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Average Customer Review
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21 of 21 people found the following review helpful:
Superb advice on how to preserve your wealth with less risk and less cost. , 28 Jul 2006
I'm a fee based financial planner and I can tell you that Tim Hale's unique book is full of wisdom.
I like the way that he comprehensively exposes the "Dark Secret" which most stock brokers and fund managers hope you'll never discover. I regularly see new clients whose investment portfolios and retirement accounts have been drained of hundreds of thousands of pounds without adding any long term value.
The "Dark Secret" is that managers don't beat markets. Markets outperform most managers by substantial margins over long periods of time.
Buy this book and you'll see how you can capture those returns and avoid making another common error which I call "The Big Mistake".
PS All our clients now get a copy of this book to help them to understand what it is that we actually do for them.
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13 of 13 people found the following review helpful:
Trustworthy advice will be welcomed by UK investors , 4 Jul 2006
A timely and very useful overview of practical recommendations, backed up by clear explanations and references to original research, on a wide range of personal investment and financial planning topics. The book should prove particularly valuable to UK investors who have only recently gained access to the competitively priced index and exchange traded funds which can form the basis of any investment portfolio. The book draws heavily on the writings of several US authors, notably Bernstein, Bogle, Ellis, and Swensen who have brought an understanding of the benefits of careful asset allocation, passive investment, and relentless focus on minimising taxes and transaction costs, to countless US investors. Based on personal experience as an insider in the fund management industry, the author does not pull his punches in describing the inadequacies of most retail investment products available in the UK market. In addition, his analysis of alternative investments including hedge funds brings an open-minded but healthy scepticism to bear on some current favourites. The only minor complaint is that the book stops short of recommending specific service providers or sample portfolios, although this is perhaps understandable given the rate at which new products are appearing in the market. Overall, a welcome addition to the bookshelf of any serious investor.
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12 of 12 people found the following review helpful:
Why didn't somebody write this book 10 years ago?, 1 Jun 2006
At last - a book that helps me to feel less like a financial novice. When somebody takes the trouble to tackle subjects that most 'experts' over complicate and explains them in clear and simple English - they earn my undying gratitude. Thank you for a great contribution to the investment arena.
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8 of 8 people found the following review helpful:
If you only read one book on investing make it this one, 13 Jan 2007
"Smarter Investing- simple decisions for better results " by Tim Hale is the clearest, best written introduction to intelligent investing published in 2006. Hale reiterates the simple truth that the individual investor cannot beat the market over the medium term, nor should they try.
If finance industry's advertising in the Sunday papers money sections paints an accurate picture of the industry then the City is full of manically active fund managers who with crystal ball like precision beat the markets year after year to bring stellar returns to those wise souls who have entrusted their money to them. Up to a certain point there is some truth in the adverts, in the short term a handful of actively managed funds will out perform the market. The problem lies in the fact that each year it is not the same funds nor the same managers who out perform, and more tellingly in the medium to long term it is the market which consistently outperforms most actively managed funds.
The fact that in the long term the market outperforms most of the finance industry is the foundation of Hale's investment strategy.
For Hale the challenge is how to build a simple, easily understood investment plan that tries to be the market, that is give the same return as the broad market indexs such as the FTSE All-Share Index with a counter weight in high quality bonds to try and off set any abrupt equity market fluctuations.
Management fees, set up fees and all the other costs that investors have to bear get a close grilling, one of the reasons actively managed funds fail to perform over time argues Hale is that the enhanced management fees and transaction fees eat at your money over the medium term. Index funds on the other hand have a buy and hold approach with fewer transactions and management there is much lower fees, so there is more of your money working for you.
What Hale concentrates on is explaining the building blocks of a balanced investment portfolio, how they should work together at different times of your investing life. He cuts through much of the hype surrounding investments and focuses in on the hard facts that should be front of mind for any investor-risk/return balance over the lifetime of the investment. Hale doesn't dismiss the role actively managed funds could play at the edges of an investment portfolio, however he argues that the foundation of a smart portfolio should be domestic equity index funds and high quality bonds.
To diversify the portfolio Hale once again suggest basic tools not flashy complicated investment vehicles, so to spread out the bond allocation he suggests using Hedge fund of funds and property, and if you are worried about inflation, inflation protected bonds. In the equity portion to spread the risk he suggests international equities (developed economies) and commodities. The headline grabbing small companies, emerging markets and value equities get little space, with a marginal 5% maximum for each if you feel lucky.
What makes Hale's book so persuasive is the fact that the author spent so much of his professional life working in active fund management companies, sort of poacher turned gamekeeper.
