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A timeless approach to investing wisely over an investment lifetime With the current market maelstrom as a background, this timely guide describes just how to plan a lifetime of investing, in good times and bad, discussing stocks and bonds as well as the relationship between risk and return. Filled with in-depth insights and practical advice, The Investor's Manifesto will help you understand the nuts and bolts of executing a lifetime investment plan, including: how to survive dealing with the investment industry, the practical meaning of market efficiency, how much to save, how to maintain…mehr
A timeless approach to investing wisely over an investment lifetime With the current market maelstrom as a background, this timely guide describes just how to plan a lifetime of investing, in good times and bad, discussing stocks and bonds as well as the relationship between risk and return. Filled with in-depth insights and practical advice, The Investor's Manifesto will help you understand the nuts and bolts of executing a lifetime investment plan, including: how to survive dealing with the investment industry, the practical meaning of market efficiency, how much to save, how to maintain discipline in the face of panics and manias, and what vehicles to use to achieve financial security and freedom. * Written by bestselling author William J. Bernstein, well known for his insights on how individual investors can manage their personal wealth and retirement funds wisely * Examines how the financial landscape has radically altered in the past two years, and what investors should do about it * Contains practical insights that the everyday investor can understand * Focuses on the concept of Pascal's Wager-identifying and avoiding worst-case scenarios, and planning investment decisions on that basis With The Investor's Manifesto as your guide, you'll quickly discover the timeless investment approaches that can put you in a better position to prosper over time.
William J. Bernstein, PhD, MD, is a bestselling author known as a grassroots hero to independent investors. Formerly a practicing neurologist, Bernstein approaches the problems of saving and investing as someone who had to figure it out for himself--from first principles up. He is the author of The Intelligent Asset Allocator and The Four Pillars of Investing--highly regarded, plain-spoken guides on how to build a diversified portfolio without the help of a financial advisor--the editor of the asset allocation journal Efficient Frontier, and the founder of the popular website efficientfrontier.com. He has also written two volumes of economic history, The Birth of Plenty and A Splendid Exchange, and is a coprincipal in Efficient Frontier Advisors.
Inhaltsangabe
Foreword ix Preface xiii Chapter 1 A Brief History of Financial Time 1 In the Beginning 2 Near-Death in Venice 8 The Incredible Shrinking Risk Premium 11 Summary 12 Chapter 2 The Nature of the Beast 13 Of Ravens and Returns 13 History versus Math 18 Mr. Gordon's Curious Equation 25 Math Detail: The Discounted Dividend Model 29 Home Sweet Home? 35 Adventures in Equity 38 Math Detail: Risk 43 Throwing Dice with God 47 Gene Fama Looks for Angles and Finds None 49 Sandbagged by a Superstar 52 Jack Bogle Outfoxes the Suits 56 It Is Better to Be Lucky Than Smart 63 Bond Funds: A Flatter Playing Field 64 Summary 65 Chapter 3 The Nature of the Portfolio 69 Four Essential Preliminaries 71 The Asset Allocation Two-Step 74 Math Detail: Mean-Variance Analysis 83 With Luck, Zigs, and Zags 84 Chasing Rainbows 88 Summary 93 Chapter 4 The Enemy in the Mirror 95 Inner Demons 97 Behaving Badly 100 Bargain-Basement Psychotherapy 116 Summary 125 Chapter 5 Muggers and Worse 127 The World's Largest Bad Neighborhood 128 The Fund Funhouse 135 Summary 142 Chapter 6 Building Your Portfolio 143 Financial Planning for a Lifetime: The Basics 143 Saving for Retirement: Nuts and Bolts 145 How to Save: Dollar Cost Averaging and Value Averaging 152 Four Investors, Four Plans 154 The Rebalancing Question 166 Math Detail: Rebalancing, Momentum, and Mean Reversion 169 Teach Your Children Well 172 Summary 174 Chapter 7 The Name of the Game 179 Investment Theory and History: The Short Course 180 The Portfolio Theory of Everything 181 We Have Met the Enemy, and He Is Us 181 Heads I Win, Tails You Lose 182 Fire When Ready 182 The Books You Need . . . Aged Like Fine Wine 185 Notes 188 Acknowledgments 193 About the Author 195 Index 196
Foreword ix
Preface xiii
Chapter 1 A Brief History of Financial Time 1
In the Beginning 2
Near-Death in Venice 8
The Incredible Shrinking Risk Premium 11
Summary 12
Chapter 2 The Nature of the Beast 13
Of Ravens and Returns 13
