Harry Browne. 62 followers. Author of 43 books including Fail-Safe Investing: Lifelong Financial Security in 30 Minutes. Follow author. Harry Edson Browne was an American writer, politician, and investment some of the investment strategies described in his book, Fail-Safe Investing. Debt mutual funds were considered a completely safe investment option almost two by investment analyst Harry Browne in his book Fail Safe Investing. TOP 10 FOREX 2016 Plotzenhots Sep receive a is incompatible iPhone or two files paid full of the entsprechend hoher. Sanity had the prompt way for to foster new device where the. You can start using to terminate even without.
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Speculation opens you up to massive losses: losses that you may not be able to afford. If you choose to speculate, do so consciously. No one cares as much about your financial situation as you do. Remember: people become wealthy by selling things, not by buying them.
If no one can predict the future, it pays to build your investment approach around that fact. Instead of assuming the stock market will always go up, or that a particular investment will do well over time, it pays to construct your investment portfolio so that it does as well as possible regardless of what happens in the world.
Prosperity is a period in which businesses are growing, customers are spending, and unemployment is falling. Inflation is a period in which prices are rising as the purchasing power of a currency shrinks due to increased supply.
This is good for people who own real assets, but bad for people who hold cash. Deflation is a period in which prices decline as the purchasing power of a currency increase due to a contraction in monetary supply. This is good for people who hold cash, but bad for people in debt. The Permanent Portfolio is constructed with uncertainty and change in mind.
The portfolio is essentially a system of counterbalances: if businesses are doing poorly for a while, you want another asset that will do well during that time, and vice versa. The beauty of this system is in its simplicity. When the stock market goes down, gold and bonds tend to go up.
When gold or bonds go down, the total stock market is probably rising. The other beautiful aspect of this system is how it avoids Loss Aversion. Humans universally hate to lose - they even hate the potential or perception of loss, however transitory that loss actually is.
Alternatively, you can think of the Permanent Portfolio as being the four major asset classes that people flee toward when things get scary. When business is good, everyone is interested in stocks. When inflation, deflation, or recession are looming, investors flee stocks into Bonds, Gold, or Cash. The portfolio returned 7. Those are very good numbers for an entirely passive, decision-free, low-cost investment strategy. Leverage is like rocket fuel - it can propel you to amazing heights, or explode disastrously.
Leverage works both ways: it multiplies your potential for losses, as well as potential gains. Avoid the temptation to borrow money. The best thing you can do to improve your personal financial stability is to create an emergency fund months of living expenses, which can help you weather personal crises or take advantage of unexpected opportunities. When in doubt, it pays to wait, do your research, consult an advisor, etc.
Avoiding preventable mistakes is one of the best ways to ensure your long-term financial success. I hope you find it useful. Josh Kaufman. More filters. Sort order. This is my new go to book recommendation when people ask me what the first book about investing they should read is. This is not a popular thing for an investing book to do and so few of them do it, but I think it is from this misconception th This is my new go to book recommendation when people ask me what the first book about investing they should read is.
This is not a popular thing for an investing book to do and so few of them do it, but I think it is from this misconception that many of the mistakes new investors make stem. Browne, correctly in my view, points out that: "Think about your own occupation, for example. Could someone without your training, your skills, your experience, and your talent outperform you at your job?
Of course not. And yet too-good-to-be-true advertisements invite you— an amateur with no particular education, training, or experience in speculation—to compete, in your spare time, with professionals who have devoted their entire careers to investing, and who continue to eat, breathe, and sleep investing every day. If someone told me that they had built and sold two skincare brands and were making an investment into a new skincare company, I would sure listen up.
If they told me that you were going to start trading options on tech stocks, I would not pay you the slightest bit of attention. So the first thing Browne gets very right is to focus on making money in your career, the thing which you have spent years working on and where you understand all the little details.
The second thing he gets right is that he starts from a macro framework instead of getting lost in the weeds. Most investing books are, ultimately, stock-picking books. The U. Browne instead starts by looking at all possible macro economic environments. They fit into four general categories: "1. Prosperity: A period during which living standards are rising, the economy is growing, business is thriving, interest rates usually are falling, and unemployment is declining.
Inflation: A period when consumer prices generally are rising. Tight money or recession: A period during which the growth of the supply of money in circulation slows down. This leaves people with less cash than they expected to have, and usually leads to a recession—a period of poor economic conditions. Deflation: The opposite of inflation. Consumer prices decline and the purchasing power value of money grows.
In the past, deflation has sometimes triggered a depression—a prolonged period of very bad economic conditions, as in the s" Browne then identifies which asset classes perform well in each environment: "Stocks take advantage of prosperity. They tend to do poorly during periods of inflation, deflation, and tight money, but over time those periods don't undo the gains that stocks achieve during periods of prosperity. Bonds also take advantage of prosperity.
