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Outsmarting the Crowd: A Value Investor's Guide to Starting, Building, and Keeping a Family Fortune, by Bogumil K. Baranowski
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WE ARE WIRED TO FAIL WITH MONEY AND INVESTING.
Do You Have $1 on You? BEFORE YOU START READING, please reach for your wallet. Take out a one-dollar bill. Do you have it? Look at it, hold it up, put it in front of you.
Now imagine you save $1 each month (which few do). Imagine that your $1 earns 7% annually on average over thirty years. At the end of the thirty years you will have almost $1,200.
Needless to say, if you put away $1,000 each month, you'd have almost $1.2 million in thirty years.
It's secondary if you are just starting your family fortune--or if you already have it and want to keep it and grow it.
If you do nothing with that dollar, inflation will eat away at its value. It will be worth less than two quarters in twenty-five years and less than a single quarter in fifty years and a nickel in one hundred years.
Can you afford to do nothing? Do I have your attention?
Most books misinform, or intimidate the reader, and often are not backed by real life experience.
This book is a one of a kind, comprehensive, straightforward, and easy to follow guide to investing. It’s written by an experienced investor trained in the value investing, Buffett-Graham school of thought.
Like no other book, it covers both the intellectual and emotional discipline needed to be a successful investor. It provides the proper philosophy, shows the path, and emphasizes the principles required to keep and grow your wealth over a lifetime.
“Over more than a decade, Bogumil has assiduously assembled a set of rules from the writings and the speeches of the world’s most lastingly successful investors: these rules have become his chosen investment discipline. […] He has written a great road map for young investors as well as a thoughtful and very readable guide to spare older neophytes the most common investment mistakes.” — Fran�ois D. Sicart, Founder and Chairman of Tocqueville Asset Management.
“Now comes his book. Obviously, Bogumil was augmenting what we were teaching him over the years about the investment process with extensive readings by the great thinkers on this subject. Unlike some of these tomes, however, Bogumil’s “Outsmarting the Crowd” is an easily digestible, common sense approach to a subject that is too often wrapped in jargon made to make it appear more difficult and less intuitive than it actually is.” — Robert W. Kleinschmidt, President, Chief Executive Officer and Chief Investment Officer of Tocqueville Asset Management.
- Sales Rank: #857901 in Books
- Published on: 2015-12-01
- Original language: English
- Number of items: 1
- Dimensions: 8.50" h x .57" w x 5.50" l, .65 pounds
- Binding: Paperback
- 226 pages
Review
KIRKUS REVIEW
A short, comprehensive coaching manual explains the intricacies of personal investment.
Baranowski places his debut guide to money and investing on bedrock factors that are psychological rather than financial: the human desire to grow and innovate and the human weaknesses of insecurity and greed. This underscores the broad-based aim of his book, which is plainly aimed at young investors and which opens with sentiments so obvious as to be banal, things like "Find something you like doing, get paid for it, save, and invest that money" and "Over time, good things will happen." Or "aim high, go for it, and be a little smarter today than you were yesterday." Even his more specific advice and strategies often retain a refreshing relativity; in these pages, Baranowski consistently tries to avoid prescription in favor of encouraging his readers to break step with the crowd and follow their own instincts. The principles he lays out for the most part are very basic (although, as he rightly points out, that doesn't stop most people from failing to follow them): spend less than you earn, avoid debt, save, let your money work for you, etc. He advises investors not to overthink things: "Shamelessly go for the easy picks," he writes. "If it is too difficult, it is likely not worth it." He gently admonishes investors who chase fads, urging them to have a distinct purpose behind each choice: "What you want is a nice, clean, focused portfolio." Deftly combining the lessons of financial self-help books, Baranowski stresses the main enemy of personal wealth remains inactivity; inflation will inevitably erode even the largest fortune if the owner simply sits on the money. The lucidly written book's second half takes the reader calmly into the deeper waters of business-investing complexities, all explained in a clear, accessible voice and illuminated with many real-world examples. Beginning investors--especially those who've come into some kind of sudden windfall and need to know what to do with it--will find a great deal of useful information presented here.
