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The Ulysses Contract: How to never worry about the share market again
The term ‘Ulysses contract’ is inspired by mythological hero Ulysses who, while sailing past an island inhabited by sirens, ordered his crew to block their ears with wax and tie him to the mast of the ship. Otherwise, the sirens’ bewitching song would entice them to steer the ship onto the rocks.
The Ulysses Contract uses this analogy to warn of the ‘sirens’ that tempt investors to part with their money. Drawing on his own decades of investing and research into financial literature dating back hundreds of years, Michael Kemp shows how to put in place a successful investment plan that embodies discipline, consistency and patience.
Through masterful storytelling that expertly explains (and usually rejects) complex investment concepts, The Ulysses Contract demonstrates how remarkably easy it can be for anyone to develop into a capable and successful long-term investor.
The Ulysses Contract uses this analogy to warn of the ‘sirens’ that tempt investors to part with their money. Drawing on his own decades of investing and research into financial literature dating back hundreds of years, Michael Kemp shows how to put in place a successful investment plan that embodies discipline, consistency and patience.
Through masterful storytelling that expertly explains (and usually rejects) complex investment concepts, The Ulysses Contract demonstrates how remarkably easy it can be for anyone to develop into a capable and successful long-term investor.
378 pages, Kindle Edition
Published December 22, 2023
46 people are currently reading
327 people want to read
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Displaying 1 - 30 of 39 reviews
August 3, 2024
Good book, but nothing new that I haven't read in other books such as psychology of money. If you are new to this topic, then give it a try.
Avoid certainty..
Seek opposing views..
Don't listen to crowd, stay tight..
No one can predict the future (economy, tech, stock market), not even the experts..
You can never time the market..
Don't look for patterns in price or volume charts..
Fundamental analysis is not easy, requires deep expertise..
Passive Funds over active funds..
Few investors are capable of determining the true economic merit of new technology..
Resist the urge to day trade..
Don't confuse success in a bull market for skill..
Being average for above average time..strategic mediocrity..
Being a bit above average (skill) can give you a big advantage to win at investing (Tennis analogy)..
Patience, discipline, rationality, focus, delayed gratification..
Avoid certainty..
Seek opposing views..
Don't listen to crowd, stay tight..
No one can predict the future (economy, tech, stock market), not even the experts..
You can never time the market..
Don't look for patterns in price or volume charts..
Fundamental analysis is not easy, requires deep expertise..
Passive Funds over active funds..
Few investors are capable of determining the true economic merit of new technology..
Resist the urge to day trade..
Don't confuse success in a bull market for skill..
Being average for above average time..strategic mediocrity..
Being a bit above average (skill) can give you a big advantage to win at investing (Tennis analogy)..
Patience, discipline, rationality, focus, delayed gratification..
April 15, 2024
The Barefoot Investor book… of investing. I like the personality in the book. Good practical tips
March 30, 2023
He convinced me
I wish I had read this 30 years ago. Hopefully it's not too late to build a decent sized farm.
I wish I had read this 30 years ago. Hopefully it's not too late to build a decent sized farm.
November 9, 2023
4.5*. Great writing style, a mix of finance and personal philosophy
March 5, 2025
Buy shares, and when the market goes down, buy more shares
This entire review has been hidden because of spoilers.
March 31, 2023
Great read, easy to understand for a non-finance person, but factual enough for experts. Proves that simplicity is always the best option. A really enjoyable book
March 7, 2024
Reading this as a 21 year old me made me take a deep breath and stop overthinking. It makes the share market much easier to understand.
April 24, 2023
I read this on the recommendation of Scott Pape the Barefoot Investor. It reasons out why passive investing in low cost index funds will out perform active management by yourself or a fund manager. The prior sentence sums up the book, if you can accept that and follow that, no need to read any further.
Kemp draws on a lot of the thinkers and investors I am familiar with (Warren Buffet, Charlie Munger, Nassim Taleb, JK Galbraith, Daniel Kahnaman etc) and some who I am not (John Bogle, Annie Duke, Jim Simon, etc). A lot quoted I have already read and I found this book was as much about moral philosophy as it was about finance. Slow and steady with financially conservative values wins the race (or grows the farm), rather than getting rich quick with speculative investments that buy low and sell high. Kemp goes through common active management strategies and demonstrates how they are unlikely to work one by one. If it were that easy, everyone would do it.
