Matt Schifrin has written one of the most unusual—and useful—investment books you will ever find. Instead of trotting out some supposedly surefire formula on how to get rich, Matt has chronicled the successes of 10 individuals you have never heard of. He gives you unvarnished investment insights from people who mastered this arena on their own. Precisely because they are self-taught, their stories should have particular relevance—and inspiration—for millions of do-it-yourself investors.
Several things pop out immediately:
There is no one way to achieve success. Each of these people has developed his own particular approach.
They do share two characteristics: hard work and iron discipline. They don't rely on tips from TV talking heads, friends, or acquaintances. They spend hours digging, and digging hard. They use the Web. While they take in reams of information from the Web and elsewhere, they make up their own minds.
Everyone likes to think he or she is disciplined. But most investors give in to their emotions when the market seems to be rising relentlessly or plunging sickeningly.
These next-door Buffetts make mistakes—but they actually learn from them.
Every one of them has suffered a searing market setback. Even investor John Navin, who had successfully avoided devastating losses during the 2008 and early 2009 market meltdown, missed the subsequent market upsurge.
Another thing that comes across loud and clear is the extraordinary phenomenon of the Web. It is truly empowering ...