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Four Pillars Of Investing: Lessons 4？ 投资金律 英文原版书籍详细信息
- ISBN：9780071747059
- 作者：暂无作者
- 出版社：暂无出版社
- 出版时间：2010-07
- 页数：352
- 价格：213.30
- 纸张：胶版纸
- 装帧：精装
- 开本：16开
- 语言：未知
- 丛书：暂无丛书
- TAG：暂无
- 豆瓣评分：暂无豆瓣评分
内容简介：
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.
书籍目录：
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
作者介绍：
William J. Bernstein, Ph.D., M.D., is a neurologist and
the cofounder of the investment management firm Efficient Frontier
Advisors. He is the author of three finance books—The
Intelligent Asset Allocator, The Four Pillars of Investing, and The
Investor’s Manifesto—and two volumes of economic history,
The Birth of Plenty and A Splendid Exchange.
Bernstein is currently working on a history book exploring the
effects of access to technology on human relations and
politics.
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原文赏析：
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.
其它内容：
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.
书籍真实打分
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人物塑造：4分
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实用性：8分
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新颖与独特：6分
情感共鸣：6分
引人入胜：6分
现实相关：3分
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