The metaphor that underlies the book is Ulysses strapping himself to the mast so he cannot respond to the seductive songs of the Sirens. That take away message for me was do little to nothing with the money you invest. You work hard to gain knowledge of how to do nothing. The knowledge gained is to stop you acting against your own interests. I am not that smart that I can outsmart the wisdom of crowds. In saying that I use a small part to my portfolio to follow Nassim Taleb’s philosophy of barbelling, selecting stocks that have little downside and potentially big up sides. It is fun to watch them go up and (mainly) down and if they fail they will not take the farm with them. Those are our entertainment stocks (Lithium, Marijuana, and Medical Technology).
Kemp draws on a lot of the thinkers and investors I am familiar with (Warren Buffet, Charlie Munger, Nassim Taleb, JK Galbraith, Daniel Kahnaman etc) and some who I am not (John Bogle, Annie Duke, Jim Simon, etc). A lot quoted I have already read and I found this book was as much about moral philosophy as it was about finance. Slow and steady with financially conservative values wins the race (or grows the farm), rather than getting rich quick with speculative investments that buy low and sell high. Kemp goes through common active management strategies and demonstrates how they are unlikely to work one by one. If it were that easy, everyone would do it.
The metaphor that underlies the book is Ulysses strapping himself to the mast so he cannot respond to the seductive songs of the Sirens. That take away message for me was do little to nothing with the money you invest. You work hard to gain knowledge of how to do nothing. The knowledge gained is to stop you acting against your own interests. I am not that smart that I can outsmart the wisdom of crowds. In saying that I use a small part to my portfolio to follow Nassim Taleb’s philosophy of barbelling, selecting stocks that have little downside and potentially big up sides. It is fun to watch them go up and (mainly) down and if they fail they will not take the farm with them. Those are our entertainment stocks (Lithium, Marijuana, and Medical Technology).
August 13, 2023
I hold this title as the best investing book based on long-term evidence.
As a reader and listener strongly practiced in the scientific method, by dent of education and profession, this writing cuts to the bone of what works in investing.
The author is a reader of history and convincingly uses examples from the earliest times of public share markets (1600s), as well as more modern cases, to draw conclusions on the use of primarily long-term index equity investing as the essential, and rational, choice of investing for the 99.99% of us, and more importantly, elucidates the various folies that are attempted by the young and inexperienced under the almost inevitable false belief that they can achieve alpha (reproducibly).
He separates all the noisy irrelevant chaff in the finance world from the little truly important wheat. It's a book to keep your feet on the ground and your head focused on the few things that matter as a personal investor - and the great things that can be achieved over a life-time of investing, if only just with beta and the wonder of compounding.
Michael Kemp (along with Vince Scully) are the mature, wise heads of finance in Australia. They are the voices that speak the closest to truth that you might hear in an unnecessarily busy and turbulent finance media. I'd love to meet Michael; the kind of mentor you can only dream of.
Thank-you for this.
As a reader and listener strongly practiced in the scientific method, by dent of education and profession, this writing cuts to the bone of what works in investing.
The author is a reader of history and convincingly uses examples from the earliest times of public share markets (1600s), as well as more modern cases, to draw conclusions on the use of primarily long-term index equity investing as the essential, and rational, choice of investing for the 99.99% of us, and more importantly, elucidates the various folies that are attempted by the young and inexperienced under the almost inevitable false belief that they can achieve alpha (reproducibly).
He separates all the noisy irrelevant chaff in the finance world from the little truly important wheat. It's a book to keep your feet on the ground and your head focused on the few things that matter as a personal investor - and the great things that can be achieved over a life-time of investing, if only just with beta and the wonder of compounding.
Michael Kemp (along with Vince Scully) are the mature, wise heads of finance in Australia. They are the voices that speak the closest to truth that you might hear in an unnecessarily busy and turbulent finance media. I'd love to meet Michael; the kind of mentor you can only dream of.
Thank-you for this.
March 13, 2025
WEALTH ISNT AN ABSOLUTE, ITS RELATIVE TO DESIRE.
WB is an opportunistic stockpicker rather than a market timer - very similar though!
Outperformers dont necessarily operate in the FM business, preferring to harness their skills for their own benefit.
When the underlying motive of purchase is mere speculative greed, human nature desires to conceal this unlovely impulse behind a screen of apparent logic and good sense (Ben Graham).
The spirit of gaming, once it has seized a subject, is uncurable.
What ails the truth is that it is mainly uncomfortable, and often dull.
An investment edge becomes redundant over time, so requires modification.
