Investors around the world – and most particularly in America – are discovering in increasing numbers that, as investors, they face new challenges that require new ways of defining The Problem and very new ways of figuring out The Solution. This important and timely book can help every investor correctly define the problem that confronts all investors, and will be enormously helpful in figuring out the solution that will work best for each specific investor over the long term.
Years ago, investment management was a judicious combination of a service and a product. The service was investment advice or counsel that helped individuals recognize that each investor is different and so all investors differ as to their objectives. The differences are durable, but do change over time. Major differences include age, wealth, income, prospects for inheritance, interest and skill in investing, risk tolerance, financial responsibilities or obligations, and philanthropic aspirations. With all these variables, it can be no surprise that each of us differs – some or a lot – from every other investor in our personal financial goals and resources. So, of course, what is best for one of us is not best for anyone else. We are unique as investors as we are unique as people, even down to our fingerprints or the iris of our eyes or our DNA.