The Investor's Manifesto Preparing for Prosperity, Armageddon, and Everything in Between

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  • Format: Hardcover
  • Copyright: 2009-11-02
  • Publisher: Wiley
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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 wisely Examines how the financial landscape has radically altered in the past two years, and what investors should do about it Contains practical insights that the everyday investor can understand Focuses 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.

Author Biography

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 himself—from first principles up. He is the author of The Intelligent Asset Allocator and The Four Pillars of Investing—highly regarded, plain-spoken guides on how to build a diversified portfolio without the help of a financial advisor—the editor of the asset allocation journal Efficient Frontier, and the founder of the popular Web site 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.

Table of Contents

Forewordp. ix
Prefacep. xiii
A Brief History of Financial Timep. 1
In the Beginningp. 2
Near-Death in Venicep. 8
The Incredible Shrinking Risk Premiump. 11
Summaryp. 12
The Nature of the Beastp. 13
Of Ravens and Returnsp. 13
History versus Mathp. 13
Mr. Gordon's Curious Equationp. 25
Math Detail: The Discounted Dividend Modelp. 29
Home Sweet Home?p. 35
Adventures in Equityp. 38
Math Detail: Riskp. 43
Throwing Dice with Godp. 47
Gene Fama Looks for Angles and Finds Nonep. 49
Sandbagged by a Superstarp. 52
Jack Bogle Outfoxes the Suitsp. 56
It Is Better to Be Lucky Than Smartp. 63
Bond Funds: A Flatter Playing Fieldp. 64
Summaryp. 65
The Nature of the Portfoliop. 69
Four Essential Preliminariesp. 71
The Asset Allocation Two-Stepp. 74
Math Detail: Mean-Variance Analysisp. 83
With Luck, Zigs, and Zagsp. 84
Chasing Rainbowsp. 88
Summaryp. 93
The Enemy in the Mirrorp. 95
Inner Demonsp. 97
Behaving Badlyp. 100
Bargain-Basement Psychotherapyp. 116
Summaryp. 125
Muggers and Worsep. 127
The World's Largest Bad Neighborhoodp. 128
The Fund Funhousep. 135
Summaryp. 142
Building Your Portfoliop. 143
Financial Planning for a Lifetime: The Basicsp. 143
Saving for Retirement: Nuts and Boltsp. 145
How to Save: Dollar Cost Averaging and Value Averagingp. 152
Four Investors, Four Plansp. 154
The Rebalancing Questionp. 166
Math Detail: Rebalancing, Momentum, and Mean Reversionp. 169
Teach Your Children Wellp. 172
Summaryp. 174
The Name of the Gamep. 179
Investment Theory and History: The Short Coursep. 180
The Portfolio Theory of Everythingp. 181
We Have Met the Enemy, and He Is Usp. 181
Heads I Win, Tails You Losep. 182
Fire When Readyp. 182
The Books You Need...Aged Like Fine Winep. 185
Notesp. 188
Acknowledgmentsp. 193
About the Authorp. 195
Indexp. 196
Table of Contents provided by Ingram. All Rights Reserved.

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