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The Long and the Short of It: A guide to finance and investment for normally intelligent people who aren't in the industry Paperback – 1 Dec. 2016

by John Kay (Author)
4.4 4.4 out of 5 stars 329 ratings
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This book provides a guide to the complexities of modern finance. It describes the basics of investment and the sophisticated innovations of the modern financial system. It explains how the follies of finance have threatened the stability of the world economy, and describes an environment that is complex and sophisticated, but greedy, cynical and self-interested. This book explains how to put your finances in the only hands you can confidently trust - your own.

Readers will learn everything they need to be their own investment manager. They will recognise their investment options, the institutions that try to sell them, and how to distinguish between fact and fiction in what companies say. They will discover the principles of sound investment and the research that supports these principles. Crucially, they will learn a practical investment strategy and how to implement it.

Leading economist and hugely successful investor John Kay uses his academic credentials and practical experience to lay out the key principles of investment with characteristic clarity and dry humour. This is the only book about finance and investment anyone needs, and the one book they must have.

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  1. Print length
    304 pages
  2. Language
    English
  3. Publisher
    Profile Books
  4. Publication date
    1 Dec. 2016
  5. Dimensions
    14 x 2 x 20.4 cm
  6. ISBN-10
    1781256756
  7. ISBN-13
    978-1781256756
  8. See all details
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Review

The best book ever written for the British individual investor, by a country mile. -- John Lanchester, author of How to Speak Money

To manage your money well means that you should understand a few key principles. John Kay explains all that you need to understand. -- Mervyn King, ex-Governor of the Bank of England

Mr Kay is a brilliant writer. ― Wall Street Journal

John Kay is one of the most engaging and accessible writers on economics in Britain today ― Morning Star

Not only is it a highly enjoyable read, but this is one of the most useful and original books on investment I have ever seen. I cannot recommend this book highly enough, both for seasoned investors seeking wisdom and for those at a much earlier stage. -- Martin White, board member and ex-chairman, UK Shareholders' Association

An admirable debunker of myths and false beliefs - Kay can see substantial things others don't. -- Nassim N Taleb, author of The Black Swan

Book Description

A clear and practical guide to investment by leading economist John Kay. Second revised and updated edition.

Product details

  • Publisher ‏ : ‎ Profile Books; Main edition (1 Dec. 2016)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 304 pages
  • ISBN-10 ‏ : ‎ 1781256756
  • ISBN-13 ‏ : ‎ 978-1781256756
  • Dimensions ‏ : ‎ 14 x 2 x 20.4 cm
  • Customer reviews:
    4.4 4.4 out of 5 stars 329 ratings

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John Kay

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Customer reviews

4.4 out of 5 stars
329 global ratings

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Customers say

Customers find the book a good guide to investment. They appreciate its financial education and introduction to investing science, risk, and how to do it. The writing style is concise, with great insight and common sense. Readers find the book easy to read and understand, carrying a powerful message along with a clear message.

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Value for moneyReadability
19 customers mention ‘Value for money’19 positive0 negative

Customers find the book provides a good guide to investment and financial education. It introduces investing science, risk, and how to do it effectively. Readers say it helps them improve their investing performance. The book is a rounded follow-up to Other People's Money, but it stands alone as a sensible guide.

"...Clear debt, minimise fees, invest and diversify. All straight forward stuff, but it has served me well and I thoroughly recommend this work." Read more

"...It is well written though, and very informative. It inspired me to look at the structure and combination of my investments...." Read more

"...This is the books strength. With wit and insight Kay challenges conventional practices in finance and gives his take on a better and more rewarding..." Read more

"...its encouragement to have a restrained or disciplined approach worth the money." Read more

17 customers mention ‘Readability’17 positive0 negative

Customers find the book easy to read and understand. They appreciate the clear explanations of concepts with real-world examples. The new edition is less wordy and contains updated information.

"...it is written in direct and occasionally blunt style, but it is full of good sense and wisdom and sets out a clear path for people who have some..." Read more

"This book was not an easy read for me. It is well written though, and very informative...." Read more

"...This is a clearly written and well organised summary of the key things to think about as an individual investor...." Read more

"...had a dry with ,somewhat academic in style of language ,the newer edition is less wordy and contains updated information reflecting 2008 recession..." Read more

