Letter on investing


In 2007 I wrote a blog post on in­vest­ing. During the last five years, my view evolved a bit. People of­ten ask me how to get a fi­nan­cial ed­u­ca­tion. This is the lat­est email I sent on the topic.

From: Bolognese, Luca

Sent: 04 April 2012 16:52


Subject: RE: A fi­nan­cial ed­u­ca­tion

Disclaimer: this are just my per­sonal opin­ions drawn from my 10+ years of in­vest­ing, read­ing books and aca­d­e­mic pa­pers about it. I can jus­tify most state­ments be­low with some aca­d­e­mic ref­er­ence, but that would make this email too long.

Also some­one else might read the same ma­te­r­ial and come up with a dif­fer­ent opin­ion. It is a field that is prob­a­bilis­tic in na­ture and does­n’t lend it­self to cer­tain­ties. For ex­am­ple, you can make a lot of money out of an in­vest­ment and still be wrong to have made it. And con­versely.

Our brains don’t work well in such fields.