Debunkery: Learn It, Do It, and Profit from It -- Seeing Through Wall Street's Money-Killing Myths

Debunkery: Learn It, Do It, and Profit from It -- Seeing Through Wall Street's Money-Killing Myths

Debunkery: Learn It, Do It, and Profit from It -- Seeing Through Wall Street's Money-Killing Myths

Debunkery: Learn It, Do It, and Profit from It -- Seeing Through Wall Street's Money-Killing Myths

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Overview

Legendary money manager Ken Fisher outlines the most common--and costly--mistakes investors make.
  • Small cap stocks are best for all time. Bunk!
  • A trade deficit is bad for markets. Bunk!
  • Stocks can't rise on high unemployment. Bunk!
  • Many investors think they are safest following widely accepted Wall Street wisdom--but much of Wall Street wisdom isn't so wise. In fact, it can be costly bunk.

    In Debunkery: Learn It, Do It, and Profit From It--Seeing Through Wall Street's Money-Killing Myths, Ken Fisher--named one of the 30 most influential individuals of the last three decades by Investment Advisor magazine--details why so many investors fail to get the long-term results they desire. The short answer is many investors fail to question if what they believe is true--and are therefore blinded by tradition, biases, ideology, or any number of cognitive errors.

    Your goal as an investor shouldn't be to be error-free--that's impossible. Rather, to be more successful, you should aim to lower your error rate. Debunkery gets you started by debunking 50 common myths--but that's just the beginning. It also gives you the tools you need to continue to do your own debunkery for the rest of your investing career.


    Product Details

    ISBN-13: 9781118077016
    Publisher: Wiley
    Publication date: 10/11/2011
    Edition description: Reprint
    Pages: 256
    Sales rank: 529,483
    Product dimensions: 5.60(w) x 8.60(h) x 0.80(d)

    About the Author

    KEN FISHER is best known for his prestigious "Portfolio Strategy" column in Forbes magazine, where his over 25-year tenure of high-profile calls makes him the fourth longest-running columnist in Forbes's 90-plus year history. He is the founder, Chairman, and CEO of Fisher Investments, an independent global money management firm with over $32 billion under management (as of 6/30/10). Fisher is ranked #289 on the 2009 Forbes 400 list of richest Americans, and #721 on the 2010 Forbes Global Billionaire list. In 2010, Investment Advisor magazine named him as one of the 30 most influential individuals of the last three decades. Fisher has authored numerous professional and scholarly articles, including the award-winning article, "Cognitive Biases in Market Forecasting," and has published six previous books, including the New York Times and the Wall Street Journal bestsellers, The Only Three Questions That Count, The Ten Roads to Riches, and How to Smell a Rat, all of which are published by Wiley. Fisher has been published, interviewed, and/or written about in many major American, British, and German finance or business periodicals. He has a weekly column in Focus Money, Germany's leading weekly finance and business magazine.

    LARA HOFFMANS is a content manager at Fisher Investments, a contributing editor of MarketMinder.com, and coauthor of the bestsellers, The Only Three Questions That Count, The Ten Roads to Riches, and How to Smell a Rat.

    Table of Contents

    Acknowledgments ix

    Introduction: Debunkery Made Easy xiii

    PART 1 Basic Bunk to Make You Broke 1

    Bunk 1 Bonds Are Safer Than Stocks 5

    Bunk 2 Well-Rested Investors Are Better Investors 9

    Bunk 3 Retirees Must Be Conservative 13

    Bunk 4 Age Equals Asset Allocation 17

    Bunk 5 You Should Expect Average Returns 20

    Bunk 6 "Capital Preservation and Growth" Is Possible! 23

    Bunk 7 Trust Your Gut 26

    Bunk 8 One Big Bear and You’re Done 30

    Bunk 9 Make Sure It’s a Bull Before Diving In 34

    Bunk 10 Growth Is Best for All Time. No, Value. No, Small Caps 39

    Bunk 11 A Good Con Artist Is Hard to Spot 44

    PART 2 Wall Street "Wisdom" 49

    Bunk 12 Stop-Losses Stop Losses! 51

    Bunk 13 Covered Calls . . . Gotcha Covered 54

    Bunk 14 Dollar Cost Averaging—Lower Risk, Better Returns 57

    Bunk 15 Variable Annuities Are All Upside, No Downside 60

    Bunk 16 Equity-Indexed Annuities—Better Than Normal Annuities 65

    Bunk 17 Passive Investing Is Easy 68

    Bunk 18 Do Better With Mutual Funds by Sending Your Spouse on a Shopping Spree 72

    Bunk 19 Beta Measures Risk 75

    Bunk 20 Equity Risk Premiums—Forecasting Future Returns With Ease 80

    Bunk 21 When the VIX Is High, It's Time to Buy 84

    Bunk 22 Be Confident on Consumer Confidence 88

    Bunk 23 All Hail the Mighty Dow! 92

    PART 3 "Everyone Knows" 99

    Bunk 24 So Goes January 101

    Bunk 25 Sell in May 104

    Bunk 26 Low P/Es Mean Low Risk 107

    Bunk 27 A Strong Dollar Is Super 112

    Bunk 28 Don’t Fight the Fed 116

    Bunk 29 Interest Pays Dividends 120

    Bunk 30 Buy a 5% CD for 5% Cash Flow—Easy! 123

    Bunk 31 Baby Boomers Retire, World Ends, Etc. 126

    Bunk 32 Concentrate to Build Wealth 130

    PART 4 History Lessons 135

    Bunk 33 Pray for Budget Surpluses 137

    Bunk 34 High Unemployment Is a Killer 143

    Bunk 35 With Gold, You’re Golden 148

    Bunk 36 Stocks Love Lower Taxes 152

    Bunk 37 Oil and Stocks Seesaw 158

    Bunk 38 Swine Flu, SARS, Ebola, and Other Viral Disasters Make Markets Sick 163

    Bunk 39 Consumers Are King 167

    Bunk 40 Presidential Term Cycles Are Stock Market Voodoo 172

    Bunk 41 My Political Party Is Best for Stocks 178

    Bunk 42 Stock Returns Are Too High and Must Fall 182

    PART 5 It's a Great Big World! 187

    Bunk 43 Foreign Stocks Just Feel So . . . Foreign 189

    Bunk 44 Who Needs Foreign? 192

    Bunk 45 Big Debt Is National Death 195

    Bunk 46 America Can’t Handle Its Debt 199

    Bunk 47 Indebted to China 202

    Bunk 48 Trade Deficits Make Deficient Markets 206

    Bunk 49 GDP Makes Stocks Grow 211

    Bunk 50 Terrorism Terrorizes Stocks 215

    Notes 219

    About the Authors 228

    Index 229

    What People are Saying About This

    From the Publisher

    "It's about time someone drove a stake into the folklore that permeates Wall Street, and Mr. Fisher does it in convincing-and often entertaining-fashion."
    —The Globe and Mail, November 2010

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