Which famous investors, entrepreneurs, and business moguls do you admire most?
As financial professionals, are there any investors or business men and women that you have admired throughout your careers (either historical or modern)? What is it about them that endear to you so much? Is any of your influencers work reflected in your own personal careers?
You asked for it, so here goes. Many of the Founding Fathers were not only political geniuses, but economic as well. They believed that the banks ability to create money using fractional reserves (even back then) caused the boom and bust cycles. This is the reason they wanted our money to be of gold and silver, or at least backed by the precious metals. This way, you couldn't create money out of thin air. Using the finite metals would ensure there was a stable currency. This is one reason I believe investors should have between 5% to 10% in physical precious metals to hedge and protect against inflation and paper assets.
Along this similar economic vein were/are the Austrian Economists of the mid 1800s to present day. Carl Menger is considered the Father of Austrian Economics followed by Ludwig von Mises in the mid 1800s. It gained a resurgence with Friedrich Hayek in the 1970s. Hayek won the Noble Prize in Economics in 1974. Austrian Economics is in sharp contrast with Keynesian Economics, which in my opinion, is wrong. You can't print your way into prosperity.
Regarding the financial and investing world, Benjamin Graham, who is considered the Father of Value Investing," co-authored "Security Analysis" with David Dodd. He then wrote "The Intelligent Investor." Graham was Warren Buffet's professor at Columbia and probably taught and/or influenced more famous investors of the mid to late 1900s. These books are a must read and I consider them some of the best Fundamental Analysis books.
Then William "Bill" O'Neil, founder of Investor's Business Daily (IBD) and author of "How to Make Money in Stocks, combines technical and fundamental analysis. This is a must read. In fact, my Chief Strategist was worked and was trained by Bill O'Neil and taught stocks and options strategies to around 20k to 30k people per year before coming on board at our shop.
Moving toward more technical analysis, Jesse Livermore at the turn of the 1900s is also enlightening. And one of the most consistently successful, yet relatively unknown traders/investors of all time was W.D. Gann. He used complex math to analyze stock movements and took many of his secrets to his grave. Many have tried to replicate his success and he has a whole following to this day.
I have been doing this for over 23+ years and have read many others, but this should be a very good start. At our shop, we incorporate both fundamental and technical analysis. If I had to pick one, I would probably go with "How to Make Money in Stocks" by Bill O'Neil. We screen for fundamental metrics for stocks (or sector ETFs) and have a Watchlist. From there, we monitor this list for good entry points using technical analysis.
So understanding technical indicators like Fibonnaci, Relative Strength (RS), Exponential, and Simple Moving Averages are also important. You asked a very in depth question so I wanted to give you as complete an answer as I could without writing a book myself. I could go on, but those couple of books above will give you a great start for your research.
If you want to get a better understanding of how we incorporate the above to make investment decisions, just go to www.revereasset.com and sign up for our free, short daily market video. I promise we will not spam you or even market to you in any way. It is up to the individual to reach out to us if they are interested in our services. The information is for your research to use or discard.
Hope this helps and best of luck, Dan Stewart CFA®
The most common one you'll hear is Warren Buffett. I greatly admire Warren Buffett, not at all for his skill to pick stocks, but what he has used his fame for. Warren Buffett is honesty and upfront and doesn't say things to generate headlines. He has repeatedly told common investors to invest in indexes, something he doesn't do, but understands that the vast majority of investors will be better of doing. He is patriotic, charitable, and a great businessman.
Wow, great question. Most in my profession will say Buffett or Bogle. While I admire what they accomplished and Bogle brought a much-needed option for most investors, I will have to say Richard Branson. I like men who don't listen to the naysayers. Men who are secure enough to fail and keep going. I like men who have a moral center and know there is right and wrong.
I love using investing and financial planning to help clients succeed. This cannot be done if the client's interest is not put first. My industry does not put the client's interest first. Most often, "financial planning" is a con. It is why I wanted to start my own firm within a few years of starting in the industry, but waited until my sons were older.
Branson had dyslexia and overcame a lot of naysayers to build his businesses. He also attaches a right and wrong to what he does. I might not always agree with some of the political things he does, but I don't see the intellectual and moral gymnastics I see from those in my industry to justify greed.
“Do not be embarrassed by your failures, learn from them and start again.”
Mark Struthers CFA, CFP®
It's a little cliche, but Tony Robbins has made a big impact to me personally. This all boils down to his idea that our lives, financial and otherwise, are about other people and the causes we care about, not just about seeing a growing balance at the bottom of our monthly statements.
By remembering that our financial choices are there to fund qualitative objectives is a key part of maintaining perspective.
If you're looking for a good read, Tony's book, 'Money: Master the Game' is also very well constructed.
Adam C. Harding, CFP
Hi! Thanks for sending such a fun question! Many people have influenced me, and I admire so many. One famous person whom I absolutely adore and admire might be considered a bit of a stretch as an entrepreneur, but she certainly was a business mogul. That's the famous murder-mystery writer Agatha Christie. She wrote 90+ novels, stories, and plays and sold over 2 billion copies of her writings in 44 languages. Wow! She was very good with her money and very practical. She wrote in her autobiography that she often would write a new book because she wanted to pay for a particular improvement for her house or to give to a particular charity. I have read and listened to all of her works and continually re-read and listen to her audio books. In her books, she often presents financial concepts including the stock market, debt, gambling, wills, stock market losses, people who invest particularly wisely or unwisely, budgeting, and insurance, all the concepts I teach and help clients on as a financial planner. I love the characters she creates and appreciate that there is so little violence in her books and that everything is so genteel. I'm currently listening to "Crooked House" where inheritances and good investing are part of the plot. Her insights into the way people think and behave have, I think, helped me be more perceptive and better able to help my clients and my readers. I am so glad you wrote!
"I don't think necessity is the mother of invention - invention, in my opinion, arises directly from idleness, possibly also from laziness. To save oneself trouble." - Agatha Christie