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A Wealth of Common Sense: Why Simplicity Trumps Complexity in Any Investment Plan (Bloomberg), by Ben Carlson
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A simple guide to a smarter strategy for the individual investor
A Wealth of Common Sense sheds a refreshing light on investing, and shows you how a simplicity-based framework can lead to better investment decisions. The financial market is a complex system, but that doesn't mean it requires a complex strategy; in fact, this false premise is the driving force behind many investors' market "mistakes." Information is important, but understanding and perspective are the keys to better decision-making. This book describes the proper way to view the markets and your portfolio, and show you the simple strategies that make investing more profitable, less confusing, and less time-consuming. Without the burden of short-term performance benchmarks, individual investors have the advantage of focusing on the long view, and the freedom to construct the kind of portfolio that will serve their investment goals best. This book proves how complex strategies essentially waste these advantages, and provides an alternative game plan for those ready to simplify.
Complexity is often used as a mechanism for talking investors into unnecessary purchases, when all most need is a deeper understanding of conventional options. This book explains which issues you actually should pay attention to, and which ones are simply used for an illusion of intelligence and control.
- Keep up with—or beat—professional money managers
- Exploit stock market volatility to your utmost advantage
- Learn where advisors and consultants fit into smart strategy
- Build a portfolio that makes sense for your particular situation
You don't have to outsmart the market if you can simply outperform it. Cut through the confusion and noise and focus on what actually matters. A Wealth of Common Sense clears the air, and gives you the insight you need to become a smarter, more successful investor.
- Sales Rank: #207011 in Books
- Published on: 2015-06-22
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x .90" w x 6.30" l, .0 pounds
- Binding: Hardcover
- 224 pages
From the Inside Flap
Much of the financial advice available these days is so fraught with unnecessary complexity and industry jargon that many investors are either too confused or too intimidated to make wise investment decisions. So how can you approach your own portfolio and the financial markets more confidently? Financial specialist Ben Carlson shows you how. In A Wealth of Common Sense: Why Simplicity Trumps Complexity in Any Investment Plan, Carlson explores those issues you should pay attention to, as opposed to those that are used as an illusion of intelligence and control.
Drawing from his career in portfolio management during which he worked with complex and sophisticated portfolio strategies, Carlson reveals the secret of using basic common sense as you invest in the financial markets, effortlessly bridging the gap between sophistication and simplicity. A Wealth of Common Sense helps all investors make more informed decisions using sound thinking as a guiding framework to help alleviate some of the lasting damage from the market crash.
This practical guide discusses:
- Why long-term thinking trumps short-term gains
- How to identify market and portfolio risk
- Which market myths are true and which you can ignore
- How to define yourself as an investor
- Why diversification matters
- How to build self-awareness in your own investing abilities
There is an assumption that complex systems such as financial markets must require complex investment strategies and organizations to succeed. This is a false premise that far too many both inside and outside of the industry have come to believe. You can adapt to the changing market and economic landscape. Filled with practical advice and in-depth insights, A Wealth of Common Sense shows you how with basic, sensible guidance for improving long-term investment results and making rational decisions in all market conditions.
From the Back Cover
PRAISE FOR
A WEALTH OF COMMON SENSE
"The content of this book lives up to the title. Ben Carlson has mastered the art of exposing the few big topics that matter most to investors, leaving out the complicated—but often unnecessary—topics found in other investment books. Any investor, from a beginner to a professional, can learn a tremendous amount from A Wealth of Common Sense."
—Morgan Housel, columnist for The Motley Fool and the Wall Street Journal
"Through hard work Ben Carlson has rapidly established himself as one of the nation's premier investment bloggers. In his new book, A Wealth of Common Sense, Carlson cements his position as a prudent and practical voice for the individual investor."
