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Debunkery: Learn It, Do It, and Profit from It -- Seeing Through Wall Streets Money-Killing Myths (9781118077016): Ken Fisher, Lara Hoffmans: Books. Amazon Exclusive: Q&A with Author Ken Fisher What exactly is Debunkery? Debunkery is a comberation. Decades back my wife started calling all the semi-understandable words I made up “comberations”— an operation that is part combination, part abomination and yet you know largely what it means instantly. With debunkery, I hope you intuitively get that it’s myth debunking —with a twist. The twist is that it’s a game, of sorts. A serious game, of course, because we’re dealing with money and capital markets—serious topics. But games and play are part of how we learn. And debunkery—particularly in investing—is a game requiring dedication and practice. So, debunker means unearthing truths or, at the very least, overturning common but widespread and frequently harmful market untruths, myths, and misperceptions most investors fall prey to. Far too many investors believe their goal should be to be error-free. This is utterly wrong. All investors, even the long-term best investors, make many, many mistakes. See it this way—if you can be right on average 70% of the time over the long term, you aren’t just a great investor, you are a living legend. But that means being wrong 30% of the time. Your aim should be to understand you will make errors, while trying to avoid the commonest mistakes many (if not most) investors make. That can help you improve your long-term results. And Debunkery can show you how. It seems like everyone is so down on the stock market right now. What made you want to write a book about investing now? There’s a social tendency, easily documented, following all bear markets to continue to think all the problems newly emerged and envisioned in the previous bear market mean stocks can’t ever rise again—or at least not for a long, long time, usually defined as “the next decade.” Usually, folks then think we’re in a period where “it’s different this time”—Sir John Templeton’s famous “four most dangerous words in investing.” Actually, this concept is normal after every big bear market, and not “different this time” at all. The bigger the bear market, the more people are likely to remain dour and fearful for a long time afterward. And fear particularly makes people turn to the safety of “common wisdom” or follow those rules of thumb that “everyone knows.” Of course, it’s often “wisdom du jour.” But in Debunkery, I show that very often “common wisdom” isn’t so wise and is in fact a harmful myth. Doing debunkery helps you see more clearly what the harmful myths are so you can better avoid making long-term costly errors. Many people worry now that consumers won’t spend enough to help the economy recover, but you say consumers aren’t as important to GDP as people think. Is that right? This is an easy one to see right with debunkery because a lot of data exists around GDP and consumer spending. Consumer spending is over 70% of GDP—so it is very important! But consumer spending is also very stable—almost infinitely more so than people believe. It doesn’t fall much during recessions, so it needn’t come roaring back. I walk through the history of this in Debunkery. Most of what we buy is boring—toothpaste, health care services, rent, etc. We keep doing that even in bad times. The biggest part of spending is services—which is huge and re[6978] ‘…challenges and refutes common, widely held investing myths and misperceptions… bite-size chunks-where you can read one chapter or many…' (Euroinvestor.co.uk, October 2010). ‘…thoroughly recommended… If I were a novice investor, I'd make sure I read this book and memorised the first 32 lessons' (Financial Times, November 2010).
Shipping Weight: 2 pounds
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