If you are a non-materialistic person then you have a head start as an investor. Delayed gratification is easier.
From 1988-2008 Renaissance Technologies did 60% pa (39% after fees). They said they are right 50.75% of the time.
The classic recipe for beating the market requires patience to wait for opportunities which may be spaced years apart.
The ability to confidently nail an intrinsic value on a stock allows skilled investors to ignore all the market noise, price gyrations and ill-considered commentary so prevalent in the market.
WB is an opportunistic stockpicker rather than a market timer - very similar though!
Outperformers dont necessarily operate in the FM business, preferring to harness their skills for their own benefit.
When the underlying motive of purchase is mere speculative greed, human nature desires to conceal this unlovely impulse behind a screen of apparent logic and good sense (Ben Graham).
The spirit of gaming, once it has seized a subject, is uncurable.
What ails the truth is that it is mainly uncomfortable, and often dull.
An investment edge becomes redundant over time, so requires modification.
If you are a non-materialistic person then you have a head start as an investor. Delayed gratification is easier.
From 1988-2008 Renaissance Technologies did 60% pa (39% after fees). They said they are right 50.75% of the time.
The classic recipe for beating the market requires patience to wait for opportunities which may be spaced years apart.
The ability to confidently nail an intrinsic value on a stock allows skilled investors to ignore all the market noise, price gyrations and ill-considered commentary so prevalent in the market.
This entire review has been hidden because of spoilers.
April 11, 2023
I bought this book because it was recommended by Scott Pape.
Having read it, I think this is a good next book for those who have followed the Barefoot steps and want a greater understanding of investing in that same mindset.
Kemp writes well in an easy to read, conversational style. He is incredibly knowledgeable and I especially enjoyed the anecdotes from his own career and investment experience.
I have been investing and reading about investing for over 20 years, and Kemp and I probably have read all the same books and admire the same investors. So for me there was nothing truly new here. However, for those who are not economics nerds (and don’t want to delve directly into Benjamin Graham and Bogle), or are new to investing, this is a great book that aggregates all of the economic and historical information a reader might need to become a decent investor.
I also think the very Barefoot-style “check your purpose for stockpiling the money” and other practical comments in the later chapters are incredibly helpful generally.
Having read it, I think this is a good next book for those who have followed the Barefoot steps and want a greater understanding of investing in that same mindset.
Kemp writes well in an easy to read, conversational style. He is incredibly knowledgeable and I especially enjoyed the anecdotes from his own career and investment experience.
I have been investing and reading about investing for over 20 years, and Kemp and I probably have read all the same books and admire the same investors. So for me there was nothing truly new here. However, for those who are not economics nerds (and don’t want to delve directly into Benjamin Graham and Bogle), or are new to investing, this is a great book that aggregates all of the economic and historical information a reader might need to become a decent investor.
I also think the very Barefoot-style “check your purpose for stockpiling the money” and other practical comments in the later chapters are incredibly helpful generally.
This entire review has been hidden because of spoilers.
April 20, 2023
"The Ulysses Contract" by Michael Kemp is a straightforward and easy-to-read book that provides sound investment advice with a no-nonsense approach. Kemp's book dispels common myths about investing and offers practical tips on how to create a solid investment strategy for the long term. The book's title comes from the Greek myth of Ulysses, who had himself tied to his ship's mast to resist the call of the Sirens, and Kemp uses this analogy to encourage readers to stick to their investment plan despite market fluctuations. Overall, "The Ulysses Contract" is an excellent resource for novice investors who want to build a strong investment portfolio and avoid common pitfalls.
August 19, 2025
I cannot recommend The Ulysses Contract highly enough! This wasn’t the first book I’ve read on investing, but after finishing it, I truly wish it had been. Even for more knowledgeable readers, it offers immense value.
Michael presents his message in a way that is both simple and timeless, while carefully covering every relevant topic to support it. The writing is clear, engaging, and grounded in wisdom that feels as applicable today as it will for future generations.
For me personally, this book has been life-changing. It’s the kind of work that deserves to be preserved, shared, and revisited — a true investment classic worth framing for generations to come.
Michael presents his message in a way that is both simple and timeless, while carefully covering every relevant topic to support it. The writing is clear, engaging, and grounded in wisdom that feels as applicable today as it will for future generations.
For me personally, this book has been life-changing. It’s the kind of work that deserves to be preserved, shared, and revisited — a true investment classic worth framing for generations to come.
