Warren Buffett’s friend, Robert P. Miles, Praises Millionaire Teacher

Put away your checkbook.  Instead give this fabulous book to every young person and you will be gifting them a lifetime of financial independence and success.

Robert P. Miles

Author of: Warren Buffett Wealth, The Warren Buffett CEO and Warren Buffett’s Berkshire Hathaway

Few people have greater knowledge and access to Warren Buffett, than Robert Miles. 

As a best-selling author, and one of the world’s authorities on the Oracle of Omaha, I was thrilled at how he enthusiastically embraced my manuscript for Millionaire Teacher, The Nine Rules of Wealth You Should Have Learned in School.

Mr. Miles is a stock picker, and his generous support for my book had me breathing a sigh of relief:  after all, my book’s final chapter is about picking stocks, like Warren Buffett.  And Robert Miles is an expert in that vein.

Shifting topics a bit…..

Last week, Robert Miles sent me an update on Warren Buffett’s bet that hedge funds don’t add a heck of a lot of value for investors, thanks to their high fees.  …read the article

In 2008, Protégé Partners LLC, a New York money-management firm, decided to wager Buffett that a fund of five hedge funds (selected by them) would beat a S&P 500 index fund over five years.

Shortly after the bet, the markets collapsed.

And the hedge funds took an early lead, based on their ability to invest in more than just the stock market.  But over the past two years, the S&P 500 has gained ground.  And I’m with Buffett on this one.  After all fees, I think the S&P 500 will beat the hedge funds.

Having said that, here’s a more interesting comparison:

Considering that the hedge funds are allowed to invest in more than just the stock market, they should do better when markets fall.

But are they ahead of a simple, Vanguard balanced index fund between 2008 and 2010?  After all, a balanced fund has stocks and bonds within it.

The Protege hedge funds were down 4.2 percent, from 2008 to 2010.

A balanced index with Vanguard (with no fast-thinking fund managers at the helm) would have grown 5.9 percent from 2008 to 2010.  I wonder if the hedge fund managers are embarrassed by that.

And I wonder if Robert Miles is smiling.

 







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andrew hallam

andrew hallam

I’m a financial columnist for Canada’s national paper, The Globe and Mail, as well as for AssetBuilder, a financial service firm based in Texas. I’m also the author of Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School (Wiley 2011) and The Global Expatriate’s Guide To Investing: From Millionaire Teacher to Millionaire Expat (Wiley 2015). My mission is to educate, motivate and inspire people on basic retirement planning and best practices for investing, using evidence-based strategies. I'm happy to comment on your questions. However, please read the Terms of Use.

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6 Responses

  1. It's definitely amazing the feedback you are getting. I feel you are lining up a best seller already. Can't wait to get the book. My kids are just at the right age 🙂

    • Thanks Passive,

      I'm definitely pinching myself!

      And I have to say, the way you track your passive dividend income and post it is hugely inspirational for your readers. I cheer you on every time I see it. And it really lets people see a sound, step-by-step process towards financial freedom. Congrats!!

  2. I can't wait to get my hands on your book Andrew.

    Amazing support!

    Keep pinching yourself, you've earned it 🙂

    • Thanks Mark,

      It's still funny to me: that books get reviewed before getting published.

      Hey, if you get a chance, let me know where you think my name should go on the cover, and in what font.

      Should it be on the blackboard, in typed font or handwritten style?

      Or should it be in typed font or handwritten style, just a bit further down the page from where it is?

      Here's the Amazon link. http://amzn.to/millionaireteacher

      If you have time, I'd love to hear your suggestion.

      Thanks!

  3. larry macdonald says:

    Congratulations, Andrew.

    Good to see the book published. I too look forward to reading it

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