Being Right or Making Money explains that reliably predicting the future is often not even possible. The good news is that it isn’t necessary either. Once you stop trying so hard to be right about the future, you can start making money.
Author’s Introduction:
Why write a new edition of Being Right or Making Money ? The short answer is that I always feel that I can improve my work. However, though I have updated the philosophy chapter from the previous editions with some new facts and quotes, the only major change is the evolution of my belief that the most successful money managers are risk averse. While it might seem that many of the big winners since 2000 have been risk takers, I still contend that those who consistently succeeded were successful risk managers.
This book is mostly about making money, but that is not my only focus. I try to understand the world and educate myself about the issues aff ecting it. I have thought about a quote from Eleanor Roosevelt many, many times. She said, “Great minds discuss ideas, average minds discuss events, small minds discuss people.” In that spirit, I spend much of my time research-ing and learning about ideas.
Among my current passions: new research data, techniques and indicators, energy fracking, health care and biotech, demographics, the Middle East and other areas of geopolitical confl ict, the implications of fascinating new technology in cars and electronics, secular trends, the European Union, debt problems, and domestic politics. So many factors can impact the economy and investments.
I’m fortunate that I no longer need to work to make a living, but I still fi nd it exhilarating to be paid to continue my education and stimulate my mind. I am so grateful. This is a fascinating business! My hope is that this book will inspire discussion about important issues, such as demographics, the energy revolution, and potential investment risks.
Contents:
- Being Right or Making Money
- The Model‐Building Process
- A Stock Market Model
- A Simple Model for Bonds
- Potential Bear Market in 2014; Bearish Secular Residue and Then Buying Opportunity
- The Aging World: Economic and Market Implications
- United States Energy Independence – A Game-Changer