The Single Best Investment: Creating Wealth with Dividend Growth, is the title of a classic investment book first published in 2006 by Lowell Miller, who heads Miller/Howard Investments.
It came to my attention via Wes Moss, who I interviewed for an upcoming MoneySense column, whose book You Can Retire Sooner Than You Think we reviewed here at the Hub. I mentioned the book in passing last week in this MoneySense blog last week. That blog focused on asset allocation but provided a big hint about Miller’s philosophy: there’s no place for bonds in Lowell’s investment worldview.
The book’s first chapter sets the tone in its title: Say goodbye to bonds and hello to bouncing principal. Like many stock believers and bond haters, Miller takes it as a given that the investing environment generally includes inflation. Since “safe” investments like t-bills, bonds, money market mutual funds and CDs (Certificates of Deposits in his native USA; known as GICs in Canada) are all “poor investments because what they give is less than inflation takes away.” Read more
I was a bit slow to pick up on a nice review of the book by the Boomer & Echo blog the other day. You can read it here as well as a score of comments from others who have read the book, most of them fairly positive. “Wealthy Barber on speed!”
Speaking of Findependence Day, I’ve decided to raise my own personal FD from the previous age 62 to age 64. I’ll explain why in another blog but it has nothing to do with the government’s trial balloon to raise the OAS eligibility age gradually from 65 to 67.
Speaking of government, today it was announced that the federal budget will come down March 29th.
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Andrew Hallam, author of Millionaire Teacher, has just reviewed Findependence Day on his blog. Despite being an English teacher, he confesses he doesn’t read a ton of fiction and when he does, tends to be a tough critic. On the other hand, his long-standing interest in personal finance means he’s read hundreds of financial instruction books. So it’s nice to get his thumbs up on Findependence Day, which is a hybrid of a novel and financial primer. Here’s the review and thank you Andrew. The Wealthy Boomer blog had reviewed Millionaire Teacher a few months back.
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