Until 1851 Brittan had a ‘window tax’.
Theory being that wealthy people have more windows. It was eventually replaced by council tax. Legend says the term ‘daylight robbery’ came from the taxation. Many homeowners would brick over their windows to avoid the tax.
Now British property entrepreneurs find houses with the bricked over windows and shed some light on renovation profits!
I just bought a copy of the Business Review Weekly – Young Rich. Special edition. There are some really inspirational stories and worth a read if you’re in Australia.
I was left with two key messages:
“The Intelligent Investor by Benjamin Graham is by far the greatest book on investing ever written”….
Qualification of this statement is clear when Warren Buffet the worlds greatest investor and second richest man was the orator of the quote.
Here’s why it could also be titled The Intelligent Entrepreneur.
We cannot be great entrepreneurs unless we understand fundamental finance and investing principals.
This book holds all the keys to money and investing. Principals entrepreneurs ought know to play the money game. Simple principals which again and again prove true at the culmination of each investing bubble. The 1999 Dotcom boom & bust the most recent example. Make sure you get the version with the updated commentary by Jason Zweig pictured below. It provides modern day examples of the principals.
Heads up to Mr Facebook, Mark Zuckerberg. Advice from the intelligent investor would be for the owner to sell, and any buyers to reconsider. To have a business which justifies the billion dollar valuation would require approximately $100m a year in net profits. I’d guess Facebook is quite a way off when its turnover is currently $100m.
Warning: This book is an arduous read. With over 500 pages to wade through it takes its toll. But the lessons there in you’ll hold for a business and financial life time.