The Book That Changed My Life (with Michael and Josh)

The Compound and Friends

Josh Brown

Business News, News, Investing, Business

4.7 • 2.2K Ratings

🗓️ 14 May 2019

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

osh here - on the 20th anniversary of Simple Wealth, Inevitable Wealth, I discuss why it's the book that changed the entire trajectory of my career and laid the groundwork for my investing philosophy. Many books and authors have been influential and important to my understanding about how the market works. Simple Wealth, however, was the first book that made me want to dedicate my life to helping others invest and make sure they don't fall prey to all the wrong information and advice they're being assaulted with on a regular basis. Nick Murray has taught thousands of financial advisors about the inherent dignity of our careers and the absolutely necessity of our work for the improvement of society. Building, managing and living with a portfolio's ups and downs can be simple, but that doesn't mean it's going to be easy. Our job, according to Nick, is to continuously remind people why they must bear risk and endure a lifetime's worth of volatility if they're going to truly succeed in the markets and in life. Michael makes a point about finding the right book at the right time in our lives, and for me, finding Nick's writing ten years ago was exactly what I needed. Other books mentioned include Jack Schwager's Market Wizards and Ben Graham's The Intelligent Investor. Nick's book is only available at http://nickmurray.com/ Enable our Alexa skill here - "Alexa, play the Compound show!" https://www.amazon.com/Ritholtz-Wealth-Management-LLC-Compound/dp/B07P777QBZ Talk to us about your portfolio or financial plan here: http://ritholtzwealth.com/ Obviously nothing on this channel should be considered as personalized financial advice just for you or a solicitation to buy or sell any securities. Please see this 3,000 word terms & conditions disclaimer: https://thereformedbroker.com/terms-and-conditions/ Subscribe to the mini podcast on iTunes or Spotify Enable our Alexa skill here - "Alexa, play the Compound show!" Hosted on Acast. See acast.com/privacy for more information. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	In 2010 I read a book that changed my career and definitely changed my life forever.
0:05.6	The 20th anniversary of that book.
0:07.9	The 20th anniversary edition of that book has just come out.
0:11.7	I want to talk about it. And more importantly, I want to talk about it and more importantly I want to talk with
0:15.1	Michael Batnick about why it's so important to come across the right books at
0:20.0	the right time in your career. Stick around, I think this will be really interesting.
0:24.0	All right, so Mike, let me get into this real quick. Nick Murray, who I guess the best
0:38.8	way to describe him is he is an advocate for financial advisors and writes investment books geared toward professionals who have to explain
0:49.1	Investing he's like an advisor to the advisors. Yeah, that's right's like the advisor's advisor okay so I'm an
0:54.7	accolade of Nick Murray's I'm a huge fan and this book I don't know do I have this in the
1:00.0	you do I got it okay so simple wealth wealth, you can't buy it on Amazon, you have to buy it on
1:06.0	Nick Murray.com. A lot of advisors buy boxes of them and give them to their colleagues or
1:11.4	to clients. He's written a bunch of books. This is my favorite and
1:15.4	after I read it I put it down I remember saying okay now I get it. I understand
1:21.1	what my purpose is. I understand the most important things
1:24.2	about investing that no one had ever taught me before and I was thinking about
1:28.0	this week Nick sent me an autographed copy of of the 20th anniversary edition I was really excited I was thinking about like
1:34.5	how important that book was to me and what if I had never come across it and
1:38.4	Michael reads like a book a week or maybe more at this rate I wanted to ask what what you thought
1:45.2	about this concept of like you have to read the right things early in your
1:49.2	career so you don't get let astray or maybe being let astray early in your career is actually a good thing.
1:55.4	So one of the find your way back. Yeah. One of the first things that I read was market wizards.
	...

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