I'm chugging through it now and I've found it pretty interesting. I've never had much interest in trying to stock pick, but the book has given me some interesting takes on equity investing aside from just S&P 500 and sector index funds.
Is there anyone that feels they've improved their investment philosophy after reading Get Rich Carefully (or Jim's other books)? Is there anyone that actively manages their personal portfolio that has further reading recommendations?
I read some of Cramer's earlier books and they did help with getting up to speed with some of the concepts that more experienced people take for granted or just consider common sense in the markets and investing. I take Cramer's approach simply as buy strategically, do your homework on your positions, always keep re-evaluating to see if the position still makes sense in your portfolio, cut the ones that don't anymore, and let your winners run.
Frankly I don't have the time every day or week to keep track of all the positions I would like to. I do have time to study asset allocation and then choose diversified investment products like ETFs to give me the type of asset allocation I'm looking for. This way my risk is spread out across a diversified basket of securities. If it's market cap weighted which I like, I know that a losing stock's influence and impact on the portfolio will be replaced by another company that essentially takes it's place within that diversified product which is a portfolio in an of itself. So I think of myself as a Fund of Funds manager in a way. My goal is to get the best return, within the risk I'm comfortable with, for the lowest cost.
For continued reading I like to keep up with daily news and blogs that do focus around asset allocation, big picture breakthrough and disruptive technology news like 3D printers creating human organs or bitcoin. I also try to study market sentiment which involves technical analysis principles.
I don't personally analyze individual securities much as like I said I don't have much time for it. I'd rather analyze a market on the whole and invest in a market. I feel I can get a sense of it's direction much better than I can for any individual security.
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