Bloody Brilliant
5 out of 5 stars
Bloody Brilliant
Thank you John! Very lucky to have read this book.I knew very little about investment prior to reading this. Yes, a lot of the content was initially difficult to fully take in, yet as I finished the book and continued to go back to certain sections for reference, John’s message really began to click with me.He explains and guides you to create your own portfolio that can perform as good as any but for minimal fees. His insights and experience allow you to make informed decisions about managing your own investments that seem ingenious.I genuinely am really filled with excitement and confidence to move forward in my investment journey am trying to get my family to adopt the same strategies!Thank you John - the most impactful book I’ll ever read.B.
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Top reviews from United Kingdom

  • Mr. James D. Tarran
    5.0 out of 5 stars A Life Changing Book
    Reviewed in the United Kingdom on 30 December 2016
    Verified Purchase
    This is the second edition of the book, I read the original back in 2009. It led my on a path to take control of my own finances, to sack my Financial Adviser and minimise fees paid to fund managers. I am now more than 60% of the way to being financially independent and I thank Professor Kay for setting me on this path.
    The second edition has some interesting changes - the main one I noticed is that Professor Kay has revised the target annualised return down from 10% to 8%.
    The book is not for complete beginners, it is written in direct and occasionally blunt style, but it is full of good sense and wisdom and sets out a clear path for people who have some spare income available for investment. Clear debt, minimise fees, invest and diversify. All straight forward stuff, but it has served me well and I thoroughly recommend this work.
    20 people found this helpful
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  • MTJ
    4.0 out of 5 stars Informative
    Reviewed in the United Kingdom on 18 August 2017
    Verified Purchase
    This book was not an easy read for me. It is well written though, and very informative. It inspired me to look at the structure and combination of my investments. He does not promise to have a foolproof method of investing that makes me rich in a few years. Instead he gives some ideas how to cut costs of investments, how to ‘have realistic expectations, and how to look at risk and keep it to a reasonable level. It encouraged me to take responsibility of my money. I will continue to listen to the advice of experts and then use my own judgement, poor as it may be. It is good to keep on remembering that nobody has my own interest at heart like I do.
    It was also important to me to have pointed out that every upturn has a downturn and that I, a small investor, also called a retail investor it seems, always know less than the insiders. My advantage is that I do not have to satisfy a boss nor do I have to be better than other investors. All I need to achieve is to reach my realistic goal of retaining the value of my investment and have a small increase. I recommend the book.
    6 people found this helpful
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  • Craig
    5.0 out of 5 stars A great contrarian read for money-nerds like me
    Reviewed in the United Kingdom on 31 January 2017
    Verified Purchase
    I found this book after following a link shared on twitter to an article penned by John Kay, who for many years, has been a financial journalist for the Financial Times in the UK.

    It was described as a book for people not in the industry who want to increase their chances of having hard-earned savings and investments provide them with reasonable returns.

    A large chunk of the book goes through financial theory on probabilities and risk and some in-depth descriptions of the leading ideologies formed in the last century. This section was a little dense but overall illuminating. If you're a money-nerd like me, and you'd have to be to buy this book, you'll be fine wading through this brain stretch.

    This book is fantastic for someone who has started the journey to financial independence like me. As we can be a self-selecting cohort of people looking to do things differently this book is perfect. It gently nudges you through a side-door as the crowd rushes past. If you're looking for financial independence it makes no sense to be dependent on someone else to make investment decisions for you. This is the books strength. With wit and insight Kay challenges conventional practices in finance and gives his take on a better and more rewarding investments.
    24 people found this helpful
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  • Lutatius
    5.0 out of 5 stars Excellent introduction to investing by an expert who is not on the make
    Reviewed in the United Kingdom on 15 April 2019
    Verified Purchase
    I have been interested in learning more about investing for many years, but had practically given up as everyone advising seemed either to be trying to sell something or to be slightly mad.

    Then I cane across this book, having read another book by Prof Kay on the financial system (as a whole, rather than for investors specifically).

    This is a clearly written and well organised summary of the key things to think about as an individual investor.

    Prof Kay deserves huge gratitude for clarifying the key issues and for helping the reader to think the right way about investing, especially given how easy it is to get bogged down in this subject.

