The Philosophical Investor: Transforming Wisdom into Wealth, by Gary Carmell
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The Philosophical Investor: Transforming Wisdom into Wealth, by Gary Carmell
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Living in Southern California, Gary Carmell has become very familiar with tectonic shifts: cataclysmic changes in the earth's crust that cause earthquakes and tsunamis.
Carmell has also experienced numerous tectonic shifts in the economic landscape in his nearly thirty-year investing career. Correctly anticipating economic trends has allowed his real estate investment and management firm, CWS Capital Partners LLC, to grow from assets of $250 million in the late 1980s to over $3 billion today.
CWS foresaw the collapse of manufactured housing in the late 1990s and anticipated a massive shift from homeownership to renting, prompting them to reposition aggressively for growth in apartment construction and management. Carmell feels special pride in the results his company delivers for its investors, as a result--long-term average annual returns exceed 13 percent--even during the Great Recession of 2007-2009.
Navigating turbulent economic markets and experiencing his two-year-old son's near-fatal stroke has taught Carmell that real success requires not only financial acumen, but also deep reflection. He credits Shakespeare, Hume, and Schopenhauer as his mentors, with more modern sages like Buffett, Soros, and Munger also guiding his actions. In The Philosophical Investor: From Wisdom to Wealth, he shares the insights he has gained along the way in the hope of inspiring a new cadre of critical thinking investors.
The Philosophical Investor: Transforming Wisdom into Wealth, by Gary Carmell- Amazon Sales Rank: #1064162 in Books
- Brand: Greenleaf Book Group Press
- Published on: 2015-03-17
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x 1.20" w x 6.30" l, .0 pounds
- Binding: Hardcover
- 272 pages
Review "The Philosophical Investor does a good job with some important topics: detecting patterns in events, controlling emotion, and recognizing the special moments that make for an exceptional investing record. It's well worth reading." -- HOWARD MARKS, Co-chairman, Oaktree Capital Management"The Philosophical Investor is a fascinating read reminiscent of both Fooled by Randomness and The Big Short in its discussion of the prerequisite ability of successful investors to recognize, avoid, and take risks that the crowd does not perceive. The track record of Carmell and his partners in building their firm is almost as enviable as the author's ability to describe the tenets of successful investing with wit and insight." -- HUGH FRATER, Chairman, Berkadia"Only Gary Carmell can infuse a deep and applicable understanding of investment philosophy by analyzing the words of Soros, Epicitus, and R.E.M. His calculated thoughtfulness in every real estate investment move has proven extremely profitable to my clients and me. As a wealth manager, I view Carmell's communications as valuable as he does Buffett's." -- BOB TABOR, VP, Richard P. Slaughter Associates, Inc.
About the Author Gary Carmell is President of CWS Capital Partners LLC. A Chartered Financial Analyst since 1997, he also holds an MBA from the University of Southern California.
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Most helpful customer reviews
4 of 4 people found the following review helpful. The Deep End Review By M.G. Guyton In twenty chapters, Gary Carmell provides an informative, sincere, and at times very touching account of his experiences working in the real estate investment market. Yes, I said touching. One of the first things I noticed when I began reading this book is that he loves and honors his family, appreciates his business partners, and sees his clients as people he needs to protect: not sources of capital. This, along with the unusual title, let me know that this book would be something different. It is not a step-by-step guide to get rich. Carmell never says, "this is how you can get rich...I would know, because I'm rich." If that is what you are looking for–this is not it. This book is about how an individual can become wealthy in their finances and in their life as a whole, and maintain that wealth through good and bad conditions. The author seems to genuinely want to pass this wisdom on to the reader. Not unlike in his investment strategy, he uses every tool at his disposal to get his points across. He even recommended other books to read on some topics, which I will do.The author uses his experiences and hard earned knowledge to present to the reader, in real time, why he made certain decisions and what influenced him; how he turned wisdom into wealth. In this way, it made me feel that I was getting a real understanding of what it takes to be a successful investor in various market conditions. It entails much more than buy this and short that. While you can try to use indicators to evaluate risk, you cannot predict what sort of chaos might plague your personal life or professional life at all times. Therefore, certain resilience is needed to mitigate bad circumstances. It