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Personal Finances / Credit Cards and Consumer Debt
|Subject: Re: Recommendations for a Foolish book||Date: 6/12/2001 12:06 AM|
|Author: JosephWNixon||Number: 75735 of 308644|
I just finished The Wealthy Barber and thought that it was pretty well written although I skipped some of the Canadian-specific things. Since it was the 57th printing of the book, you would have thought that they might have caught on about the number of folks "south of the Border" (in the US!) were reading the book and had a glossary of Canadian investment terms and an appendix comparing RRSPs and IRAs. From a business and marketing standpoint, it would have made a good deal of sense for the publisher to do so!
The thing that really struck me as odd was Chilton's fear and loathing of stock brokers and investing in stocks yourself versus his love and trust of money managers and mutual funds. As a good Fool knows, few mutual funds outperform the market consistently (if ever) so he would have done better to advise index funds OR direct investment in for companies with DSPs or DRiPs.
I just didn't understand why he saw brokers as ignorant and/or greedy (and stocks too hard to pick out yourself!) while he saw money managers as helpful and benevolent (and mutual funds some how much more magically easy for an average Joe--like me--to evaluate and understand.
Just curious as to what you thought of his very pro-mutual fund stance. It really did not detract all that much from the over-all book, Just made a mental note to substitute "DRiP" whenever I read teh word "mutual fund"!<G>
- a 24 year old investment bookworm
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