Payback time

In 'Payback Time', Phil Town explains the flaws in mutual fund investing, highlighting that only 4% of fund managers consistently beat the S&P 500 index.

The book introduces the concept of 'stockpiling', a risk-free approach to investing in the right businesses at the right time.

Town provides practical rules for long-term investing, emphasizing the importance of understanding the difference between price and value.

The book is designed to be accessible and practical for new investors, offering a clear and conversational guide to finding, valuing, and selecting companies for investment.