Читать книгу More Straight Talk on Investing - John J. Brennan - Страница 2
Table of Contents
Оглавление1 Cover
5 Preface
8 PART I: MASTER THE BASICS 1 Successful Investing Is Easier Than You Think A Great Time to Be an Investor Be Knowledgeable: Do Your Homework Be Disciplined: Develop Good Habits Be Skeptical: Avoid Fads Be Observant: Keep Learning About Investing 2 You Gotta Have Trust Trust Yourself Trust the Financial Markets Trust in Time Trust Your Financial Partner Get in the Game 3 A Map to Success: Hmm, Sounds Like a Plan The Single Most Important Thing to Do Think of Your Financial Needs as Imaginary Buckets Saving for Short-Term Needs Saving for College Saving for Retirement Your Debt Plan Know What You Don't Know 4 Save More—Without Feeling the Pinch Developing the Discipline of Saving The Magic of Dollar-Cost Averaging How to Become a Super-Saver Saving versus Investing Setting Your Savings Priorities One More Incentive to Start Saving Early Notes 5 Hope for the Best—But Prepare for Something Less When Inflation Rears Its Ugly Head Future Investment Returns Don't Count on Present Investment Conditions Continuing The Problem with the Long-Term Averages Scenario-Planning Tools Not-So-Great Expectations
9 PART II: CONSTRUCT A SENSIBLE PORTFOLIO 6 Balance and Diversification Help You Sleep at Night Why Balance Really Works Diversification Is Good for You—But Sometimes It Hurts A Case Study 7 You Need a Personal Investment Policy Whether You're Starting with Zillions or Zip Why You Should Care … a Lot Kicking the Tires on Some Different Portfolio Models Developing a Personal Investment Policy Financial Situation Time Horizon Risk Tolerance The Role of Bonds The Role of International Stocks Asset Allocation Models for Retirement Investing Note 8 Mutual Funds and Exchange-Traded Funds: The Easy Way to Diversify Securities or Funds? How Funds Work The Advantages of Funds How You Make Money as a Fund Investor Caveats to Consider 9 How to Pick a Mutual Fund (and How Not To) A Process for Constructing a Portfolio Step 1: Stocks, Bonds, Cash? It's Time to Decide Step 2: Where to Invest Within an Asset Class? Money Market Funds Bond Funds Stock Funds Step 3: Actively Managed Funds, Index Funds, or Some of Each? 10 It's What You Keep That Counts The Lowdown on Lower Costs Costs: Are You Leaving Too Much on the Table? Examine Fund Expense Ratios “But It's Just a Few Percentage Points …” You Can Look It Up Putting Costs in Perspective Be Aware of Transaction Costs Paid by the Fund Taxes Are Costs, Too Resist the Temptation to Trade Frequently Choose Tax-Efficient Funds Use Taxable and Tax-Advantaged Accounts Wisely 11 Risk: Give It the Gut Test Your Investment Risk Duration: A Risk Measure for Bonds A Simple Way to Check a Fund's Past Volatility The Gut Test Measuring Your Risk Tolerance Managing Investment Risk 12 Some Advice on Financial Advice When to Seek Help Assessing Your Needs for Advice Finding the Right Financial Help Assessing the Cost/Value Trade-Off of Advice Making a Choice
10 PART III: MANAGE YOUR INVESTMENTS WITH FOCUS AND DISCIPLINE 13 Buy-and-Hold Really Works Developing the Buy-and-Hold Habit You Will Be Tempted to Abandon Your Buy-and-Hold Strategy Why Frequent Trading Doesn't Work The Unpredictability of the Financial Markets The Cost Penalty Why Market-Timing Doesn't Work 14 Time Is Everything Make Time Your Ally Time Is Your Ally How to Make Up for Lost Time 15 Routine Maintenance for Your Portfolio Your Personal Situation Rebalancing a Portfolio Why Rebalance? To Tame the Risk Monster When to Rebalance The Tax Monster Joins the Risk Monster Rebalancing Takes Discipline Keep Things Simple How to Clean Up a Messy Portfolio Note 16 Stupid Math Tricks for Smart Investors
11 PART IV: STAY ON COURSE 17 “It's a Mad, Mad, Mad, Mad World” Speculative Bubbles Tulipmania A Modern Gold Rush The Dot-com Bubble Some Commonalities among Manias How to Protect Yourself from Speculative Manias 18 Why You May Be Your Own Worst Enemy Being Overconfident About Your Own Abilities Allowing the Current Environment to Blind You to the Larger Context Thinking You See a Pattern Where None Exists Focusing Too Much on Short-Term Losses Feeling Compelled to Do Something—Anything Letting False Reference Points Distort Your View of Value Remembering Things Selectively How to Foil Your Own Worst Enemy What's the Lesson? 19 Bear Markets Will Test Your Resolve Some Background on Bear Markets How Does a Bear Market Feel? Very Scary The Lesson of Balance and Diversification (Again) Bearing a Bear Market? Tips for Enduring Bear Markets What Not to Do in a Bear Market 20 Navigating Distractions to Reach Your Destination Trust the Truths You Already Know Recognize That Everyone Has an Agenda Be Wary of Market Predictions Be Skeptical of Hype About Hot Performance Be Suspicious of “Experts” What Makes Headlines Is Not Always New Beware the “New, New Thing” 21 Is the “Smart Money” Smart? Yes, but… An Introduction to Alternative Investments 22 Regrets? I've Had a Few 23 Getting to Boca Destination Boca You Can't Eat Relative Performance How to Make Sense of Relative Performance Information Your Fund's Performance Isn't the Same as Your Investment Performance My Dad's in Boca
12 Afterword
13 Postscript Where Did My Income Go?
14 Appendix: Investment Terms Active Management After-tax Returns Aggressive Growth Fund Asset Allocation Asset Classes Back-end Load Balanced Fund Blend Fund Bonds Capital Gains Distribution Cash Investments Compounding Credit Risk Diversification Dividend Dollar-cost Averaging Donor-advised Fund Duration Education Savings Account (ESA) Environmental, Social, and Governance (ESG) Fund Exchange-traded Fund (ETF) Expense Ratio Factor Fund Financial Advisor Front-end Load Growth Fund High-yield Bond Income Income Risk Index Index Fund Individual Retirement Account (IRA) Inflation Interest Rate Risk Investment Horizon Investment Objective Load Fund Management Fee Market Capitalization Market Risk Money Market Fund Municipal Bonds Mutual Fund Net Asset Value (NAV) No-load Fund Portfolio Portfolio Manager Principal Prospectus Redemption Fee Robo-advisor Stocks Target-date Fund Target-risk Funds Tax-exempt Bonds Total Return Treasury Inflation-protected Securities Turnover Rate Uniform Gifts to Minors Act (UGMA)/Uniform Transfers to Minors Act (UTMA) Value Fund Variable Annuity Volatility Yield 12b-1 Fee 529 College Savings Plan
15 Index
