Investing in One Lesson Wow – Mariusz Skonieczny – ClassicValueInvestors . com
I have read lot of books on investing over the years, but this book is just superb. I won’t say it is the best, but it is in the top 10. I could not put it down. The author explains that even the most successful business owners, doctors, or lawyers, find little success in investing. They fail because they do not understand THE LESSON in this book, which is Wall Street is not Main Street. The business of investing is not the same as investing in a business.
In order to be a successful investor, one needs to understand the business of investing. The moment a company goes public, many things change. The value of the business is no longer equal to its price because its price is set by market participants that “vote” on it each day by buying and selling. Their combined decisions may cause wild fluctuations in prices of individual stocks, even if nothing happens to the underlying businesses.
I borrowed this book from the library, but I immediately bought it after I read because it was so good.
Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market
It would be pointless to repeat all the great things about this book, such as explaining basic consepts of investing by very simple way and explaining many reasons for market fluctuations. Other reviewers have already pointed out the good things in this book, so I took the contrarian task to write about the (few) negative ones.
I think that the title simply promises too much. Already familiar with his magnificent book on the business cycle, “Structure of Production” and his monograph on investing, “Ludwig von Mises goes to Wall street”, I was very happy when this title was released. Maybe I simply expected too much, because I was a little disappointed after reading this work. As a Hayek-Rothbardian libertarian geek I expected something like how to recognise bull and bear markets from the Money Supply data 
In this book there is unfortunately very little about gold and commodities which is strange because of the ongoing strong bull market in these asset classes and because Skousen himself was one of the first gold bugs (although very reasonable one for his credit) in the 1970’s. Maybe this is because Skousen has affiliated very much with stock market optimists like Jeremy Siegel whose WisdomTree Dividend funds he recommends (for Skousen’s credit he has been superbullish on commodities in his newsletter “Forecasts & Strategies”).
Summa summarum: easy to read, logical, but definitely not the last word on the subject… A good starting place for beginners and a great reference guide, but on the other hand contains maybe too little about recognising actually what to buy and why, especially if you want to buy ordinary stocks and not Mutual Funds. If you love Skousen’s earlier works (like I do) you will find this one valuable and easily accessible anyway. : Mark Skousen, who has built his impressive reputation as one of the industrys best-known investment advisors, passes along his entire investment philosophy, based on his decades of experience, in a single, one-lesson book.
Investing in One Lesson
- EconoPower: How a New Generation of Economists is Transforming the World
- Economic Logic, 2nd Edition
- The Making of Modern Economics: The Lives and Ideas of the Great Thinkers
- The Big Three in Economics: Adam Smith, Karl Marx, And John Maynard Keynes
- Vienna and Chicago, Friends or Foes?: A Tale of Two Schools of Free Market Economics
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