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My Vast Fortune: An Investor's Fiscal Triumphs and Money Misadventures
Tobias, “the funniest of financial writers” (Newsweek), writes a “refreshingly honest” chronicle (Kirkus Reviews) of his own financial exploits and escapades, in a book that is part financial memoir, part investment how-to, and part comedy of errors. Index.
224 pages, Paperback
First published January 1, 1997
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Displaying 1 - 8 of 8 reviews
April 5, 2009
1. Ralph Nader was a self-centered jerk long before he helped plunge America into the nightmare that was George W. Bush's Reign of Error.
2. Andrew Tobias is laugh-out-loud funny. Seriously, he could write about automobile-insurance reform and still make you laugh. (He does.)
3. The GOP might be right (at least a little bit) when they criticize the Trial Lawyer lobby. Weird that a book from liberal Tobias makes this point, isn't it?
4. The rich and/or creative can have a lot of fun with their philanthropy. But beware of unintended consequences.
2. Andrew Tobias is laugh-out-loud funny. Seriously, he could write about automobile-insurance reform and still make you laugh. (He does.)
3. The GOP might be right (at least a little bit) when they criticize the Trial Lawyer lobby. Weird that a book from liberal Tobias makes this point, isn't it?
4. The rich and/or creative can have a lot of fun with their philanthropy. But beware of unintended consequences.
November 26, 2022
This is a really interesting book--dated in places, but generally quite relevant. It's almost three books in one. The first part is a fun, mostly lighthearted look at how Andrew Tobias amassed what he refers to as his "vast fortune" (it is indeed vaster than most people's, but he's not in the Buffett/Gates/Musk class). The second part talks about three investments he made that didn't go as planned, with the most space given to his underwriting (and spending a lot of time on) a political initiative in California to reform auto insurance laws there. Tobias went head to head with Ralph Nader and his colleagues on this (the chapter is called "Ralph Nader is a Big Fat Idiot"). This part is very detailed--definitely a slow read--but to the extent that it's true (I don't know for sure) it paints a pretty awful picture of corruption, mostly because the trial lawyers' lobby seems to be so powerful. (My vague understanding of the current Camp Lejeune legislation, in which apparently a lawyer is required to recover any damages, suggests that things have not improved much.)
The third, and probably most useful, section is a guide to how to manage our own vast fortunes, whatever they may amount to. Tobias is on surest ground here: he knows how people should manage their money, and he's honest and candid about how things work in this arena, and respectful that each of us gets to ultimately make the decision that works for us. He talks more about how to spend the money, i.e., on various charitable causes, than on how to invest. I found this section to contain lots of actionable, pragmatic advice.
What I like best about the book is its tone--fun, congenial, often self-deprecating, and never too serious (except in a few places where he is defensive and/or settling scores). He's breathtakingly casual and open about being gay (particularly given that the book was written in 1997, the era of "don't ask, don't tell").
Some will complain that the book smacks of Tobias's white male privilege, and it does, but he's well aware of it and to my mind his overall theme--echoing Thornton Wilder's Dolly Levi, essentially, that money is like manure, it's of no use unless it's being spread around, helping things to grow--mitigates that. (As does our knowledge, particularly from other Tobias books, that even in his presumably exalted circumstances, growing up gay was no picnic.)
Overall, a book I am surprisingly glad to have read; one that has taught me a bit and that I will likely refer to as occasions warrant in the future.
The third, and probably most useful, section is a guide to how to manage our own vast fortunes, whatever they may amount to. Tobias is on surest ground here: he knows how people should manage their money, and he's honest and candid about how things work in this arena, and respectful that each of us gets to ultimately make the decision that works for us. He talks more about how to spend the money, i.e., on various charitable causes, than on how to invest. I found this section to contain lots of actionable, pragmatic advice.
What I like best about the book is its tone--fun, congenial, often self-deprecating, and never too serious (except in a few places where he is defensive and/or settling scores). He's breathtakingly casual and open about being gay (particularly given that the book was written in 1997, the era of "don't ask, don't tell").
Some will complain that the book smacks of Tobias's white male privilege, and it does, but he's well aware of it and to my mind his overall theme--echoing Thornton Wilder's Dolly Levi, essentially, that money is like manure, it's of no use unless it's being spread around, helping things to grow--mitigates that. (As does our knowledge, particularly from other Tobias books, that even in his presumably exalted circumstances, growing up gay was no picnic.)
Overall, a book I am surprisingly glad to have read; one that has taught me a bit and that I will likely refer to as occasions warrant in the future.
November 4, 2022
It's a nice book to read once. Some insights to the Florida housing market of the 80s and 90s, a bit of the Russian market post-Cold War. Also a LOT of auto insurance talk - which is the (noble) cause of the author. Still, a lot parts didn't click for me, and there really isn't much binding the sections together (I guess the sections are "how I got my vast fortune" and "how I spent my vast fortune? I dunno.) The last section is interesting advice, a bit outdated and US-centric but I knew that from the start. If you can get or read this for free it's a breezy read.
June 26, 2008
As an investment book per se, My Vast Fortune is sprinkled with random advice at best. As a biographical tale of adventures with wealth, it is a great success. Personally, I think Andrew Tobias is absolutely hilarious. If you enjoyed Tobias's humor in The Only Investment Guide You'll Ever Need", you'll likely enjoy this book.
August 2, 2010
What I learned from this book is to save wisely and spend wisely. I love reading Andy Tobias and enjoy his blog tremendously. This book would have been SO MUCH better if he'd shortened his harangue regarding no-fault auto insurance by about fifteen pages. It got to the point where I felt that perhaps he "doth protest too much".
April 2, 2014
Just love this guy. Am following his blog too. Really liked his guidance on giving out of surplus.
November 12, 2020
Shame. Starts out well but falls into quixotic, dated ranting.
March 2, 2022
quixotic book - and very interesting
Displaying 1 - 8 of 8 reviews