The book is well written, draws the reader step by step into quite complex arguments without resorting to jargon and technique short cuts. At the end of book both the novice and the hardened investment specialist will come away better informed and armed with the tools necessary to make your money work harder for your future.
If you only ever read one book on investing this should be the one.
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6 of 6 people found the following review helpful:
Awesome!, 17 Jun 2006
As an ex banker it found this to be one of the first books that I've read that makes complex issues seem clear and straightforward. Why has it taken someone so long to write a "breakthrough" book? Awesome!
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5 of 5 people found the following review helpful:
A master-class in personal investing, 28 Mar 2008
Tim Hale's book gives readers the knowledge and tools to make good investment decisions. That alone is a significant achievement given all the "How to get rich quick" books lining the average set of shelves in any book shop. But the clarity of thought and clear writing is what really makes this book stand out - and what has made me much more confident and relaxed about my investing.
The book first cuts through all the noise that we read in the Sunday papers relating to what sector is doing best this month, what fund manager is this week's star, and whether the Footsie is up or down. He convincingly shows how strategies based on market-timing, chasing the next sector or region, and constant tweaking (trading) of your investments is a sure way to lose money. Like a bell chiming through all this noise, Hale explains how good investing is much simpler when you do a few things extremely well.
Hale gives direct advice backed-up with well-presented data. Whether your investment horizon is 30 years or 5 years, he explains how to construct an optimal portfolio that maximises your chances of making money and see you through periods of market trauma.
The meat of the book is a master-class in sensible investing: a step-by-step guide to the basics, and the complexities, of personal investing. Plenty of detail is given in the form of sample portfolios and tables that help readers to create a robust portfolio. Going beyond simple statistics such as "the stock market returns on average 5% a year", Hale gives the tools to help you work out how much you may need to invest if you want to be (for example) 80% sure of a retirement on 70% of your salary. It might sound complex, but the book is so well constructed and written that readers are gently led through the fundamental decisions they need to make.
After reading the book, I felt much more relaxed and confident about my investments and what they might do for me. If you're half-way serious about investing, you could do much, much worse than reading this book. Thoroughly recommended.
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4 of 4 people found the following review helpful:
An excellent book on asset allocation for UK investors, 11 Dec 2007
This book gives you bare-bones knowledge about asset allocation. If you want to make money by investing but are not interested in pursuing an academic degree on economics or finance, this book is an ideal one for you. It makes you understand that personal investment is not privileged to economists or fund managers, and that do it yourself by following its advice and you may get a satisfactory return in the long run. No matter how well or how bad you have been doing in investing so far, this book will definitely help you a lot. Investing time or money in this book is a good start to experience what a smarter investing is all about.
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6 of 7 people found the following review helpful:
Brilliant, 12 Jan 2007
I am a senior executive who has worked in the investment industry for over 25 years and have read thousands of personal investment books in that time. I have three degrees including degrees in finance and economics and an MBA.
I speak regularly on retirement saving strategies and am frequently asked to recommend books for investors, and this is my choice. Although it quotes UK examples, its advice is relevant for any investor.
This book clearly summarises a huge amount of financial expertise from the most trusted academic sources in terms which can be understood by the layman. It does not 'talk down' to the reader but offers an excellent and comprehensive overview of personal investment strategy. This book offers you the best advice for building your wealth, period. It includes sound advice on how to build and execute your plan.
It is well illustrated and comes with good summaries. The bibliography is excellent.
I took the time to search on the internet for Mr. Hales address and personally congratulate him on this book - I have never done that before - the book is that good. Please read it, we need more people like Mr Hale to share their knowledge with the public.
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Well worth reading, 9 Jan 2009
Like the other reviewers I found this book very valuable.
Tim Hale is very strong on index funds over active management and on the importance of keeping costs down. With Dilbert, Warren Buffett and the FSA all apparently supporting this view it's worth a closer look.
Although the book starts as something of a polemic against the current financial services industry, it is much more than that. It gives important advice about overcoming your natural instincts to avoid "buying high and selling low", and provides good guidance on portfolio planning and putting the theory into practice.
At the moment the availability of good index funds in the UK appears a bit limited, and financial advisors can't be assumed to be familiar with index funds or with indexing as an investment strategy. Nevertheless it seems likely that this situation is already beginning to change, and hopefully will continue to change in coming years.
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This book could put IFAs out of business, 4 Dec 2008
This is essential reading for anybody interested in investing.
I am an IFA and it really does provide all of the information you need to get started. In fact it probably tells you more than most IFAs will.
My only gripe is it's criticism of managed funds which I felt was a little overdone. That said, the author makes a compelling argument on this any many other key areas of investing.
Buy a copy now.
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