—Tadas Viskanta, founder and editor of Abnormal Returns and author of Abnormal Returns: Winning Strategies from the Frontlines of the Investment Blogosphere
"Ben Carlson seemingly came out of nowhere and took the financial commentariat by storm with his straightforward, insightful blog posts. True investing wisdom—born out of experience and success—cannot be faked; it must be earned. This is precisely the type of wisdom that comes oozing out of every chapter in A Wealth Of Common Sense."
—Downtown Josh Brown, author of the bestselling book Backstage Wall Street and The Reformed Broker blog, star of CNBC's The Halftime Report,
YOUR NO-NONSENSE GUIDE TO COMMON SENSE INVESTING
Cut through the confusion and noise and focus on what actually matters. A Wealth of Common Sense clears the air and gives you the insight you need to become a smarter, more successful investor.
Complexity is often used as a mechanism for talking investors into unnecessary purchases, when all most need is a deeper understanding of conventional options. This book explains which issues are important—and which are not.
Take a look inside for guidance on how to:
- Keep up with—or beat—professional money managers
- Exploit stock market volatility to your utmost advantage
- Learn where advisors and consultants fit into a smart strategy
- Build a portfolio that makes sense for your particular situation
About the Author
BEN CARLSON, CFA, has spent his career managing institutional portfolios for endowments, foundations, and pension plans. He is also the creator and author of the blog A Wealth of Common Sense (awealthofcommonsense.com) and is a Yahoo! Finance Contributor.
Most helpful customer reviews
55 of 61 people found the following review helpful.
Don't waste your time and money
By Pete
I read this book in one sitting , if you have read any of Swedroe, Bogle ,Munger , Buffet , etc , etc , etc. Don't waste your time or money . Really nothing new here at all it is just a compilation of things written by a number of seasoned investors.
Control your emotions
Have a long term outlook
Don't try to beat the market , it is almost impossible to do over time
Do your research
Turn off the outside noise
Diversify
Re-balance
Asset Allocation
Have a plan and stick with it.
All things any avid reader of investment books has read many times before.
21 of 22 people found the following review helpful.
A Behavioral Finance PhD for ~$20
By Wesley Gray (Alpha Architect Blog)
Ben Carlson splashed onto the blog scene a few years ago with his hit website, aptly named, "A Wealth of Common Sense." My initial reaction was, "Oh great, here we go again. Some kid trying to pretend they know something about finance."
Boy, was I wrong.
Ben is the real deal and his blog, revolving around behavioral finance, has become a must read. Part of Ben's appeal is that he writes in plain language, and in a way that makes otherwise complex topics accessible by anyone. But Ben's latest levelheaded thoughts are not limited to his blog, Ben has a new book, A Wealth of Common Sense. Ben's book is a great read, but what I really love about the compiled work is that is solves a genuine investor problem:
A Wealth of Common Sense will simplify your investment life!
Ben's key insight--that simplicity trumps complexity--is powerful on many levels, and has numerous practical applications, especially when thinking about investing. In many ways, Ben has taken behavioral finance, synthesized the key learning points, and compiled it in an easy to read book. In the introduction Ben says the following:
"It will become more and more important to separate the meaningful from the meaningless..."
In an investing world dominated by strident voices pushing various agendas, and peddling solutions that sometimes simply don't make sense, this becomes an important philosophical point of reference. But how can we go about separating the wheat from the chaff? Ben describes mental checklists that can help investors avoid investment traps that we are prone to fall into. He goes on to highlight the reason why simplicity is such a good idea:
We all like to think that more choices must be better, but as the number of choices grows...the likelihood of making a mistake [increases].
Simplicity is better because it works better. Period. That's a tough argument to beat.
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What I like about the book?
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Ben's book is filled with behavioral checklists for Do-It-Yourself (DIY) investors to follow. These are worth ruminating on and internalizing. But frankly, my favorite part of the book is the humor. Yes, it's true, this is a finance book that made me laugh out loud on a few occasions. The humor and unpretentious style make the book more conversational in tone, giving the reader a real sense for Ben's personality, which includes a dry wit.