A clearheaded and invaluable walk-through of how to handle money and make it work for an investor.
"Outsmarting the Crowd is a guide that gently initiates you onto the path of successful investing. Baranowski has a clear and unpretentious style and his genuine passion to help others shines through the pages. [...]The book is structured around three pillars: philosophy, path and principles. It starts out with a terrific chapter about developing the basics of an Investment Philosophy and then transitions into a middle section with life advice, which could be useful if you are a millennial and starting or early into your career. The book then finishes with Baranowski's principles. [...] The chapter on How To Value A Business, which is part of the principles, is my favorite chapter of the book. [...] There are many valuable lessons in here and Baranowski doesn't waste time with a lot of fluff. However, do not expect a model or how-to because you are given a fishing rod, not fish." - Bram de Haas, Seeking Alpha
"Retail investors have been fleeing U.S. stocks, in part I suspect because they don't understand that over time, despite all its gyrations, the stock market has been the best place to "grow money." [...]Although it doesn't break new ground, it offers a clear, easy to follow account of the merits of investing in general and the principles of value investing. [...] Along the way it echoes the kind of lifestyle advice we have heard from the likes of Warren Buffett and Charlie Munger." - Brenda Jubin, ValueWalk & Reading the Markets
"Outsmarting the Crowd: A Value Investor's Guide to Starting, Building, and Keeping a Family Fortune by Bogumil K. Baranowski is a non-fiction book that states that normal individuals are wired to fail when it comes to money and investment choices. The author sets forth a group of "rules" he has assembled over the last ten years from the world's most success fulinvestors. [...] While many other books covering this topic can be confusing, or can misinform, intimidate, or do not draw from real,personal experience, that is not the case in this book. That's what makes this book so unique and one of a kind. The writing is very straightforward, comprehensive, and easy to follow, especially for readers who might not be the most well versed when it comes to complicated investment or financial terms. It covers the emotional aspect of investing, which is a very interesting concept and one that most readers probably are not familiar with from other books." - Janella Fila, Readers' Favorite (5 Stars)
Reviewed by Brenda Jubin for Value Walk and Reading the MarketsBaranowski, Outsmarting the CrowdRetail investors have been fleeing U.S. stocks, in part I suspect because they don't understand that over time, despite all its gyrations, the stock market has been the best place to "grow money." And that with no work on their part, just buying an index fund and pretty much ignoring it.Bogumil K. Baranowski (Tocqueville Asset Management) wants to convince people to do just a little bit of work and thereby make more money. In Outsmarting the Crowd: A Value Investor's Guide to Starting, Building,and Keeping a Family Fortune he defines the three pillars of investing and explains how they should be understood--philosophy (think differently, be patient, embrace failure), path (learn, simplify and focus, earn, save, invest) and principles (stocks are business, moody Mr. Market, and margin of safety).�This book is written for people who are in the early stages of their investing career, people who are comfortable with index investing yet are willing to expand their horizons by buying individual stocks.Although it doesn't break new ground, it offers a clear, easy to follow account of the merits of investing in general and the principles of value investing.Along the way it echoes the kind of lifestyle advice we have heard from the likes of Warren Buffett and Charlie Munger. For instance, read.According to the Pew Research Center, 23% of Americans didn't read a book in 2014, a figure that was only 8% in 1978. Now that's a depressing trend. "If," Baranowski advises, "you want to succeed as an investor,you need to stay curious and continue to learn." (p. 82)
"What I loved about the book is that Baranowski is truly passionate about helping readers develop a successful investment style. [...]�If you are developing your investment strategy and you are attracted to the GARP style of investing, as successfully practiced by Warren Buffett over the past few decades, then this book is an excellent one to help you along the way. [...]�The book's structure is built on philosophy,path and principles. The best chapters are those on philosophy and principles. Baranowski talks extensively about the importance of philosophy even though this is somewhat of a tough concept for beginning investors, it is done well and will make you think about the right things. In principles, Baranowski talks about his own basic principles while warning that these are not for everyone. Its his principles that make me put him in the Buffett/Fisher school, which is a type of GARP investing. Buy solid sound companies but be very wary about the price you pay." - Bram de Haas, Guru Focus
Outsmarting the Crowd (2015) is a stellar beginner's guide to investing. These blinks will give you all the knowledge you need to get started investing. Just don't expect to get rich overnight: good investing is all about patience, discipline and rationality. - Blinkist (Reading App)
From the Author
Dear Reader,
Warm welcome!
