This book is different from what Mr. Rogers wrote before, which mainly talked about stock, investment. It's 12 letters to his two daughters, a 6-year-old and a 1-year-old at that time (2009). It's about lessons distilled from his life experience and provide the foundation for everything that has followed in his life, a mindblowing book that investors young or old will in some ways find something they can apply to their life. I love this book, so much so that I couldn't put it down until I finished it. Because it was for his young daughters, the language was simple but straightforward. It's very good for a reader who just finished "who moved my cheese" I recommended earlier.
For those who didn't know Mr. Jim Rogers, Mr. Rogers has a lengendary life experience. Born in 1942, Mr. Rogers was from a small racism town named Demopolis in the south of Rural Alabama. Then, he went to Yale and Oxford for his college in the 1960s. In the 1970s, he cofounded "Quantum Fund" with another well-known investor George Soros(索罗斯), and cumulated enough wealth to retire in less than 15 years. Here are some advices that Mr. Rogers gave us in this wonderful book:
1. Be yourself, don't let others do your thinking for you. All what others can provide are just advices. How to do it is totally up to you. Rely on your own intelligent, because we are born with the ability to decide what is and what isn't in your best interest. Love what you do.
"If you can't find what you love to do, keep looking, don't settle". ---Steve Jobs
2. Be different. Don't be carried away by mob psychology. When everyone is crazy about doing something, maybe it's time for you to get out. It could be difficult not to run with the herd, but the truth is that most long-term success stories are written by folks who've don exactly that. IF ANYBODY LAUGHS AT YOUR IDEA, VIEW IT AS A SIGN OF POTENTIAL SUCCESS!! When you are frantic to join a trend, you must steel yourself to do the opposite.
3. Learn philosophy, which trains you to think about things from different points. Learn history, which can give you evidence to refer to. And learn languages, especially Chinese mandarin, by which you are able to get the primary sources and really understand what happened in that country. As Nelson Mandela said, if you talk to people in their language, you talk to their heart not their mind.
4. Do extremely detailed research as you could before making important decision. Mr. Rogers really thinks highly of China. To fully understand this country, he visited China for several times and even lived there for a while. By clarifying the misunderstanding of this country, he successfully invested China B-shares in the 1990s.
5. Be ethical. Respect and follow the rules, laws, and ethical practices without which society cannot exist. Don't let yourself entangle in legal system.
6. Think wisely about whether the thing you are comtemplating doing or buying is really worthwhile. Always buy quality products. They last longer and retain more value. Always eat before going grocery shopping, otherwise you will end up buying more than you need.
7. Know who you are by understanding your weakness and acknowledging your mistakes.(知己知彼）Only when you recognize your mistakes will you be able to make the corrections necessary to put yourself on the right path.
Of course, this book also provides a lot of tips about investment which will be applicable to someone who needs advice. All in all, it is absolutely worth reading.