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Laughing at Wall Street: How I Beat the Pros at Investing (by Reading Tabloids, Shopping at the Mall, and Connecting on Facebook) and How You Can, Too ReviewYou have to sit up and listen intently to any investor who has turned $20,000 into $2 million in only three years. Author Chris Camillo did not do this by accident, he has been watching the stock market and learning about what truly makes money in investing since he was a child.
The author warns investors about avoiding mutual funds for investing due to their high fees and lack of performance of the majority of them compared to their benchmark indexes. I agree with him, stick with stock index funds in your main investment retirement accounts. Mutual funds are a pretty lousy deal, they lose 20% of your money in a bear market year but still take their 2% management fee. You take all the risk, they get paid regardless of your returns. Stick with index funds or index ETFs for investment accounts and I would advise adding a trend following method to get better returns than mutual funds.
The author made his millions by investing in stocks using what he considered "information arbitrage". The wealthy upper class predominantly male money managers on Wall Street miss the early beginnings of crazes like Crox shoes, they know nothing about the latest popular kids television show, and your teenagers may let you be the first one to know about the hottest new teen store or video game. These early ideas many times lead to huge earnings for the stocks of the companies that create them. These are the great investments the author recommends after due diligence.
While these insights are not new (I have heard the same suggestions from Peter Lynch and Jim Cramer) what is different is that Chris Camillo kept swinging until he hit the consecutive home runs that made him a millionaire.
What enabled him to accomplish this in such a short period of time was a concentrated investment strategy like the Nicolas Darvas system, he held concentrated positions of 25% or 50% of his portfolio in one stock, this is not diversification it is putting your eggs in one basket and watching the basket very closely. Even that level of concentration was not enough, he would hold his positions with one strike in the money stock options 6 to 9 months until expiration for supercharged returns of sometimes 500% returns.
He was able to acquire his original stake of trading capital through basic frugality with the only purpose of the money being to go for it with big returns on concentrated leveraged bets on stocks he had researched. The author says he was only able to find and research one or two big plays a year, to research he uses calls to stores, visits to malls, investor message boards, his friends on social networking sites, and a keen look out through his "investors glasses" for break out hot trends. Chris Camillo also worked in consumer research so I have no doubt that taught him a thing or two about trends.
This book just shows for a fact with a lot of study and years of hard work,(and I am guessing many failures) it is possible to become a stock picking millionaire.
Great book, it is really that simple and that hard at the same time. You must have the guts to lose if you want to win. You have to do the work to find the picks. You have to learn how to let the winners run as far as they will. You must persevere if you want to win.
This book shows you how one guy did it. My only suggestion is that I wished he would have told the story of his detailed trades instead of the principles of how he did it. I would have loved to read a Nicolas Darvas style book about his personal trading journey step by step.
Laughing at Wall Street: How I Beat the Pros at Investing (by Reading Tabloids, Shopping at the Mall, and Connecting on Facebook) and How You Can, Too Overview$20,000 to $2 million in only three years— the greatest stock-picker you never heard of tells you how you can do it tooChris Camillo is not a stockbroker, financial analyst, or hedge fund manager. He is an ordinary person with a knack for identifying trends and discovering great investments hidden in everyday life. In early 2007, he invested $20,000 in the stock market, and in three years it grew to just over $2 million. With Laughing at Wall Street, you'll see: •How Facebook friends helped a young parent invest in the wildly successful children's show, Chuggington—and saw her stock values climb 50% •How an everyday trip to 7-Eleven alerted a teenager to short Snapple stock—and tripled his money in seven days •How $1000 invested consecutively in Uggs, True Religion jeans, and Crocs over five years grew to $750,000 •How Michelle Obama caused J. Crew's stock to soar 186%, and Wall Street only caught up four months later! Engaging, narratively-driven, and without complicated financial analysis, Camillo's stock picking methodology proves that you do not need large sums of money or fancy market data to become a successful investor.
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