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The Big Secret for the Small Investor: The Shortest Route to Long-Term Investment Success
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Audible Audiobook
Listening Length: 3 hours and 9 minutes
Program Type: Audiobook
Version: Unabridged
Publisher: Simon & Schuster Audio
Audible.com Release Date: April 5, 2011
Language: English, English
ASIN: B004V65QKS
Amazon Best Sellers Rank:
Not as powerful as "The Little Book That Still Beats the Market" in that much of the content is a rehash of the value proposition explained in the that book. This one is even littler . Contains information on ETFs, (exchange traded funds) missing from the first book and an interesting discussion of "value weighted" vs. "equal weighted" vs "capitalization weighted" differences that should be of interest to investors in index funds. Still, the topic is only a portion of the financial planning and asset allocation process and "do it yourselfers" will find it interesting. Picked it up as a freebie at a recent convention for investment professionals and found it worth the quick time to read.
If you are new to investing or have been burned by your own actions or those of your managers, this book is likely to be useful to point out the specific conditions that make the markets and money managers' interests not line up with yours. It also quickly summarizes a simple but on-point method of evaluating companies and whether their stock is a good investment.But for anyone who has read Greenblatt's other books, this one is a severe disappointment. Here is my outline of the book:* Everybody selling you stuff in the financial area has incentives that don't line up with yours, so don't fall for their tactics* High return on capital and earnings yield identify good investments, on average* I have found a nifty new way to get good returns at low risk, but I'll only give you the 30,000-foot view* Whatever you do, don't get greedy (invest too high a percentage in stocks) or fearful (invest too small a percentage), especially in reaction to recent results* But there is nothing you can do with this information since a) it's impractical to do yourself, b) I didn't give you enough information anyway, and c) there are no products available that use my methodCross referencing back to previous books (especially The Little Book That [Still] Beats the Market) could help more technically minded investors derive the return on capital and earnings yield formulations (they are not straightforward). But I am at a loss to understand how a novice investor would use any of the information in this book, aside from avoiding bad money managers (which I suppose is worthwhile, but isn't the apparent point of the book).All in all this reads like a book thrown together from pieces here and there and not finished. It's choppy and incomplete, and varies a great deal in tone and intended audience from one passage to the next.Entirely unexpectedly poor quality from someone as good at what he does.
I would recommend this book to all readers, both individual and professional investors, who seek to achieve relative out-performance. While the proposed solution is most suitable to passive investors, the principles and investment framework are equally of value to professional money managers (although the latter may further benefit from reading Greenblatt's earlier works)."The Big Secret" is a simple and relatively concise view into exactly why the majority of active managers underperform the market averages over time, net of fees; and why disciplined adherence to the proposed solution will likely result in significant out-performance by the small investor. The professional money manager will be equally well served by reviewing the insights into the greatest stumbling blocks obstructing the path to successful money management (as well as suggestions for surmounting and avoiding those obstacles).The explanation of what makes the value approach work is coupled with the necessary insight into behavioral finance, which together provide one with the necessary perspective for successful money management. It is these very insights into the practical difficulties of money management, as well as into behavioral finance, which virtually ensure the proposed solution will continue working over time; in addition to why it will likely remain "a secret".
Most reviews covered this book pretty well. Basically, it's very short, and it's very to the point. This book is definitely geared at someone who wants to know how they should invest their money but are not into investing and don't want to do the analysis work themselves. There's not a lot of analysis here, except for a few summary tables that show the historical back-tested returns of his strategy. He also openly admits that his past couple books might have been too much work for many readers.The only weird thing about this book is that he tries really hard to describe why his last two books might be too complicated for some people. He does this by describing DCF and other investment concepts and then explaining why those concepts are hard. Well... if the reader is a novice, I have a feeling they'll be confused by this discussion. In other words, this book might appear to be geared toward a novice, but I suspect that only the "intermediate" investor who doesn't want to really invest on his own will really get it. If this describes you then this book is for you, and the fact that it's short and to the point should probably be perfect for you. And if you're a novice who's open minded who doesn't want to do any more research than this (and who's willing to gloss over the DCF stuff), this book is perfect for you too.Note that he doesn't plug his new mutual funds ANYWHERE in the book. (His firm has new funds that apparently invest based on his 'magic formula' method from his last book.) He does provide a new website that he created to go with the book, but even there you have to click through some tabs before you get to his fund. I'm almost surprised he buried them so deep, but I guess he didn't want to make this a plug for his funds.All in all pretty good. I'm a bit of an investing geek so I would rather try some of the tips in his previous books, but if you really don't want to do that then this, I think, is the only real alternative method of investing.
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