Combining eye-opening charts and graphs with fascinating insights and historical observations, Winning the Loser's Game remains the ultimate road map for developing your investment plans and policies, and taking charge of your own financial fife.
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Table of Contents:
|Introduction: Do Investors Matter?||xv|
|11 Performance Measurement||71||(12)|
|14 The Individual Investor||97||(14)|
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"By far the best book on investment policy and management." - Peter Drucker
What is the "loser's game?" Modern-day legend Charles Ellis says it's when investors try to "beat the market." It's a fight they're destined to lose, Ellis claims. But, significant long-term success can be achieved by using the powers of the market wisely - and using time to your advantage. And Ellis' latest work shows investors - both professional and individual - not just how to "win" the loser's game - but how to build long-term wealth in an increasingly short-term oriented world.
When Charles Ellis originally introduced this theory as a prize-winning article and, later, as the book Investment Policy, its simple insights were revolutionary. The book became a masterpiece for investment advisors - as it presented a fresh approach to professional investment management involving active client participation, and helped readers understand the nature of institutional investing, and formulating specific policies to reach long-term goals. Now, after many years, Ellis' seminal work has been updated and reissued for today's markets.
While the foundations of Ellis' original work remain remarkably sound his indispensable guide has been updated to accommodate the rising number of individual investors entering the market. With the increase of 401(k) investing plans - huge numbers of individual investors are becoming active in the markets. Many have little or no investing experience. But they do come with high, often unrealistic expectations - fed in part by the fast-breaking news media and new technology.
Ellis has added several sections that caution advisor's on what these new clients may expect - and how to get them to set realistic, achievable goals. New sections cover:
- Staying the Course: Markets that go up - also will come down. Ellis explains how to avoid getting burned by the inevitable cycles - in a way any investor can understand and support.
- Planning Your Play: An investment horizon should cover the lifeline of clients and their heirs. Ellis outlines an illuminating, multi-step annual asset review process for individual investors.
- The Endgame: As in chess, investors need to plan their financial success through five stages, from Earning and Saving through Investing and Estate Planning and Giving. Ellis helps chart a logical course for advisors and their clients.
Each quick-reading chapter makes a significant point in just a few pages, with the entire book covering the essentials in less than 150 pages. Written in clear, simple language this "consumer's guide" to investment policy is important reading for financial advisors, portfolio managers, investment professionals - as well as their clients. And, as Charles Clough, Jr of Merrill Lynch notes:
"Ellis lays out a series of simple principles which, if followed consistently, auger for success. In a highly entertaining way, he offers not only a sound philosophy for investing, but also for life."
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