Читать книгу More Straight Talk on Investing - John J. Brennan - Страница 10

In this book, I cite several Vanguard funds to buttress specific investing lessons. These citations should not be construed as endorsements or recommendations. I use Vanguard funds simply because I am more knowledgeable about them than other funds. One of the lessons I hope to impart is that you should never make investment decisions based on incomplete information. If you become interested in one of the funds mentioned here (or any fund or exchange-traded fund, for that matter), consult its prospectus before taking any action.

Note that in the writing of this book, I sought to avoid investment jargon to the extent possible. In the appendix, you will find definitions of investment terms to help you along the way. When warranted, I employ call-out boxes titled Baseline Basics to make clear terms and concepts that will add to your foundational knowledge. You'll also come across Portfolio Pitfall sidebars, which offer caveats about common investor mistakes and cautions about questionable industry practices. At the end of each chapter, I wrap it all up with In a Nutshell—a bulleted summary of key takeaways.

As you read this book, you'll encounter bolded passages that highlight key, stand-alone investing principles. These principles are condensed and summarized in the Afterword at the end of the book and serve as a handy compilation should you need to reference it in the future. In some ways, this compilation represents my off-the-cuff response when someone in a social setting—be it on the sideline at a grandkid's soccer game or at a dinner party—is looking for my high-level thoughts on successful investing. I hope you find these CliffsNotes, if you will, useful and practical, too.

Finally, I use a considerable amount of data—market returns, hypothetical examples, and fund performance—throughout the book to support my points. (Due to production constraints, most of the data is cited through December 31, 2019. The addition of 2020 would not substantially alter the long-term data featured in the figures and text.) You need not be facile with advanced calculus, but having some faculty with numbers will help you become a better investor. I also draw on events; some may appear ancient or irrelevant to you. However, the wisdom offered by the past will help make you a sharper and more discerning consumer of investment products and services.

I am pleased to report that all proceeds from the sale of this book will be donated to Vanguard's signature charitable initiative—the Vanguard Strong Start for Kids Program™. Strong Start for Kids invests in tomorrow by supporting the development, learning, and joy of young, especially underserved, children today. The program aims to create partnerships that advance early learning programming in Greater Philadelphia, Phoenix, Charlotte, and London, and focuses on respecting and building upon local strengths to ensure families, programs, and communities have the resources needed to help all children have the best possible start in life.

An investment tenet emphasized in this book is similar to the approach that Vanguard takes to make a difference in the community: Investing early pays off. Research shows that investing in early learning opportunities for young children pays off in lifelong benefits. When children are supported during the first few years of life, they are more prepared to succeed in school, lead healthier lives, and contribute to creating stronger communities. But the reality is that significant barriers exist that disproportionately shut out some children from these meaningful opportunities. Strong Start works to increase access to a rich ecosystem of support so all young children are able to benefit and reach their full potential. Having spent much of my civic time on this endeavor, I can assure you that the return on an investment on high quality early childhood services would make most professional investors jealous!