The Only Three Questions That Count: Investing by Knowing What Others Don't

Overview

Ken Fisher questions authority. He challenges the conventional wisdom of investing, overturns glib theories with hard facts, and blows up complacent beliefs about money and markets. But the authority he challenges most of all is his own-because challenging yourself, Fisher says, is the key to successful investing. In today's competitive market environment, the best way to achieve investment success is by knowing something that others don't. But many of us, amateurs and professionals alike, believe we don't or ...

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Overview

Ken Fisher questions authority. He challenges the conventional wisdom of investing, overturns glib theories with hard facts, and blows up complacent beliefs about money and markets. But the authority he challenges most of all is his own-because challenging yourself, Fisher says, is the key to successful investing. In today's competitive market environment, the best way to achieve investment success is by knowing something that others don't. But many of us, amateurs and professionals alike, believe we don't or can't know what others don't-so we continue to make market bets based on "conventional wisdom." Here Fisher debunks the conventional market myths that many of our investment decisions are based upon, and reveals a precise methodology that will allow you to know what others don't. The methodology-which has helped Fisher achieve success throughout his long financial career-is as easy as asking three simple questions. The first will help listeners see things the way they really are. The second will help them see things that other investors often miss. And the third will help them understand their relationship with today's markets. While the questions aren't what one might expect-as they have nothing to do with the market's P/E ratio or interest rate forecasts-they will help the listener make better investment decisions by identifying what he can know-unique to him-that others do not. Most importantly, he'll learn how to use the questions to improve his investment performance. Filled with in-depth insights, expert advice, and engaging anecdotes, The Only Three Questions That Count provides listeners with a dynamic strategy and set of tools that will give them a distinct edge over other investors. "I believe that reading this book may be the single best thing you could do this year to make yourself a better investor." - From the Foreword by James J. Cramer "A provocative book for aggressive investors -from one of the investment world's most original thinkers." - Charles R. Schwab, founder, Chairman, and CEO The Charles Schwab Corporation "Investors will find this brilliant book an eye-opening, capital-gains producing experience." - Steve Forbes, CEO of Forbes, Inc. and Editor in Chief of Forbes

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Editorial Reviews

From the Publisher
"This book is quite simply the single best tome on investing that I have read in years." (Norm Conley, TheStreet.com, January 15, 2007)

"Here's [an investment book] you're going to want to read. And when you're done, you're going to want to read it again." (Don Luskin, SmartMoney.com, October 27, 2006)

"In an increasingly unquestioning world, Mr. Fisher has a refreshingly contrarian take on pretty much every subject you care to mention." (Steve Johnson, Financial Times, January 15, 2007)

"[Ken Fisher’s] new book, an illuminating and enjoyable read, is a tutorial on how to beat the market by thinking like a scientist: with an open, inquisitive mind." (Andrew Pitts, Money Observer, January 22, 2007)"

"…a refreshingly contrarian take on pretty much every subject…" (The Financial Times, January 2007)

 "an illuminating and enjoyable read." (Money Observer, January 2007)

"…aims to show the investors the way things really…a process that involves a keen examination of the actuality, coupled with a good dose of common sense." (Wealth Management, 1st August 2007)

 

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Product Details

  • BN ID: 2000003475735
  • Manufacturer: Gildan Media Corp
  • Publication date: 9/10/2008
  • Series: Your Coach in a Box
  • Format: MP3
  • Edition description: Unabridged
  • Sales rank: 1,159,762
  • Ships to U.S.and APO/FPO addresses only.

Meet the Author

Ken Fisher is best known for his prestigious "Portfolio Strategy" column in Forbes magazine, where his twenty-four year tenure of high-profile calls makes him the fourth longest-running columnist in Forbes' 90-year history. Ken is the founder, Chairman, and CEO of Fisher Investments—an independent, global money management firm with over $45 billion under management—and has appeared in most major American finance or business periodicals. He is also the author of the new investment book, The Ten Roads to Riches, from Wiley.

Jennifer Chou is a Research Analyst of global capital markets and macroeconomics at Fisher Investments. She graduated from the University of California with a BS in finance.

Lara Hoffmans is a Research Analyst at Fisher Investments. She graduated from the University of Notre Dame with a BA in theatre.

