The Only Guide To Winning Investment Strategy You'll Ever Need: Index Funds and Beyond--The Way Smart Money Creates Wealth Today

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The Only Guide to a Winning Investment Strategy You'll Ever Need provides you with a road map to growth and investment opportunities that will help you become a successful investor who consistently makes money rather than loses it. In this guide, investment professional Larry E. Swedroe describes the crucial difference between "active" and "passive" mutual funds, and tells you how you can win the investment game through long-term investments in such indexes as the S & P 500 instead of through the active ...
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Overview

The Only Guide to a Winning Investment Strategy You'll Ever Need provides you with a road map to growth and investment opportunities that will help you become a successful investor who consistently makes money rather than loses it. In this guide, investment professional Larry E. Swedroe describes the crucial difference between "active" and "passive" mutual funds, and tells you how you can win the investment game through long-term investments in such indexes as the S & P 500 instead of through the active buying and selling of stocks. In clear language, he shows how the newer index mutual funds out-earn, out-perform, and out-compound the older funds, and how to select a balanced "passive" portfolio for the long haul that will repay you many times over.
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Editorial Reviews

Library Journal
In 1990 Harry Markowitz, Merton Miller, and William Sharpe shared the Nobel Prize in Economics for their individual contributions resulting in the development of modern portfolio theory. In this informative book, Swedroe, presently a principal in Buckingham Asset Management in St. Louis, provides investors with practical advice on how to employ this widely accepted investment theory in today's competitive marketplace. Along the way he explains why most advice from the news media and investment firms tends to have little basis in reality, why active portfolio management and market timing generally don't work, how institutional investors use "passive" (rather than "active") portfolio management to their advantage, and what questions you should ask before putting your trust in a financial adviser or firm. Highly recommended for academic, public, and special libraries.Norman B. Hutcherson, Beale Memorial Lib., Bakersfield, CA
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Product Details

  • ISBN-13: 9780525944355
  • Publisher: Penguin Group (USA) Incorporated
  • Publication date: 5/1/1998
  • Pages: 288
  • Product dimensions: 6.28 (w) x 9.28 (h) x 1.20 (d)

Table of Contents

Introduction 1
Pt. 1 The Loser's Game - The Game Wall Street Wants You To Play
Ch. 1 Why Individual Investors Play the Loser's Game 9
Ch. 2 Active Portfolio Managements Is a Loser's Game 17
Pt. 2 Efficient Markets and Modern Portfolio Theory
Ch. 3 Efficient Markets I - Information and Costs 59
Ch. 4 Efficient Markets II - Risk 105
Ch. 5 The Five-Factor Model 125
Ch. 6 Volatility, Return, and Risk 135
Pt. 3 The Winner's Game: Make Modern Portfolio Theory Work for You
Ch. 7 Six Steps to a Diversified Portfolio Using Modern Portfolio Theory 147
Ch. 8 How to Build a Model Portfolio 163
Ch. 9 Rebalancing and Style Drift 193
Ch. 10 Implementing the Winning Strategy 207
Ch. 11 Summary 225
Epilogue 235
Exhibits 239
Appendices 241
Glossary 272
Notes 279
Acknowledgments 283
Index 285
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Sort by: Showing all of 2 Customer Reviews
  • Anonymous

    Posted February 2, 2003

    A Well Disguised Marketing Ploy!

    I agree with Bill Schledwitz's comments. The author did do a good job at presenting many different topics. However, a well informed investor will pickup on the subtle push toward DFA funds. DFA funds are sold only through pension plans and through fee only advisor. What wasn't mentioned in the book: The typical minimum investment to hire a fee only advisor is $100,000. A typical fee for investment of less than $500,000 is 1%/year in addition to the 0.6% fee charged by a typical DFA fund. Interesting...DFA funds are legally marketed as no-load funds yet the total charges are similar to loaded funds. I do agree that DFA funds are somewhat different from ordinary index funds but I seriously doubt it is worth more than 1.35%/year in additional expense over Vanguard's index funds. But the author did use a rather limited time frame (something like 5 years) to defend the merits of using DFA funds over index funds for his asset allocation methods. Why didn't he use 60+ years? Finally, the defense for tax efficiency of passive funds was rather week--it didn't use any real historic numbers--anyone who has researched several annual reports will know his numbers are way off. The reality is that passive investing isn't that much more tax efficient than active management. There even was an attempt to discredit the esteemed Professor Jeremy Siegel on the small cap outperformance anomoly theory. The author's defense was a recap using a decile company size as a bases of comparison over the same periods discussed by Dr. Siegel. What the author failed to do is to include a realistic cost comparison of these smaller companies--the final result would be closer to Siegel's finding. Even then, one could continue to argue that small company stock will outperform larger ones over longer periods of time but the numbers are actually much closer than what is suggested in this book. When reading this book or any other books on investing, note the time frame being used as a defense for the theory. Retest the theory at different time frame to verify its validity. Allow for some statisical noise. Then draw your own conclusions. I highly recommend those reading this book to also read Jeremy Siegel's "Stocks for the Long Run."

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  • Anonymous

    Posted January 12, 2001

    THIS will be the LAST book about mutual funds you need to read!

    If you enjoy spending lots of time researching mutual funds and being charged high costs (compared to index funds)to own them...and love to get stressed out chasing last years winners, then I strongly suggest NOT reading this book. This book contains compelling arguments on why investing in 'index funds' is really all you need to know about investing. I've read many books on mutual funds, especially index mutual funds, and this book, without a doubt, is the superior writing. And, although the author is passionate in his effort to educate, the content is straight-forward and easy to understand and relate to. Holding a master's degree in economics is not necessary to appreciate this 'no-brainer method of investing' the author conveys to the reader. I've read the book twice as well as given it as gifts! Again, there are many books on the subject of 'Index Mutual Funds', and believe me, this one is by far the best. This was the first book on index funds that I bought/read and subsequently purchased several more before I realized that I wasn`t going to find another book as good as this one.

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