History versus Math 18
Mr. Gordon's Curious Equation 25
Math Detail: The Discounted Dividend Model 29
Home Sweet Home? 35
Adventures in Equity 38
Math Detail: Risk 43
Throwing Dice with God 47
Gene Fama Looks for Angles and Finds None 49
Sandbagged by a Superstar 52
Jack Bogle Outfoxes the Suits 56
It Is Better to Be Lucky Than Smart 63
Bond Funds: A Flatter Playing Field 64
Summary 65
Chapter 3 The Nature of the Portfolio 69
Four Essential Preliminaries 71
The Asset Allocation Two-Step 74
Math Detail: Mean-Variance Analysis 83
With Luck, Zigs, and Zags 84
Chasing Rainbows 88
Summary 93
Chapter 4 The Enemy in the Mirror 95
Inner Demons 97
Behaving Badly 100
Bargain-Basement Psychotherapy 116
Summary 125
Chapter 5 Muggers and Worse 127
The World's Largest Bad Neighborhood 128
The Fund Funhouse 135
Summary 142
Chapter 6 Building Your Portfolio 143
Financial Planning for a Lifetime: The Basics 143
Saving for Retirement: Nuts and Bolts 145
How to Save: Dollar Cost Averaging and Value Averaging 152
Four Investors, Four Plans 154
The Rebalancing Question 166
Math Detail: Rebalancing, Momentum, and Mean Reversion 169
Teach Your Children Well 172
Summary 174
Chapter 7 The Name of the Game 179
Investment Theory and History: The Short Course 180
Foreword ix Preface xiii Chapter 1 A Brief History of Financial Time 1 In the Beginning 2 Near-Death in Venice 8 The Incredible Shrinking Risk Premium 11 Summary 12 Chapter 2 The Nature of the Beast 13 Of Ravens and Returns 13 History versus Math 18 Mr. Gordon's Curious Equation 25 Math Detail: The Discounted Dividend Model 29 Home Sweet Home? 35 Adventures in Equity 38 Math Detail: Risk 43 Throwing Dice with God 47 Gene Fama Looks for Angles and Finds None 49 Sandbagged by a Superstar 52 Jack Bogle Outfoxes the Suits 56 It Is Better to Be Lucky Than Smart 63 Bond Funds: A Flatter Playing Field 64 Summary 65 Chapter 3 The Nature of the Portfolio 69 Four Essential Preliminaries 71 The Asset Allocation Two-Step 74 Math Detail: Mean-Variance Analysis 83 With Luck, Zigs, and Zags 84 Chasing Rainbows 88 Summary 93 Chapter 4 The Enemy in the Mirror 95 Inner Demons 97 Behaving Badly 100 Bargain-Basement Psychotherapy 116 Summary 125 Chapter 5 Muggers and Worse 127 The World's Largest Bad Neighborhood 128 The Fund Funhouse 135 Summary 142 Chapter 6 Building Your Portfolio 143 Financial Planning for a Lifetime: The Basics 143 Saving for Retirement: Nuts and Bolts 145 How to Save: Dollar Cost Averaging and Value Averaging 152 Four Investors, Four Plans 154 The Rebalancing Question 166 Math Detail: Rebalancing, Momentum, and Mean Reversion 169 Teach Your Children Well 172 Summary 174 Chapter 7 The Name of the Game 179 Investment Theory and History: The Short Course 180 The Portfolio Theory of Everything 181 We Have Met the Enemy, and He Is Us 181 Heads I Win, Tails You Lose 182 Fire When Ready 182 The Books You Need . . . Aged Like Fine Wine 185 Notes 188 Acknowledgments 193 About the Author 195 Index 196
Foreword ix
Preface xiii
Chapter 1 A Brief History of Financial Time 1
In the Beginning 2
Near-Death in Venice 8
The Incredible Shrinking Risk Premium 11
Summary 12
Chapter 2 The Nature of the Beast 13
Of Ravens and Returns 13
History versus Math 18
Mr. Gordon's Curious Equation 25
Math Detail: The Discounted Dividend Model 29
Home Sweet Home? 35
Adventures in Equity 38
Math Detail: Risk 43
Throwing Dice with God 47
Gene Fama Looks for Angles and Finds None 49
Sandbagged by a Superstar 52
Jack Bogle Outfoxes the Suits 56
It Is Better to Be Lucky Than Smart 63
Bond Funds: A Flatter Playing Field 64
Summary 65
Chapter 3 The Nature of the Portfolio 69
Four Essential Preliminaries 71
The Asset Allocation Two-Step 74
Math Detail: Mean-Variance Analysis 83
With Luck, Zigs, and Zags 84
Chasing Rainbows 88
Summary 93
Chapter 4 The Enemy in the Mirror 95
Inner Demons 97
Behaving Badly 100
Bargain-Basement Psychotherapy 116
Summary 125
Chapter 5 Muggers and Worse 127
The World's Largest Bad Neighborhood 128
The Fund Funhouse 135
Summary 142
Chapter 6 Building Your Portfolio 143
Financial Planning for a Lifetime: The Basics 143
Saving for Retirement: Nuts and Bolts 145
How to Save: Dollar Cost Averaging and Value Averaging 152
Four Investors, Four Plans 154
The Rebalancing Question 166
Math Detail: Rebalancing, Momentum, and Mean Reversion 169
Teach Your Children Well 172
Summary 174
Chapter 7 The Name of the Game 179
Investment Theory and History: The Short Course 180
The Portfolio Theory of Everything 181
We Have Met the Enemy, and He Is Us 181
Heads I Win, Tails You Lose 182
Fire When Ready 182
The Books You Need . . . Aged Like Fine Wine 185
Notes 188
Acknowledgments 193
About the Author 195
Index 196
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