The Elements of Investing
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- ISBN13: 9781596594586
- Condition: NEW
- Notes: Brand New from Publisher. No Remainder Mark.
Product Description
The Fundamentals of Investing has a single-minded goal: to teach the principles of investing in the same pared-to-bone manner that Professor William Strunk Jr. once taught composition to students at Harvard, using his classic small book, The Fundamentals of Style. With fantastic daring, Ellis and Malkiel imagined their own Small Red Schoolhouse course in investing for every investor around the world–and then the audio book. The objective is the bantam weight champion of investing books for individual investors: a fighting machine, like Rocky, prepared to go toe-to-toe with Benjamin Graham’s nemesis, the indominitable Mr. Market. The Fundamentals of Investing hacks away at all the overtrading and overthinking so leading in the hyperactive thought patterns of the average investor. Malkiel and Ellis offer investors a set of timeless thoughts on how to challenge Mr. Market at his own game, and win by not losing. All the essential rules and principles are dancing here on the head of a pin.
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Two long-standing powerhouse investment experts and authors, Ellis and Malkiel have teamed up to write a simple investing guide for the uninitiated. This book is best suited for persons individuals who have a very limited or no investment knowledge, as well as for investors who have had no success or can’t seem to make money consistently, especially in bull markets. This fleeting and sweet book covers the basic fundamentals of investing in a clear-cut step-by-step approach. Many new investors will benefit from its down to planet, simple-to-follow advice. Seasoned investors will not find anything new here. The keys to successful investing according to the authors include: saving early-on and consistently, using company and governments sponsored retirement plans to erect wealth, diversification using pointer funds, rebalancing annually, using dollar-cost averaging, and investing for the long haul by ignoring market fluctuations.
The authors fervently judge in the buy-and-hold mantra and the well-organized market hypothesis. Sorry to say, using this approach with low-cost pointer funds is really archaic in today’s financial world where we have seen two stock market crashes in the last decade where investors lost $11 trillion of market value. As the late Nobel Laureate economist, Paul Samuelson, has said: “The longer you own stocks, the greater the risk of a devastating loss.” That is why buy-and-hold is doomed to failure.
Today’s investors need a pro-active investment strategy using a point action plot with point buy and sell rules. Since most investors will not or do not want to consider an active investing approach, then this book will certainly suit their needs and provide a decent return, although it is theme to being fully invested during future bear markets and crashes which will occur, as they have in the past.
Buy-and-holding pointer funds is certainly a viable strategy, but it certainly has risk, more risk than most investors realize, and is certainly not an optimal approach. As in sports, a winning team requires both offense and defense. Buy-and-hold does not offer a defensive strategy when it is needed the most – during bear markets and crashes – and that is a major shortfall that is critical for investors to know.
Fascinatingly, the authors made a surprising statement as follows “charting is akin to astrology.” This view is ridiculous in today’s world in light of the hundreds of members of the Market Technician’s Association who are Certified Market Technicians, the many members of National Association of Active Investment Managers, and the many large institutions and financial firms that have technical analysts on their staff who use charts to identify exit and entry points for the market. Using charts have helped many investors and institutions avoid this latest bear market. For example, by simply using the 200-day moving average with the major market averages, among additional technical indicators, stock market losses were momentously cut-rate by being out of the market way before the September 2008 market debacle occurred.
In synopsis, the authors present a rationale for using the well-known buy-and-hold approach. They don’t seem to be swayed by the volatile and crushing crashes in the past decade, and that is their right. Investors need to know that buy-and-hold is a treacherous approach in volatile times, and that they may want to consider alternative self-directed investing approaches to protect their hard-earned money in future years.
Reader’s Rating: 3 / 5
Fantastic small book. My spouse bought one for himself and one for my sister.
Reader’s Rating: 5 / 5
I have read previous books by each leader, and had really expected more—MUCH MORE.
The salient investing advice in this book could be expressed in a single paragraph. I felt like I was reading Money Magazine..
Reader’s Rating: 2 / 5
This tiny book is 117 pages of commonsense investing. The purpose of this book is to teach the principles of investing. The authors suggest greed is the largest danger to investors. This book is to the point, with simple rules.
*Diversifying broadly over different types of securities with low-cost “total market” pointer funds and different asset types–and why this is vital.
*Focusing on the long term as a replacement for of following market fluctuations that are likely to lead to costly investing mistakes.
*Using employer-sponsored plans to supercharge your savings and minimize your taxes.
It is very vital for the investor to be well informed. I regularly find my investor talking what sounds to me like a foreign language. Along with this book, I will attempt to become a more knowledgeable investor. I like the way this book cuts out the speechifying and puts investment theory in simple terms.
Reader’s Rating: 5 / 5
To come from eminent Professors Malkiel and Ellis I was very disappointed. The tiny book is 117 pages and five chapters of commonsense advice on investing. The book begans with a few pages on “Do no harm” and never moves into any more exciting chapters than that. Make sure to take advantage of your 401(k) or IRA and diversify your portfolio. That’s about it and others may feel otherwise but that is my opinion.
Reader’s Rating: 2 / 5