Rule #1 Investing by Phil TownI picked this book to write about as the initial reviewed book only due to its title (#1 - get it?). I already regret it. Why? Simple. The book is horrible. I mean the whole damn book is nothing but a big waste of time. I am so glad that I did not buy this book but borrowed it from the library.
O.K. enough ranting and raving. Most of the book tells you how great this guy is and how he was so lucky to obtain "stock market trading guru status" when he helped some rich guy take a raft down a river. Then he proceeds to inform you that the best way to become rich is by trading in and out of a stock using "signals." How do you pick the stock? By looking at the traditional moat idea of Buffet, and only buying stocks with great growth. Here is the rub. He has no proof. Zippo. All simple opinion and no facts. Garbage.
He pretends to know the answer by combining value ideas with trading ideas, such as MACD to time in and out of a great company, ignoring facts of costs due to trading.
But, I will put my money where my mouth is and invest in one of his ideas. Man, I feel like I can already kiss that money goodbye.
His latest advice is on Walgreens (WAG), stating that you should buy it at $38. Ignoring the BS, I will buy 10 shares at the open, and see what happens.
3 comments:
P-dog, I'm really not sure what all this particular post is about, but I'll say that I *don't* like the part about "kissing your money goodbye."
This book is about the fundamentals of investing. I disagree with your assessment of the book, p-dog, and your opinions, respectfully, because everyone has an opinion.
In my opinion, for someone who knows how to invest and knows the ins and outs, yes this book will be a complete waste of time because they'll know the relationships of the numbers and what they mean and how to read a balance sheet pretty well.
He introduces himself and explains how he came about the system of investing he as, and talks about how good the system is, and why not? He's made millions off of the system. As have others.
Using signals isn't exactly anything new, and the use of technical analysis, timing, and stock charts is advocated by many successful investors. So why rag on him for it?
Town doesn't claim to be original, so yes he uses Buffets analogy of using a "moat" because who ever taught him used it and was also successful.
As far as proof goes, Town is the proof. Buffet is the proof. Graham is the proof. A few other investors are mentioned in his book if I'm correct. I could be wrong though.
Also, he uses charts as physical evidence. He uses his own experiences as evidence. He couldn't predict the future, but he followed this system and it made him money.
He doesn't "pretend" to know the answer. He doesn't say this is the only way. He doesn't tout this system as a holy grail. He doesn't claim that you'll be as rich as him using this method. He merely advocates a system that works for him.
He goes in depth on the subject of how to minimize trading costs and even suggests a few affordable online brokers. - like scott trade and other similar service providers. Not only that, he doesn't advocate trading daily, so your costs may reach 100 dollars a year. I believe he used a figure around 70, but I figure 100 dollars is a safe number for the kind of trading he advocates.
So, maybe you're an investor/trader /whatever who holds longer than a year or three. I don't know, but the methods he advocates are only the basics intended to get you started.
And if you read his book and follow 2 or 3 year old stock advice about walgreens...I don't know how much you know about investment to begin with. Maybe you're well read on the subject...but why follow the advice of someone if you think what they advocate is garbage?
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