|PDF Title :||The Psychology of Money|
|Total Page :||253 Pages|
|PDF Size :||1.5 MB|
|PDF Link :||Available|
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The Psychology of Money : Timeless Lessons on Wealth, Greed, and Happiness – Book
I read Graham’s book when I was a teenager, learning about investing for the first time. The formulas presented in the book were appealing to me, because they were literally step-by-step instructions on how to get rich. Just follow the instructions. It seemed so easy.
But something becomes clear when you try applying some of these formulas: few of them actually work. Graham advocated purchasing stocks trading for less than their networking assets—basically cash in the bank minus all debts. This sounds great, but few stocks actually trade that cheaply anymore—other than, say, a penny stock accused of accounting fraud.
One of Graham’s criteria instructs conservative investors to avoid stocks trading for more than 1.5 times book value. If you followed this rule over the last decade you would have owned almost nothing but insurance and bank stocks. There is no world where that is OK.
The Psychology of Money : Timeless Lessons on Wealth, Greed, and Happiness PDF
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