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4.12 AVERAGE
4.12 AVERAGE
Might be better to read the physical book rather than listen to the audible.com version. Audible.com version is roughly 4 hours long.
This book started out well with the introduction and the history of the financial markets. One chapter of the book describe how the various financial intermediaries - brokers, fund houses and investment banks - all work to profit from the investors. It also shows that the basic role of financial press is marketing financial products and not providing information. William Bernstein correctly shows that the small investor always comes last in the hierarchy of the financial world.
As the book moves towards 'Efficient Market Hypothesis' and construction of portfolio, it started making less sense to me. Maybe because some things of the US stock market are not really similar to the Indian stock market. Here in India, it is easy to beat the indices.
There is a brief introduction to behavioural finance, but that is not enough. The author uses a lot of data to demonstrate the points and sometimes does not hit the mark. We all know how the data can be arranged and highlighted to show someone's point of view. Another thing that I did not like is that the author emphasises too much on relative performance rather than absolute performance.
From the perspective of the US investors, the book can be very useful. But not so much for us Indians.
As the book moves towards 'Efficient Market Hypothesis' and construction of portfolio, it started making less sense to me. Maybe because some things of the US stock market are not really similar to the Indian stock market. Here in India, it is easy to beat the indices.
There is a brief introduction to behavioural finance, but that is not enough. The author uses a lot of data to demonstrate the points and sometimes does not hit the mark. We all know how the data can be arranged and highlighted to show someone's point of view. Another thing that I did not like is that the author emphasises too much on relative performance rather than absolute performance.
From the perspective of the US investors, the book can be very useful. But not so much for us Indians.
