The Best Investment Advice I Ever Received

October 30, 2006
If you can get beyond the tired investment aphorisms-"Save, save, save" and "Buy low and sell high" both make appearances-there is some solid counsel in CNBC anchor Claman's anthology of advice for the novice investor, but little that will help anyone already in the thick of the market. Following her entry on the three guiding principles of "the Greatest Investor of Our Time," Warren Buffett, Claman hands over the reins to a roster of almost 60 contributors, all fulltime professionals with impressive credentials, including some household names (Donald Trump among them). Many wisely advise beginning investors to rely upon their own knowledge, common sense, research and discipline, and to eschew relying upon their financial planner. Familiar arguments are given for investing in no-load index funds and abandoning fruitless quests to beat the market-the latter suggestion made in a nicely written anecdotal piece from John C. Bogle, founder of the Vanguard group. Others, including TV's Lawrence Kudlow, author Robert Kiyosaki, Proctor & Gamble CEO A.G. Lafley and "Adventure Capitalist" Jim Rogers provide a smorgasbord of similarly basic investment advice. Unfortunately, Claman's book is an informative introduction that doesn't carry any follow-through; investing in a more comprehensive guide would probably be sound advice for those seeking it.