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Cheap Is Good

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September 02, 2011 – Comments (8)

Now, if there's one think I love, it's a bargain. And I've found an interesting source of them lately.

 

There are a number of thrift shops/Goodwill/Salvation Army stores in the area. And I've noticed that it is worth browsing the books area for financial books.  Usually five minutes spent looking at the hard covers will find something good, and at a dollar or two a book, it's pretty hard to go wrong.

In the last few months I've found a David Dreman book, two Porter (the corporate strategy guy) books, The Millionaire Mind, a good FT text on options trading and some biographies of interesting business people. I'm out a total of $8 something for this. Either of the Porter books is about three times that.

I think the deal is that the people that shelve the books can tell the difference between hard cover and paperback and fiction and non-fiction, but that's about it. So you have serious financial text books next to books on colon cleansing and why vaccinations cause earthquakes.

So give the next thrift shop you see a look. Every investor should have a good library of books on business and finance and if you can pick up some good ones on the cheap, so much the better.

 

Which brings us back to the market. I don't think it is cheap yet, But it might be getting there. So pick your targets and get ready to buy when terror stalks the The Street and people are panic selling. 

8 Comments – Post Your Own

#1) On September 02, 2011 at 11:38 PM, rhallbick (99.39) wrote:

Every once in a while, I see someone on Antiques Roadshow with something valuable that they had picked up in a thrift shop.  It's all about recognizing a good deal when you see it, kind of like stocks.

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#2) On September 03, 2011 at 2:35 PM, SolarisKing (< 20) wrote:

Which brings us back to the market. I don't think it is cheap yet, But it might be getting there. So pick your targets and get ready to buy when terror stalks the The Street and people are panic selling.

 

I called a 1080 way back in January, and still think it might happen on this pull back. I certainly don't think we're out of the woods yet, as far as larger issues go. It might take years to hit 'bottom' in america.

nice tip on the books. thanks.

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#3) On September 05, 2011 at 10:32 AM, lemoneater (71.40) wrote:

:) My husband jokes that every thrift shop needs to have a Lee Iacocca book or it isn't a proper thrift shop.

You need to visit Scotland: the birthplace of thrift shops. There is a whole string of thrift shops in Dumfermline. I had never seen so many together in one place in my life. It was interesting to see what was the same and what was different. The shops there had more bone china and a few really old books, but some of the junk looked like junk anywhere--really old sweaters, tired lamps, etc. It was somewhat reassuring. 

My co-workers regularly treasure hunt at the local Goodwill. They are thrilled when they find brand new clothes with the tags still on them. I mostly look at the books since I'm a pretty eclectic reader.

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#4) On September 22, 2011 at 12:26 PM, dwot (46.36) wrote:

Oh, oh, I see you on top fool right now.

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#5) On September 22, 2011 at 9:02 PM, BuffettJunior1 (97.70) wrote:

Congrats on being top fool! Enjoy it while it lasts because I will soon be the top-dog lol.

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#6) On September 22, 2011 at 9:33 PM, DorminABC (99.92) wrote:

King Babo is dead. All hail King CHK.

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#7) On September 23, 2011 at 12:32 AM, egobasher (31.47) wrote:

Question is, is anyone calling you, any interesting mail, and what about MF clan, any contact.

To bad it is a game with no bennies.

I'm also interested in the game, it is all about playing, not about what comes later.

Of course it helps that you made it.

Congrats.

See you soon! 

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#8) On September 26, 2011 at 2:01 PM, Turtleread (67.20) wrote:

Nice little article.  I too love thrift stores.  Congrads on getting to Top Fool!

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