What's Good, Bad and Downright Awful in Canadian Investments Today (a Book Review)

It's been ages since I've reviewed a business book, mostly because business books usually bore me silly and seriously tax my attention span. It's a bit of a problem, particularly given my occupation, but there you have it.

Rob Carrick's latest though, comes highly recommended to me from a reliable source who assures me the book is an easy reader. I really like Carrick's Globe and Mail columns too, so I thought I'd give it a go.

The book at hand: Rob Carrick's Guide to What's Good, Bad and Downright Awful In Canadian Investments Today. Published in early 2010 by Doubleday Canada.

Right from the start the book strikes an off-beat, agreeable tone, starting with a discussion of how just how "polite, respectful (and, um, boring) most investment books are." (Right after my own heart!) From there, as promised, the book carries on in a very readable way with short paragraphs and a lot of clear headings, all organized so the material can be read in sequence, skimmed or referred to as needed.
The table of contents is excellent and the book includes a pretty good index too. Although there are topics included that we've seen before a few times over in the newspapers, these are all pulled together in one place (which is handy) using titles like "five killer interview questions that will help you avoid hiring a deadhead advisor" and "seven dumb rookie mistakes investors make and how to avoid them." Happily, the chapters are MUCH better than most of the regurgitated newspaper copy out there too.

Overall, the book is divided into seven chapters on mutual funds, navigating the stock market, bonds and GICs, DIY investing, investment advisers and information sources. At the risk of becoming dated, it also delves into specifics and recommendations that I suspect a lot of people will like: "Five great deals in fund land" or "Five essential exchange traded funds" and Carrick's dividend stock recommendations all jump rather quickly to mind.

Personally, my curiosity was piqued on seeing the section dedicated to "big, fat mutual fund industry rip-offs." I wasn't disappointed on reading it either. In fact, I think maybe everyone should. I also couldn't help but cheer when I saw the headings like "industry propaganda you can't take at face value" and "six reasons to stay away from principal-protected notes." (Amen!)

So anyway, some people aren't ever going to be interested in reading an investment book. For anyone who'd like even a hint of what really goes on with the money you invest during RRSP season though, this book is worth the read and worth shelling out the $19.95 ticket price. For those who already immerse themselves in personal finance, a lot of the material might be old hat, but it's still written in such a clear, no-bull, straightforward way that breezing through the 217 page volume for additional insight is not an onerous task by any stretch.

Kate McCaffery is a freelance writer in Toronto, Ontario. Visit mccaffery.ca/kate2.0/ for more information.