Ben also conveys concepts through examples that illuminate. Some of my favorite stories involve discussions surrounding how investors perceive risk and reward, for instance, how investors view value stocks and glamour stocks. One approach to describing this would be to highlight boring academic papers (i.e., my lame approach), but Ben's approach is much smarter, and more congenial. Ben highlights the importance of framing an investment decision in the context of an academic study where researchers ask students to eat a piece of fudge shaped like a piece of dog crap (pg. 52). If that doesn't make you laugh, then you may be taking yourself too seriously.
fudge
Anyway, not surprisingly, students don't want to eat fudge when it looks like a dog turd.
But why not?
Fudge should be considered a great thing if it actually is a great thing, no matter what the shape. However, that is not how the human mind works. In many respects, investing in value stocks, which are often framed as loser stocks with no redeeming qualities, is analogous to eating great-testing fudge that is in some distressing form (like a dog poop). Whereas, growth stocks are more akin to dog turds shaped as chocolate bars--yum!--everyone wants to take a bite!
Another fascinating related example is outlined later in the book on page 137. Ben describes how the power of a story can turn something worthless into something we perceive valuable. He showcases an experiment where researchers collected a bunch of garage-sale junk and then attempted to sell the goods on Ebay. The trick was to invest a lot of time and effort into telling the "story" for a particular piece of junk. Surprise, surprise, telling a great story worked! The researchers were able to sell a beat-up oven mitt for $52, and a used shot glass for $76. Not bad! Of course, the analogy is that Wall Street--and the broader financial services industry--are great at selling stories, but it is unclear if the underlying products they are selling are worth the value attributed to them by the salesman.
I won't steal Ben's thunder by laundry listing my other favorite stories--and there are some great ones--but these many mini-case studies throughout the book are both entertaining and help illuminate complex topics in an uncomplicated manner.
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Constructive Criticism
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I was looking for more explicit recommendations on how to take action. Ben's book is not very tangible when it comes to the blocking and tackling of day-day portfolio management:
You won't learn how to pick stocks
You won't be served an asset allocation model
You won't learn how to time market downfalls
In fact, Ben doesn't share any direct advice that is immediately applicable to building and managing your portfolio. And if you are looking for actionable investment advice, this isn't the book for you.
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A book that doesn't tell us how to make millions? What's the point?
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The heading above--to be clear--is meant to be sarcastic. No book can make you an overnight millionaire. However, Ben's book is unique in that it could actually make you a millionaire (it just may take a long time) by helping investors change their behavior. And to be frank, Ben's book has a much higher calling than simply serving as a investment mechanic on one aspect of your portfolio. Instead, I see Ben's book as a financial advisor that costs $20, and not 1% of your wealth each year. And depending on how much money you have, a $20 financial advisor is a pretty dang good deal.
Throughout A Wealth of Common Sense there are great checklists for DIY investors that help them make better decisions:
A Wealth of Common Sense will teach you how to be a successful investor...
A Wealth of Common Sense will highlight a laundry list of common market myths...
A Wealth of Common Sense will teach you how to identify your portfolio's mission and goals...
A Wealth of Common Sense will show you how to pick a financial advisor...
DIY investors and financial professionals, unite...A Wealth of Common Sense offers something for everyone.
18 of 22 people found the following review helpful.
I think his book is even better than his shorter pieces
By Patrick O'Shaughnessy
I know Ben well and read an early copy of his book. This may mark me as a partial judge, but I think it does the opposite. I've read Ben's work for two years, so I was curious to see how his book would compare to what he publishes on his website several times per week.
I think his book is even better than his shorter pieces. The best aspect of what he has written is that it is a perfect introduction for new investors and a great refresher/ego-checker for more seasoned investors. The book is honest, clean, and full of great perspective.
It won't take very long for you to read (which is nice), but it is not one of these non-fiction books that could have been 50 pages. If anything I wish it had been longer.
I highly recommend the book to all investors.
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