also helps to have guiding principles to provide a sort of “continuity of operations” after the storm. Carmell has derived his guiding principles from many disciplines. His influences span the gamut from the likes of the following: Joni Mitchell, Shakespeare, Epictetus, George Soros, Warren Buffett, and more.He illustrates his practical philosopher approach to investing in a unique and impactful way. At times it feels like he his beating me over the head with concepts like Munger Moments (something he got from a deep statement made by Charlie Munger) and the use of variable rate interest loans, but in a way it had to be done. These concepts will stick with me and I’ve already experienced a Munger Moment of my own. This book is filled with lots of actual illustrations: charts, tables, and snippets from newspapers; all data that backs up his claims. And it has a large amount of quotes. A good quote can bring a point home, and there are some very good quotes. I’ve heard, “think outside of the box”, enough for one lifetime, but now I know a new quote that actually makes me consider its principle every now and then:“Talent hits a target no one can hit. Genius hits a target no one else can see.” -SchopenhauerThis is one of the few books I’ve read that I didn’t regret taking the time to read the introduction. The author really lays some groundwork in it so I suggest you read it. The first half of the book is focused on background of CWS and some financial and geopolitical history. Then, Carmell delves more into the philosophy of the philosophical investor. It is amazing to me that a book under the personal finance and investing category can offer so much in the way of how a person might live a more purposeful life. The first chapter is called Learning to Play the Game, which reminded me of a book by a metaphysician I read once called The Game of Life and How to Play It. That is the only other book I’ve read that has had such an immediate and positive impact on my thinking.There are so many take-aways from this reading: interest rates are likely to stay lower than I ever thought; so fixed rate isn’t the way the truth and the light, there’s more to fiat money than I realized, and the real estate market, like the monetary system in general, can hardly be avoided so I might as well learn a bit more about it. My biggest take-away was that I really ought to prepare. Prepare for the bad and prepare for the good. I can’t learn from or mitigate the bad without preparation, and I can’t fully capitalize on the good without preparation. I would like to maintain my sense of wonder (see Chapter 20). Some of the best Chapters:Chapter 3: “The Power of Partnership”Chapter 8: “Jacob—One in a Million”Chapter 13: “Let the Numbers Do the Talking”Chapter 15: “Know Thyself”Chapter 16: “Healthy Ecosystems”Chapter 20: “Wealth and Wonder”The author says that “shift” happens. Always remember that shift happens ...and you will probably be part of the floating few instead of the sinking many.I received this book from NetGalley and the publisher in exchange for a fair and honest review. This review is not for pay and is my opinion alone.https://thedeependreview.wordpress.com/2015/04/21/the-philosophical-investor/
1 of 1 people found the following review helpful. The Secret System Every Investor Should Know About By A. Bueno Gary did a great job writing about a diverse array of topics. I learned a lot about the investment process and he provided some key insight into how him and his firm think about the economic landscape. Of all the things I liked, I particularly enjoyed how Gary showed how everything was interrelated between his framework, the behaviors of the people, the economy, etc. This is one of the best books I have read this year and it has me thinking a lot about how I approach my investments.
1 of 2 people found the following review helpful. Not exactly... By Autamme_dot_com Transform your wisdom into wealth through actionable, considerate, philosophical investing and by learning about Gary Carmell and his successes. This is the aim of this book.In some ways it left this reviewer in a quandary. This book has some interesting stories but it did also have the potential to wander off the rails and lose its focus. It felt hard to establish a deep connection to the book and the urge to skim-read was rather too great.Real estate investing has been central to the author’s success although, it is claimed, a lot of the same advice and thought can be utilised in other sectors without modification. That made sense and you can understand the author’s thought processes. Many constituent parts can contribute to the total successful mix.Certainly you can pull a fair bit of knowledge and guidance out of this book but it is debatable whether this is capable of being a stellar, excellent resource rather than just one of many reasonable sources. If you get the opportunity to skim through it you might not feel your time has been wasted, yet can it be anything greater…?This is not a bad book – far from it – yet sadly for this reviewer that is about it. “One of many” rather than “the one” perhaps!
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