Thanks for a most enjoyable conversation at Hines.
These are the books I talked about.
Rusty
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INVESTING
The best advice I received regarding stock market investing: become educated about investing.
Of course, this was easy to say and hard to do. Fortunately, I was introduced to the Bob Brinker program on investing who I listened to faithfully every Saturday afternoon for a long time.
The question he would ask: Do you want to be the market or do you want to beat the market?
His response to these questions:Since most people don't have the time or expertise to pick 'winners', focus on investing in index funds ... such as the total stock market or S & P or NASDAQ.
The benefit of 'index' investing: the risk is spread over many stocks as opposed to a few selected stocks.
Perhaps the main reason so many people start reading a book on investments and stop after the first few chapters is because they don't know the 'language'.
Brinker suggests to keep a financial dictionary close by when you read.Here books I have read and recommend:
Book 1 DECODING WALL STREET by David Caruso Note: Investing has its own language. You need to learn the language! , listening to investment talk shows will help you learn the language. (If not available, any financial dictionary will do.)
Book 2 GUIDE TO UNDERSTANDING MONEY AND INVESTING by Kenneth M. Morris.
This is a simply written, pictorial explanation of investment concepts and more. Keep this book with youduring those times you get caught in traffic or waiting in the doctor's office.J ust by reading it over and over again you will be amazed just how much information you will retain anduse in your other readings.
Book 3 A RANDOM WALK DOWN WALL STREET by Burton G. Malkiel A classic ...
Malkiel first wrote this book in 1973 ... and has updated it several times … Still relevant today.He publishes a new edition every few years.This particular book is over 400 pages. I recommend you read the entire book.However, if you have limited time, I suggest you read these chapters:PrefaceChapter I Firm Foundations and Castles in the AirChapter 2 The Madness of Crowds (This will help you understand the dotcom meltdown)Chapter 8 A New Walking Shoe: Modern Portfolio Theory The advent of mutual funds and more)Chapter 9 Reaping Reward by Increasing Risk (Risk - a most important element in investing)Chapter 11 A Fitness Manual for Random Walkers Chapter 13 A Life-Cycle Guide to Investing
Book 4 WINNING THE LOSER'S GAME by Charles D. Ellis
This is a fun book to read. Some of his ideas may surprise you. Ellis speaks to the non professionalinvestor. A must read!
Book 5 BOGLE on MUTUAL FUNDS by Jack Bogle
Jack Bogle started the Vanguard Group ... I refer to Bogle and his Vanguard Group as the“Southwest Airlines” of the investment industry. He is not liked by the Wall Street “Blue Bloods” as he promotes index funds, “dollar cost averaging” and low “expense” investing.
Other investment resources at Vanguard.com
Important: Take advantage of the powere of compounding interest by starting to invest today.
How to Stop Worrying and Start Living by Dale Carnegie
This is Dale Carnegie’s practical methods for breaking free from anxiety through present-focused problem-solving, reframing setbacks, and cultivating gratitude. Illustrated by real-life stories, it offers actionable steps to boost peace of mind and everyday fulfillment.Carnegie says in the preface that he wrote it because he "was one of the unhappiest lads in New York". He said that he made himself sick with worry because he hated his position in life, which he credits for wanting to figure out how to stop worrying.
The book's goal is to lead the reader to a more enjoyable and fulfilling life, helping them to become more aware of, not only themselves, but others around them. Carnegie tries to address the everyday nuances of living, in order to get the reader to focus on the more important aspects of life.
Carnegie says in the preface that he wrote it because he "was one of the unhappiest lads in New York". He said that he made himself sick with worry because he hated his position in life, which he credits for wanting to figure out how to stop worrying. The book's goal is to lead the reader to a more enjoyable and fulfilling life, helping them to become more aware of, not only themselves, but others around them. Carnegie tries to address the everyday nuances of living, in order to get the reader to focus on the more important aspects of life.
Carnegie suggests to do the following:
Practice Mindfulness: Focus on the present moment and avoid dwelling on past mistakes or future uncertainties
Identify Your Worries: Write down your worries and assess which ones you can control and which ones you cannot
Limit Worry Time: Set aside a specific time each day to think about your worries, and once that time is up, move on to other activities
Engage in Positive Activities: Fill your time with hobbies, exercise, or socializing to distract yourself from worries
Seek Support: Talk to friends, family, or a professional about your worries to gain perspective and support
How to Win Friends and Influence People by Dale Carnegie
How to Win Friends and Influence People distills Dale Carnegie’s decades of teaching into practical principles for winning others over—by sparking genuine interest, listening well, making people feel valued, and guiding their actions without hostility—aimed at fostering lasting rapport and effective influence.
Core principles:
Don’t criticize, condemn, or complain: Avoid negative judgments to maintain goodwill and open communication
Give honest and sincere appreciation: Recognize others’ efforts genuinely to build trust and rapport
Arouse in the other person an eager want: Frame ideas in terms of what benefits the other person, motivating cooperation
Smile and remember names: Simple gestures like smiling and using someone’s name make interactions more personal and positive
Be a good listener: Encourage others to talk about themselves and their interests
Make the other person feel important sincerely: Show respect and validate their contributions
I highly recommend you write down your goals ...with dates.
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