Wednesday, March 07, 2007

Rocking Wall Street: Four Powerful Strategies - Book Review

Rocking Wall Street: Four Powerful Strategies That Will Shake Up the Way You Invest, Build Your Wealth And Give You Your Life Back

What Is It About?

This book is about developing a specific mindset towards the market allowing one to obtain a balanced state in order to invest to live as opposed to living to invest. The book covers such topics as emotional controls, separating fact from hype, constructing a hedged portfolio, and planning for the future. The books main focus helps investors recognize what will make them happy and how to maintain that happiness. For the high net worth investor the book also offers detailed advice on how to invest in hedge funds as well as providing an appendix that explains and offers sample questions in order to perform due diligence on hedge funds.

What Did I Get Out Of It As A New Investor?

If you had to invest in only one of two ways: you could risk 95% of your net worth on a venture that might double your investment but only had a 10% chance of success or you could place the money in a safe investment returning a guaranteed 5-6% per year, which would you choose?

While it may seem obvious to many what the right answer is, this book explains how investors, both high and low net worth, often allow their greed and desire for more lead them to bad decisions. Drawing on his experience the author demonstrates that in order to truly achieve outsize returns one must give up the windfall in order to avoid the big fall.

Convincing investors that large fortunes are made through incremental steps over time is a hard thing to do, but this book does a good job of initiating the conversation. A conversation designed to help investors achieve and maintain investing success and control the greed emotion that drives many to attempt to create wealth with one grand move.

The Good News

A good work for those looking to understand that stock market success requires patience, discipline, and above all else emotional control.

The Bad News

While the book does discuss asset allocation strategies, nothing in the way of a concrete investing/trading system is offered.

The Bottom Line

A quick and short 176 page book that offers solid strategy on how to mentally approach the market.

Other Related Reading:

 My Review   My Review


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