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THE INVESTORS' ADVOCATE

PRACTICAL COUNSEL FOR SUCCESSFUL INVESTING

A lean and immensely informative handbook for investing.

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Hunter presents a guide for achieving greater success in personal investing.

After years of working as an investment consultant, the now-retired author has written a concise and densely packed instruction manual for investing, distilling what he’s learned over a career spent dealing with money and the markets. Modern portfolio theory, Hunter writes, assumes that the markets are efficient, that every element involved in any given trade is known, and, perhaps most crucially, that investors act rationally. “That set of assumptions,” he asserts, “simply is not supported by the reality of human and market behavior.” The author posits that three courses are open to investors dealing with the fluctuations of the market: ignore them, take advantage of them, or get caught up in them. About the third option, he writes simply, “Danger lies this way.” Hunter proposes three steps to picking stocks that will help readers avoid getting swept up in the frenzy: Make a written statement of investment objectives, work out a plan and a timetable for those objectives, and create that path to achieving those goals with an investment policy statement. The statement must be simple, diversified, and low-maintenance (scheduled over four quarterly cycles). Over 90% of private investors underperform in general market returns, he contends, and his guidelines are aimed at helping readers avoid such a fate. Throughout the guide, the author is a cool, authoritative adviser who hews closely to a line he relates from economist John Maynard Keynes: “It’s better to fail conventionally than succeed unconventionally.” Hunter writes clearly and concisely, defining investment terms and reminding readers of the importance of understanding their own motivations and goals. “You need to determine if your glass is half full or your glass is half empty,” he writes. “Hence the beginning of the counsel of this book: First and foremost, know yourself.”

A lean and immensely informative handbook for investing.

Pub Date: June 17, 2024

ISBN: N/A

Page Count: -

Publisher: N/A

Review Posted Online: April 8, 2024

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ABUNDANCE

Cogent, well-timed ideas for meeting today’s biggest challenges.

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  • New York Times Bestseller

Helping liberals get out of their own way.

Klein, a New York Times columnist, and Thompson, an Atlantic staffer, lean to the left, but they aren’t interrogating the usual suspects. Aware that many conservatives have no interest in their opinions, the authors target their own side’s “pathologies.” Why do red states greenlight the kind of renewable energy projects that often languish in blue states? Why does liberal California have the nation’s most severe homelessness and housing affordability crises? One big reason: Liberal leadership has ensnared itself in a web of well-intentioned yet often onerous “goals, standards, and rules.” This “procedural kludge,” partially shaped by lawyers who pioneered a “democracy by lawsuit” strategy in the 1960s, threatens to stymie key breakthroughs. Consider the anti-pollution laws passed after World War II. In the decades since, homeowners’ groups in liberal locales have cited such statutes in lawsuits meant to stop new affordable housing. Today, these laws “block the clean energy projects” required to tackle climate change. Nuclear energy is “inarguably safer” than the fossil fuel variety, but because Washington doesn’t always “properly weigh risk,” it almost never builds new reactors. Meanwhile, technologies that may cure disease or slash the carbon footprint of cement production benefit from government support, but too often the grant process “rewards caution and punishes outsider thinking.” The authors call this style of governing “everything-bagel liberalism,” so named because of its many government mandates. Instead, they envision “a politics of abundance” that would remake travel, work, and health. This won’t happen without “changing the processes that make building and inventing so hard.” It’s time, then, to scrutinize everything from municipal zoning regulations to the paperwork requirements for scientists getting federal funding. The authors’ debut as a duo is very smart and eminently useful.

Cogent, well-timed ideas for meeting today’s biggest challenges.

Pub Date: March 18, 2025

ISBN: 9781668023488

Page Count: 320

Publisher: Avid Reader Press

Review Posted Online: Jan. 16, 2025

Kirkus Reviews Issue: Feb. 15, 2025

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THINKING, FAST AND SLOW

Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...

A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.

The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.

Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.

Pub Date: Nov. 1, 2011

ISBN: 978-0-374-27563-1

Page Count: 512

Publisher: Farrar, Straus and Giroux

Review Posted Online: Sept. 3, 2011

Kirkus Reviews Issue: Sept. 15, 2011

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