Becoming Rich : The Wealth-Building Secrets of the World's Master Investors Buffett, Icahn, Soros

by Tier, Mark

• ISBN13: 9780312339869
• ISBN10: 0312339860
• Format: Hardcover
• Copyright: 2005-04-01
• Publisher: St. Martin's Press

Summary

Warren Buffett, Carl Icahn, and George Soros all started with nothing---and made billion-dollar fortunes solely by investing. But their investment strategies are so widely divergent, what could they possibly have in common? As Mark Tier demonstrates in this insightful book, the secrets that made Buffet, Icahn, and Soros the world's three richest investors are the same mental habits and strategies they all practice religiously. However, these are mental habits and strategies that fly in the face of Wall Street's conventional mindset. For example: Buffett, Icahn, and Soros do not diversify. When they buy, they buy as much as they can. They're not focused on the profits they expect to make. Going in, they're not investing for the money at all. They don't believe that big profits involve big risks. In fact, they're far more focused on not losing money than making it. Wall Street research reports? They never read them. They're not interested in what other people think. Indeed, Buffett says he only reads analyst reports when he needs a laugh. In Becoming Rich you can discover how the mental habits that guided your last investment decision stack up against those of Buffett, Icahn, and Soros. Then learn exactly how you can apply the wealth-building secrets of the world's richest investors to transform your own investment results.

Author Biography

Mark Tier is an Australian writer and businessman who has lived and worked in Hong Kong since 1977. Seven years ago he adopted the wealth-building secrets in this book, sold his business interests, and now lives solely from returns on his investments.

Table of Contents

PART ONE The Wealth-Building Secrets of Buffett, Icahn, and Soros	1	(268)
1 The Power of Mental Habits	3	(9)
The Master Investors
Why Johnny Can't Spell
The Structure of Mental Habits
"IceBreakers"
2 The Seven Deadly Investment Sins	12	(10)
3 Keep What You Have	22	(10)
"Never Lose Money"
Counting a Loss
"High Probability Events"
The Foundation of Wealth
4 George Soros Doesn't Take Risks?	32	(24)
Unconscious Competence
What Are You Measuring?
Beating a Hasty Retreat
Actuarial Investing
5 "The Market Is Always Wrong"	56	(27)
Reading the Mind of Mr. Market
How Beliefs Alter Facts
Why Women's Skirts Go Up-and Down
The Master Investor's Edge
6 You Are What You Measure	83	(26)
"Listening to the Market"
"Invest First, Investigate Later"
Buy More When It Goes Up-or Down?
The "Rocket Fuel" of Leverage
7 "You Call That a Position ?"	109	(9)
"Go for the Jugular"
The Investment That Makes a Difference
8 A Penny Saved Is a Dollar Earned	118	(6)
The "Rip Van Winkle" Investor
"I Like to Pay Lots of Tax"
9 Stick to the Knitting	124	(8)
What's His Niche?
"I Want to Double My Money"
10 If You Don't Know When to Say Yes, Always Say No	132	(6)
The Grass Is Always Greener...
Defining Your Circle of Competence
11 "Start with the A's"	138	(10)
In the Kingdom of the Blind
12 "When There's Nothing to Do, Do Nothing"	148	(5)
Prospecting for Gold
13 Pull the Trigger	153	(5)
14 Know When to Sell Before You Buy	158	(6)
Exit Strategies
"Cut Your Losses, Let Your Profits Run"
15 Never Second-Guess Your System	164	(5)
The Analyst, the Trader, and the Actuary
16 Admit Your Mistakes	169	(6)
"Unforced Errors"
"The Secret to My Success"
17 Learn from Your Mistakes	175	(8)
Buffett's $2 Billion Mistake
"I Am My Most Severe Critic"
18 Wishing Won't Make It So	183	(12)
Buffett's "Head Start"
The Failed Philosopher
"It's Frighteningly Easy"
19 Keep Your Mouth Shut	195	(6)
"Keep Quiet and Speculate"
"Did I Do the Right Thing?"
20 "Phony! Phony! Phony!"	201	(8)
"I Knew He Was a Phony"
How Soros Learned to Delegate
21 "Whatever You Have, Spend Less"	209	(5)
22 "We Should Pay to Have This Job"	214	(6)
"There Is More to My Existence Than Money"
23 Master of His Craft	220	(6)
24 This Is Your Life	226	(4)
25 "Eat Your Own Cooking"	230	(3)
In Investment Guru Land
26 Do You Need to Be a Genius?	233	(3)
27 Carl Icahn and John Templeton	236	(33)
PART TWO Making the Habits Your Own	269	(40)
28 Laying Foundations	271	(5)
Take an Inventory
"I'm a Loser"
29 Clarify Your Investment Goals	276	(10)
Buffett's Shortcut
What Moves the Market?
The "Good Investment"
What's Your Investment Personality?
30 What Are You Going to Measure?	286	(13)
Your "Margin of Safety"
Hire a Master Investor?
Keep Your Powder Dry
Intelligent Diversification
31 Gaining Unconscious Competence	299	(7)
Before You Call Your Broker...
Putting Your Money Where Your Mouth Is
32 It's Easier Than You Think	306	(3)
Afterword: Where to Get Help	309	(12)
Appendix I: The 23 Winning Investment Habits	321	(6)
Appendix II: Records of the Two Master Investors	327	(6)
Acknowledgments:	333	(2)
References:	335	(4)
Notes:	339	(10)
Index:	349