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Author: bgailch Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 74854  
Subject: Re: Finding a good financial planner Date: 2/14/2005 2:58 PM
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I would like to add to Russ's book list these two, which I have just read and enjoyed:

The Intelligent Asset Allocator by Wm Bernstein

A Random Walk Guide to Investing by B. Malkiel

Both authors suggest that you don't need an advisor. (Perhaps both of these books are rewrites of the one's Russ listed by them, but just in case . . . .)

One of these two authors recommended the Tweedy Brown fund packet in which there is an excellent booklet on characteristics of successful investing (can't remember its name), but Tweedy Brown asks that you consider their option before you put everything into index funds, i.e., they use a method to beat indexes over a long period. It's interesting reading.

I liked the analogy Bernstein used about outstanding advisors who can "call the market." Have a hundred people flip a coin. Heads stay in the game; tails leave. On average half will flip heads. So the 50 left flip. On average, 25 stay in the game. And so on. So the few left in the game are said to be "good" at coin flipping, but statistically, they are just the lucky, inevitable few left.

Betty

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