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Table of Contents


Acknowledgments     ix
Foreword     xiii
Preface     xix
Who Am I to Tell You Something That Counts?     xix
Idiots and Professionals: Oh, but I Repeat Myself     xxii
Because Mr. Crafty, It's Not a Craft     xxvi
It's All Latin to Me-Starting to Think like a Scientist     xxix
The Only Three Questions That Count     xxx
Question One: What Do You Believe That Is Actually False?     1
If You Knew It Was Wrong, You Wouldn't Believe It     1
The Mythological Correlation     8
Always Look at It Differently     20
When You Are Really, Really Wrong     27
Question Two: What Can You Fathom That Others Find Unfathomable?     37
Fathoming the Unfathomable     37
Ignore the Rock in the Bushes     38
Discounting the Media Machine and Advanced Fad Avoidance     40
The Shocking Truth about Yield Curves     48
What the Yield Curve Is Trying to Tell You     63
The Presidential Term Cycle     72
Question Three: What the Heck Is My Brain Doing to Blindside Me Now?     81
It's Not Your Fault-Blame Evolution     81
Cracking the Stone Age Code-Pride and Regret     87
TheGreat Humiliator's Favorite Tricks     105
Get Your Head Out of the Cave     107
Capital Markets Technology     119
Building and Putting Capital Markets Technology into Practice     119
It's Good while It Lasts     122
Forecast with Accuracy, Not like a Professional     128
Better Living through Global Benchmarking     140
When There's No There, There!     165
Johns Hopkins, My Grampa, Life Lessons, and Pulling a Gertrude     165
In the Center Ring-Oil versus Stocks     171
Sell in May because the January Effect Will Dampen Your Santa Claus Rally Unless There Is a Witching Effect     185
No, It's Just the Opposite     193
When You Are Wrong-Really, Really, Really Wrong     193
Multiplier Effects and the Heroin-Addicted Apple iPod Borrower     202
Let's Trade This Deficit for That One     213
The New Gold Standard     222
Shocking but True     235
Supply and Demand...and That's It     235
Weak Dollar, Strong Dollar-What Does It Matter?     257
The Great Humiliator and Your Stone-Age Brain     273
That Predictable Market     273
Anatomy of a Bubble     282
Some Basic Bear Rules      293
What Causes a Bear Market?     304
Putting It All Together     311
Stick with Your Strategy and Stick It to Him     311
Four Rules That Count     324
Finally! How to Pick Stocks That Only Win     343
When the Heck Do You Sell?     352
Conclusion     359
Transformationalism     360
U.S. Equity Total Returns 1830 to 1925     367
S&P 500 Composite Returns     369
Simulated Technology Returns     375
Nasdaq Composite Returns     377
U.K. Stock Market Total Returns     381
U.K. Stock Market (FTSE All-Share) Total Returns     385
Germany Stock Market Returns     389
Germany Stock Market (DAX) Total Returns     393
Japan Stock Market Total Returns     397
Japan Stock Market (TOPIX) Total Returns     401
Fisher Investments Global Total Return Performance     405
Ten-Year History of the Forbes Report Card     407
The United Deficits: Data     409
Notes     411
Glossary     421
Index     431
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Sort by: Showing all of 10 Customer Reviews
  • Anonymous

    Posted December 14, 2007

    A reviewer

    One of the best finance related books I have ever read. Finally, someone tells the truth on investing. This book should be required reading in all college MBA programs.

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted October 10, 2007

    Great Read

    A truly humorous book about what could be some really dry material. Ken is awesome in making what others make complex, easy to understand and backs it up with objective clear data. The numbers don't lie. I've busted a gut numerous times with is explanations and ideas. I love his direct and 'no agenda' approach. He is humble, believe it or not, by stating 'I could be wrong, but prove it.'

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted March 23, 2007

    a reviewer

    Ken Fisher is one of the most famous market pundits and money managers in the United States, and one of the few to occupy a spot on the Forbes list of America's richest people. In this book, he debunks conventional wisdom and widely believed folklore about securities markets and the process of investing. He suggests a sort of investors' examination of conscience: They should routinely ask themselves three simple, straightforward questions to ensure that they are not falling into avoidable error: Which of my beliefs are false? What can I understand that others cannot understand? And, what cognitive illusions are fooling me now? He provides ample supporting research to buttress his assertions about the market and, more to the point, to topple the false wisdom that leads so many investors to failure. We find that Fisher is lucid, strongly opinionated, sometimes a bit of a crank (a long tangent on Gertrude Stein seems particularly out of place in this book) but, on the whole, well worth reading.

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted January 23, 2007

    Eye-opening

    I saw Mr. Fisher on Bloomberg TV and bought his book. He's very irreverent live, and a lot of that carries over to his writing style. But he also disproved some of what I was taught were fairly basic investing 'truisms.' As I read the first couple of chapters, I assumed he was just being a contrarian (e.g., he says federal budget deficits are actually good for the stock market and US economy) but he backs up all of his statements thoroughly with both data and theory. The book is very extensive. I don't have much of a background in macro economics, so his explanations of monetary policy and inflation was very helpful. I'll admit, some of the more technical stuff will require a second read through, but he does a good job explaining concepts that usually go straight over my head. I can imagine this book sparking impassioned debate for years. But, with a lot of data on his side, and a disdain for statistical tomfoolery, Fisher's dissenters better come to the table armed with a good scientific proof of why they're right.

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted December 14, 2006

    Best Ever

    Finally! Someone who tells the truth crushes all the popular investing myths and doesn¿t sugar coat it! This book is not for Republican Conservatives, Democrat Liberals or any Moderate-see chapter 1¿he¿ll make you laugh with the truth of the matter. Statistics are your friend and he makes them easy to understand and use. This is simply the best investment book in our time for the average investor as well as for professionals.

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