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The classic guide to constructing a solid portfolio— with out a financial advisor! “With relatively little effort, you can design and assemble an investment portfolio that, because of its wide diversification and minimal expenses, will prove superior to the most professionally managed accounts. Great intelligence and good luck are not required.” William Bernstein’s commonsense approach to portfolio construction has served investors well during the past turbulent decade—and it’s what made The Four Pillars of Investing an instant classic when it was first published nearly a decade ago. This down-to-earth book lays out in easy-to-understand prose the four essential topics that every investor must master: the relationship of risk and reward, the history of the market, the psychology of the investor and the market, and the folly of taking financial advice from investment salespeople. Bernstein pulls back the curtain to reveal what really goes on in today’s financial industry as he outlines a simple program for building wealth while controlling risk. Straightforward in its presentation and generous in its real-life examples, The Four Pillars of Investing presents a no-nonsense discussion of: The art and science of mixing different asset classes into an effective blend The dangers of actively picking stocks, as opposed to investing in the whole market Behavioral finance and how state of mind can adversely affect decision making Reasons the mutual fund and brokerage industries, rather than your partners, are often your most direct competitors Strategies for managing all of your assets—savings, 401(k)s, home equity—as one portfolio Investing is not a destination. It is a journey, and along the way are stockbrokers, journalists, and mutual fund companies whose interests are diametrically opposed to yours. More relevant today than ever, The Four Pillars of Investing shows you how to determine your own financial direction and assemble an investment program with the sole goal of building long-term wealth for you and your family.

Preface

Introduction

Pillar One: The Theory of Investing

Chapter 1. No Guts, No Glory

Chapter 2. Measuring the Beast

Chapter 3. The Market is Smarter Than you Are

Chapter 4. The Perfect Portfolio

Pillar Two: The History of Investing

Chapter 5. Tops

Chapter 6. Bottoms

Pillar Three: The Psychology of Investing

Chapter 7. Misbehavior

Chapter 8. Behavioral Therapy

Pillar Four: The Business of Investing

Chapter 9. Your Broker is Not Your Buddy

Chapter 10. Neither is Your Mutual Fund

Chapter 11. Oliver Stone meets Wall Street

Investment Strategy: Assembling the Four Pillars

Chapter 12. Will you Have Enough?

Chapter 13. Defining Your Mix

Chapter 14. Getting Starts, Keeping it Going

Chapter 15. A Final Word

Bibliography

Index 2010 Postscript

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Buy only true no-load funds and annuities that do not carry fees of any type, including 12b-1 fees.

Over the past decade, the explosion of assets under management should have reduced fees via economies of scale. This increasing fee trend is nothing short of scandalous.

The story of Select Technology is emblematic of the nature of fund flows. First, they are most often contrary indicators—funds in high-performing sectors of the market tend to attract great piles of assets. In industry parlance, this is known as “hot money”: assets thrown by naïve investors at high past performance. It is more often than not a sign that the top is near. And even if it isn’t, it certainly serves as a drag on the performance of the funds, which are faced with deploying a large amount of capital in a fixed number of existing company shares.

Second, and most important, it highlights the conflict of interest between the investors and the fund company. Just as the brokerage firms exist to make clients trade as much as possible, the fund companies exist for one purpose: to collec...

1. Never, ever, pay a load on a mutual fund or annuity. And never pay an ongoing 12b-1 fee for a mutual fund or excessive annuity fees.

2. Do not chase the performance of active managers. Not only does past performance not predict future manager performance, but excellent performance leads to the rapid accumulation of assets, which increases impact costs and reduces future return.

3. Be cognizant of the corporate structure and culture of your fund company. To whom do its profits flow? Is it an investment firm or a marketing firm?

The popular conceit of every bull market is that the public has bought into the value of long-term investing and will never sell their stocks simply because of market fluctuation. And time after time, the investing public loses heart after the inevitable punishing declines that stock markets periodically dish out, and the cycle begins anew.

This is not a trivial issue. At a very early stage in history we are encountering “survivorship bias”—the fact that only the best results tend to show up in the history books. In the twentieth century, for example, investors in the U.S., Canada, Sweden, and Switzerland did handsomely because they went largely untouched by the military and political disasters that befell most of the rest of the planet. Investors in tumultuous Germany, Japan, Argentina, and India were not so lucky; they obtained far smaller rewards.

Thus, it is highly misleading to rely on the investment performance of history’s most successful nations and empires as indicative of your own future returns.

书籍介绍

The classic guide to constructing a solid portfolio— with out a financial advisor! “With relatively little effort, you can design and assemble an investment portfolio that, because of its wide diversification and minimal expenses, will prove superior to the most professionally managed accounts. Great intelligence and good luck are not required.” William Bernstein’s commonsense approach to portfolio construction has served investors well during the past turbulent decade—and it’s what made The Four Pillars of Investing an instant classic when it was first published nearly a decade ago. This down-to-earth book lays out in easy-to-understand prose the four essential topics that every investor must master: the relationship of risk and reward, the history of the market, the psychology of the investor and the market, and the folly of taking financial advice from investment salespeople. Bernstein pulls back the curtain to reveal what really goes on in today’s financial industry as he outlines a simple program for building wealth while controlling risk. Straightforward in its presentation and generous in its real-life examples, The Four Pillars of Investing presents a no-nonsense discussion of: The art and science of mixing different asset classes into an effective blend The dangers of actively picking stocks, as opposed to investing in the whole market Behavioral finance and how state of mind can adversely affect decision making Reasons the mutual fund and brokerage industries, rather than your partners, are often your most direct competitors Strategies for managing all of your assets—savings, 401(k)s, home equity—as one portfolio Investing is not a destination. It is a journey, and along the way are stockbrokers, journalists, and mutual fund companies whose interests are diametrically opposed to yours. More relevant today than ever, The Four Pillars of Investing shows you how to determine your own financial direction and assemble an investment program with the sole goal of building long-term wealth for you and your family.