its an intro book, could use a new edition with an updated preface to present day geo-econo-political standing.

    "Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
    "And do the cats give a shit? No, they do not. Why? Because they're cats."-from The Onion

    Quote Originally Posted by Mia M
    If a cupcake was tossed at me... well, I'd only be upset if it missed my mouth

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    Default Re: the future Investment 'Bible' ?

    What about a girl with a background in...well arts (english/philosophy- the epitome of ivory tower). Would this be a book that would help me understand business in any introductory way? Or should I just stick with an adviser? haha

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    Banned Katrine's Avatar
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    Default Re: the future Investment 'Bible' ?

    Quote Originally Posted by mollyzmoon
    What about a girl with a background in...well arts (english/philosophy- the epitome of ivory tower). Would this be a book that would help me understand business in any introductory way? Or should I just stick with an adviser? haha
    Yes and yes. Both books will help you learn concepts and terminology of global economics and introduce you to international diversification in investing, which has always been very interesting to me. And advisor will help you reach your personal financial goals. Thus, the books might be a little more than what an individual needs if they are looking for guidance in regards to savings and investment.

    My background is liberal arts too.

    "Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
    "And do the cats give a shit? No, they do not. Why? Because they're cats."-from The Onion

    Quote Originally Posted by Mia M
    If a cupcake was tossed at me... well, I'd only be upset if it missed my mouth

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    Default Re: the future Investment 'Bible' ?

    I'd argue that, on a strategic level, reading Friedman or other "it really IS different this time" financial authors is likely to be of much greater value than listening to a particular financial adviser. The reasons ... most financial advisers last studied basic financial theory 10-20 years ago (which may no longer be on the cutting edge of today's real financial world) ... most financial advisers are encouraged to guide clients to invest along historically 'safe' paths (which may not actually be all that safe in today's real financial world) ... some financial advisers are encouraged to guide clients to investments in which their employer has a vested interest (i.e. specific mutual funds) ... to name a few.

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    Banned Katrine's Avatar
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    Default Re: the future Investment 'Bible' ?

    Quote Originally Posted by Melonie
    I'd argue that, on a strategic level, reading Friedman or other "it really IS different this time" financial authors is likely to be of much greater value than listening to a particular financial adviser. The reasons ... most financial advisers last studied basic financial theory 10-20 years ago (which may no longer be on the cutting edge of today's real financial world)
    Ummm, the average age of advisor at my new place is around 30, and I work for one of the largest finc services companies in existence. Financial services has been the fastest growing sector in the lagging economy for quite some time. Look at the jump in enrollment for business/finance/accounting degrees. Observe how convenient it is to receive an MBA through home computer correspondance. Most business schools and business undergrad programs around the country are very modern and receptive to improvements in technology and a changing economic climate. Put it this way, I was in bschool right in the middle of the Enron ordeal. Believe me, EVERY course modified its curriculum immediately.

    Reading Friedman is NOT going to teach the average layperson how to invest. If anything it might encourage them to pay attention to market trends, but they will never have access to all of the resources that a professional does. At worst, it might cause the average person to freak out and hide all of their money under their pillow, allowing inflation to turn it into useless dust by the time they want to buy a house or retire.

    Quote Originally Posted by Melonie
    most financial advisers are encouraged to guide clients to invest along historically 'safe' paths (which may not actually be all that safe in today's real financial world) ...
    Versus what, putting all of their savings into gold bricks? A licensed financial advisor pledges a fiduciary duty to look out for the best interests of their clients. While the advisor has the means and obligation to place all of the investor's money in Jordanian currency and C class bonds, its seldomly in the best interest of your average investor, who wants to be able to send their kids to school and retire comfortably, not sit on top of a loot of cash buried in their backyard.

    Quote Originally Posted by Melonie
    some financial advisers are encouraged to guide clients to investments in which their employer has a vested interest (i.e. specific mutual funds) ... to name a few.
    Depends on the company and what they offer. Mutual fund companies are not financial planning companies (ie Fidelity, from the other thread.) If your advisor spends most of his time pushing their products/services on you, then they are not taking a holistic approach and should be looked at as your stock broker, estate attorney, or a CPA. While each of these individuals brings a a dish to the table, they cannot individually serve up the main course.

    "Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
    "And do the cats give a shit? No, they do not. Why? Because they're cats."-from The Onion

    Quote Originally Posted by Mia M
    If a cupcake was tossed at me... well, I'd only be upset if it missed my mouth

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    Default Re: the future Investment 'Bible' ?

    Most business schools and business undergrad programs around the country are very modern and receptive to improvements in technology and a changing economic climate. Put it this way, I was in bschool right in the middle of the Enron ordeal. Believe me, EVERY course modified its curriculum immediately.
    Not to be argumentative. but this is still an example of 'lagging the trend' ... which in this case started with LTCM several years before Enron, Adelphia etc. became highly publicized examples of top-heavy leverage, upper management malfeasance, and 'cooked' books.

    A licensed financial advisor pledges a fiduciary duty to look out for the best interests of their clients
    or stated another way, a licensed financial advisor has a duty to cover his own ass re regulatory oversight by confining his recommendations to those things which fit a 'perceived' low risk, supposedly balanced 'cookie cutter' approach to investing which fits within regulatory accepted norms.

    Depends on the company and what they offer
    I was thinking more along the lines of 'coincidental' investing recommendations which point potential investors to companies which are also tied to the financial institution by bond offerings, IPO's, capital financing etc.

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    Default Re: the future Investment 'Bible' ?

    This is why money matters make me want to stuff my cash in my granola boxes...but I guess I'll read the book and see where I am after that! I look like such a sad sight in that other area of Chapters, wandering through the business and sales books. Inevitably I still leave with magazines and the latest Zadie Smith novel.

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    Default Re: the future Investment 'Bible' ?

    ^I know I'm digging up an old thread here, but I just read the Friedman book (loved it) and I would just like to recommend it because it is interesting. It does bring up some new paradigms that will affect EVERYTHING about life in the world today, not just money/business/investing matters. I am obsessed with the changing face of "work" in this country, and this book does a good job of explaining recent shifts in the world economy.

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    Default Re: the future Investment 'Bible' ?

    ^^^ with every day that goes by, Friedman's view of globalism and its likely effects on the American economy seems to prove more and more accurate. Not to choose a side that the effects of globalism are good or bad, but 'forewarned is forearmed' at the very least.

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    Default Re: the future Investment 'Bible' ?

    With regards to the above - whether or not to trust an adviser - there is no clear answer. There never can be.

    Speaking as an adviser, I do all I can to really try and help my clients. I genuinely do. But I have met a lot that don't. I'm really interested in finance, it fascinates me, but a lot are simply salesmen. You need to try and work out which is which for yourself.

    Either way, remember that the only person who can ever fully put your needs 100% above all else is you. No adviser can ever do that - no matter how hard they try. Not even me. Therefore, you as individuals have to be reasonably responsible for your money and choices. So you need to read and understand some of this stuff. That takes effort and commitment. C'est la vie.

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