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E-raamat: 5 Mistakes Every Investor Makes and How to Avoid Them: Getting Investing Right

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  • Formaat: PDF+DRM
  • Ilmumisaeg: 30-Apr-2021
  • Kirjastus: John Wiley & Sons Inc
  • Keel: eng
  • ISBN-13: 9781119794356
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5 Mistakes Every Investor Makes and How to Avoid Them: Getting Investing RightSuurem pilt
  • Formaat: PDF+DRM
  • Ilmumisaeg: 30-Apr-2021
  • Kirjastus: John Wiley & Sons Inc
  • Keel: eng
  • ISBN-13: 9781119794356
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This book, from New York Times best-selling author Peter Mallouk, will help you avoid the mistakes that stand in the way of investment success!

A reliable resource for investors who want to make more informed choices, this book steers readers away from past investment errors and guides them in the right direction. The Five Mistakes Every Investor Makes and How to Avoid Them, Second Edition, focuses on what investors do wrong, so you can avoid these common errors and set yourself on the right path to success. In this comprehensive reference, you'll learn to navigate the ever-changing variables and market dilemmas that can make investing a risky and daunting endeavor. In this Second Edition, Peter Mallouk shares new investment techniques, an expanded discussion of the importance of disciplined investment management, and updated advice on avoiding common pitfalls.

In this updated Second Edition, you'll find a workable, sensible investment framework that shows you how to refrain from fighting the market, misunderstanding performance, and letting your biases and emotions get in the way of investing success.

  • Offers updated discussion and investment techniques to improve your performance in today's market conditions
  • Details the major mistakes made by professional and everyday investors, including fighting the market, overactive trading, and not having an endgame
  • Highlights the strategies and mindset necessary for navigating ever-changing variables and market dilemmas
  • Includes useful investment techniques and discusses the importance of discipline in investment management

The Five Mistakes Every Investor Makes and How to Avoid Them, Second Edition leads you in the right investing direction and provides a roadmap that you can follow for a lifetime.

