I am still searching for the “Joy of Investing” which would be the investment equivalent to the only cookbook my mother owned (The Joy of Cooking). However, there are no cookbooks for how to invest in high yield securities or when to use mutual funds or ETFs to buy into a sector of the economy. You occasionally get a glimpse of the mindset of the most successful hedge fund managers like Ray Dalio (Bridgewater Pure Alpha) and George Soros (Quantum Endowment Fund), Peter Lynch (One Up On Wall Street), Graham Dodd (Security Analysis), Seth Klarman (Margin of Safety) Lawrence Cunningham (The Essays of Warren Buffet), Robert Kiyosaki and Sharon Lechter (Rich Dad, Poor Dad), and Robert-J-Shiller (Irrational Exuberance).
There are also letters to shareholders and investors. There are great investment books and articles. It made me wonder why there is not a definitive cookbook for investing like the “Good Housekeeping Guide To Asset Classes”? Maybe it is because investing is not like cooking? Maybe it is because the common ingredients are not available to all? Or, possibly, it is because the investment world is all about fee for service and there is little sharing of investment secrets? Who Will Publish “Joy of Investing” It is a miracle to me that these recipes produce superb food every time. While I doubt her modesty I do see her following closely the step by step recipes for dishes from Ina Garten, Giada DeLaurentiis, Mario Batali and James Beard that run from the mundane (roast chicken) to the exotic (Merguez). She claims it is all about following directions and has little to do with inspiration or special talents.
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