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Full Description
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.
Contents
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
