Investing Book for H.S. Grad?

[Eric]

For my oldest nephew's graduation I gave him "The Richest Man in Babylon" (with money buried inside as a reward if he read it). Another nephew just graduated but he doesn't need a book about saving, he has demonstrated for years that he is in excellent (I think goal oriented) saver. Does anyone have any recommendations?

[SOL]

For my oldest nephew's graduation I gave him "The Richest Man in Babylon" (with money buried inside as a reward if he read it). Another nephew just graduated but he doesn't need a book about saving, he has demonstrated for years that he is in excellent (I think goal oriented) saver. Does anyone have any recommendations?

Tell him to live two standards below his means and use all the extra money to buy the top AI stocks on pullbacks, enable DRIP on any stocks that offer that option. He will retire a multi-millionaire. One another thing, tell him to agree outwardly with the WOKE crowd but inwardly to do the opposite and travel a lot when he is able to

[Yodean]

Does anyone have any recommendations?

Very easy. Print out select threads and posts from this forum as well as the AITT one, organize and edit them a bit, then bind them into a BOUK (Bible Of Useful Knowledge).

Should pretty much cover everything on Metaverse Earth and beyond, both in and out of the markets.

The ROI on the BOUK should be close to infinity.

[Eric]

He will retire a multi-millionaire.

So he'll be able to afford name brand pickles then...

"Multimillionaire" at the strip club in 40 years:

[LoriPrecisely]

For my oldest nephew's graduation I gave him "The Richest Man in Babylon" (with money buried inside as a reward if he read it). Another nephew just graduated but he doesn't need a book about saving, he has demonstrated for years that he is in excellent (I think goal oriented) saver. Does anyone have any recommendations?

Outwitting the Devil -- Napoleon Hill
The Law of Success -- Napoleon Hill
Think and Grow Rich -- Napoleon Hill
The Four Pillars of Investing -- William Bernstein
A Random Walk Down Wall Street -- Burton Malkiel

[Yodean]

"Multimillionaire" at the strip club in 40 years:

The strippers will be dancing in a virtual club in the Metaverse, so he'll be paying with some crypto token, possibly Monero or Dero, while partaking from home.

[AstuteShift]

Aesop Fables

Is the only book he needs

[harryg]

For my oldest nephew's graduation I gave him "The Richest Man in Babylon" (with money buried inside as a reward if he read it). Another nephew just graduated but he doesn't need a book about saving, he has demonstrated for years that he is in excellent (I think goal oriented) saver. Does anyone have any recommendations?

If he is a good saver then he understands personal finance and budgeting, which is an excellent start. Otherwise I would have recommended "Making Money Made Simple" by Noel Whittaker. A very useful grounding.

For an 'investment' book I would recommend "The Zurich Axioms" by Max Gunther. It discusses the management of risk.

I agree with Sol's suggestion of travel. We have travelled a lot and have never regretted it. Additionally, you tend to travel differently and in a more interesting way when you are younger. For example, we travelled by Greyhound Bus from NY to LA via the South over a period of 6 weeks, some nights sleeping on the bus. I can't imagine us enjoying that trip in the same way now.

Paradoxically perhaps, I would also recommend planting the thought that the pursuit of money is only one of several potentially worthwhile goals. It is sad indeed to hear of people who have become very wealthy (good luck to them), but somehow 'life' has passed them by. Due to the nature of our social circle when we lived in France (mainly retired expats), I met a lot of people 25-35 years older than me. The overriding regret was not doing more interesting things when they were younger and had the energy.

[Yodean]

The overriding regret was not doing more interesting things when they were younger and had the energy.

You'll get a second, and a third, chance, as long as you get yourself in decent physical shape. Older people will be able to do whatever they feel like they missed out doing when younger, in the nascent Metaverse.

The keys are to stay alive and solvent until that happens ...

[harryg]

The overriding regret was not doing more interesting things when they were younger and had the energy.

You'll get a second, and a third, chance, as long as you get yourself in decent physical shape. Older people will be able to do whatever they feel like they missed out doing when younger, in the nascent Metaverse.

The keys are to stay alive and solvent until that happens ...

I'm feeling contrary today due to troubles with one of our brokers (luckily not the main one).

I won't name them, but it's got 9 letters, starts with Freetr and ends with ade. I strongly advise avoidance.

Onwards.


Your view of the Metaverse is more optimistic than mine.

I would say that older people might be able to pretend to do whatever they feel like they missed out doing when younger. I don't think that pretending to do something (although it can be fun) is in any way analagous to actually doing the thing for real. Witness people playing Ping Pong on a wii.