January 17, 2024
Though first few chapters were boring. Final message is fabulous on investing. Investing doesn’t need Intelligence or edge - it’s all about discipline, consistency and patience. What I like this in book is Michael has showed us that even from 17th century we have been making same mistakes we have done before. So tie yourself to mast and don’t get bothered by all the usual pitfalls. He has said the same thing which John Boggle said in his book “The little book of common sense investing”. But what I like is this book is in Australian context. Thanks Michael for such great book.
September 15, 2023
Reads like a conversation with your favourite uncle who happens to be an investment guru. Easy to understand - key thoughts are repeated throughout so the reader really gets it, but author never speaks down to you - always invites you to think through the principles with him. Rich source of fact not just opinion. Genuinely moved me from feeling too uninformed to invest in shares all the way to investing a bit every month.
April 9, 2023
A straightforward look at investing (you'd obviously want to be interested in that as core subject matter) that is thoroughly - and insightfully - researched. If like me your partner rolls her (or him/they) eyes when you suggest you've some joint homework as a result of reading I think you might be on a good path :)
August 13, 2023
This is a very succinct, on-message book. It's the type of realistic, logical and often boring advice that you know makes sense, but sometimes takes a while to sink in and accept. My only criticism would be it could have fleshed out the later sections a bit , and provided more hands on data, examples and tools to make you feel as though the book had a bit more utility for the price.
August 15, 2023
Straightforward financial wisdom. If you're already well versed in the virtues of index funds, there isn't anything really new in here in terms of principles, but the history of bubbles and crashes, and the efforts required for non-chance investing makes interesting reading. A good refresher for those already convinced, and probably pretty confronting for anyone who isn't.
February 25, 2024
A must read for new investors
The book can be best described in one word - Eye Opening!
Can go a long way in helping one discriminate between fact and fiction, in the field of investing. Michael Kemp helps you see through the noise, keep your head straight and recommends ways to financial independence that is both practical and simple.
The book can be best described in one word - Eye Opening!
Can go a long way in helping one discriminate between fact and fiction, in the field of investing. Michael Kemp helps you see through the noise, keep your head straight and recommends ways to financial independence that is both practical and simple.
April 27, 2024
I had high hopes for this book after seeing the reviews but unfortunately found it very underwhelming. It is essentially a collection of anecdotes that give examples of when active investing strategies have failed. If you know what an ETF is then you’ll likely find that this book doesn’t offer anything of value. If you’re completely new to investing then it may be a worthwhile read.
April 25, 2023
Very good, very Bogle-esque. It’s littered with interesting anecdotes and historical examples, which makes it easy to read. I thought the first part could have been shorter (the negative, siren song bits) and the second part longer (the positive, farm building bits).
June 18, 2023
Great practical advice to get out of your own way. Few people want to be immersed in managing finances and this book advocates for a simple, proven approach that requires little energy to build a platform for future success.
December 31, 2023
Well-researched and well-written summary of the author’s lifelong views on investing, with interesting historical background as to why he’s eventually landed on a much simpler approach to investing than he previously had.
January 3, 2024
A must read for everyone if you want financial freedom. An easy read, with some great scenarios that apply the concepts to real life. A real emphasis on psychology too! I read this book and I felt like it was Dan talking- it’s very much a regular topic in our household!
January 12, 2024
A great book from a veteran of finance. Even better for an aussie reader as the author uses a lot of examples from his homeland.
I wish I had read this book earlier. However it is never too late for a course correction and this book guides the reader on the right path.
I wish I had read this book earlier. However it is never too late for a course correction and this book guides the reader on the right path.
August 12, 2024
An excellent book that teaches you about investment/investing and what it is not. I wish I had read this book in my time when I had started earning. I strongly recommend all parents to get their kids to read this book to develop financial acumen
October 28, 2024
Maybe the author's writing style didn't resonate with me, or maybe it's because a lot of the content in the book has now been covered extensively elsewhere, which may not have been the case when it was written, but I really didn't enjoy reading this one and a lot of it felt unnecessary.
April 21, 2023
Smart, realistic investment advice for everyone
April 25, 2023
incredible
I have read many financial advice books, but this is the best, I have read.
Easy to read but packed with good advice and great examples and strategy.
I have read many financial advice books, but this is the best, I have read.
Easy to read but packed with good advice and great examples and strategy.
May 16, 2023
Very interesting read. If you are thinking about investing for the future and your personal finances this is a considered well thought out simple evidence based approach.
Displaying 1 - 30 of 39 reviews