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Readers reviews of WEALTH OF EXPERIENCE
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This is an interesting book that brings together and analyses the results of survey responses from hundreds of investors. These respondents shared their joys, their disasters, the lessons they wish they had learnt before they started in the market and their advice for others just beginning. The result, as the title suggests, is a compendium of a wealth of experience culled from ordinary people who are involved in the market.

Inevitably this book does not provide a roadmap to success. Its most important role is the way it allows readers to benefit from the experience of others so they can avoid the traps, pitfalls and dead ends that are inevitably a part of the investment landscape. It may sound negative, but one of the most important lessons we can learn is to recognize errors and avoid them.

The book is divided into sections dealing with significant investment areas or decisions. These include getting the risk level right, shares, property, managed funds etc. Each section includes an overview discussion of the issues raised in survey responses. Each also includes a summary of the best decisions people felt they made in this area, and the worst decisions. These are distilled into action points.

The book is aimed clearly at wealth building, or investment strategies. It sternly warns against trying to time the market because ‘there is a lot of randomness’ in the market. The advice from survey respondents is clearly “don’t try to beat the market.” Traders regard these conclusions with some skepticism, but they are important because they provide a good idea of the background against which we trade. It is these buy and hold investors who provide the bedrock of the market, and understanding how they think can provide an important trading edge.

This book is an interesting analysis of opinions from retail investors, and provides groundbreaking research in this area that quantifies the anecdotal understanding of investor behavior.


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