More Straight Talk on Investing: Lessons for a Lifetime

by John J. Brennan

A practical and pithy guide to investing to help everyday investors achieve their long-term goals The 21st century has been beset with three financial market shocks in its first 20 years, the bursting of the Tech Bubble in 2000-2002; the Global Financial Crisis of 2008-09; and 2020 COVID-19 crash. Given this backdrop, it is no wonder that investing can appear to be so daunting to individual investors. As Chairman and CEO of Vanguard, one of the largest and most respected investment management companies in the world, Jack Brennan has spent his career helping people invest their money. In the newly updated More Straight Talk on Investing , he shares with you the lessons he has learned over his over four decades at Vanguard from a variety of market participants―from Main Street investors and 401(k) plan holders to veteran portfolio managers at the helm of Vanguard funds and sophisticated investment professionals overseeing top endowments and foundations. This a comprehensive, but approachable book will help you develop the knowledge, confidence, and discipline to navigate the financial markets and attain investment success over the long term. While the financial planning and investing principles covered are timeless, a considerable amount has changed in the nearly 20 years since the first edition, including new products and services, lower costs, and ever-evolving regulation and legislation. An entire generation of investors has come of age over the past two decades and could benefit from understanding that sound and sensible investing is an effective way to achieve financial security. This book will assist your manage your “serious” money―the dollars that you set aside for long-term goals, such as retirement or the education of your children. The book also emphasizes the concept of thinking of yourself as a “financial entrepreneur”―managing your financial life like owner manages a business. In a straightforward, plain talk manner, the book demonstrates how With wit and wisdom, Brennan relays anecdotes and observations that demonstrate the enduring investment precepts that will serve as a guide to novice investors and as a practical refresher for seasoned investors. He has also added three new chapters focusing on evaluating advice options, garnering lessons from endowments, and dealing with the challenges of a low interest rate environment.

Genres: Personal Finance, Economics, Business, Finance, Nonfiction

336 pages, Hardcover

Published April 27, 2021

Reviews

[Bruce Scott · Rating 3 out of 5]

Solid advice. Dry, as expected with this type of book. Some takeaways I like:

Being clear on the fee structures of the funds you invest in.

How to determine your risk tolerance; Not simply by age alone but also your temperament and behaviour in stressful markets.

Not obsessing day by day or even year by year on your portfolios performance compared to benchmarks. Focus instead on if you are reaching your financial goals, since that's all that matters at the end of the day.

Other good value investing buy and hold technical details as well.

[Jonathan Crowther · Rating 5 out of 5]

While I couldn’t imagine many books about finance to be all that entertaining or riveting, Brennan does an excellent job laying out the fundamentals of prudent long-term investing. The data and figures used in this book are updated to around 2020-2021 or so. The concepts that are presented are concise and easy to follow from defining confusing financial jargon to help the layman easily understand. He covers all facets of investing in a systematic manner while discussing common pitfalls as well as summarizing these key concepts at the end of each chapter. This book is a practical companion to all stages of investing. Brennan does not provide tips for the best singular stocks to invest in, or promote fads or the idea of getting rich quick. On the contrary, the financial concepts are targeted towards balance, diversity, and living well below your means to accumulate wealth to meet your target goal for retirement. He walks you through the three forms of investing in the market: stocks, bonds, and cash. You will learn the upsides of tax-advantaged retirement accounts (401k, 403b, 457b, IRAs, and Roth IRAs) as well as taxable accounts through Exchange Transfer Funds (ETFs), Mutual Funds, and Money Market Funds. In essence, well-diversified index funds are recommended as the mainstay of a stock portfolio while balanced with bonds and cash investments. He discusses the importance of long-term consistent “buy and hold” model of investing which will give the individual investor the advantage of dollar cost averaging. Instead of focusing on timing the market, time in the market will be advantageous and will help to safeguard against the volatility of aggressive/riskier portfolios. He provides practical steps on how to weather the storm of a bear market. No one has a crystal ball to effectively time the market every time, even if they claim to or have x number of years as a financial advisor. There is nothing magical to this method of investing, it is simply one of consistency and reinvesting to utilise the wonders of compounding. He provides the confidence that anyone can successfully invest and manage their portfolio on there own using a “set it and stick to it method”while equipping them with the fundamentals of financial literacy. This book will help you jumpstart into the world of investing with clarity and confidence.

[Chris Jaffe · Rating 4 out of 5]

It's ... fine. There's nothing really wrong with it and the advice is sound - and it's the exact same Boglehead advice you can find in many other book. I guess that's too be expected, given that the author is the former Vanguard CEO. (Man, wouldn't it be weird if he went away from the whole boring-is-beautiful investing ethos of index funds?) Nothing new, but nothing bad.

One part bugged. On page 31 he said that savers don't miss out - they gain control of their future. I mean - they do both. They miss out in the present to gain control of their future - but it's not either/or.

3.5 stars. I'll round it up to four because - I mean, it is sound advice.

[Tyler Storm · Rating 4 out of 5]

This was a quick read - nothing too complicated. He does goes into some additional details that other authors skim over but overall a pretty good book and quick read. Recent edition so he talks about COVID and the whole meme stock era.

[Jay Inácio · Rating 5 out of 5]

Best way to navegare all the basics in investment

[Greg · Rating 5 out of 5]

Another book that helps me feel satisfied and relieved in my investment strategies. Diversification and ETF's for a glorious today and future.

[Teresa · Rating 4 out of 5]

read the few new sections & chapters from version 1