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Product details
File Size: 4793 KB
Print Length: 416 pages
Page Numbers Source ISBN: 0743228383
Publisher: Free Press; 1 edition (August 9, 2005)
Publication Date: August 2, 2005
Sold by: Simon and Schuster Digital Sales Inc
Language: English
ASIN: B000FCKBT8
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Amazon Best Sellers Rank:
#98,393 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
The hardest part about index fund, buy-and-hold investing is staying the course during market downturns. You can never really know how tempted you will be to sell during a crisis.This book provides the knowledge necessary for investors to choose their asset allocations, and most importantly, to be able to justify their asset allocations to themselves. The author details which investments belong in a portfolio, and which do not, using a variety of factors. Understanding the justifications for their investment choices asset allocations will give investors the conviction to stay the course during bear markets, rather than sell in a panic.
This is a great book. Boiled down, it says that equities drive returns but that investors (individuals, endowments, etc.) can't stand the volatility. To address this, the book goes over what the author thinks are the best equity assets for driving returns and the best assets for reducing volatility and protecting against inflation, deflation, and panic. The latter is designed to buck you up and prevent you from selling at the bottom and locking in your losses when things get dicey, which they will from time to time.The book gives you general ideas for a framework in evaluating assets to be included in your portfolio but, despite giving some general recommendations as to the portfolio composition, doesn't give a lot of specific advice. This seemingly disappoints some. However, if you understand why you have one asset or another it shouldn't be hard to decide what works best for your situation. For example, there has been a lot of discussion as to what duration treasury bonds the author suggests. If you understand that the bonds are designed to protect against deflation and panic, then you should be able to determine for yourself what the duration should be (e.g., if you're 85 years old you shouldn't be concerned about purchasing power in 30 years). Likewise, if you're 85 years old you probably want to have more bonds that the recommended portfolio since you shouldn't be as concerned about returns over the next 50 years. Managing a retirement account for an individual is different than managing a portfolio for a university with an almost unlimited time horizon. The author makes this clear in numerous ways, though the language may be more academic than most investing guides.In this regard, some may find William Bernstein or Ric Edelman more accessible. David Swensen may be more insightful in parsing the various asset classes but they have a more folksy approach using more examples -- people often find induction works better than deduction. My advice would be to start with Edelman, move to Bernstein, and then read this book. The message isn't all that different, but ultimately your investing is a personal journey and the more ways of understanding the issues the better prepared you will be for tackling the job. Plus repetition never hurts!
David Swensen has clearly had success investing. I think that is indisputable. His advice is relatively sound, but I find it to be too hand-wavy in some cases and too general to provide useful information to anyone who has spent their time roving Bogleheads or MMM. The most informative thing I found was his explanation on why he invests exclusively in US Treasury bonds instead of junk/corporate bonds. The information on active vs. index funds has been beaten to death, but for a beginner this is all still good information. I could do without the various conspiracy-like comments on how the government is in bed with various industries and how they're screwing over the middle class because that's not why I'm reading the book. I also found his asset allocation strategy to be very... closed-minded. Maximum of 35% of a portfolio in any section? And a minimum of 10%? So I go 10% bonds, 10% REITs because I'm very young and want to max my stock contribution, but then I have 80% to split between US and international stocks, which I can't do because I max out at 35% per category. His only mention of how to allocate the percentages was to look at your risk factors and decide what you can stomach. So in conclusion, this book is all information you could find on various sites on the internet (though this is a very compact package of information) and targeted towards older, more conservative investors. His advice should not be followed by everyone, but his advice is sound and easily followed.
What I didn't like about this book is the dated premise of actively managed mutual funds. But what I did like about this book is that it explains the investment world in an easy to understand fashion with exact examples. The author did a great job of explaining the premise of a well-rounded portfolio. I would recommend this book to any beginning student of investing.
This book serves as an excellent tool to the world of investing in mutual funds. Written in plain English so that anyone who is interested in investing can understand what the author is saying. It also exposes the mutual fund business as one in which the investor is behind the eight ball so to speak. But it is a valuable reference for the average investor in today fund driven world.
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