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Who's
the best investor of the 20th century? Most would
say Warren Buffett . Upon close review, it's possible
that Ken Fisher's father, Philip Fisher might be
the man more deserving of that title, or maybe Benjamin
Graham. Buffett looks upon both men as his mentors.
After reading this book it became obvious that Ken
Fisher is very clearly his father's son.
If you are a reader of investment books, you probably
realize that most of them don't have all that much
to say, and very few give you concepts that are
truly ACTIONABLE. I have found,
and maybe you have too, that only a handful of books
out of every 100 are truly special. As regarding
investments, "The Only Three Questions That Count"
makes the list. |
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This
book is like anything else in life. You immediately
know when something is fabulous, whether it's a
book, a vacation, a new acquaintance, or a life
experience. You just know when the real thing has
turned up. I always ask myself some questions about
books as soon as I get to the first page.
Is the author scattered? Is the book organized in
a fashion conducive to learning? Is the author wrapped
up so tight in his own mask of brilliance that he
can't make himself understood? These are the questions
I naturally gravitate towards when going through
a book, and I do about a book a day. The author
has one overall premise that is pervasive to understanding
this book. "INVESTING BY KNOWING WHAT OTHERS
DON'T". Here's why you need to read this
book: |
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| HE
RUNS HIS OWN MONEY MANAGEMENT FIRM |
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| This
has allowed Fisher to amass a fortune putting
him on the Forbes 400 List. This means very
simply that the man is the REAL THING.
Every day he is in the trenches being measured
by one criterion. How has he performed against
the ENTIRE world of Professional
Money Managers, and in Fisher's case, he has
consistently won throughout his long career.
He's writing about what he knows, knows so
intensely that he is acknowledged to be one
of the best in the world at it. |
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| HE
CONTENDS THAT IT IS OUR BELIEF SYSTEMS THAT
DISALLOW US FROM MAKING BIG MONEY IN THE MARKET
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| Fisher
is the only person I have read, and I have
read all of them, who gets down into the very
basic concept of what is our core beliefs
as human beings, and how have these core beliefs
held us back from distilling the truth about
how to make money in the market. He's dead
on accurate. He attempts to answer 3 vital
questions in the book. |
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| Question
1) WHAT DO I BELIEVE THAT IS ACTUALLY
FALSE? |
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is the first KEY question that Fisher believes we
must all ask ourselves as it regards the market.
We must challenge ourselves to be absolutely brutally
honest. Fisher believes that such an absolutely
core belief that is false, will be a belief shared
by the vast majority of other investors. If you
want additional information on this concept, study
Carl Jung the early 20th century psychoanalyst,
and his concept of the SHADOW.
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| Question
2) WHAT CAN I FANTHOM THAT OTHERS FIND
UNFATHOMABLE? |
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This has to do with out-of-the-box thinking,
to use Fisher's term. Make sure your poker-playing
buddies aren't around when you indulge in
this type of thinking. You will get sucked
right back into your daily habitual ways of
thinking about things.
If you really want to go deep into this way
of thinking, study the history of Einstein's
refusal to accept the veracity of Quantum
Theory. You will be absorbed and fascinated
by it. If you want to go deeper, read Thomas
Kuhn's "The Structure of Scientific Revolutions"
which will change everything you have ever
believed about the history of science, and
show you out-of-the-box thinking at its best.
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3)HOW CAN I OUT-THINK MY BRAIN,
WHICH NORMALLY DOESN'T LET ME THINK TOO WELL
ABOUT MARKETS? |
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In
essence Fisher is telling us that the problem
with our stock market performance is NOT
in the stocks, it is WITHIN
us, in our souls, in our minds, in our internal
programming. Thirty years ago, John Train
said basically the same thing in a book called
the "Money Masters". You can a used
copy of the book. Train had interviewed the
greatest investment minds of that time including
Buffett , Templeton, and Ken Fisher's
father Philip Fisher.
It seems that Fisher believes that we have
to delve into our brain, and come to a true
understanding of our real selves, in order
to enter the world of investments, and make
wise choices. You can see this kind of thinking
play out right before your eyes when Buffett
talks. There is clarity of self in his thinking
that I have never seen in another human being. |
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These
three questions become the subject of Chapter 1,
2, and 3, in Fisher's book. These questions are
overall subsets of Fisher's main concept, which
is again, "INVESTING BY KNOWING WHAT
OTHERS DON'T. The author then spends the
next several hundred pages taking you through various
concepts, examples, histories, and whatever he believes
is necessary for you to transform yourself into
the type of investor that he is.
If there is a leap of faith here, it is that he
believes as human beings we can overcome whatever
it is that is holding YOU and ME
back from being all that we can be as investors.
If you have an OPEN MIND, and are
willing to give this author an opportunity to help
you be different from the crowd, he just may be
right. Good luck to you, and I hope that you have
found this review helpful. |
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