The Warren Buffetts Next Door:
The World’s Greatest Investors You’ve Never Heard Of and What You Can Learn From Them
By Matthew Schifrin
Last month I reviewed The Little Book of Sideways Markets and then gave you a chance to win it. This month, I am reviewing The Warren Buffetts Next Door. Stay tuned to learn how you can win this book!
Matthew Schifrin is a long-time editor of Forbes magazine. From his position at the forefront of American business journalism, he had exposure to famous investors such as Buffett, Lynch, Soros, and Templeton, but it was the unknown investors with equally strong track records that drove him to write The Warren Buffetts Next Door. Schifrin used social investing website Marketocracy, which provides professional-level portfolio tracking and analysis to retail investors, to find ten investors with outstanding returns spanning the last decade.
Schifrin’s ten profiled investors don’t have MBAs or CFAs, yet they have found success in investing strategies as varied as deep value investing to short-term options trading and from elliott wave swing trading to biotech special situations. For each investor, Schifrin explains his background (sorry ladies – all of those profiled are males) and how it influenced his current strategy, and how that strategy has performed. Given the breadth of styles covered, Schifrin doesn’t go into depth into the strategy (the reader is left to explore appealing strategies on his or her own time) but he does provide a significant number of links to useful websites for learning more.
Consider book a combination between a pep rally for retail investors (You can do it!) and a sampler of different investment styles. Not to be too optimistic, Schifrin, and I think every investor profiled, notes that success is predicated on commitment – no one will be successful with any of these strategies in the long term by dipping in and out when it is convenient. Each investor spends several hours a day committed to their portfolio (surprisingly, some of those profiled in the book manage only fake money portfolios on Marketocracy – doing so with fervour over many years without matching the gains for real!).
Tomorrow I’ll go into more depth about the investors profiled and some key takeaways. Stay tuned and remember that soon I will give you a chance to win this book!
Talk to Frank about The Warren Buffetts Next Door
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