- invest 10% of your income
- invest only in things you understand or when you happen to know someone who understands them
There is zero more insightful content in this book. And even these two insights are totally lacking, because they won’t tell you what investment makes sense these days.
I think we misunderstimate the impact a few fundamental lessons on finance can do to a person’s life. Especially when the person is oblivious to it.
I’ve seen it first hand multiple times now. I give away this book all the time and and have seen nothing but good come from it.
And to be less irrelevant, I do agree with you that a simple rubric that can be internalized by compelling stories can be very powerful in a person’s life.
If someone wants more concrete advice I usually point them to David Swensen.
If it's obvious that a given investment has good fallback value, then the market has probably factored that in already by the time you are investing. If it's not obvious, then the tip could be superseded by the more general one: "if you have information that most people don't and it makes you think that an investment will work, then go for it". But that is rather obvious, and the problem is to acquire that kind of information.