Оглавление
Burton G. Malkiel. The Elements of Investing
Table of Contents
Guide
Pages
THE ELEMENTS OF INVESTING. Easy Lessons for Every Investor
PREFACE TO ANNIVERSARY EDITION
FOREWORD TO ORIGINAL EDITION
FOREWORD TO THE ANNIVERSARY EDITION
INTRODUCTION
Note
IT ALL STARTS WITH SAVING
I SAVE
FIRST DO NO HARM
START SAVING EARLY: TIME IS MONEY
THE AMAZING RULE OF 72
SAVVY SAVINGS
SMALL SAVINGS TIPS
BIG WAYS TO SAVE
LET THE GOVERNMENT HELP YOU SAVE
OWN YOUR HOME
HOW DO I CATCH UP?
Notes
II INDEX
NOBODY KNOWS MORE THAN THE MARKET
THE INDEX FUND SOLUTION
DON'T SOME BEAT THE MARKET?
INDEX BONDS
INDEX INTERNATIONALLY
INDEX FUNDS HAVE BIG ADVANTAGES
ONE WARNING
CONFESSION
Notes
III DIVERSIFY
DIVERSIFY ACROSS ASSET CLASSES
DIVERSIFY ACROSS MARKETS
DIVERSIFY OVER TIME
REBALANCE
IV AVOID BLUNDERS
OVERCONFIDENCE
BEWARE OF MR. MARKET
THE PENALTY OF TIMING
MORE MISTAKES
MINIMIZE COSTS
Notes
V KEEP IT SIMPLE
REVIEW OF BASIC RULES
ASSET ALLOCATION
ASSET ALLOCATION RANGES
INVESTING IN RETIREMENT
GETTING SPECIFIC
Notes
VI TIMELESS LESSONS FOR TROUBLED TIMES
VOLATILITY AND DOLLAR‐COST AVERAGING
DIVERSIFICATION IS STILL A TIME‐HONORED STRATEGY TO REDUCE RISK
REBALANCING
DIVERSIFICATION AND REBALANCING TOGETHER
INDEX AT LEAST THE CORE OF YOUR PORTFOLIO
FINE‐TUNING A BOND DIVERSIFICATION STRATEGY
A FINAL THOUGHT
Notes
A SUPER SIMPLE SUMMARY: KISS INVESTING
APPENDIX: SAVE ON TAXES LEGALLY
INDIVIDUAL RETIREMENT ACCOUNTS (IRAs)
ROTH IRAs
PENSION PLANS
TAX‐ADVANTAGED SAVING FOR EDUCATION
Notes
RECOMMENDED READING
ACKNOWLEDGMENTS
ABOUT THE AUTHORS
BURTON G. MALKIEL
CHARLES D. ELLIS
INDEX
WILEY END USER LICENSE AGREEMENT
Отрывок из книги
10
th
Anniversary Edition
Burton G. Malkiel
.....
Pundits bombard us daily with claims that the old rules no longer apply. They say that people should abandon buy‐and‐hold investing and become more opportunistic. Malkiel and Ellis take umbrage with these claims. To be sure, the pundits have been saying this for many decades. While it may seem intuitive that a smart professional should be able to identify the highs and lows of the market, the majority of such professionals have not been able to achieve the long‐term returns of the disciplined, low‐cost approach that the authors of this book espouse. Do we believe that results will be different in the future? The authors reaffirm the views they expressed in their earlier editions and they provide supporting evidence. Diversification, rebalancing, dollar‐cost averaging, and low‐cost indexing remain the best path to achieve investment success.
The Elements of Investing is a must‐read for all investors—those new to investing and those who have been at it for a while. It's for people of all ages. It should be required reading in high school because the power of compounding is particularly valuable when investors start at a young age. But veteran investors will also benefit from reading this book because it debunks misconceptions and identifies behavioral biases that stand in the way of successful investing. And, just to make sure you do not fall prey to the siren's song of a better way, you should reread this book every several years.
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