Book Review # 3 by Narendra Gupta
-A
Father’s lessons for Life and Investing
Author: Jim Rogers (Full Name: James
Beeland Rogers, Jr.)
Something about the Author:
An
American Author, and a flamboyantly adventurous world traveler, a celebrated
investor who made his fortune before he turned 40. Rogers is the chairman of
Rogers Holdings and Beeland Interests, Inc. He co-founded Quantum Fund
with George Soros and Created Rogers International Commodities Index (RICI). He
has traveled twice around the world, once on a motor bike and the second time
along with his wife on a custom made Mercedes passing through 116 countries
covering more than 245,000 Kms making it a Guinness World Record. Among the
other books authored by Jim includes Investment Biker: Around the world with
Jim Rogers (1994), Adventure Capitalist: The ultimate Road Trip (2003); Hot
Commodities: How anyone can invest in the world’s best market (2004); and the
most recent one, Street Smarts: Adventure on the Road and in the Markets
(2013). A Gift to my children was first published in the year2009.
(Source: http://en.wikipedia.org/wiki/Jim_Rogers)
Brief Background and Why I read
this book:
Sanskriti’s
(My daughter) first birthday was approaching. I was looking for a memorable
gift for my little doll. I came across this book on one of my random visits to
office library. The title ‘A Gift to my children’ called for my attention.
I thought, maybe this book can give me some insights, maybe not an
immediate one but presenting a lifetime surprise for my little angel.
Enough reasons for me to give the book a reading treat!
Book Review:
‘A
Gift to my Children’ is a quick read with a good advice. I would call it as an
author’s account of tips and views on how to invest in economy and yourself.
Jim Rogers has shared a heartfelt, essential guide – supposed pearls of
wisdom for his two little daughters (and symbolically every young investor)
added with his paternal compassion, protectiveness, and love. With all his life
experiences, the writer has shared his secrets of a prosperous and well lived
life.
In
this book he tells his daughters many anecdotes about his experiences to
illustrate old-fashioned nuggets of fatherly guidance. Rogers inspires with
words of wisdom like think for yourself, see the world, be
persistent, focus on what you have passion for, and trust
your own judgment.
He
recommends saving money, cultivating good habits, working hard, studying and
thinking about the future. Further, he has endorsed the need to learn history,
philosophy; and Mandarin (Chinese language) for 21st century
will be the Century of China (especially with regards to investment).
Throughout the book, he brings ups the subject of China and how it is a
great investment opportunity illustrating his success journey. Further, he
stresses the need to know thyself. One must understand his weaknesses,
strengths and acknowledge his mistakes in order to become better at it. We must
recognize Change and embrace it willfully.
I
found this short book rich in life lessons and investing ideas an enjoyable
read. In fact it is quite a short and (literature wise) an easy read. Like my
previous reviews, here, I will be sharing summary of the book highlighting the
takeaways from each of the chapters. Divided into 13 Chapters, the Book is
adorned with valuable lessons applicable not only to children but adults
alike.
Type
of People who will like this book
The
book is meant to be a gift of thoughts to his little daughters. And as such the
language is made simple for the read of school going kids. Every teen and
undergraduate would love to read this book. By this and by no means I say that
others would not like this book. In fact the meaning the book transcends is
well worth it and I would recommend reading this book to every individual at
least once (and at most twice). This is a very light material and one can
finish it reading in one go (read). One advice for you, if you can borrow
it from library, it would be the best choice as I won’t recommend purchasing
this book. You can even skip reading the book, if you go through my Summary
after the review.
What
I didn’t like to some extent
Without
taking away any credit for the voluptuous and meaningful content in the book, I
found it to be somewhat boring at places especially when he advocates the
Chinese economy and learning Mandarin. This may be because I have my own
limitations of thinking and perceptions about financial investment. Another
reason was, he had shared some old and known stuff which did not sound that
motivating to my ears and mind. Moreover, for a better part of the book, the
information shared will be of little use until the girls make it to the
University and study a course on Finance. Also, he has shared more of his
successes rather than failures. These are few things which didn't bode well with
me.
Narendra’s
rating for A Gift to my Children - A Father’s lesson for Life and Investing:
For
its rich, useful and meaningful content, for the ocean of love a Father had
shown for his two little daughters, For its simplicity of words, and for few of
its un-convincing and thoughts with pros and cons, I give it a six on ten i.e.
(6/10)
My
favorite catchwords / phrases / quotes in the book:
“If
anybody laughs at your idea, view it as a sign of potential success!”
“No
one ever became a standout success by imitating others. “
“Dedicate
yourself to what you feel passionate about”
“There
is always something you can be doing. When there’s nothing else to do, dust the
shelves. “
“Most
perceived wisdom is a misconception”
“If
everyone is thinking the same thing, someone is not thinking”
“Everyone
would be a millionaire if he could read a newspaper from the future”
My
Final words:
This
is definitely an enjoyable read and would recommend reading it once to every
graduate and young professional. It is just not an investment advice but
contains real meat to give you clarity about life. Rogers has provided his own
personal and emotional connections to the Book. It is a nice reminder of what
life is for and the important pieces that people neglect. Independent thinking,
being a world citizen and no-stone-untouched are key elements for any
successful and long term investors or entrepreneurs.
