Wolf Money(book recommendation)
This book took me a while to finish due to time constraint and the small wordings made it a slightly harder read for me(got to admit, I am getting old too). “Richer, Wiser and Happier” by William Green, a veteran financial journalist, is an account of some of greatest investors he had interviewed during his decades long career as a journalist. He had the privilege of meeting some of the biggest names in the investment world.
I can summarised the book in just three words “keep it simple” but there is more than just keeping it simple.
Some of the great investors believe keeping it simple and doing less is a key strategy of doing well in investment. Average holding time currently of an “investor” is only 57 days. Another area for improvement is to narrow the area of focus. Playing in an area which one is good in. I have an example of my own. David Beckham is famous for his left foot if he is thrown into an unfamiliar sport of motoring, he might not do as well. Just like legendary basketball player Michael Jordan, he quit professional basketball for baseball after winning NBA title to pursuit his childhood passion in baseball but he did mediocrely, failing to achieve the height he did in NBA.
A common attribute of a great investor is the ability to keep themselves away from the noise of the market. Some great investors goes to great length to move to a quiet city or town. Warren Buffett and John Templeton were two examples. One live in Omaha and the other in Bahamas which were far away from any financial centres. They make it a point to be less simulated by the financial market.
Another common habit of a success investor is to spend a good amount of time reading. Buffett spent close to half a day each day reading annual reports. Some other investors in the books mention about locking themselves for up to 6 hours daily to read and get updated on the world of investment.
One strategy deployed by Mohnish Pabrai is to follow or clone trades base on Warren Buffett’s investment, the world greatest investor. It works wonderfully for him. “Warren Buffett buy and I copied”. It is a simple enough strategy but many choose not to follow. If the world richest investor is doing all the right thing to enrich himself and his shareholders, by following him one would ultimately be doing the right thing for themselves.
Other investors mention the importance of meditation, sleep, exercise and nutrition. These practices help maintain and sustain high level of performance. Finally I end the review by some wise words from Charlie Munger “ Money Matters but it is not an essential ingredients of a life of abundance. If one succeed in doing in life is getting rich by buying little pieces of paper, it’s a failed life. Life is more than being shrewd in wealth accumulation”. The book goes on Lone Wolf Recommendation list. Great investors demystify and sharing their secret sauce to success. It puts a human face to the great investors we known and what they do to make them world beaters in the field of investment.
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Disclaimers
All investments is highly speculative in nature and involves substantial risk of loss. We encourage our reader to invest very carefully. We also encourage reader to get personal advice from your professional investment advisor and to make independent investigations before acting on information that we publish. Much of our information is derived directly from information published by companies or submitted to governmental agencies on which we believe are reliable but are without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. We do not in any way whatsoever warrant or guarantee the success of any action you take in reliance on our statements. All information provided are for education only. Buyer beware,do you own due diligence.
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