The Investor's Manifesto

William J. Bernstein 지음

Wiley 2009년 10월 15일 출간

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A timeless approach to investing wisely over an investment lifetimeWith the current market maelstrom as a background, this timely guide describes just how to plan a lifetime of investing, in good times and bad, discussing stocks and bonds as well as the relationship between risk and return.Filled with in-depth insights and practical advice, The Investor's Manifesto will help you understand the nuts and bolts of executing a lifetime investment plan, including: how to survive dealing with the investment industry, the practical meaning of market efficiency, how much to save, how to maintain discipline in the face of panics and manias, and what vehicles to use to achieve financial security and freedom.Written by bestselling author William J. Bernstein, well known for his insights on how individual investors can manage their personal wealth and retirement funds wiselyExamines how the financial landscape has radically altered in the past two years, and what investors should do about itContains practical insights that the everyday investor can understandFocuses on the concept of Pascal's Wager-identifying and avoiding worst-case scenarios, and planning investment decisions on that basisWith The Investor's Manifesto as your guide, you'll quickly discover the timeless investment approaches that can put you in a better position to prosper over time.

목차

Foreword ixPreface xiiiChapter 1 A Brief History of Financial Time 1In the Beginning 2Near-Death in Venice 8The Incredible Shrinking Risk Premium 11Summary 12Chapter 2 The Nature of the Beast 13Of Ravens and Returns 13History versus Math 18Mr. Gordon&'s Curious Equation 25Math Detail: The Discounted Dividend Model 29Home Sweet Home? 35Adventures in Equity 38Math Detail: Risk 43Throwing Dice with God 47Gene Fama Looks for Angles and Finds None 49Sandbagged by a Superstar 52Jack Bogle Outfoxes the Suits 56It Is Better to Be Lucky Than Smart 63Bond Funds: A Flatter Playing Field 64Summary 65Chapter 3 The Nature of the Portfolio 69Four Essential Preliminaries 71The Asset Allocation Two-Step 74Math Detail: Mean-Variance Analysis 83With Luck, Zigs, and Zags 84Chasing Rainbows 88Summary 93Chapter 4 The Enemy in the Mirror 95Inner Demons 97Behaving Badly 100Bargain-Basement Psychotherapy 116Summary 125Chapter 5 Muggers and Worse 127The World's Largest Bad Neighborhood 128The Fund Funhouse 135Summary 142Chapter 6 Building Your Portfolio 143Financial Planning for a Lifetime: The Basics 143Saving for Retirement: Nuts and Bolts 145How to Save: Dollar Cost Averaging and Value Averaging 152Four Investors, Four Plans 154The Rebalancing Question 166Math Detail: Rebalancing, Momentum, and Mean Reversion 169Teach Your Children Well 172Summary 174Chapter 7 The Name of the Game 179Investment Theory and History: The Short Course 180The Portfolio Theory of Everything 181We Have Met the Enemy, and He Is Us 181Heads I Win, Tails You Lose 182Fire When Ready 182The Books

출판사 서평

"So how do we take care of ourselves? Easy. I believe The Investor's Manifesto: Preparing for Prosperity, Armageddon and Everything in Between is the shortest and most lucid explanation of index investing and simple asset allocation yet written. . . . This is a must-read book."&-Scott Burns, Syndicated Columnist and Principal of Assetbuilder.com

작가정보

저자(글) William J. Bernstein

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William J. Bernstein, PhD, MD, is a bestselling author known as a grassroots hero to independent investors. Formerly a practicing neurologist, Bernstein approaches the problems of saving and investing as someone who had to figure it out for himselfm-from first principles up. He is the author of The Intelligent Asset Allocator and The Four Pillars of Investingm-highly regarded, plain-spoken guides on how to build a diversified portfolio without the help of a financial advisorm-the editor of the asset allocation journal Efficient Frontier, and the founder of the popular website efficientfrontier.com. He has also written two volumes of economic history, The Birth of Plenty and A Splendid Exchange, and is a coprincipal in Efficient Frontier Advisors.