I didn't necessarily read this book for cerebral joy and value appropriation; but mostly to stay away from the cretins (I know what you're thinking; go look it up :P) on TV. It was a pleasant surprise to read that the author concurred with me on this. I can't seem to get done criticizing the media, thanks to the undue sensationalism and plethora of misinformation out there. Also, this post isn't a book review; there are enough reviews that you can find on the web anyway. For the uninitiated, the book was voted the investment book of 2005.
What I liked most were the quotes in the beginning of every chapter. The power of frugality of words when rightly used never ceases to amaze. Obama said to his kid before his inauguration speech, "I'm not as good as Lincoln. My inauguration speech is longer than Lincoln's; it will last 20 mins."
Second, I liked the analogies the author used to explain different concepts. One of the few books which made sure learning and having fun occurred concomitantly. Third, the effort to help the reader not just understand but put to use Modern Portfolio Theory which is the diversification of assets to maximize expected return (first order moment) for a given level of risk (second order moment) is commendable.
By tickling the underbelly of portfolio management, I learned the following: Expertise in investing comes not from the ability to forecast or time the market but by keeping faith in the core concepts of probability, ergodicity and Monte Carlo simulations. Sounds familiar?: when the whole world is following every move of Obama; why do you think I am any different? :D
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