The Most Important (financial) Book You'll Buy This Year.

I read LOTS of books. And it's funny - a lot of people are amazed at the number of books I read. I don't think I read a lot - but many people I meet think I'm crazy about spending time reading books. Candidly, I feel that it's a clear sign of the 'dumbing down' of America. People are 'shamed' into not reading - you should see the faces of people when I mention I read 3-5 books at a time and finish 100-150 books a year. "Don't you have better things to do with your time?" Candidly, I don't. And you should be reading too - start with this timely and powerful tome.

You need to get Enough - True Measures of Money, Business and Life by John Bogle. Why? Let William Bernstein tell you:

"If you are wondering about the cause of the current market crisis, then you haven't been reading enough of Jack Bogle.

Because he certainly knows not only where, but why and how. For decades Jack has been communicating his disquiet in previous books, speeches, and public testimony. Years from now, when historians and investors dissect the economic and market meltdowns of 2008, they'll consult this slim, well-written volume.

In order to understand the intellectual and moral platform from which he surveys the economic wreckage, you need to know a little of his story. Bogle founded one of the world's great investment companies, the Vanguard Group. Most men in his situation would have levered such success into a multi-billion-dollar net worth; instead, he "mutualized" Vanguard, converting it, in effect, into a nonprofit organization whose only goal was to benefit its fund holders. From an ethical perspective, Vanguard is the only "investment company" worthy of that name. (As opposed to most financial firms, which are in fact "marketing companies" whose main purpose is to milk unwitting investors of fees and commissions.)

The answer to the conundrum of 2008 lies in the book’s title, "Enough," which is the punch line from a delightful Kurt Vonnegut/Joseph Heller story. Simply put, our nation has been suffering from decades of unchecked financial excess, for which we are now paying the piper: excess in investment company fees; excess in financial speculation masquerading as diversification and innovation; excess in the salaries of top executives; excess in salesmanship; and most importantly, excess in the role played by the financial industry in our national economy and national life."

Go out today and get it - it will change how you think about business, your career, money and your life.

Things I learned from Warren Buffett.

I just went back to my notes from a video of Warren Buffett speaking his mind. Here are a few of his tips on investing, business, and life.

• There are no called strikes in the ballgame of investing. You do not lose a single penny by passing on any given investment. Even if someone else hits a homerun with it, doesn’t mean that you are missing out. That said, you will have to swing the bat if you ever want to get anywhere. Just make sure it is a good pitch.

• Do business with people you like and who share your objectives. Money should not be only consideration when making business decisions. We have all worked with some people who we would have paid any amount NOT to work with. If we could quantify joy and happiness, it would be easy to see that working with people you like would far outweigh the joy received by getting more money with bad business partners.

• Invest in companies selling products that consumers are not concerned with price.

• It’s not about the biggest motor, but the most efficient motor. A smaller company that is run efficiently is going to do better for their shareholders than a mammoth company with wasteful spending.

• Don’t worry about what the stock market will do, focus on what the company will do. Good companies can and will go up even in the middle of falling market.

• With stocks it is hard to know WHEN something will happen, but it is easy to know WHAT will happen. Everyone seems to be concerned with the WHEN, but focusing on the WHAT seems to yield a nice fruit.

• Find companies with endless demand for their products. Funeral homes will always be needed, because people are still dying.

• Leave your children enough money so they can do anything, but not enough that they don’t have to do anything.

• Decision making abilities fade as cash flow increases. If you only have $5 in your pocket until the end of the week, it is likely that you will make a good decision with it, because it is all you have. On the other hand, if you have $100 for the week, your decisions regarding a $5 purchase are far less critical since you have another $95. Therefore, people tend not to treat those decisions with the same respect they would if it was their last $5.