Gil Baumgarten - FOOLISH: How Investors Get Worked Up and Worked Over by the System
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- Book:FOOLISH: How Investors Get Worked Up and Worked Over by the System
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FOOLISH puts a magnifying glass to the issues that have driven clients like me and advisors like Gil out of the brokerage world. Investors who are truly focused on the long term would be wise to follow the path Gil lays out. His perspective, especially when applied to investment strategy over a lifetime, is sure to not only reduce heartache and frustration but also generate superior returns.
Mike Walen, former COO, Cabot Oil and Gas
This priceless assembly of observations and remedies will save you years of agony and disappointment with your investments. Read this and follow this playbook.
Dudley Oldham, retired Senior Partner, Fulbright & Jaworski LLP
The range of outcomes from activities involving risk is much wider than anyone wants to admit, and the results can be significantly better and significantly worse than we want to believe. But throughout my years as an investor, I have come to believe that our performance in the midst of risk is the result of our actions and behaviors in the bad times as opposed to the good times. Thats what this book hit home for me. The ideas reiterated, again and again, show that consistency and a commonsense approach to investing are what will position investors to succeed.
Randy Limbacher, former COO, Burlington Resources
Life teaches us that due diligence is necessary in all that we do. Regarding responsible investing, FOOLISH has done the due diligence for you.
Mike Calvert, President, Mike Calvert Toyota
FOOLISH tells it like it is. Ive tried managing my money myself, Ive tried enlisting brokerage firms to help, and Ive tried to manage my money myself once again. I had neither the time nor expertise to devote to doing so. My journey has culminated in identifying someone whom I trust, who embraces the concepts outlined in this text, and who has the knowledge and expertise to execute a plan consistent with my vision.
Hussein Elkousy, MD
I am blessed to represent some of the countrys best investment managers. Very few firms have amassed, and continue to manage, assets as efficiently as Segment.
Thomas D. Giachetti, Esquire, Chairman, Stark & Stark
Copyright 2021 Gil Baumgarten
All rights reserved.
ISBN: 978-1-5445-1998-2
I want to dedicate this book to Jack Bogle, who unfortunately died before it was complete. Jack was the father of the passive investing methodology and was relentless in his pursuit of strategies that benefit the client. He founded Vanguard in 1974 and introduced the first index fund at the end of 1975. Like me, he got crosswise with former employers who did not want his irrefutable methodology to prosper and who created roadblocks to ensure its death. Jacks understanding of, and willingness to share, the ways markets and portfolios actually function were critical to my understanding of how things should be positioned. My firm is equally relentless in our pursuit of what is best for our clients.
I also want to dedicate this book to my lovely wife, Sue, who has always been more confident in my abilities than I. She is just the best.
Before we dive in, I want to mention that I worked in the brokerage industry from 1985 to 2010. The opinions and personal experiences I discuss in this book are mine and are based on the modes and rules of operation I experienced in that time frame. We know costs have been dropping for many years, but due to the intentional opaqueness of brokerage firm operations, I cannot confirm that all the practices I have outlined are still in place. I can, however, say that I have done my best to reflect current information on costs and performance as of late 2020. The brokerage business is ever evolving, and recent legislation (Regulation Best Interest) has passed with the intention of forcing brokerage firms to mend some of their ways. How that manifests in true behavioral change is still unknown. I have no reason to believe there has been much change since the firms are so profitable and since the hotly debated landmark regulatory reform mentioned above still landed on the side of disclosure over behavioral change. Since so much money is at stake, these practices will only change with greater regulatory pressure that lobbyists are unable to defeat.
The investment business is built on many misconceptions. Have you ever heard someone tell you theyve made it? That theyve found the perfect recipe for financial success? The truth is, everyone (including you) wants to beat the system, find the silver bullet, and uncover the secret of the ages. It just so happens there are major disadvantages to running down those trails.
Lets set a precedent for honesty right now: this book is not a Get Rich 101. This book was primarily written for people who already have money, already have investing experience, and already have experienced investment disappointments. If youre looking for a book on getting rich quick, you might want to shut this one and put it back on your shelf. Im not your guide to that end. But if youre hoping to walk through an honest door into the investment world, to better understand how to control your own financial future, this book is for you.
Individuals often spend loads of time, money, and mental energy crafting plans to invest and manage their wealth. As they begin to invest, however, they quickly realize how complicated and difficult the financial ecosystem is to navigate. Eventually, most seek a relationship with a broker or two or a trustworthy fiduciary advisor, who will advocate for them. Of course, they expect exceptional returns from their financial relationships, but in the end, they simply want relief. They dont want their financial well - being to be their problem anymore. They just want to be told what to do.
And here you are, having just opened this book, hoping to be relieved of something yourself. After all, who really wants to spend countless hours, hard - earned dollars, and mental toil thinking about what you have and have not, what you know and do not know, what you did and did not do, all while watching the markets volatile line move up and down? Why not hire a professional who can provide exceptional performance and peace of mind? It makes sense. And you may have done that a time or twohanded off the keys to your financial future. But then, things get trickier. Hiring the typical professional makes you vulnerable to broker speaklanguage that pledges to fulfill every investors greatest hopes and aspirations through questionable investment schemes. These appeal to the driving forces of fear and greed, yet too often fail to deliver the gains they promise.
Is the problem the market? Is it the brokers, the advisors, the entire system?
Well unpack these questions, the misconceptions, and the incomplete narratives later in the book, but heres the big picture: the problem is not just the system. The problem lies in how and why you make the investment decisions you do, including who your brokers and advisors are, which narratives you buy into, when you make your moves, and what choices you make. Trust me, you can do a whole lot better with a little nudge in the right direction.
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