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Book Nook provides readers with insights into the world of books. Vick Mickunas takes you into the center of the publishing world with the latest book buzz, book reviews, and exclusive chats with authors..Home > Blogs > Book Nook > Archives > 2011 > January > 26 > Entry
“The Investment Answer”
A new book, “The Investment Answer” by Daniel Goldie and Gordon Murray was reissued this week by a major publisher, Business Plus.
In a bit of a sad footnote, co-author Gordon Murray died of brain cancer right before the book was re-issued. Murray actually altered his investment philosophy for this book. A long time Wall Street insider, he battled his illness while writing it. Murray wasn’t a quitter. Here’s more from the New York Times:
“Gordon S. Murray, a former Wall Street executive who chose not to go quietly into the night, writing and publishing himself a popular paperback guide for ordinary investors while he was struggling with terminal cancer, died Saturday at his home in Burlingame, Calif., days before his book was scheduled to come out in hardcover. He was 60.
The cause was glioblastoma, an aggressive brain cancer, his wife, Randi, said.
Written with Daniel C. Goldie, Mr. Murray’s book, “The Investment Answer,” sold out the 20,000 original copies last fall, with a particular increase after it was the subject of a Your Money column by Ron Lieber in The New York Times. Brisk sales prompted a bidding war among established publishers. Business Plus, an imprint of Grand Central Publishing, will release 150,000 hardcover copies on Jan. 25.
The book’s premise is that most people invest haphazardly in whatever hot stock or mutual fund they last heard about. As a result, most everyday investors take too many risks, make bets that are too big on stocks and funds they know little about, then buy and sell at the wrong time. The book offers a blueprint for how to do better, and worry less, by taking a simpler, more regimented approach.
“It’s American to think that if you’re smart or work hard, then you can beat the markets,” Mr. Murray told The Times in November.
Among the book’s suggestions: Choose funds that invest in broad market indexes and do not try to pick the stocks or bonds in those indexes that might do better than all the others. As many advisers suggest, divide money among stocks and bonds, big and small, but further subdivide between foreign and domestic, since markets outside the United States may grow faster in coming decades.
Rebalance by selling your winners and buying more of the losers. Most people can’t bring themselves to do this, even though it improves returns over the long run. Hire an adviser who earns fees from you, not from mutual funds or insurance companies.
For Mr. Murray, writing the book was a shift from the aggressive trading philosophy he had embraced during decades at the highest levels of Wall Street.”
Upon publication yesterday the book became an instant top ten best-seller over on Amazon.com.
To read the rest of the article click HERE:
Vick Mickunas
Permalink | Comments (9) | Post your comment | Categories: booms and busts
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By Mark from St Paul
February 9, 2011 12:36 PM | Link to this
I’m just asking: if Soros’ investments make Soros evil, don’t the same rules apply to Beck? Or don’t you think Beck actually invests in gold? Jim Cramer has confessed to having manipulated stock prices while running hedge funds. It’s all crooked from Soros to Beck to Goldman Sachs. Instead of a giant bull, Wall Street’s mascot should be a huge roulette wheel.
By Irishguy
February 9, 2011 6:32 AM | Link to this
Ok Mark, I’ll bite. Beck is just a spokesman for some Gold investment company. I’ve seen commercials with G. Gordan Liddy and other unknown spokespersons hawking gold. What’s your problem with that? I’ve not paid much attention to it as I’ve no $$ to invest.
By Mark from St Paul
February 8, 2011 2:16 PM | Link to this
IG, worse than that. George Soros’ hedges on the British pound put hundreds of thousands of Brits out of work. But thanks to Fox News, we already know that Soros is scum. I’m just asking why they don’t judge Beck by the same standards?
By irishguy
February 3, 2011 10:58 PM | Link to this
Mark, if memory serves (I’m too tired to look it up) didn’t Mr Soros make another fortune betting agains the Dollar right after 9/11?
By Raoul
February 3, 2011 3:46 PM | Link to this
And now Jim Cramer is telling us to buy gold. Considering the upward rise in the value of gold you don’t have to be a patriot to appreciate return on investment. I don’t care what Beck or Cramer advises me to do regarding investing money, but I would hardly consider it un-American. I reserve that label for the George Soros types. Now, if I only had some money….!
By Mark from St Paul
January 31, 2011 12:06 PM | Link to this
Is there anything more unAmerican than betting against your nation’s currency? And please note that Beck’s been shilling for gold way longer than Obama’s been President….
By Raoul
January 27, 2011 6:51 AM | Link to this
And don’t forget G. Gordon Liddy. Vick, how will you feel when the dollar falls, and Beck and Liddy have all the gold?
By victor mickunas
January 26, 2011 5:47 PM | Link to this
Raoul, pushing gold is more Glenn’s Beck’s investment area…
By Raoul
January 26, 2011 4:06 PM | Link to this
What, nothing about buying gold? Seriously, my sympathies go out to the family of Mr. Murray’s family. It sounds like a practical book for those that dabble in the markets. There are a whole lot of financial advice books out right now. This one might go on my list. Now, if only I had some money…..!