When Genius Failed: The Rise and Fall of Long-Term Capital Management
A Froogal Stoodent Review
If you're interested, you can find this book at Amazon.
Fifth in a series of reviews by The Froogal Stoodent
In his book When Genius Failed, author Roger Lowenstein describes, as the subtitle puts it, The Rise and Fall of Long-Term Capital Management.
That means it reads like a novel—but it’s true.
Life and Work Principles by Ray Dalio
A Froogal Stoodent Review
Fourth in a series of book reviews by The Froogal Stoodent
As usual, I’m a little backward—I actually read Dalio’s The Changing World Order first (it was available online in 2020, during the pandemic, and was almost done when I stumbled across it).
I found The Changing World Order to be filled with insight, so I figured I’d read Dalio’s first work when I got a chance. Sure enough, I got the opportunity, so I took it.
The Clash of the Cultures by John C. Bogle – Notes and Quotes
A Froogal Stoodent Review
Third in a series of book reviews by The Froogal Stoodent
If you told me 10 years ago that I’d be reading a book about agency problems, corporate governance, and financial stewardship, I wouldn’t have believed you. Or understood what you were talking about.
If you then told me that I’d actually enjoy that book, I would have laughed you out of the room!
But here I am, in 2021, reading Bogle’s The Clash of the Cultures (2012). And enjoying it, despite the infuriating problems unmasked therein.
Rich Dad Poor Dad
A Froogal Stoodent Review
The second of a new series of book reviews from The Froogal Stoodent.
Years ago, I ran across quite a bit of controversy about Robert Kiyosaki and his famous book, Rich Dad Poor Dad.
So, finally, I bumped into the 20th anniversary paperback edition at my local library. Now that I have enough knowledge to actually assess its merits, I’ll share my impressions and some quotes.
Debt: The First 5000 Years
A Froogal Stoodent Review
The first of a new series of book reviews from The Froogal Stoodent.
This book is far too complex and entangled for me to cite some quotes and provide a quick overview. You should read it for yourself!
In this instance, I’ll just identify one quote that really struck me:
Casimir’s behavior [that is, Margrave Casimir of Brandenburg-Ansbach, who sent a small army to brutalize his own territories in the wake of a rebellion—and of course, took all the gold]…seems, like that of Cortes’s angry foot soldiers when unleashed on the Aztec provinces, to embody something essential about the psychology of debt. Or more precisely, perhaps, about the debtor who feels he has done nothing to deserve being placed in his position: the frantic urgency of having to convert everything around oneself into money, and rage and indignation at having been reduced to the sort of person who would do so.”
—David Graeber, Debt: The First 5000 Years, p. 325
Hi everyone!
Sorry about going so suddenly quiet. In November 2021, I got an injury to my ribs—and as I was nursing that, I got sick in December, and had a subsequent complication.
The good news is that I'm feeling better now!
But I didn't get to blog nearly as much as I wanted.
The silver lining to all this is that I did a lot of reading, and will be starting a new series of undetermined length. The series revolves around reviews of the finance-focused books I've been reading. Hope I can connect you with some interesting new material!
Happy saving!
Investing at a Market Peak
“Buy low, sell high.”
That’s the well-known, traditional advice about the stock market.
But consider this advice from the legendary investor Warren Buffett: “If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes.”
If you’re like me, you have terrible luck. What if you buy high? Well…you could take Buffett’s advice, hanging on instead of selling.
If you do that, how has that strategy fared in the past?
I have data going back to 1928, so I investigated. And here’s what I found.
Links for October 2021
More great work from Karl at Mindfully Investing: https://www.mindfullyinvesting.com/future-return-forecasts-expecting-the-unexpected/
A ton of wisdom here: https://www.collaborativefund.com/blog/the-highest-forms-of-wealth/
Can you get fired from an internship? Yes: https://filledwithmoney.com/fired-from-internship/
"That's why I'm interested in being rich. Not because I want to have a lot of money but because I don't want anyone in the entire world to have control over me." https://mywealthmoney.com/save-1-million-by-30/
A very thoughtful approach to a sensitive topic: https://steveark.com/2021/06/16/giving-grown-kids-money/
The Pandora Papers: The BBC provides you with a handy guide to 9 years of finance leaks. https://www.bbc.com/news/business-41877932
Two outrage-inducing posts from independent journalists Wall Street On Parade:
There was a recent scandal about insider trading by the President of the Dallas Fed. This was written before his resignation, and it's 100% accurate. And also outrage-inducing. In fact, there are an awful lot of outrageous things going on in the halls of power. Makes you wonder... https://doomberg.substack.com/p/let-them-eat-pizza
Want the principles of good investing explained simply?
Well, it doesn't get simpler than a single sentence. Here's my latest attempt, with a distinct nod to the late John Bogle:
“Performance comes and goes, but costs are forever.”
Of course, I'll have to explain this just a bit further.
Net assets by age group, Sept. 2020 edition
How do your net assets compare to others in your age group?
I first posted on this topic back in August of 2020, based on a report published in 2017. Of course, this was only about a month before new data came available. After all, I'm always late to the party—I've gotten used to it over the years! 😂
Here's a link to a PDF summary of the latest data, published in September of 2020.
Because I found this information interesting the last time I ran across it, I've updated the net worth chart, based on the new data:
Just like last time, remember that these numbers typically include home equity. So if you don't have hundreds of thousands of dollars sitting in the bank, don't despair!
