A Must-Read for Any Investor Looking to Maximize Their Chances of Success
Big Mistakes: The Best Investors and Their Worst Investments explores the ways in which the biggest names have failed, and reveals the lessons learned that shaped more successful strategies going forward. Investing can be a rollercoaster of highs and lows, and the investors detailed here show just how low it can go; stories from Warren Buffet, Bill Ackman, Chris Sacca, Jack Bogle, Mark Twain, John Maynard Keynes, and many more illustrate the simple but overlooked concept that investing is really hard, whether you're managing a few thousand dollars or a few billion, failures and losses are part of the game. Much more than just anecdotal diversion, these stories set the basis for the book's critical focus: learning from mistakes. These investors all recovered from their missteps, and moved forward armed with a wealth of knowledge than can only come from experience. Lessons learned through failure carry a weight that no textbook can convey, and in the case of these legendary investors, informed a set of skills and strategy that propelled them to the top.
Research-heavy and grounded in realism, this book is a must-read for any investor looking to maximize their chances of success.
* Learn the most common ways even successful investors fail
* Learn from the mistakes of the greats to avoid losing ground
* Anticipate challenges and obstacles, and develop an advance plan
* Exercise caution when warranted, and only take the smart risks
While learning from your mistakes is always a valuable experience, learning from the mistakes of others gives you the benefit of wisdom without the consequences of experience. Big Mistakes: The Best Investors and Their Worst Investments provides an incomparable, invaluable resource for investors of all stripes.
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MICHAEL BATNICK is the director of Research at Ritholtz Wealth Management. He develops and implements risk management and portfolio strategies for clients and leads internal research efforts. He educates people on investing at The Irrelevant Investor blog and co-produces the weekly podcast, Animal Spirits.
CHAPTER 1 There Are No Iron-Clad Laws 1
CHAPTER 2 Manage Your Risk 13
CHAPTER 3 Don't Get Attached 25
CHAPTER 4 Genius's Limits 35
CHAPTER 5 Find What Works for You 45
CHAPTER 6 Stay in Your Lane 55
CHAPTER 7 You're Not as Smart as YouThink 65
CHAPTER 8 Beware of Overconfidence 73
CHAPTER 9 Get Off Your Soapbox 85
CHAPTER 10 Hard Lessons Can Be Necessary 97
CHAPTER 11 The Risks of Concentrated Investing 107
CHAPTER 12 The Most Addictive Game 117
John Maynard Keynes
CHAPTER 13 You Only Need to Win Once 129
CHAPTER 14 Handling Big Losses 137
CHAPTER 15 Dealing with Regret 145
CHAPTER 16 Looking in the Mirror 155
About the Author 165
"We're often told how the best get it right, but not how the best can still get it wrong. In Big Mistakes: The Best Investors and Their Worst Investments, Michael Batnick illuminates the reasons why revered investors like Warren Buffett and Jack Bogle-along with brilliant minds like Mark Twain and even Isaac Newton-have still, at times, lost grand sums of money."
-Bethany McLean, Author of The Smartest Guys in the Room, Contributing Editor, Vanity Fair
"Michael Batnick has written a terrific book on investing that doubles as solid financial history. Learning about what has failed, and why, is often more instructive than highlighting success."
-Jim Chanos, President and Founder, Kynikos Associates
"Michael Batnick's new book Big Mistakes: The Best Investors and Their Worst Investments is superb. It succinctly covers the mistakes that some of the greatest investment legends made, and in doing so, reminds us that everyone makes mistakes and that one of the best things we can do to improve our investment results is learn from both our own mistakes and those of others. Happily, one big mistake is easy to avoid-not reading Michael's fascinating and informative new book. Now that would be a big mistake."
-Jim O'Shaughnessy, Author of What Works on Wall Street, Founder, Chairman, and Chief Investment Officer, O'Shaughnessy Asset Management
"Michael has written one of the important investment books of our time. Good investing isn't all about being smart; it's about maintaining emotional discipline. This book is an amazing chronicle of investors who, at times, didn't. And since many of those profiled are the greatest investors who ever lived, their lessons are even more relevant to the rest of us."
-Morgan Housel, Partner, Collaborative Fund
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