The title is the main premise of this excellent book. The writer does an outstanding job reviewing, through personal interviews, the varied investment strategies of a handful of famous traders. It was amazing to me that the writer was able to get interviews with all of these people, and that they appeared to be quite open about their general investment philosophies. Equally amazing was that while all were extremely successful, many had very different attitudes and styles of investing. The author summarizes his findings in the end. Other than the title of this review, the other consistent theme, although not universal, was that these hedge fund managers stick with their trades, even when they are going against them. Well worth the read.
If you read the title, you got all of the information this book has to offer. The author provides only the most basic of analysis, and even for this cites others, specifically Rogoff, over and over again. He takes the basic premise that is in the title and repeats it over and over and over again, using anecdotal stories, not facts, figures, or data. I really dislike it when authors do this, because it screams that they wanted the book revenue, or to get their name out there, in other words writing the book was about them, not about the person who was going to read it. I agree with the author's premise, but lets face it, so do millions of others, and this is written about constantly on the internet, and in the non-mainstream financial press. To make this book compelling the author would need to cite something new, new data, or a new way of looking at the old data. He does none of this. I turned it off half way through. Spend your money elsewhere.
I really enjoyed Dr. Stanley's first book, "The Millionaire Next Door," but I found this one disappointing. He hits the same topics as the other books, "don't live in a rich neighborhood," "millionaires don't drive expensive cars," "don't buy expensive vodka," "continue to live frugally even once they have money," etc. He goes over these topics over and over again, with each chapter just telling the same point in a little different way. It became so repetetive I stopped listening. I think the authors insights are excellent, but I think the material is simply not broad enough for three different books.
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