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No. of Recommendations: 1
Presumably that would be Hildy and Stan Richelson's, "The Unbeatable Path To Secure Investment Growth".


Yeah, that's the book, and I doubt I was being unfair. I would characterize the pair of them as "Johnnie Come Lately" and the book as "Dangerous to Wealth Building", because their approach has to be qualified by too many exceptions in order to make it viable. In other words, in very short order, it becomes apparent to a reader that they don't know what they are doing and that any success they might have achieved has been due to sheer, dumb luck. They don't attempt to manage risk, because they are oblivious that it even exists.

Whereas, as skimpy as her book is about a lot of the details, Wright isn't going to get her readers into trouble, nor is Cohen, who, if anything, is even more adamant about avoiding trouble. But Cohen is more of a muni-specialist --her first love-- and she's far more well-heeled in the types of portfolios she builds. Wright, I think, strikes a good balance between starting small but being reasonably aggressive about accepting the risks that should be accepted in order to build one's account.

But, in the end, each person has to use the resources that make sense to her or him. A book that would find a place on my list of "The Essential Five" would be Justin Mamis', The Nature of Risk. I love the book and have recommended it many times. But not a person who took me up has liked it. "He keeps saying the same thing over and over" is the consistent complaint. "But it isn't the same thing", I would protest, "or if it is, the lesson needs repeating just because it is so important. How do you find the courage to act on imperfect information which, actually, is as good as it is going to get unless you're willing to suffer price-risk in exchange for information-risk?"

But I think the bottom line is this. You don't learning bond investing by reading about it. You learn it by doing it, one decision and one position at a time, and the learning never stops.

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