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Over the last fifty years, the average holding period of a stock in the United States has plummeted. In the 1960s, it was eight years; now it’s just several days. And yet historically many of America’s most successful investors have been forever investors—buying ownership in companies with the goal of keeping those assets indefinitely, if not forever.
In this insightful, easy-to-read guide, author Michael T. Nowacki challenges current thinking about stock holding and investing. He proposes that today’s investors take their cues from business titans of the past and present. He advises adopting a more long-term approach to choosing, making, and holding stock market purchases. In short, rather than seeing yourself as a stock owner, he recommends you see yourself as a business owner.
In Forever Investing, Nowacki examines the strategies of some of the greatest investors in history, including John D. Rockefeller Sr., Andrew Carnegie, Shelby Cullom Davis, the Koch brothers, and Warren Buffett. Then, drawing on these luminaries’ practices, he explains how you can get into a forever investing mind-set. Once you accomplish that, you will make better, more stable, and more productive investment decisions.
- Sales Rank: #877359 in Books
- Brand: Michael Nowacki
- Published on: 2016-11-08
- Original language: English
- Dimensions: 9.00" h x .35" w x 6.00" l,
- Binding: Paperback
- 152 pages
- Forever Investing The Investment Strategy of History s Greatest Investors
About the Author
Michael T. Nowacki received a bachelor’s degree in economics from The Ohio State University and a master’s degree in financial economics from Ohio University.
He is the co-founder and owner of Forever Investing and Thrifty Investing. His interests include the American Revolution, Gilded Age, and golf architecture.
Most helpful customer reviews
3 of 3 people found the following review helpful.
Review by Seeking Alpha Contributor Matthew Waterman
By Matthew Waterman
They say that great minds think alike, and Michael has a great mind. I have known him for years, and every piece of advice he's ever given me is brilliant. His new book is not like most of what you'll find in the finance section. Like our mentor Benjamin Graham, this is intelligent investing, and an encompassing assessment of modern stock market psychology. I especially liked the paragraph in the opening chapter with the header: "Businesses are not static". So many investors today forget that the future is both something that exists, and is always changing.
The rest of the book is also excellent. He draws a clear distinction between when to buy and when to sell, and how to even find good opportunities in the first place. Most importantly, he covers how to both ignore and exploit the short-term foolishness that we encounter on a daily basis in the stock market. The reading is focused and easy to digest, and I recommend it whole-heartedly.
Best of luck in your future investing,
Matthew Waterman, Seeking Alpha Contributor.
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0 of 0 people found the following review helpful.
which is a good introduction or reminder
By Student
Just finished this book. It contains a lot of decent advice, in a general sense, to encourage long term investing. There are a lot of biographical stories that profile many long term (forever) investors, which is a good introduction or reminder, for those who knew about them already. The bad is that the advice is sort of overly broad, as nobody is truly a "forever" investor. Eventually, we die. We have a couple of decades, maybe forty or fifty years at most, realistically, in which to invest. While everyone would love to have started at age 18, and held until age 70, that just doesn't happen. The other problem is that the book encourages long term holding if you bought the right stock, and hold through periods of underperformance, since they are often a part of any long term strategy. However, if the stock doesn't perform well over the long term, don't buy it. (With apologies to Will Rogers.) Don't chase short term profits at the expense of long term success. That is the bottom line. The author seems to have his head and heart in the right place, by all accounts, but don't expect another Security Analysis or Intelligent Investor here.
5 of 6 people found the following review helpful.
Well-written and clear thinking on investing. Great contribution to value-investing!
By Joe Frankenfield
I highly recommend this book for anyone interested in reading an in-depth explanation of the investing concept “Forever Investing”, where earning above market returns is best achieved by purchasing outstanding businesses, with exceptional management and the intention of owning them forever.
While the Forever Investing approach to money management may not be suitable for everyone, as described in Chapter 1, those with a long-term time horizon, ability to endure the volatility of price fluctuations and invest within their “circle of competence” will best succeed utilizing the Forever Investing approach. It is clear that history’s most successful investors utilized the Forever Investing concept as explained through stories of Rockefeller, Carnegie, Mellon brothers, Warren Buffett, Phil Fisher, Ben Graham, Michael Steinhardt, Carl Icahn, Koch brothers and others.
The book dives into what makes up a Forever Investment. It describes both quantitative and qualitative aspects of a great business with a durable competitive advantage, importance of management and what to consider when valuing a business. It also touches on how Forever Investing applies to portfolio management, such as when to buy, diversification or concentration, risk management, and when to sell a business.
I think the concept of Forever Investing provides a great contribution to the value investing school of thought and a refreshing perspective on how to approach investing compared to the ever-shorter outlook on corporate performance so common to Wall Street analysts and other institutional investors. I love the line in the book, “Forever Investors think of their investment portfolios as holding companies or conglomerates, they are the purest definition of investors, with day traders being the most impure and speculative. Forever Investors strictly adhere to the famous line from Benjamin Graham: ‘Investing is most intelligent when it is most businesslike’”. After reading this book I’m convinced that the best approach to achieving above market returns is through Forever Investing.
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