Phil Town's book Rule #1 Investing rejects the concept of diversification and argues that investors can beat the market by investing in a select few stocks. The book gives advice on how to choose companies with a durable competitive advantage. Although Phil Town suggests that his strategy can generate 15% returns, the idea of picking individual stocks goes against the current wisdom of simply "buying the market" with an ETF or low cost mutual fund. Join me in this book review as I discuss the good, the bad, and whether or not I recommend the book.
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