by Mark Tier
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Product Description
Warren Buffett, Carl Icahn, and George Soros all started with nothing---and made billion-dollar fortunes solely by investing. But their investment strategies are so widely divergent, what could they possibly have in common?
As Mark Tier demonstrates in this insightful book, the secrets that made Buffet, Icahn, and Soros the world's three richest investors are the same mental habits and strategies they all practice religiously. However, these are mental habits and strategies that fly in the face of Wall Street's conventional mindset. For example:
-Buffett, Icahn, and Soros do not diversify. When they buy, they buy as much as they can.
-They're not focused on the profits they expect to make. Going in, they're not investing for the money at all.
-They don't believe that big profits involve big risks. In fact, they're far more focused on not losing money than making it.
-Wall Street research reports? They never read them. They're not interested in what other people think. Indeed, Buffett says he only reads analyst reports when he needs a laugh.
In The Winning Investment Habits of Warren Buffett & George Soros you can discover how the mental habits that guided your last investment decision stack up against those of Buffett, Icahn, and Soros. Then learn exactly how you can apply the wealth-building secrets of the world's richest investors to transform your own investment results.
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Average Customer Review:
0 of 5 people found the following review helpful:
 Pathetic book I have ever bought on investments, 2008-07-09
This is the most pathetic book I have ever bought on investments. Please never buy this book. It is waste of money and time. If somebody says it is a great book, I will simply laugh at them. Never fooled by some 5 star rating. They are all paid I think.
1 of 1 people found the following review helpful:
"Habits" is the KEY word, 2008-06-16
This is a great book. Not because it tells you how to make a pile in the market but because it emphasises what your behaviour needs to be. At a time when I have been badly shaken by foolish mis-steps, this encourages one to overcome the self-doubt by talking about the mistakes and attitudes of well-known people's mistakes and their approach to the mistakes.
On the other hand for those who want a positive approach:
This is a book for buying and referring frequently because, rightly, you need to imbibe the habits and make them part of your mental make up - as adapted for you: not some fixed, rigid one-mix-for-all-diet type.
The only problem is you have to be honest with yourself.
2 of 2 people found the following review helpful:
Good Summary!, 2008-06-07
Tier's book provides a good summary of Buffett's and Soros' approach to investments, though it lacks specific analysis examples and sometimes drifts off into misstatements and overstatements.
Tier begins by showing how Buffett's trademark buying great businesses for considerably less than he thinks they're worth and then owning them "forever" is similar to Soros making huge, leveraged trades in the currency and futures markets. Both focus more on not losing money than making it, and shy away from diversification (requires too much time and energy to follow too-many securities).
Tier then claims that both believe you don't have to predict the market's next move to make big returns, and that risk comes from now knowing what you're doing. Neither Buffett nor Boros believes in the efficient-market hypothesis, and both look at fundamentals as well as likely future industry trends, along with politic.
Buffett seeks businesses with advantages such as lowest costs (Omaha Furniture Mart), a powerful brand name (Coke), market dominance (Washington Post), premium-priced, high-qualify products (See's Candies), while avoiding those in regulated industries or with heavy debt. High return-on-equity, and honest, competent management are also essential. Buffett particularly likes insurance companies because of the funds available through their normal float.
Buffett also doesn't like paying dividends (profits are taxed twice at the corporate and investor levels, and never gets good ideas talking to other investors. (First-hand discussions with experts and contrarians, however, are important to Soros.)
Both agree that when there's nothing to do, do nothing, keep quiet - you don't want others working against you. Finally, both are very frugal both in their business and personal lives, and don't do investing simply for the money.
Tier ends by comparing other legendary investors (eg. Carl Icahn - buys struggling companies selling below book value, and either forcing them to sell off assets or pay him greenmail to go away) with Buffett and Soros.
The "bad news" about Tier's book is that it is woefully short on specific examples that would help implementation.
2 of 3 people found the following review helpful:
 an NLP approach: study the thinking of successful investors, 2008-05-18
Author Mark Tier applies Neuro-Linguistic Programming to investing. NLP is a discipline that says if you want to be good at something, emulate the thoughts of those who are masters and your own performance will follow. He collects all the information he can on Warren Buffett and George Soros and what they say they are thinking, and distills out 23 common elements. Then he compares this to several other investors.
The author then urges you to develop your own investing style and discover what your strengths are, rather than giving you particular advice or a system. He provides some advice on how to discover your investing style, but exactly how to develop one's own system is a little incomplete. What to do once you have it is very complete, although he gives an example of something John Templeton did late in life which seems completely outside John's system.
The book is an efficient way to gain insight into Warren and George without having to read multiple books by or about each man.
It also became clear to me for the first time that some people do become very wealthy only through investing, not through business or other means. So it is possible.
Warren Buffett's value philosophy is fairly well known, however the author gives the clearest account that owning a business and controlling the cash flow to make additional investments, a key point of Buffet's method, is not the same as just owning the stock, and a key difference between Buffett and his mentor Benjamin Graham.
Soros' investing philosophy is less well known, and the author provides insight into how Soros tests his ideas in the market before making the commitment to huge positions. Those of you interested in various "trading" styles might also want to check out The Complete TurtleTrader: The Legend, the Lessons, the Results.
2 of 2 people found the following review helpful:
Surprised at this books unpopularity, 2008-05-16
I only see eight reviews at the time I write this, but there must be over a hundred for each of the other much less useful books, particularly anything from the nauseating Kiyosaki collection. Many more new investors (and even experienced ones) could learn so much more from this book than most of the other basic investment books.
Soros is a trader, Buffet is an investor, but they both have similar rules that fly in the face of the wall st. gurus. The book details 23 winning habits of both Soros and Buffet. Among the habits to adopt, the book stresses the need to separate knowledge from understanding, to do away with the traditional "diversity first" nonsense, and to avoid the habit of seeking validation of ones ideas with the gurus. There is also a useful check list at the back of the book for anyone about to take an investment plunge (not just for stocks).
What's more, the author isn't just another fluffy columnist blathering on - he puts his money where his mouth is and, if his bio is to be believed, lives off his investments. Too many other financial writers are themselves financial train wrecks no better than a chimp at picking stocks. This book teaches the value of learning from others but thinking for yourself. Though it might seem painfully obvious, I don't know too many people who truly follow this advice (until now, myself included).
I don't give five star ratings very often, but this book deserves it. If I had to recommend one investment book to anyone, especially a neophyte, this would be it.
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