Preface xiii
Acknowledgments xv
About the Author xvii
Legal Disclosure xix
Introduction: The Market Wants to Be Your Friend xxi
Mistake #1 Market Timing
1(42)
The Idiots
5(1)
Why Is It So Hard to Beat the Market?
6(1)
Efficient Markets
7(1)
The Evidence (Research and Stuff)
8(1)
The Media Get It Wrong, Over and Over Again
8(1)
Economists Get It Wrong, Over and Over Again
9(5)
Investment Managers Get It Wrong, Over and Over Again
14(3)
Newsletters Get It Wrong, Over and Over Again
17(1)
Your Buddy
18(1)
Strategies That Don't Sound Like Market Timing but Are Market Timing--Oh, and They Don't Work Either
19(1)
Asset-Class Rotation
19(1)
Tactical Asset Allocation
20(1)
Style Rotation
20(1)
Sector Rotation
20(1)
What Smart Investors Have to Say on Market Timing
20(1)
Knowing All This, Why Would Anyone Market Time?
21(1)
Corrections
22(4)
Bear Markets: An Overview
26(1)
Bear Markets Happen for Different Reasons, but the Outcome Is Always the Same
27(1)
Bear Markets Are Not Predictable
28(2)
When Bear Markets "Turn," They Make People on the Sidelines Look Silly
30(1)
The Market Is Volatile--Get Used to It
30(1)
You Can't Wait for Consumers to Feel Good
31(2)
Learning to Accept the Bear Markets
33(1)
Miscalculating the Risk of Market Timing
34(1)
But What If I Am Perfect?
34(2)
Lump-Sum Investing versus Dollar-Cost Averaging
36(4)
Learning to Fly
40(1)
Avoiding Mistake #1--Market Timing
41(2)
Mistake #2 Active Trading
43(22)
The History of Active Trading
44(1)
Active Investment Managers Lose to Indexing
45(1)
Newsletters Lose to Indexing
45(1)
Active Mutual Funds Lose to Indexing
45(2)
Survivor Bias (a.k.a. Mutual Fund Performance Is Even Worse Than the Data Suggests)
47(1)
What About the Winners, Huh? What About the Winners?!
48(3)
Hedge Funds Lose to Indexing
51(5)
Endowments--Misperception of Performance
56(1)
Venture Capital (Sounds Sexy but Usually a Dog)
57(2)
The Taxman Cometh (a.k.a. Dear Goodness, It Gets Worse)
59(1)
Portfolio Activity Hurts Performance
59(1)
But Doesn't Active Management Work in a Down Market?
60(1)
Why Indexes Win
61(1)
But Indexing Results in Average Returns
62(1)
S&P 500, Here I Come!
62(2)
Avoiding Mistake #2--Active Trading
64(1)
Mistake #3 Misunderstanding Performance and Financial Information
65(60)
Misunderstanding #1--Judging Performance in a Vacuum
65(2)
Misunderstanding #2--Believing the Financial Media Exists to Help You Make Smart Decisions (a.k.a. the Media Is Killing You)
67(4)
Misunderstanding #3--Believing That the Market Cares About Today
71(3)
Misunderstanding #4--Believing an All-Time High Means the Market is Due for a Pullback
74(3)
Misunderstanding #5--Believing Correlation Equals Causation
77(1)
October Is The Worst Month to Invest
77(1)
Sell in May and Go Away
78(1)
Misunderstanding #6--Believing Financial News Is Actionable
79(1)
Misunderstanding #7--Believing Republicans Are Better for the Market Than Democrats
80(2)
Misunderstanding #8--Overestimating the Impact of a Manager
82(1)
Misunderstanding #9--Believing Market Drops Are the Time to Get Defensive
83(1)
Avoiding Mistake #3--Misunderstanding Performance and Financial Information
84(1)
Mistake #4 Letting Yourself Get in the Way
85(1)
Fear, Greed, and Herding
85(4)
The Overconfidence Effect
89(4)
Confirmation Bias
93(2)
Anchoring
95(2)
Loss Aversion
97(1)
Mental Accounting
98(2)
Recency Bias
100(3)
Negativity Bias
103(2)
The Gambler
105(1)
Avoiding Mistake #4--Letting Yourself Get in the Way
106(1)
Mistake #5 Working with the Wrong Advisor
107(1)
Most Advisors Will Do Far More Harm Than Good
108(1)
Advisor Selection Issue #1--Custody
108(5)
Advisor Selection Issue #2--Conflict
113(1)
Test #1 Independent Advisor or Broker?
114(1)
Investment Advisor Defined
114(1)
Broker Defined
114(1)
So What's the Difference?
115(1)
Test #2 Pure Independent versus Independent and Broker
116(1)
Test #3 Proprietary Funds versus No Proprietary Funds
117(1)
A Final Thought on Conflicts
118(1)
Advisor Selection Issue #3--Competence
119(1)
Competence Check #1 Do the Advisor's Credentials Meet Your Needs?
120(1)
Competence Check #2 Is the Advisor Right for You?
120(1)
Competence Check #3 Is the Advisor Following a Process That You Agree With?
120(1)
A Final Thought on Advisors--Principles
121(1)
Avoiding Mistake #5 Choosing the Wrong Advisor
122(3)
Mistake #6 No Mistaking
125(28)
Rule #1 Have a Clearly Defined Plan
125(2)
Rule #2 Avoid Asset Classes That Diminish Results
127(1)
Cash--The Illusion of Safety
127(2)
The Illusion of Gold as a Way to Grow Wealth
129(2)
Rule #3 Use Stocks and Bonds as the Core Building Blocks of Your Intelligently Constructed Portfolio
131(7)
Rule #4 Take a Global Approach
138(2)
Rule #5 Use Primarily Index-Based Positions
140(1)
Rule #6 Don't Blow Out Your Existing Holdings
140(2)
Rule #7 Be Sure You Can Live with Your Allocation
142(1)
Rule #8 Rebalance
143(1)
Rule #9 Revisit the Plan
144(1)
The Ultimate Rule: Don't Mess It Up!
145(1)
Portfolio Example
146(1)
The "I Want to Beat the Market" Portfolio
146(1)
The "I Need 7 Percent to Hit My Long-Term Retirement Goal" Portfolio
146(1)
The "Get Me What I Need for the Rest of My Life with the Least Volatility Possible" Portfolio
147(1)
The "I Have More Money Than I Will Ever Need and I Want It to Grow with Minimal Volatility" Portfolio
148(1)
The "I Have More Money Than I Will Ever Need, Volatility Doesn't Bother Me, and I Want It to Grow Along with the Market" Portfolio
148(2)
A Path to Success: Intelligent Portfolio Construction
150(1)
You're the One
151(2)
Conclusion Let's Roll!! 153(2)
References 155(8)
Index 163
PETER MALLOUK is President and Chief Investment Officer of Creating Planning and its affiliated companies. Peter's companies provide comprehensive wealth management services to their clients, including investment management, financial planning, charitable planning, retirement plan consulting, and tax and estate planning services.
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