I got
the idea and felt the urgent need to have financial literacy for the first time
from this book only. (Currently I am reading my second book of the genre: Rich
Dad Poor Dad) This is certainly not a reference guide for investors and one
must not expect too much on investment front.
More
than anything, I love the fact that Jim Rogers who became Father (for the first
time) at the age of sixty-one, found so-much time and commitment added with all
his personal and emotional touch to write a book especially for his two little
angels. I am sure, Happy and Baby Bee (his two little Daughters) will be proud
of the fact that his father not only took time to write a book for them but
also put his heart into it. Sanskriti is already a year older now, and I ponder
on what will be my Gift to my cutie pie which She will be proud of oneday…..
Book
Summary:
Rogers
starts with an introduction, an open letter to his two little daughters Happy
and Baby Bee, who were under 7 at the time of publication. (Rogers married for
the second time in his 60s and became a Father). He expresses his desire
to share his life experiences and all that his two little angels should know to
lead happy and successful lives.
Chapter
1: Swim your own races: Do not let others do your thinking for you –rely on
your intelligence
Quite
evident from the title of the chapter, Rogers encourages his daughter to live
their own life and nobody else’s (not even Mom’s, Dad’s dream), understand
what’s important to you and what you want from Life before turning to others.
Supported with several instances and examples from his personal life, he puts
forward few robust thoughts and ideas for everyone. Here, am quoting a few
lines living a positive impression on me... (And I thought, it would be of some
help to each of you reading me)
“If
anybody laughs at your idea, view it as a sign of potential success”
If
people around you try to discourage you from taking a certain course of action,
or ridicule your ideas, take that as a positive sign. Sure it can be difficult
not to run with the herd, but the truth is that most long-term success is
written by folks who have done exactly that. (Para2, Page5)
“Be
who you are. Be original! Be bold!”
Take
a good look at men and women who have been successful in their fields. Now,
anyone can get lucky once, but I am talking about people with a sustained record
of success. This is true with individuals or companies too. For example,
look at Apple computer. Steve Jobs and company refused to accept the
conventional wisdom that they would be flattened by Giants IBM and Microsoft.
Today Apple is thriving with their high quality innovative products. (Para1,
Page8)
I
want you to pursue your own desires and aspirations with that kind of courage
and devotion.
No one ever became a standout success by imitating others.
Later
in the chapter, he has urged to be ethical in all you do. Honorable
people don’t find themselves entangled in legal problems, and they always come
out on the top in the long run. He concluded by uttering the need to
save money and not to fall in the trap of spending money willy-nilly.
Chapter
2: Focus on what you like
“Age
is irrelevant when you are passionate about a goal”
Rogers
started his first business in 1948 at the age of six. I am sure there are
countless other examples to illustrate this fact.
“Dedicate
yourself to what you feel passionate about”
The
quickest way to success is to do what you like and give it your best. (Para3,
Page 12)
The
least happy people I know are those stuck in jobs they don’t love; many because
they can’t imagine giving up a pay check .In my elementary school, I had a
teacher named, Mrs. Martin who brought to life every subject she taught. She
always seemed happy and excited to see us…she clearly received a great deal of
satisfaction from us.
Even
early on, I would have worked for free had I been able to afford it. People who
follow their passions do not “go to work”. They get up each day and
cannot wait to have more fun doing what they love to do. (Para2,3, Page
13)
Chapter
3: Good Habits for Life and Investing
“Be
a self-starter”
I
love the idea of being a self-starter. Even early on in his (Roger’s) life he
impressed his employers with the kind of commitment he displayed towards his
work. Here’s citing few inspiring words from the chapter.
There is always something you can be doing. When there’s nothing
else to do, dust the shelves. (Jim Roger’s Uncle, Jim Sr – Para1, Page 15)
“..but this kid never stops. He has the right attitude, he has the
proper approach, and I want him working for me...” (Jim Roger’s Employer
speaking for Jim, Para2, Page15)
“Attention
to detail is what separates success from failure” - This one is a critical and perhaps
the most important lesson as far as I am concerned. On multiple occasions I had
to satisfy with ordinary outcome whenever I ignored this fact. Quotes
from the legend himself:
If
you love and care about what you do, you will naturally want to do the best
that you can. The most common reason why people do not succeed is that their
research is faulty or limited to the confines of what is immediately available.
Only through meticulous research will you obtain the knowledge necessary for
success. It requires abundant work and diligence, but the effort will give you
a distinct advantage over your competitors. (Para3, Page15)
“Live
your Life with a dream”
Investing
around the world exposed me to a range of cultures and different people.
Rogers
had a dream – ‘seeking adventure by exploring the world’. And not only once but
he did it twice.
Chapter
4: Common Sense? Not so common
“Most
perceived wisdom is a misconception”
I
cannot agree more when he says “The most popular beliefs embraced by larger
society are often mistaken.
“Common
sense is not so common.”