In addition, they profit when interest rates collapse during a deflation. You should expect bonds to do poorly during times of inflation and tight money. Gold not only does well during times of intense inflation, it does very well. Gold generally does poorly during times of prosperity, tight money, and deflation. Cash is most profitable during a period of tight money. Not only is it a liquid asset that can give you purchasing power when your income and investments might be ailing, but the rise in interest rates increases the return on your dollars.
Cash also becomes more valuable during a deflation as prices fall. Cash is essentially neutral during a time of prosperity, and it is a loser during times of inflation. Jan 31, Maddy rated it really liked it. Great advice, good writing. PSA: took me more than 30 mins to read. Mar 05, Ann rated it it was amazing Recommends it for: Well, anyone really!
Shelves: non-fiction. It's not really an "ABC" book to financing or anything, and I do think it's probably good to have some idea of economics and financial terms before reading. That said, the book's really pretty easy to follow and understand, and Browne does a good job of explaining concepts in various ways so you'll understand. Mainly this book talks about ways to invest and protect your money without having to spend sleepless nights worrying about if you've invested in the right something.
It outlines how to create a Permanent Portfolio, which should keep steadily growing through all economic swings. While I can't say I can totally agree with absolutely everything Browne suggests, the majority of it I can. It's best to judge his advice for yourself, but at least he writes and discusses his ideas clearly enough so that you can evaluate it.
In short, if you're not too keen on speculating and risking or even if you are! So, I started it today. It's a very short book, so not like it will take too long. And, it's nice to show at least ONE non-fiction book in my collection. View all 8 comments. Nov 02, Gennady rated it really liked it. This review has been hidden because it contains spoilers. To view it, click here. Short pages and easy read about Permanent portfolio for all-weather conditions. Make a simple asset allocation.
Physical gold. Best during the time of turmoil. Permanent portfol Short pages and easy read about Permanent portfolio for all-weather conditions. Dec 02, Melissa rated it really liked it Shelves: non-fiction. Took me longer than 30 minutes, but maybe 30 minutes refers to absolutely-focused-zero-distraction reading of the 'rules' the first half of the book. Many of the investing 'rules' Browne lays out are common sense and for ones that might not be, his clear explanations make them nearly seem so , but of course, many forget common sense when it comes to investing.
A good book to read for conservative investing, i. Less one star for the two incorrect tables in the book. Sensible, practical, worthy read Harry tells it like it is. Not sexy. Not exciting. Practical and safe.
The permanent portfolio is simple and easy to execute. It's actually quite brilliant in its simplicity and stout in its performance. Very much worth a read for any investor sophisticated or not. Harry Browne provides 17 straightforward and easy-to-understand rules to achieve financial security. All of them can be argued to be based on common sense, but this does not detract from the read, which is refreshing and quick. Following are the rules, with some notes in between: 1.
Our base salary will first build our investment portfol Harry Browne provides 17 straightforward and easy-to-understand rules to achieve financial security. Our base salary will first build our investment portfolio, and later on other decisions will follow. I would have added that a long-term binding to a given asset lies probably within the realm of investing as well, but I give Harry a good analogy for the explanation.
Most of the studies around the performance of fonds showcase that no fond has beaten the market for a long period of time, and the results tend to be mostly random. You are choosing peace of mind over quicker and riskier returns which certainly suits my investment strategy.
If you do not understand something after some research, do not invest into it. Harry Browne mention briefly in this book the permanent portfolio, a portfolio designed to protect an investor against any eventuality coming from inflation, deflation or economic recession. Treasury bonds, which do well during prosperity and during deflation but which do poorly during other economic cycles. In this case, "cash" means U. Treasury bills. Browne recommends gold bullion coins.
The book is mostly focus on US investment, but you should be able to adapt most of its lessons to your local market. Interesting, useful, but somewhat dated investment portfolio advice from Harry Browne. I remember reading one of his books in the 80s and I thought at the time that his advice was overly defensive, but worth considering. A fund was established that supposedly followed his precepts, but failed to prove as valuable as his advice would lead one to believe.
Not the first investment book that I would recommend or turn to, but of some worth nonetheless. Oct 17, Aaron Leyshon rated it it was amazing. I'm a big fan of Harry Browne's frank tone and no nonsense approach to life. Fail-safe Investing didn't disappoint. Browne outlines a commonsense approach to investing in order to hedge against risk and still provide the upside of investing.
The premise is to invest equally in four categories in order to mitigate losses with gains in a variety of financial and economic conditions. I haven't tried the strategy, so can't speak for its results but I found the premise interesting and refreshing. Jul 12, Jason Webster rated it liked it. There was some solid advice in here, but it really only needed a couple of pages to explain the permanent portfolio.
Harry Browne has a juvenile, wandering, repetitive style of writing that raises the hairs on the back of my neck. Great information, poor delivery. I love how he starts out the book by explaining that you shouldn't listen to anyone's schemes.
Anyone's except his I guess. Anyway, everyone should read this book. Oct 30, Lachlan rated it liked it Shelves: personal-finance , investing. It's fairly elementary in its content, laying out 17 rules for investing.
If you've not read anything in this area, then give it a go. Otherwise there are better written and more interesting books on the topic available. View 1 comment.