Phil Town is now a very wealthy man, but he wasn't always. In fact, he was living on a salary of $4000 a year when some well-timed advice launched him down a highway of investing self-education that revealed what the true "rules" are and how to make them work in one's favor. Chief among them, of course, is "rule #1": "don't lose money." Other rules are: don't diversify...think like an owner, not an investor ... never, ever be seduced into thinking the market is efficient. Town also believes strongly in "betting on the jockey," putting your faith in managers who've proven their financial mettle. Not only does Town reveal fresh methods for identifying who the truly reliable managers are, but he shows you how to test whether they really have faith in the businesses they're running.
By far, the most controversial of the audiobook's assertions will be that giant 401(k) type mutual funds can't help but regress to the mean, and in the next twenty years, the mean could be very disappointing indeed. There's a very real chance that a 401(k) investor could see his holdings not grow at all in the next few decades. Fortunately, Town's stockpicking techniques are meant to walk investing phobes through the do-it-yourself process, equipping them with the tools they need to make quantum leaps toward financial security.
"Rule #1" says something new, and it says it in a way that every listener can understand.
"From the Compact Disc edition."
"Town's investment guide is manna from heaven... engaging and accessible... Town's ability to break down that philosophy into a detailed, step-by-step program that can be understood by any reader with basic math skills is unique... will leave readers feeling empowered and ready to manage their money themselves." --Publishers Weekly (starred review)
"Extraordinarily readable...provides investors with surefire tools to outperform costly advisors. Follow Town's simple, time-tested precepts, and even unsophisticated investors will leave most mutual fund managers in the dust." --Arthur Levitt, author of Take on the Street and former Chairman of the Securities and Exchange Commission "A really smart, homework-driven read that tells you precisely how to do it. Rule #1 may be the clearest and best book out there to get you on the path to riches. This one's special!" --James J. Cramer, host of CNBC's "Mad Money" and Markets Commentator, thestreet.com
"Rule #1 is an investment Bible for our time. In fun, easy-to-understand words, Phil Town tells you how to buy quality stocks at a discount." --Rich Karlgaard, publisher, Forbes magazine, and author of LIFE 2.0
"For the individual investor, Rule No. 1 should be, 'Read Rule #1.' This book debunks a lot of myths in the market and provides pearls of common-sense wisdom...Indeed, Rule #1 rules." --Gene Marcial, Senior Writer, Business Week
"Rule #1's common-sense, pragmatic approach is money in the bank. This step-by-step guide is methodically researched and terrifically accessible ... Can you really beat the mutual fund mangers and so-called experts at their own game? Hell yes!" --Jonathan Hoenig, Portfolio Manager, Capitalistpig Hedge Fund, and regular contributor to Fox News Channel
"Rule #1 is probably one of the most inclusive, no nonsense, fundamental books about investing in the stock market I've ever read. This book is a must-read for everyone; from beginner students of the market to super know-it-alls." --Danielle Hughes, President and CEO, Divine Capital Markets LLC
"A refreshing departure from those boring investing books... If you're tired of being shut out of how exactly the rich guys on Wall Street make money, this important book will teach you how to run with the bulls. It's priceless." --Elizabeth MacDonald, Senior Editor at Forbes Magazine; regular, "Forbes on Fox"
From the Hardcover edition.