The Laws of Wealth: Psychology and the secret to investing success

Great book! Really jealous you start to see your own blind spots, especially for the beginner.

Lots of interesting info about biases but in the end ignores the fact that a 'stock picker' has an extremely low probability of success against these biases and spends all their time dwelling on them. It talks about how "passive' investing can be beaten but takes you down the same beaten path of "Here's my formula that will beat these biases". Disappointing because if you follow his concepts you will be busy worrying and second-guessing yourself and most likely miserable doing it.

In the interest of disclosure, I've eaten BBQ with the author. This makes us blood brothers similar to the Lone Ranger and Tonto.I consider myself skilled in a fair number of arenas. I make great fried chicken. I can capture an audience and teach difficult concepts in simple terms. I can tell you the roster (starters and bench) of the 1985 national runner-up OU Sooner men's basketball team. An area where I've always felt deficient is in my knowledge of and abilities surrounding investing. And, while I am a student of psychology and human behavior, it has always felt most writing on the intersection of psychology and economics ends with the punch line, "yes, you're really an idiot."That is why I can so easily endorse 'The Laws of Wealth' by Dr. Daniel Crosby. Speaking to the novice investor, Dr. Crosby has addressed my greatest fear - that I really am as bad at investing as all the other behavioral finance experts suggest - and turned it on its ear. Instead of being shamed by my lack of "secret knowledge," Dr. Crosby suggests that all that's really required to be a successful investor is the adoption of simple rules, dutifully applied. What previously seemed inaccessible now appears reasonable, even obtainable. His language is clear, concise, entertaining, and impactful. His approach is rigorous, grounded, and understandable. For the average investor, previously scared of looking foolish with inexperience, 'The Laws of Wealth' provides a way forward that feels at once calming and energizing. Kudos to Dr. Crosby for pulling back the curtain and sharing with the world the simple secrets to investing.

Disappointing! Hotch poth ideas communicated in a complicated manner.

I enjoy reading books on the psychology of investing. Each provides at least one key learning. This book is filled with great teaching moments but the outstanding moment in this book for me happened in rule #10, "Risk is not a squiggly line". It told the story of "Brooke". My particular background has me studying the TSX and I have done so for some time but I had hit a plateau, a threshold, for whatever reason I couldn't cross, until I read about "Brooke". The line that captured my attention was "Its seems to me that by being afraid to take a risk, you're bringing about the inevitability of the very thing you're afraid of." Intellectually I am well aware of the need to invest, having sufficient funds in retirement cannot be done by savings alone, that money has to be invested. It's up to the reader to decide how he or she is to invest but then you have to actually go and invest. This book will help you.