In Just One Thing, author John Mauldin offers an incomparable shortcut to prosperity: the personal guidance of an outstanding group of recognized financial experts, each offering the single most useful piece of advice garnered from years of investing. Conversational rather than technical in tone, each contributor’s personal principle for success is illustrated with entertaining and illuminating real-life stories.
John Mauldin is a renowned financial expert, a best-selling author, and a pioneering online economic commentator. His weekly e-newsletter, Thoughts From The Frontline, was one of the first publications to provide investors with free, unbiased information. Today, it is one of the most widely distributed investment newsletters in the world, translated into many languages. He is also the President of Millennium Wave Investments.
Just One Thing: Twelve of the World's Best Investors Reveal the ONE Strategy You Can't Overlook, looked like it ought to be a really good investment guide. I remember a book I bought a number of years ago called The Only Investment Guide You'll Ever Need. It was really quite good, and I learned a lot. Just One Thing should have been called The Only Investment Guide You'll Regret Buying.
That said, good thing I just borrowed it from the public library, eh? The first chapter of the book, by a sage investor named Andy Kessler, contained a bit of good advice about the general philosophy of investing that I hadn't previously considered, "let your winners run and cut your losers." I've always sold my winners too soon and hung onto my losers with a death grip.
Then next ten chapters were filled with charts and graphs and psychobabble, economic theory and libertarian philosophy. Arggh. I didn't take away anything from them. The final chapter had some pretty good information about where we've come from and where we may be going, in a macroeconomic sense. Taken from sources like Toffler's Third Wave and sounding a bit like Naisbitt's Megatrends, this was a good reminder of what to look for in our investments for the future. Something called the "Millenium Wave" is on the way, as demographics change, borders fall, nanotech and biotech hit the markets, and our classical energy sources go by the wayside.
When I got done reading that chapter, I thought, "well, that was finally something worth reading." Then, I closed the book, looked at the front page, and realized that the editor of the book and the author of the final piece were one and the same. So, I figure the guy must have had this long essay he wanted to get published, and managed to get some other investment gurus to contribute some of their more obscure (dare I say useless?) writings to the project, so it would be fat enough to fill a book. That's my theory and I'm stickin' to it.
Very interesting book...give you a great insight into what investors really look for when determining value. Fascinating read that will open your eyes.