- Gebundene Ausgabe: 379 Seiten
- Verlag: B&T; Auflage: 1st (Dezember 2000)
- Sprache: Englisch
- ISBN-10: 031227260X
- ISBN-13: 978-0312272609
- Größe und/oder Gewicht: 23,5 x 16,1 x 3,7 cm
- Amazon Bestseller-Rang: Nr. 621.435 in Englische Bücher (Siehe Top 100 in Englische Bücher)
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From Booklist
Swedroe focuses exclusively on index funds. A favorite of financial guru Jane Bryant Quinn, Swedroe previously touted index funds with The Only Guide to a Winning Investment Strategy You'll Ever Need (1998). Index funds represent a "passive" approach to investing, but one still must choose among the several types available, and Swedroe offers helpful guidance. His main focus, though, is on making his case that index funds are the surest way to invest over time. He argues that no Wall Street portfolio manager can consistently outperform the market and that no investor can know more than the market does collectively. Swedroe shows why "past performance is not a predictor of future performance" is more than just a throwaway disclaimer as he takes on Wall Street and its "deceptive advertising practices," research costs, and trading fees. David Rouse
Copyright © American Library Association. All rights reserved
Copyright © American Library Association. All rights reserved
Pressestimmen
"Despite the superior returns generated by passively managed funds, financial publications are dominated by forecasts from so-called gurus and the latest hot fund managers. I believe that there is a simple explanation for the misinformation: it's just not in the interests of the Wall Street establishment or the financial press to inform investors of the failure of active managers." --from the Introduction
"This wonderfully iconoclastic book drums home the message that beating the stock market is a loser's game. Larry Swedroe's new book tilts-successfully-at the windmills of professional managers, Wall Street analysts, owing 'the best 100 companies' (or the best ten funds), hedge funds market timers, investment newsletters, and short-term strategies. Once you're convinced by the powerful case the author has made, he then offers seven steps to playing a winner's game. The diagnosis is right on the mark, and his essential prescription-rely on portfolio construction, index funds, broad diversification, minimal costs and taxes, risk control, and time-also comes close to the center of the target: the optimal accumulation of your financial wealth." --John C. Bogle, founder and former chairman of The Vanguard Group
"This wonderfully iconoclastic book drums home the message that beating the stock market is a loser's game. Larry Swedroe's new book tilts-successfully-at the windmills of professional managers, Wall Street analysts, owing 'the best 100 companies' (or the best ten funds), hedge funds market timers, investment newsletters, and short-term strategies. Once you're convinced by the powerful case the author has made, he then offers seven steps to playing a winner's game. The diagnosis is right on the mark, and his essential prescription-rely on portfolio construction, index funds, broad diversification, minimal costs and taxes, risk control, and time-also comes close to the center of the target: the optimal accumulation of your financial wealth." --John C. Bogle, founder and former chairman of The Vanguard Group
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60 von 63 Kunden fanden die folgende Rezension hilfreich
A Good Summary of Recent Research on Investing
23. März 2001
Format:Gebundene Ausgabe
Larry Swedroe presents in 357 pages a broad overview of much of the recent research and discourse presented by rational observers of Wall Street. For the individual investor the author cuts through the hype of Wall Street and forcefully feeds a diet of statistics and research in support of low-cost index funds. For investment advisors this book can be used as an introduction to much of the recent research on stocks and investing. Fans of the writings of John Bogle (Common Sense on Mutual Funds), Jonathan Clements (Wall Street Journal columnist), and Burton Malkiel (A Random Walk Down Wall Street) will particularly enjoy the many reinforcing concepts presented in this text.
Larry correctly argues that to maximize the investor's chances for success the investor should take into account his or her time horizon, allocate assets among categories accordingly, and then diversify using low-cost and (where appropriate) tax efficient index funds or tax-managed mutual funds. Through successive chapters he notes: (1) markets are efficient; (2) active managers of investment accounts cannot add value over the long term, considering the burdens of their fees and taxes; (3)market timing is not a strategy that works over the long term; (4) investors in stocks and stock mutual funds decrease their risk level as their time horizon is extended to 20 years or more; and (5) investor behavior, driven by the emotions of fear and greed, often interfere with good long-term investment results. The real gems of the book are saved for the last chapter, when he brings it all together with some asset allocation recommendations. The appendices should not be overlooked, especially his brief discussions of: (A) selling when a low tax basis is present; (B) why investors should generally avoid variable annuities; and (C) the all-too-common hype today that high net worth investors are better off owning individual stocks than stock mutual funds.
I agree with the comments by other reviewers that DFA is hyped too much. Individual investors who choose to go it alone, without a registered investment advisor, should probably confine most of their index fund search efforts to passive index funds offered by Vanguard (and perhaps a few other select fund companies), and not worry about missing out on the DFA offerings. Larry's discussion of value stocks vs. growth stocks could be a little more focused and reasoned, but the statistics presented on choosing value stock mutual funds are interesting.
This is a good text for those investors desiring an overview of the rational behind passive (index fund) investing. John Bogle's book, Common Sense on Mutual Funds, is a better book for the beginning investor, as it more patiently presents the basic concepts of investing. This book should be considered as one of the next books to read by investors. Larry Swedroe's book gives investors the insight to see beyond the hype of Wall Street. After reading Larry's book (and perhaps others), the investor should then turn to Bruce Temkin's recent text, The Terrible Truth About Investing, especially if the investor thinks he or she has learned all there is to know.
I wholeheartedly recommend Larry Swedroe's new book as an essential addition to every rational investor's library.
17 von 17 Kunden fanden die folgende Rezension hilfreich
A DFA Commercial?
20. Februar 2001
Format:Gebundene Ausgabe
I echo most of the positive comments of the other reviewers--there is lots of good and convincing information here. However, to underscore and amplify indexfunds.com's concern, some aspects were a bit chilling, in terms of Swedroe's overall credibility. By the end of the book I felt as if subtle pressure not only to buy DFA funds, which are only available from certain fee-only financial advisors, was being brought to bear, but also pressure to employ a consultant regardless of whether I wanted these particular funds or not. The advice to do so seemed to me to fly in the face of the implication that the strategy isn't that hard, as well as the recommendation to avoid load funds due to excessive fees, as Swedroe mentions that an advisor may charge a 1-2% fee! I still liked the book and the advice, but the massive promotion of DFA and the implication that the investor may still need a fee-only advisor left me with an unfortunate (unfortunate given how much I liked the main gist of the book) nagging feeling that the entire work was an elaborate scheme to get me as a customer for one of the firms that sells DFA funds.
19 von 20 Kunden fanden die folgende Rezension hilfreich
A note of dissent
19. Juli 2002
Format:Gebundene Ausgabe
In addition to the fact that I, too, felt that I was enduring a commercial for DFA, I was annoyed by the fact that this book is nothing more than a rehash of The Only Guide to a Winning Investment Strategy You'll Ever Need: Index Mutual Funds and Beyond - The Way Smart Money Invests Today, Swedroe's May, 1998 book. He introduces a small number of new studies and illustrations, but if you've read the first book, there's no reason to look at this one.
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