It's been a wonderful journey from the first idea of a book on investing to the final version, and a published hard copy.�
I believe the book can help novices start thinking of investing on their own, and empower them to have better conversations with their current and future investment professionals. The book will also resonate with seasoned professionals, who appreciate hearing a familiar voice that will let them know that they are not alone trying to outsmart the crowd through calm, deliberate, disciplined investment approach.�
I'm delighted to see that both paperback copies, and Kindle ebooks were bought, and are read now from coast to coast, and in a number of countries around the entire globe. I'm hearing people got it in Europe (UK, France, Germany, Italy, Spain, Switzerland, Belgium, Poland among others), Latin America (Mexico), Australia, Asia (with first copies sold in Hong Kong, China, Japan, and India), and Africa (the first copy ordered and to be delivered in Zimbabwe). �
I have received wonderful notes from around the world, and I'm grateful for the kind, and warm reception. Not a day passes without someone telling me how much they enjoyed the book! Nothing could make me happier!
Happy reading!
Bogumil K. Baranowskibogumil (at) outsmartingthecrowd.com
From the Inside Flap
Do You Have $1 on You?
BEFORE YOU START READING, please reach for your wallet. Take out a one-dollar bill.
Do you have it?
Look at it, hold it up, put it in front of you.
Now imagine you save $1 each month (which few do). Imagine that your $1 earns 7%�annually on average over thirty years.�At the end of the thirty years you will have almost $1,200.
Needless to say, if you put away $1,000 each month, you'd have almost $1.2 million in thirty years.
It's secondary if you are just starting your family fortune--or if you already have it and want to keep it and grow it.
If you do nothing with that dollar, inflation will eat away at its value. It will be worth less than two quarters in twenty-five years and less than a single quarter in fifty years and a nickel in one hundred years.
Can you afford to do nothing?
Do I have your attention?
Most helpful customer reviews
1 of 1 people found the following review helpful.
Book Review - ZOptionTrader
By rzbatman
If you have been looking for a good primer on Value Investing - this book answers the mail.
The book is broken down by the authors “Three Pillars” of Value Investing:
PHILOSOPHY – how to think differently; be patient; and embrace failure
PATH – how to learn; simplify and focus; and earn, save, and invest
PRINCIPLES - stocks are businesses; moody Mr. Market; and Margin of Safety
The thing I liked most about this book - is that it has made me rethink my holding periods for individual stocks. I really appreciate any book that forces a review of my core investing processes - backed up by logic and good examples.
I don't agree with the author's view that Options should be avoided - especially when you want to buy Stocks via cash secured puts - but I take his point, most novices should keep it simple.
Highly recommended.
1 of 1 people found the following review helpful.
It pushes you in the right direction
By Elvisa M.
This is a book full of great and inspiring ideas. I actualy registered with one of the popular trade websites and had no idea what I was doing. Now I have some insight on how to think about the stock market. I listened to friends and family and lost more than I had gained. Now I have a new perspective on how to make money with my money. Thank you!
0 of 0 people found the following review helpful.
Read it early - Read it often ...
By Ken K.
I read this book as an "Intermediate Personal Investor" - at least that is how I like to think of myself. I've done some things right - and I think I could do better at some others. What I loved about this book is that it helped me to see personal investing in terms of my own Philosophy, Path, and Principles (Bogumil's words) - and gave me some measure by which I could break them down and tell which were supporting me and which needed improvement. I found this book inspirational enough that I am actually following through with my own list of "Improvements". This is a book that I wish I would have read earlier in my "investment Education" - and will read again (and again) from time to time as I continue to grow. As an added bonus, the "Suggested Reading" that Bogumil provides in an appendix is a wonderful assortment of books from financial and other disciplines and is worth the purchase price all by itself. I have added many of them to my own personal reading list. Enjoy!
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