Assuming you still have money in these sour economic times, what are you to do with it? Veteran financial services professional Dean McLellan says you need to free yourself from “stuck and limiting thoughts you might have” and gain the wisdom and confidence in a stock market that cries for a descriptor stronger than “roller coaster.” To McLellan, that means adopting contrarian thinking, perhaps most elegantly defined by Warren Buffett as attempting “to be fearful when others are greedy, and to be greedy when others are fearful.”
Borrowing from the likes of Plato, British economist John Maynard Keynes, Magellan Fund manager Peter Lynch, economist Lester Thurlow and others, and including New Yorker-style cartoons, McLellan presents the reader with a collection of quotations divided into thematic chapters, including “The Stock Market,” “Stock Trading and Investment,” “Management,” “Selling Thoughts” and others. Taken together, it’s like having someone tell you what makes the perfect golf swing, and then leaving you up to execute it. For example, billionaire investor John Templeton said, “Buy stocks the way you buy groceries and not the way you buy perfume.” That’s an interesting thought, but not something you can easily apply. Sometimes the quotes are more actionable, such as one from the CEO of a mutual fund company who advises to “invest your age number into bonds and money markets, and the rest into equities.”
Novice investors won’t get an MBA reading Intelligent Investors’ Contrarian Walk, but they will certainly get some inspiration — and amusement – from the wisdom of the wealthy.
One glaring error: McClellan writes that Joe Kennedy was “the father of U.S. Presidents John F. Kennedy and Bobby Kennedy.” Bobby was never president – but this is a book for contrarians.
Also available in hardcover.