“If
everyone is thinking the same thing, someone is not thinking”
Chapter
5: Your education, Part 1: Let the world be a part of your perspective
1990:
I spent 22 months traveling through 6 continents on a motor cycle.
1999:
On my second trip, which started in 1999, your mother and I traveled a total of
245,000 kilometers in special Mercedes through 116 different countries for
three years.
Understand
the significance of BRICs: “BRICs” – a popular acronym in the world of
investing. BRICs refer to the thesis currently popular with investors and
Politicians that Brazil, Russia, India and China are destined to be the world’s
leading economies by the year 2050, and therefore are rife with investment
opportunities.
My
experience and time spent traveling leads me to feel bullish about Brazil and
China, bearish about Russia and skeptical about India.
“Be
open to people who are different whether at home or abroad”
“Keep
an open eye and be a world citizen!”
If
everyone saw himself as a citizen of the world rather than of his own town,
city, or country the world would be a more peaceful, better place.
Of all the adventures I have had in my life, you, my daughters,
are the ultimate adventure.
Lovely!
Isn’t it. This shows his deep and heartfelt connection to his daughters. He
encourages his daughters to be a world citizen and not to limit themselves with
boundaries and place in the following words:
We
hope you will always view the whole world as your home and not be so hidebound
that you limit your horizons and possibilities.
Chapter
6: Your Education, Part II: Learn Philosophy, Learn to “think”
In
this Chapter, Rogers has emphasized the need to learn philosophy which helps to
learn to think for oneself.
“Philosophy
will teach you how to think for yourself “
You
must know yourself if you want to accomplish anything in life. I am referring
to the simple art of thinking for yourself. The ability to seek other
explanations and to think around corners will serve you well.
Chapter
7: Your Education, Part III: Learn History!
“A
macroscopic view of the world is what you need.“
I
want you to study history. I want you to understand the changes taking place in
the world from a macroscopic perspective; by that I mean that I want you to
understand the big picture of how the world works and has always worked.
“History
will show you which force drives markets “
Chapter
8: Your Education: Part IV: Learn Languages (and Make sure that Mandarin is one
of them!)
“Mandarin
will be the next global language.”
People
who can speak or read other languages have a great advantage over those who
don’t. when it comes to investing, you can research primary sources and speak
to people in their own languages.
Chapter
9: It is the century of China
Rogers
encourages investors to invest in Chinese stocks and goes on to say the 21st century
belong to China with huge capital investment prospects.
“Pay
attention to the major changes taking place in the world now.”
“Buy
Chines stocks and buy the future of this country.”
Chapter
10: Know thyself by understanding your weaknesses and acknowledging your
mistakes.
“Know
who you are”
Look
yourself in the mirror and ask what drives you. If you can understand these
things upfront, you are more likely to be able to keep your head in a crisis.
Also observe how you react to mistakes so that you can respond more
constructively the next time the things go wrong.
“People
are easily carried away by mob psychology."
“Do
not panic. Learn the psychology.”
A
good rule of thumb is to sell during times of market hysteria and buy during
times of panic. Always remember to buy low and sell high.
Chapter
11. Recognize change and embrace it.
“Everything
changes everything.”
Regardless
of your perspective, refusing to accept the change is like swimming against the
current of a thunder river. Try to resist the force and you will not last very
long.
No
one has defied the principle of supply and demand and survived
“Change
can be a catalyst.”
“Dealing
with Change”
Chapter
12: Look to the future!
Everyone
would be a millionaire if he could read a newspaper from the future
Many
countries will come apart.
Women’s
era is approaching!
Pay
attention to what everybody else neglects.
The
more certain something is, the less likely it is to be profitable.
Do
not think in terms of what you wish.
Never
act upon wishful thinking. Act without checking the facts and the chances are
that you will be swept away along with the mob.
Chapter
13: Lady Luck smiles on those who continue in their efforts
Do
your homework, or you will end up with a glass bead
Once
you take that first step towards your dream, put your full effort into it. Do
your homework. If you want to succeed, you must never neglect it.
The
arrogant are blind to the truth.
If
you let vanity and self-importance takeover you will lose all that you have
achieved. Ignorance is born of an out-sized sense of self- importance
Only
quality and service work over time.
Do
not stop when you are working toward your dream.
I
want you to fulfill your dreams because that is my dreams too. As your father,
I wish for you a lifetime of happiness and fulfillment. I want you to pursue,
without pause, whatever it is that stirs your passion. Keep working toward your
dream, not someone else’s, and not mine either.
Epilogue:
The
devil of life is always in the details. So, I thought I’d close by giving you a
series of little rules that have guided me well.
- Always buy quality
products. They last longer and retain more value
- Never ask someone how
much money he or she makes.
- Do not get married until
you are at-least 28 and know a bit more about yourself and the world.
- Learn to stay calm –
especially in times of pressure or turmoil. You will make much better
decisions plus everyone will notice you are calm under pressure when
others are not.
- Once you do get to know yourself,
remember who you are stay with it.
Narendra
Gupta
Sunday,
27 Oct 2013; 11:30pm
