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Business & Investing |
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Payback Time: Making Big Money Is the Best Revenge!
written by Phil Town
Studio : Crown Business
by Crown Business
Release Date : 2010-03-02
Publisher : Crown Business
Released : 2010-03-02
Availability : Usually ships in 1-2 business days
Number of Items : 1
EAN : 9780307461865
Avg. Customer Rating: (based on 40 reviews)
List Price : $26.99
Our Price : $15.99
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ISBN13: 9780307461865
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Condition: New
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Notes: BUY WITH CONFIDENCE, Over one million books sold! 98% Positive feedback. Compare our books, prices and service to the competition. 100% Satisfaction Guaranteed
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Product Description |
Don’t get mad, get even…
Phil Town’s first book, the #1 New York Times bestseller Rule #1, was a guide to stock trading for people who believe they lack the knowledge to trade. But because many people aren’t ready to go from mutual funds directly into trading without understanding investing—for the long term – he created Payback Time.
Too often, people see long-term investing as “mutual fund contributing” – otherwise known as “long-term hoping.” But the sad truth is that mutual fund investors are, to a stunning degree, pinning their hopes on an institution that is hopeless. It turns out that only 4% of fund managers consistently beat the S&P 500 index over the long term, which means that 96% of fund investors see a smaller return on their nest egg than a chimpanzee who simply buys stocks in the 500 biggest companies in America and watches what happens.
But it’s worse than that. The net effect of hitching your wagon to mutual funds is that over a lifetime they’ll fritter away as much 60% of your nest egg in fees. Once you understand how funds engineer this, you’ll rush to invest on your own.
Payback Time’s risk-free approach is called “stockpiling” and it’s how billionaires get rich in bad markets. It’s a set of rules for investing (not trading but investing) in the right businesses at the right time -- rules that will ensure you make the big money. |
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More than just a book review |
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Ok, I'll try to be concise here. I like the book. Yes, some of the concepts in Rule #1 are re-hashed here, but I thought the presentation from this book was better. If you buy the book, however, you'll see that you are offered a "scholarship" to attend a Payback Time workshop for free, which I decided to attend. As most people know, very few things in life are for free. As I expected from the "free" 2-day workshop, it was a technique to get people interested in purchasing additional training and access to software tools/data which have been developed specifically for using the techniques outlined by Phil in the book to find good companies to invest in. For the most part, the free workshop covered what was in the book, and there was some introductory coverage of options as well. It was nice to have someone available to address audience questions from topics not understood from the book, but I was disappointed that about half of the workshop time morphed into discussion about buying the tools/data & training. What really surprised me though is the book focused mostly on "investing", but the trainers talked a lot about "trading", especially with options. While I thought the tools/training looked pretty good, even the lowest package they offered was for $5,000 (which was for 6 months access to the tools/data), it felt like for me to spend that much money, I would really need to spend a lot of time learning, paper trading, and watching the markets, which I really don't have. I'd love to quit my job and be a trader, but in this economy it feels too risky right now. It's too bad that Phil doesn't blog/share a little more often for free on his website ([...]) so I could've better followed his ideas in advance of attending the class. Since some of the packages included "access to Phil" (to ask questions, discuss ideas, etc.) I might've been more inclined to spend the money had I had a little more experience with Phil in advance of the class. Phil actually Skype'd into the session to explain the packages and answer audience questions. I am still interested in the offerings, so I may go back later if circumstances change. |
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Good book, companion website lacking |
Like many other reviewers, I have also read Rule #1- just before all the market craziness that began in 2007. I have been afraid to try out strategies, but yet know I must do something. Part of my problem is that, as I approach 50, I felt it was too late- I was just hosed. This book gave me hope that I can turn things around in 20 years. I also like how it goes into much more detail as to how to use the online finance analysis tools. Plus the information about where to park money while you're doing the research.
Where this book is lacking is in the resources on the companion web site. The web site is referenced heavily throughout the book, but resources the book claims to be on the web site aren't there. I, too, could not find the investor profile test that is supposed to be on the web site. Maybe it's there after you register, I don't know- I registered but the confirmation email to complete the registration process has not been sent to my email. It's VERY disappointing that the book relies heavily on a web site to give the information needed to implement the plan- when the website does not contain the promised information! |
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Pay Back Time Delivers |
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Phil Town delivers investing information in an interesting and easy to follow way. I truly enjoy reading his books. He's a great public speaker, too, and his books are written as though he were talking to you. His snippit stories mixed into the informative chapters break up the lessons, making it even more enjoyable. For the average person who knows little about how to invest wisely, this book, along with his other "Rule #1" book, is the way to become knowledgable. Read, then, go out and practice with a margin of safety. |
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Any investment-oriented collection needs this approach |
PAYBACK TIME: MAKING BIG MONEY IS THE BEST REVENGE offers a key to understanding long-term investing's downside, and refutes the common notion that this is the safest, best way to invest. Instead Phil Town advocates the idea of 'stockpiling' - how to get rich in bad markets - and offers a strategy designed to earn the reader millions. Any investment-oriented collection needs this approach.
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Website doesn't deliver on promises in the book |
I just finished this book. Unlike some reviewers here, I did note significant differences between Rule #1 and Payback Time --- Payback Time is more geared towards fundamentals and knowing the business you own; Rule #1 leaned ever so slightly in the direction of technical analysis.
With the discussion of Floors and Ceilings, though, we're still in the realm of doing some charting.
The problems I see are that Mr. Town is: a) hyping his website, but not realizing it does not deliver what he claims it will (e.g., where on the website is this "Investor Profile Questionnaire"? I certainly cannot find it ... ) ; b) a schill for his seminars and ancillary products --- Ok, I get it dude, you offer workshops, but do you really have to spend pages and pages selling me on the idea of going to them?
And besides, if you (Phil Town) are as rich as you claim to be, why set up these investment seminars in the first place? Just to "help" people? C'mon.
But really, the part that bugged me most was the description in the book of the wonderful associated website, and in reality the website just does not deliver on those promises.
On the plus side, the website does describe using Google Finance screens instead of the recently scaled back MSN screen. That alone merited an extra star ... otherwise I would only have rated this book "Fair" with two stars rather than three. |
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