    His distinction between momentum and fundamental value investing was especially helpful.
    6 people found this helpful
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  • spalpeen
    4.0 out of 5 stars Black cover is the second edition ,the more expensive looking and feeling pink one is first edition
    Reviewed in the United Kingdom on 31 March 2019
    Verified Purchase
    Purchased the first edition but In order not to be out of date and having enjoyed the first book so much purchased the updated edition—black cover
    The book originally had a dry with ,somewhat academic in style of language ,the newer edition is less wordy and contains updated information reflecting 2008 recession etc
    It helps to read it a few chapters at a time rather than chapter by chapter
    In its encouragement to have a restrained or disciplined approach worth the money.
    Customer image
    spalpeen
    4.0 out of 5 stars
    Black cover is the second edition ,the more expensive looking and feeling pink one is first edition

    Reviewed in the United Kingdom on 31 March 2019
    Purchased the first edition but In order not to be out of date and having enjoyed the first book so much purchased the updated edition—black cover
    The book originally had a dry with ,somewhat academic in style of language ,the newer edition is less wordy and contains updated information reflecting 2008 recession etc
    It helps to read it a few chapters at a time rather than chapter by chapter
    In its encouragement to have a restrained or disciplined approach worth the money.
    Images in this review
    Customer image
    One person found this helpful
    Helpful
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  • Caterpillar
    5.0 out of 5 stars Common-sense, simple common sense.
    Reviewed in the United Kingdom on 1 May 2017
    Verified Purchase
    Spot on. The advice is not unique, just uniquely sensible. It is a rounded follow-on to Other People's Money, but easily stands alone as just a sensible approach to handling money. There's so much fear about using missing out on big gains, or there being falls that hit your savings hard. All of that is true, but that's also just the spectacular headlines, where the grain of truth is hidden by hyperbole. John Kay says basically it's your money, manage it sensibly and avoid the snake oil salesmen. Buy the book for your children, it might be ever so common-sense and unexciting - but we all have to look after ourselves these days and this will be one gift they'll thanks you for in 25 years time!
    4 people found this helpful
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  • T. Keates
    5.0 out of 5 stars My bedside reading. Valuable insights.
    Reviewed in the United Kingdom on 4 June 2021
    Verified Purchase
    An indepth (as deep a need to go) look at the slippery finance industry and how to invest as a skeptical investor. The book is easy to read and moves along quickly & has given me some great insights and an overview to risk, diversification and options that were far from my radar.
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  • M Webb
    5.0 out of 5 stars Possibly the best self helpt guide for the individual investor so far written.
    Reviewed in the United Kingdom on 22 February 2018
    Verified Purchase
    Possibly the best self help book written on investment planning and practice for the induvidual. Easy to read and understand and carrying a very powerful message along with a clear explanation of how to avoid the traps and the charlatans and become a successful individual investor. I greatly enjoyed reading it and now keep it beside me as a reference work.
    4 people found this helpful
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Top reviews from other countries

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  • John Wayne
    1.0 out of 5 stars Badly wanting
    Reviewed in Germany on 2 February 2024
    Verified Purchase
    The subtitle of the book says "a guide to finance and investment for normally intelligent people". Judging by this the author fails miserably. The book is verbose, overly theoretical, never really gets to the point, is frequently patronising like an out of touch university professor (the author is one) and is often dated. It shows that most of the book was written 15 years ago. The author seems to be obsessed with having to restate that the efficient market hypothesis or some other financial notion "is illuminating but not true" every fifth page. It's not even clear what he means by "not true". Then there are endless discourses about how the financial industry and economic science have somehow failed us but very, very little is said about how a specific household should invest. At one point, for no real reason, a bizarre and insulting claim about the citizens of East Germany is made. When Kay finally gets a little more specific toward the end of the book, he produces some bizarre mistakes. One is about dollar cost averaging and it's supposed benefit regarding return or risk. Dollar cost averaging is an arithmetic fallacy and has been refuted for the first time more than 40 years ago by a mathematician and many times over since then. Overall, if you seek practical, useful, correct investment advice you won't find it here.
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  • Arsen's Books
    3.0 out of 5 stars Average read
    Reviewed in Canada on 3 August 2019
    Verified Purchase
    There is a lot of valuable information in this book but it isn't narrated and organized well.
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  • J. Morrison
    5.0 out of 5 stars High quality book
    Reviewed in the United States on 10 September 2017
    Verified Purchase
    An excellent book by a leading economist who presents complex ideas with clarity. A worthwhile purchase.
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  • Amazon Customer
    3.0 out of 5 stars John Kay- Practical economist
    Reviewed in India on 25 February 2019
    Verified Purchase
    I am biased towards John Kay as he is the most vocal critic of the way todays financial industry is working. His other works are testimonial to this. Coming to this book i will say its not as good as his other works. A lot was desired especially from the economist of his stature. Few notable points are- thinking in individual probabilities, avoiding costly financial advise & diversify. Its a good book for starters but not for people who have read the basic books of finance.
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  • Jose J_D
    5.0 out of 5 stars Un buen resumen
    Reviewed in Spain on 24 September 2018
    Verified Purchase
    Un buen resumen de las ideas básicas sobre inversión. Nada sorprendente, aunque presentado con amenidad.
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