As I've already described, Thomas went to great lengths to make sure the people profiled are long term winners and did not amount their fortunes to a few lucky bets. I believe he succeeded. The processes by which these investors attain their success are credible. The degree to which they succeeded and made them true outliers is at least in part due to luck. Of course, this is unavoidable when you look at the winners in a large sample size - they have to be both good and lucky.
The book is also very much a portrait of winners and doesn't attempt to discover if investors with similar process and approaches end up with similar results. The author does summarize the specific traits of each investor's style and the lessons we can draw at the end of the chapter, but these conclusions are not tested for robustness. At the end of the day, this is a casual book for the casual reader with highly valuable and interesting material to improve your investment, but don't expect a rigorous textbook.
Why you should read this book.
If you are in the process of developing as a private investor, this is an invaluable read that will serve to inspire you. At least a few of these highly succesful people are using a style that will appeal to you. It is empowering to read stories of how private investors can engage companies as activists and be the catalyst for change, and how private investors without finance or business backgrounds manage to trounce the returns offered by the benchmarks.
You may also learn an immediately actionable trick or two on how to obtain information from corporate executives. But not all lessons are about stock investing. There is a little bit of useful life advice in the book as well. A profound psychological effect of increasing wealth is to change the relative importance you place on money and time.
For a successful investor, practical worries about money must eventually recede: No matter how high your spending needs, passive income will eventually outrun them, once you have accumluated a large enough fund. But time is not like this. Time is a universally depleting resource, at the same rate for the wealthy as for the poor.
This gives one way of defining a successful investor: a person for whom time has become a more binding constraint than money. This article first appeared on GuruFocus. No matching results for ''.
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Each of them has accumulated GBP1m or more - in most cases considerably more - mainly from stock market investment. Some are inveterate networkers, who spend their day talking to managers at companies in which they invest; for others a share is just a symbol on a screen, and a price chart shows most of what they need to know to make their trading ee capital - money surplus to immediate living expenses - is the raw material with which these investors work.
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