Читать книгу The Elements of Investing - Burton G. Malkiel - Страница 8

Nothing in the world is worth having or worth doing unless it means effort, pain, difficulty. –Theodore Roosevelt, 1910

A common misperception is that successful investing requires a ton of money, a complicated portfolio, or a detailed understanding of where the markets are headed next. The truth is, sometimes the simplest approach is the toughest to beat. Charley Ellis and Burt Malkiel do a masterful job in Elements of Investing of laying out clear, simple rules that any investor can follow to grow their wealth over time.

Here's the catch: Just because something is simple doesn't mean it's easy. Anyone who's tried to adopt a New Year's resolution to eat healthier or exercise knows what I mean. Day 1 is full of optimism. By Day 7, the initial thrill may have worn off. By Day 30, most of us have reverted back to old habits.

Investing is hard, not because of its complexity but because it requires patience and persistence. Ellis and Malkiel counsel simplicity and discipline, which easily translates to real dollars and cents. Vanguard has studied the best practices outlined in Elements of Investing and quantified the value investors gain when they follow them. In total, an investor can add up to 3% in net annual returns if they build a low‐cost portfolio, rebalance appropriately, maintain tax efficiency, and don't chase returns. A balanced portfolio following this disciplined approach will likely have twice the final value of the typical undisciplined approach over 25 years.

Despite what the headlines or cable pundits might tell you, hot stocks or complicated bets on future market moves are not the way to build your nest egg. There are no shortcuts when it comes to achieving significant financial milestones like buying a house, sending kids to college, or saving for retirement. A strong investment strategy isn't flashy or even fun (unless you're someone like me who gets to see millions of clients succeed by being disciplined). Beware of apps or websites that conflate investing and gambling. Investing is how you build your wealth over time; frequent trading is on par with a trip to the casino—it might be exciting for awhile, but the house wins in the end.

Elements of Investing is a helpful companion for your investing journey, debunking the myth of complexity and reinforcing time‐tested principles any investor can use. Whether you're a do‐it‐yourself investor entering the markets for the first time or a seasoned professional with decades of experience, having the discipline to follow the authors' wise advice will serve you well and help you reach your financial goals.

Tim Buckley

Vanguard Chairman & CEO

August 2020