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Praise for The Investor's Manifesto
"Bill Bernstein's impassioned new book is indeed a manifesto-a call to action for Main Street investors to free themselves from exploitation by Wall Street money moguls; to understand the brute principles that ultimately determine stock market returns; and to establish the sound and simple strategies necessary for investment success. The Investor's Manifesto is a grand-slam home run."
-John C. Bogle, founder of the Vanguard Group, Inc.
"This is the investment book that my kids, step-kids, and sisters will read, remember, and thank me for. Bernstein's way with ideas and words means that for all of them, practical investment is no longer too hard or too dull to master. The aha! moment for me was finding out what Bernstein is recommending to his readers now."
-Ed Tower, Professor of Economics, Duke University
"The Investor's Manifesto is packed with wisdom and charmingly written. It belongs on every investor's bookshelf."
-Burton G. Malkiel, author of A Random Walk Down Wall Street
"There is no better writer on investing than William Bernstein. If he has written it, it is a must-read. Whether you are just beginning your journey or already in retirement, this book is an invaluable guide filled with pearls of wisdom."
-Larry Swedroe, Principal and Director of Research, The Buckingham Family of Financial Services, author of Wise Investing Made Simple and The Only Guide You'll Ever Need series
"In The Investor's Manifesto, author William Bernstein, PhD, MD, has condensed his long experience and intellectual wisdom into an easy-to-read and easy-to-understand book that deserves to be on the bookshelf of every serious investor."
-Taylor Larimore, coauthor of The Bogleheads' Guide to Investing and The Bogleheads' Guide to Retirement Planning
"The Investor's Manifesto brilliantly lays out timeless investment strategies in a clear, easy-to-understand manner. Whether an investing novice or an experienced investor, Bill Bernstein helps you recover from the market decline and build a solid financial future. Longtime Bernstein fans will find the answer to the question 'What would Bill do?'"
-Laura F. Dogu, coauthor of The Bogleheads' Guide to Retirement Planning
Praise for The Investor's Manifesto
"Bill Bernstein's impassioned new book is indeed a manifesto-a call to action for Main Street investors to free themselves from exploitation by Wall Street money moguls; to understand the brute principles that ultimately determine stock market returns; and to establish the sound and simple strategies necessary for investment success. The Investor's Manifesto is a grand-slam home run."
-John C. Bogle, founder of the Vanguard Group, Inc.
"This is the investment book that my kids, step-kids, and sisters will read, remember, and thank me for. Bernstein's way with ideas and words means that for all of them, practical investment is no longer too hard or too dull to master. The aha! moment for me was finding out what Bernstein is recommending to his readers now."
-Ed Tower, Professor of Economics, Duke University
"The Investor's Manifesto is packed with wisdom and charmingly written. It belongs on every investor's bookshelf."
-Burton G. Malkiel, author of A Random Walk Down Wall Street
"There is no better writer on investing than William Bernstein. If he has written it, it is a must-read. Whether you are just beginning your journey or already in retirement, this book is an invaluable guide filled with pearls of wisdom."
-Larry Swedroe, Principal and Director of Research, The Buckingham Family of Financial Services, author of Wise Investing Made Simple and The Only Guide You'll Ever Need series
"In The Investor's Manifesto, author William Bernstein, PhD, MD, has condensed his long experience and intellectual wisdom into an easy-to-read and easy-to-understand book that deserves to be on the bookshelf of every serious investor."
-Taylor Larimore, coauthor of The Bogleheads' Guide to Investing and The Bogleheads' Guide to Retirement Planning
"The Investor's Manifesto brilliantly lays out timeless investment strategies in a clear, easy-to-understand manner. Whether an investing novice or an experienced investor, Bill Bernstein helps you recover from the market decline and build a solid financial future. Longtime Bernstein fans will find the answer to the question 'What would Bill do?'"
-Laura F. Dogu, coauthor of The Bogleheads' Guide to Retirement Planning
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 [...]. 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.
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
| Erscheinungsjahr: | 2012 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Taschenbuch |
| Inhalt: | Kartoniert / Broschiert |
| ISBN-13: | 9781118073766 |
| ISBN-10: | 1118073762 |
| Sprache: | Englisch |
| Einband: | Kartoniert / Broschiert |
| Autor: | Bernstein, William J. |
| Hersteller: | John Wiley & Sons Inc |
| Verantwortliche Person für die EU: | Produktsicherheitsverantwortliche/r, Europaallee 1, D-36244 Bad Hersfeld, gpsr@libri.de |
| Maße: | 216 x 139 x 20 mm |
| Von/Mit: | William J. Bernstein |
| Erscheinungsdatum: | 28.09.2012 |
| Gewicht: | 0,242 kg |
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 [...]. 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.
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
| Erscheinungsjahr: | 2012 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Taschenbuch |
| Inhalt: | Kartoniert / Broschiert |
| ISBN-13: | 9781118073766 |
| ISBN-10: | 1118073762 |
| Sprache: | Englisch |
| Einband: | Kartoniert / Broschiert |
| Autor: | Bernstein, William J. |
| Hersteller: | John Wiley & Sons Inc |
| Verantwortliche Person für die EU: | Produktsicherheitsverantwortliche/r, Europaallee 1, D-36244 Bad Hersfeld, gpsr@libri.de |
| Maße: | 216 x 139 x 20 mm |
| Von/Mit: | William J. Bernstein |
| Erscheinungsdatum: | 28.09.2012 |
| Gewicht: | 0,242 kg |
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