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In my early days of learning investing i really enjoyed this book, and I even recommended it to my friends. The idea is simply: buying undervalued good businesses and holding them long-term will eventually beat the market index.
However it's bit of a fairy tale to expect something as simple as this book can make you 20%+ every year for a long time. I'm curious how many readers have actually followed this formula ... like I did. Cruel truth: over the past 2.5 years, the magic formula underperformed SP500 for more than 30% (SP500 + 20%, VS magic formula -12%). This is a huge gap to overcome, so even if i keep trying and wish everything goes well like the book says, i expect my first underperform period (vs SP500) will be at least 5-6 years.
5 years of underperformance during a bull market! No normal people can stay that long simply because a book's promises. FYI I studied the capital market trend and i finally able to understand why we shouldn't follow this book at all. There are simply too many flaws in logic for individuals like me.
Anyway, you all are welcomed to try, some of you may actually be able to do pretty well, but I'm sure at the end most of us are still better off just sticking to indexing . May the force be with you.
I wish I knew that this book was written for people who don't care to know what they are investing in. Finding a combination of high earnings yield and low return on investment capital makes perfect sense, but this notion could be covered in a few pages. The author uses most of this book to encourage investors not to use their brains beyond it. He admits that this recipe for investing is only part of how finds his own investments. So if you want to use your brain as an investor pass on this book.
I have mixed emotions... the book was very simple me easy to read as an investment newby. The book promises you this magic formula, which it does explain in detail but that’s really all the book was about and it strongly discourages you from investing on your own. I was hoping for some more broad info about the stock market and stuff. At the end of the book, there’s a link to his free website, where you can use the computer system that generates the “magic formula” so I guess that’s pretty cool. He has a mutual fund where he uses the formula that you can buy into for a 1% fee. I feel like the whole book and the website are just there to make you buy into this fund so he can make money. You could do without his fund and use the formula yourself but I’m not sure how confident I am in my stock market skills yet.
This is an excellent book to share with younger investors, or for newbies that want to understand how stock shares are priced. The examples are excellent, albeit simplistic...but that's exactly the point. For those of you who have more experience, you'll see that this book represents the classic "value" investment strategy as opposed to "growth".
The nice part about the book is that, having followed the explanation and wanting to try it out, one quickly realizes that the ranking process takes a LOT of work. The good news is the author runs a website, accessible to bona fide purchasers of his book at no cost, that provides the rankings. It couldn't be easier.
The bad news is that the results are only so-so. I'm sure the author has GIPS data to back up his claims of beating the market, and perhaps he cherry picks the data to support his thesis, but the American Association of Individual Investors, which runs 75 stock screens which are updated monthly using real market data, find his Magic Formula stock screen to have yielded a mere 0.7% return over ten years. Several other "value" screens have yielded well above 10% over the same time frame.
So, enjoy the book but consider other, more reliable, stock screens if you're a value investor. (And, if you want better returns, stick to growth investing.)
Reads well for the first 4 chapters, but I kept reading trying to figure out what the "magic formula " was. I felt like the author was saying the same thing different ways, 1. Buy good companies that have high earnings 2. Buy them at bargain prices. .... duh By chapter 9 I felt like I had nothing more to learn and stopped reading. There is no magic formula and if there was, it's not fool proof. Author referred me to their website. It's the perfect "upsell"
What you find in this book, you could YOUTUBE for free
It's a very easy read. The author makes a lot of good points about value investing and talks almost solely about his personal strategy and backs it with data that his research team has come up with. I will not be using his exact strategy to create a portfolio of my own, but he has a lot of great points and advice for beginner investors. I believe in fundamental analysis over technical and this strategy implements fundamental analysis and again, gives easy to understand examples and advice.
The book is super short. Took me just a few hours to read. It's also super cheesy. The author tries to make it funny and fun but it's just a little too much. With quirky little anecdotes every few sentences surrounded by (). It annoyed the heck out of me for the first few chapters. I'd say it's worth the read if you're a beginner investor or interested in different strategies.
For a very beginner basic investor many of this imformation is great. I have been investing for 2 years now and for me most of this information I have read and seen in other books I'm not saying it's not a good book but personally for me I did not get much out of it. I did like the website that goes along with the book but once again many of the stocks on the list didn't seem too upto date with online.
Easy read, but unless you have an accounting degree or pay someone to break down the value of a company you wish to invest in, It is not as easy as the book would indicate. If you would like a simple process, read about Nicolas Darvas. Once you read all these one off systems, you will start to figure out your own capabilities and what will work best for you.