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Title: How to Retire Rich: Time-Tested Strategies to Beat the Market and Retire in Style by James O'Shaughnessy, James O'Shaughnessy ISBN: 0-7679-0073-1 Publisher: Bantam Books Pub. Date: 29 December, 1998 Format: Paperback Volumes: 1 List Price(USD): $14.00 |
Average Customer Rating: 4 (29 reviews)
Rating: 4
Summary: Will motivate you to take investing more seriously
Comment: This book is now part of a series I will use to educate my children about the values of time and discipline for investment strategies. My plan is to get their attention and then lead them to long-term growth strategies. On the other hand, the strategies in this book are a bit difficult to follow unless you use the mutual fund approach. And, like some others, I also am very concerned about the 1.5% expense fees (or more) that the O'Shaughnessy funds charge. That just seems excessive especially in light of the narrowing spread vs. the S&P index over the last few years for each strategy as indicated in his data. Taking 1.5% or more off the top can change things a great deal. It seems to be a common fault with all such books to ignore trading costs or expenses in determining their returns. Try meshing these strategies with those of John Merrill in Beyond Stocks. Combining asset allocation and aggressive investing seems to be the way to go. Once again, I would love to hear from the author about those fees in his funds.
Rating: 5
Summary: Don't use the formulas--unless you want to get rich!
Comment: Jim O'Shaughnessey founded the Cornerstone Growth mutual fund. Subsequently, it was sold to Hennessey Funds and is going strong under new manager Neil Hennessey. The fund is strictly managed according to the "reasonable runaway" formula set forth in the book. For 2001, it gained over 12%, beating the S&P by more than 24%. It is now up approximately 8% for 2002. Morningstar now rates the fund 5-star. (I have no connection with O'Shaughnessy or Hennessey other than investing with them.) It is also easy to run the formulas, and buy the stocks online yourself. It just makes sense--buying value stocks which have appreciated over the past year. Jim's research shows that these stocks will continue to appreciate. Value + momentum = profits. The formula predicts 17% average gains over time and in fact the strategy has earned about 16.9% over the last 5 years, with no significant help from the tech runup. Run the numbers for yourself--17% will make you rich pretty darn fast. Highly recommended reading, and unique among the stock market books I've read for actually making sense and working.
Rating: 2
Summary: Read What Works on Wall Street instead
Comment: In this book Mr. O'Shaughnessy takes four different (fictional) characters and shows them how to use his investing methods to beat the market based on his exhaustive study on what really beats the market. Basically this book takes his knowledge from What Works on Wall Street and makes up stories for these couples.
Mr. O'Shaughnessy thinks we should buy 50 stocks and rebalance those 50 stocks at the beginning of each year. In fact I am surprised that I haven't seen FolioFN giving away his books to their members since his methodology seems to be meant for those of us who have folios.
One of the major things that I didn't like about this book was in his descriptions of how these couples could retire rich he basically cut and paste each one and changed the ending result, in my opinion he made this book very boring and is a waste of paper. The only part of this book I liked was pages 139 and 140 these pages have various "doom and gloom" headlines from 1951-1997 and show that the market always has recovered.
Since now the strategies in this book are out in the public they probably won't even work right, so I would advise the majority of investors to put their money in an S&P 500 index fund since you'd be beating 80% of fund manages without having to do any research.
Reed Floren
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Title: What Works on Wall Street: A Guide to the Best-Performing Investment Strategies of All Time by James P. O'Shaughnessy ISBN: 0070482462 Publisher: McGraw-Hill Trade Pub. Date: 31 May, 1998 List Price(USD): $29.95 |
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Title: Invest Like The Best, Book with Diskette by James P. O'Shaughnessy ISBN: 0079137547 Publisher: McGraw-Hill Trade Pub. Date: 01 January, 1998 List Price(USD): $16.95 |
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Title: The Warren Buffett Way, : Investment Strategies of the World's Greatest Investor by Robert G. Hagstrom ISBN: 0471177504 Publisher: John Wiley & Sons Pub. Date: March, 1997 List Price(USD): $9.99 |
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Title: The UNEMOTIONAL INVESTOR : SIMPLE SYSTEMS FOR BEATING THE MARKET by Robert Sheard ISBN: 0684853752 Publisher: Simon & Schuster Pub. Date: 13 April, 1999 List Price(USD): $13.00 |
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Title: Eight Steps to Seven Figures : The Investment Strategies of Everyday Millionaires and How You Can BecomeWealthy Too by CHARLES CARLSON ISBN: 0385497326 Publisher: Currency Pub. Date: 02 January, 2001 List Price(USD): $14.95 |
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