Rule #1

“Town's investment guide is manna from heaven… engaging and accessible… Town’s ability to break down that philosophy into a detailed, step-by-step program that can be understood by any reader with basic math skills is unique… will leave readers feeling empowered and ready to manage their money themselves.” —Publishers Weekly (starred review)

“Extraordinarily readable…provides investors with surefire tools to outperform costly advisors. Follow Town’s simple, time-tested precepts, and even unsophisticated investors will leave most mutual fund managers in the dust.” —Arthur Levitt, author of Take on the Street and former Chairman of the Securities and Exchange Commission

“A really smart, homework-driven read that tells you precisely how to do it. Rule #1 may be the clearest and best book out there to get you on the path to riches. This one’s special!” —James J. Cramer, host of CNBC’s “Mad Money” and Markets Commentator, thestreet

“Rule #1 is an investment Bible for our time. In fun, easy-to-understand words, Phil Town tells you how to buy quality stocks at a discount.” —Rich Karlgaard, publisher, Forbes magazine, and author of LIFE 2.0

“For the individual investor, Rule No. 1 should be, ‘Read Rule #1.’ This book debunks a lot of myths in the market and provides pearls of common-sense wisdom…Indeed, Rule #1 rules.” —Gene Marcial, Senior Writer, Business Week

“Rule #1’s common-sense, pragmatic approach is money in the bank. This step-by-step guide is methodically researched and terrifically accessible … Can you really beat the mutual fund mangers and so-called experts at their own game? Hell yes!” —Jonathan Hoenig, Portfolio Manager, Capitalistpig Hedge Fund, and regular contributor to Fox News Channel

“Rule #1 is probably one of the most inclusive, no nonsense, fundamental books about investing in the stock market I’ve ever read. This book is a must-read for everyone; from beginner students of the market to super know-it-alls.” —Danielle Hughes, President and CEO, Divine Capital Markets LLC

“A refreshing departure from those boring investing books… If you're tired of being shut out of how exactly the rich guys on Wall Street make money, this important book will teach you how to run with the bulls. It's priceless.” —Elizabeth MacDonald, Senior Editor at Forbes Magazine; regular, “Forbes on Fox”

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Title of ebook: Rule #1
ISBN: 9780307345752
parent-ISBN: 9780307336132
Publisher: Crown Publishing Group
Pages: 288
Published: 03-2006
Released online for download: 03-21-2006
Author of eBook: Town, Phil

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Rule #1

Chapter One

Table of Contents

Introduction: Make Money No Matter What 1

Chapter 1: The Myths of Investing 11

Chapter 2: Rule #1 and the Four Ms 33

Chapter 3: Buy a Business, Not a Stock 39

Chapter 4: Identify a Moat 53

Chapter 5: The Big Five Numbers 65

Chapter 6: Calculate the Big Five 95

Chapter 7: Bet on the Jockey 111

Chapter 8: Demand a Margin of Safety 132

Chapter 9: Calculate the Sticker Price 145

Chapter 10: Know the Right Time to Sell 172

Chapter 11: Grab the Stick 186

Chapter 12: The Three Tools 196

Chapter 13: Take Baby Steps 216

Chapter 14: Eliminate the Barriers 246

Chapter 15: Prepare for Your First Rule #1 Purchase 259

Chapter 16: Q&A 274

Glossary 293
Acknowledgments 301
Index 303

Chapter 1: The Myths of Investing

An expert is a person who avoids small error as he sweeps on to the grand fallacy. —Benjamin Stolberg (1891–1951)

The gold standard of low-risk investing is a ten-year United States Treasury bond, which, at the time of this writing, has a return of about 4 percent. Invest in nothing but these bonds and yo ... read full excerpt from: Rule #1 ebook

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