I accept that the brain can be fooled (ie: keep smiling and it makes you happy, itch in a missing toe etc), but for me true experience is an immersion of the senses. We are said to have 5, but of course there are many more - to highlight just a few:

a) The sense of which way up you are (balance) (Equilibrioception)
b) The sense of temperature changes (Thermoception)
c) The sense of where parts of your body are in relation to the environment and other parts of the body (Proprioception)
I love that word so much that I almost feel the urge to write a book with Proprioception as the title
d) Sense of pain (Nociception)
e) Sense of humour (Jokereception)

There are more, such as sense of change of speed, changes in air pressure, and so on.

If the industry goes into VR 'experiences', such as a module that enables you to see (and possibly hear) the street markets in Columbo because you wanted to go to Sri Lanka when you were younger but never got around to it, it would not be the same as being in the street markets in Columbo. You won't get the combo stench of rotting fish, diesel fumes and spices, the temperature and humidity won't change in your room and so on... or will it?

I see the Metaverse more as a massive gaming module.

[Yodean]

If the industry goes into VR 'experiences', such as a module that enables you to see (and possibly hear) the street markets in Columbo because you wanted to go to Sri Lanka when you were younger but never got around to it, it would not be the same as being in the street markets in Columbo. You won't get the combo stench of rotting fish, diesel fumes and spices, the temperature and humidity won't change in your room and so on... or will it?

I see the Metaverse more as a massive gaming module.

All true. But it doesn't have to be exactly the same in the Metaverse as in "real" life. My base case ultimately is that we are already in a Metaverse, anyways. We only get to leave Metaverse Earth when our particular bodymind complexes apparently perish. It's all a dream.

But returning to the question of Metaverse experiences vs. "real" life experiences ... if someone never has the "real" experience but only has the corresponding Metaverse one, she won't be able to compare, and will believe that the latter is real. Also, there is a lot of research showing that memories tend to be faulty, especially with the passage of time.

E.g. what's the difference between believing you are in love, vs. really being in love? Arguably, none.

[Budge]

For my oldest nephew's graduation I gave him "The Richest Man in Babylon" (with money buried inside as a reward if he read it). Another nephew just graduated but he doesn't need a book about saving, he has demonstrated for years that he is in excellent (I think goal oriented) saver. Does anyone have any recommendations?

My advice - leave them alone to learn (or not) from their mistakes. Be available for advice but they might surprise you. Wife's nephew, a bit of a dork, got into buying/fixing up cars, buying/selling new edition sneakers and early into cryptos.

[SOL]

I'm feeling contrary today due to troubles with one of our brokers (luckily not the main one).

I won't name them, but it's got 9 letters, starts with Freetr and ends with ade. I strongly advise avoidance.

Onwards.

The words free always make me nervous. Free as my grandfather would say always costs you more than a good filet mignon.

[harryg]

I'm feeling contrary today due to troubles with one of our brokers (luckily not the main one).

I won't name them, but it's got 9 letters, starts with Freetr and ends with ade. I strongly advise avoidance.

Onwards.

The words free always make me nervous. Free as my grandfather would say always costs you more than a good filet mignon.

You are so correct, I chose them despite the name not because of it. Free is worth what you pay for it, in my experience. (The commission is 'free', there are other costs). It was a mistake. They really are bad.

[Yodean]

For an 'investment' book I would recommend "The Zurich Axioms" by Max Gunther.

Harry's got a lot of deep experience both in the markets and life, and has a bit of that stereotypical British restraint, so I tend to consider his ideas/posts more seriously than most others'.

Very early on when he joined this forum (I knew Harry before he joined here), Harry recommended that I read _The Zurich Axioms_ by Max Gunther (in DM, then he also posted this particular recommendation publicly).

I finally got to reading this book recently, and am now reading it a second time. Plan on slowly re-reading it at least 5+ times, take a long break, and then read it again.

It's simply the best investing book I have ever read. Also quite short, and easy to read. The Bible of investing, at least for me.

Will benefit every investor, but prolly the intermediate level or higher ones the most, since they will be able to see the deeper ramifications of the Axioms.

I went through all of my big losses in 20+ years of investing, and there have been many - in every single case, it was because I violated one of the Major or Minor Axioms described in the book.

I also went through all of my big wins - lots of those, as well - and in most cases, they were because I followed the Axioms. Sometimes I just got really, really lucky, when I previously thought it was my genius ... lolol.

Thanks Harryg!

Can't recommend this book highly enough ...

https://www.amazon.ca/Zurich-Axioms-Har ... C77&sr=8-2

nfa!