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Produktbild: The 5 Mistakes Every Investor Makes and How to Avoid Them

The 5 Mistakes Every Investor Makes and How to Avoid Them Getting Investing Right

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Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

11.07.2014

Abbildungen

black & white illustrations, figures

Verlag

John Wiley & Sons Inc

Seitenzahl

208

Maße (L/B/H)

23.7/16.2/2 cm

Gewicht

396 g

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-1-118-92900-1

Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

11.07.2014

Abbildungen

black & white illustrations, figures

Verlag

John Wiley & Sons Inc

Seitenzahl

208

Maße (L/B/H)

23.7/16.2/2 cm

Gewicht

396 g

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-1-118-92900-1

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  • Produktbild: The 5 Mistakes Every Investor Makes and How to Avoid Them
  • Preface xi

    Acknowledgments xiii

    About the Author xv

    Introduction The Market Wants to Be Your Friend xvii

    Mistake #1 Market Timing 1

    The Idiots 5

    The Liars 5

    Why Is It So Hard to Beat the Market? 7

    The Masses Get It Wrong, Over and Over Again 8

    The Media Get It Wrong, Over and Over Again 9

    Economists Get It Wrong, Over and Over Again 9

    Investment Managers Get It Wrong, Over and Over Again 14

    Newsletters Get It Wrong, Over and Over Again 17

    Your Buddy 18

    Strategies That Don't Sound Like Market Timing but Are Market Timing--Oh, and They Don't Work, Either 19

    What Smart Investors Have to Say on Market Timing 21

    Knowing All This, Why Would Anyone Market Time? 21

    Corrections 22

    Bear Markets: An Overview 26

    When Bear Markets "Turn," They Make People on the Sidelines Look Silly 30

    The Market Is Volatile--Get Used to It 30

    You Can't Wait for Consumers to Feel Good 31

    Learning to Accept the Bear Markets 33

    Miscalculating the Risk of Market Timing 34

    But What If I Am Perfect? 35

    Lump Sum Investing versus Dollar Cost Averaging 36

    Learning to Fly 40

    Avoiding Mistake #1--Market Timing 42

    Mistake #2 Active Trading 43

    The History of Active Trading 44

    Active Investment Managers Lose to Indexing 45

    Fisher Investments 46

    Legg Mason Value 46

    Jim Cramer 48

    Newsletters Lose to Indexing 50

    Active Mutual Funds Lose to Indexing 50

    Survivor Bias (a.k.a. Mutual Funds Perform Even Worse Than the Data Suggests) 52

    What About the Winners, Huh? What About the Winners?! 53

    Hedge Funds Lose to Indexing 56

    Endowments--Misperception of Performance 60

    Venture Capital (Sounds Sexy but Usually a Dog) 62

    The Taxman Commeth (a.k.a. Dear Goodness, It Gets Worse) 64

    Portfolio Activity Hurts Performance 64

    But Doesn't Active Management Work in a Down Market? 65

    Why Indexes Win 65

    S&P 500, Here I Come! 67

    Avoiding Mistake #2--Active Trading 69

    Mistake #3 Misunderstanding Performance and Financial Information 71

    Misunderstanding #1--Judging Performance in a Vacuum 71

    Misunderstanding #2--Believing the Financial Media Exists to Help You Make Smart Decisions
    (a.k.a. the Media Is Killing You) 73

    Misunderstanding #3--Believing the Market Cares about Today 77

    Misunderstanding #4--Believing an All-Time High Means the Market Is Due for a Pullback 80

    Misunderstanding #5--Believing Correlation Equals Causation 83

    October Is the Worst Month to Invest 84

    Sell in May and Go Away 85

    Misunderstanding #6--Believing Financial News Is Actionable 86

    Misunderstanding #7--Believing Republicans Are Better for the Market Than Democrats 87

    Misunderstanding #8--Overestimating the Impact of a Manager 89

    Misunderstanding #9--Believing Market Drops Are the Time to Get Defensive 90

    Avoiding Mistake #3--Misunderstanding Performance and Financial Information 91

    Mistake #4 Letting Yourself Get in the Way 93

    Fear, Greed, and Herding 93

    The Overconfidence Effect 97

    Confirmation Bias 101

    Anchoring 103

    Loss Aversion 105

    Mental Accounting 106

    Recency Bias 108

    Negativity Bias 111

    The Gambler 113

    Avoiding Mistake #4--Letting Yourself Get in the Way 114

    Mistake #5 Working with the Wrong Advisor 117

    Most Advisors Will Do Far More Harm Than Good 118

    Advisor Selection Issue #1--Custody 118

    Advisor Selection Issue #2--Conflict 123

    Advisor Selection Issue #3--Competence 129

    A Final Thought on Advisors--Principles 132

    Avoiding Mistake #5--Choosing the Wrong Advisor 132

    Mistake #6 Getting It Right 135

    Rule #1: Have a Clearly Defined Plan 135

    Rule #2--Avoid Asset Classes That Diminish Results 137

    Rule #3--Use Stocks and Bonds as the Core

    Building Blocks of Your Intelligently Constructed Portfolio 141

    Putting It All Together 144

    Rule #4--Take a Global Approach 145

    Rule #5--Use Primarily Index-Based Positions 147

    Rule #6--Don't Blow Out Your Existing Holdings 147

    Rule #7--Asset Location Matters 149

    Rule #8--Be Sure You Can Live with Your Allocation 150

    Rule #9--Rebalance 151

    Rule #10--Revisit the Plan 152

    The Ultimate Rule--Don't Mess It Up! 153

    Portfolio Examples 154

    A Path to Success--Intelligent Portfolio Construction 158

    The Ultimate Mistake 161

    Conclusion Let's Roll! 165

    References 167

    Index 175