Synopses & Reviews
Strategies for Seizing Control of Your Investment Future--By Working With the Markets Instead of Against Them
"This remarkably insightful and lucidly written investment classic should be required reading for every serious investor."--Burton G. Malkiel, Author, A Random Walk Down Wall Street
"This is by far the best book on investment policy and management."--Peter Drucker
"Ellis has written a liberating book about investing. This book will enable you to face your money matters squarely, with intelligence and vision, and help you create a plan that will increase the security and freedom of your later years."--Byron R. Wien, Morgan Stanley
"... a 'must read.' This clearly-written book explores concepts essential to both institutional and individual investors. It is not a simplistic 'do-it-yourself' cookbook, but an elegant guide to investment truths and paradoxes."--Abby Joseph Cohen, Stock Market Strategist and Managing Director, Goldman, SachsandCo.
"... Radical in its simplicity. Investors--institutional and otherwise--will find this jolt to their cherished beliefs refreshing."--Adam Smith, Adam Smith's Money World
"An outstanding guide for the individual investor, full of sound and useful advice for making one's way through the confusing maze of our contemporary financial world."--William E. Simon, Former Secretary of the Treasury
Q: "What can I do to beat the markets?"
It's one of today's most often asked questions. And the answer, maddening in both its simplicity and its complexity, is simple: Instead of playing the loser's game of trying to "beat the markets," enjoy winning investing by learning how to get the markets to work for you.
Through three previous editions of Winning the Loser's Game, Charles Ellis has shown investors how the markets really work and why most investors are their own worst enemies. Relying on simple data and historical facts, Ellis argues that the most successful investors avoid short-term traps to concentrate on long-term strategies that allow time, compounding, and the natural ebbs and flows of the markets to work their magic.
Charles Ellis has 40 years of experience working with the leading investment organizations around the world and is in the unique position to tell it like it is. Winning the Loser's Game provides dozens of sound ideas on how to be a smarter investor, and for plugging the leaks in your investment returns. From preventing unnecessarily high taxes to avoiding unconscionably high fees, this common-sense guidebook for independent investors reveals how to:
- Match your investment program to the realities of the market and work effectively with your investment managers
- Make the most of the "unfair" index fund advantage in today's tumultuous market environment
- Keep from getting burned by the market's inevitable up-and-down cycles
- Institute an annual review process that includes both your and your heirs' lifelines
- Maximize financial success through five stages, from Earning, Saving, and Investing through Estate Planning and Giving
In today's markets, an unprecedented quarter-century of performance has blinded investors to the historical base rate of investment returns. Winning the Loser's Game cuts through the fog like a beacon of common sense and clarity, and helps you to see how today's most highly touted shortcuts and secrets are almost always guaranteed to hurt you in the long run. With updated facts and figures and six new chapters, it sidesteps complications and formulas to provide you with the straight-talking secrets to winning investing.
Charles Ellis tells investors how to: take control of their financial futures; compute their investment programme to market realities and their real needs and goals; leverage the power of time and compounding to build their fortunes; and work effectively with investment managers.
The Classic Guide to Winning on Wall StreetCompletely Updated and Expanded!
“The best book about investing? The answer is simple: Winning the Losers Game
. Using compelling data and pithy stories, Charley Ellis has captured beautifully in this new and expanded edition of his classic work the most important lessons regarding investing. In today's unforgiving environment, it's a must-read!”
F. William McNabb III, Chief Executive Officer and President, Vanguard
“Charley Ellis has been one of the most influential investment writers for decades. This classic should be required reading for both individual and institutional investors.”
Burton Malkiel, author, A Random Walk Down Wall Street
“No one understands what it takes to be a successful investor better than Charley Ellis and no one explains it more clearly or eloquently. This updated investment classic belongs on every investors bookshelf.”
Consuelo Mack, Anchor and Managing Editor, Consuelo Mack WealthTrack
“A must-reread classic, refreshed and updated with the latest ‘lessons to be learned from the 2008-2009 market events.”
Martin Leibowitz, Managing Director, Morgan Stanley Research
“Winning the Losers Game has long been required reading for professional investors. . . . This elegant volume explores approaches for individuals such as relying on intellect rather than emotion, and building a personal portfolio by taking advantage of what other investors already know.”
Abby Joseph Cohen, Goldman Sachs and Co
“This is less a book about competition than about sound money management. Sounder than Charley Ellis they do not come.”
Andrew Tobias, author, The Only Investment Guide Youll Ever Need
About the Book:
Peter Drucker referred to Winning the Loser's Game as “by far the best book on investment policy and management.” Now, in it's fifth edition, the investing classic has been updated and improved.
With refreshing candor, straight talk, and good humor, Winning the Losers Game helps individual investors succeed with their investments and control their financial futures. Ellis, dubbed “Wall Streets Wisest Man” by Money magazine, has been showing investors for three decades how stock markets really work and what individuals can do to be sure they are long-term winners.
Applying wisdom gained from half a century of working with the leading investment managers and securities firms around the world, Ellis explains how to avoid common traps and get on the road to investment success.
Winning the Losers Game helps you set realistic objectives and develop a sensible strategy. You will learn how to:
- Create an investment program based on the realities of markets
- Use the “unfair” index fund to succeed, even in tumultuous markets
- Institute an annual review process to steer your investments well into the future
- Maximize investing success through five stages, from earning and saving through investing, estate planning, and giving
The need for a trustworthy investing guide has never been greater. Sixty million individuals with 401(k)s are now responsible for making important investment decisions. They know theyre not experts but dont know whom to trust.
Winning the Losers Game explains why conventional investing is a losers game, and how you can easily make it a winners game!
About the Author
Charles D. Ellis is managing partner of Greenwich Associates, the global leader in strategy consulting to professional financial service firms. The author of ten books and nearly 100 articles on investing, Ellis has taught the investment courses at both Harvard Business School and the Yale School of Management. In addition to chairing AIMR--the investment management profession's worldwide association--he has served as a trustee of Phillips Exeter Academy, overseer of the Stern Schools of Business at NYU, and director of the Harvard Business School. He is also a trustee and chair of the investment committee at Yale University.
Table of Contents
'1. The Loser\'s Game
2. Beating the Market
3. Mr. Market and Mr. Value
4. The Investor\'s Dream Team
5. Investor\'s Risk
6. Your Unfair Competitive Advantage
7. The Paradox
10. Investment Risks
11. Building Portfolios
12. Why Policy Matters
13. The Winner\'s Game
14. Performance Measurement
15. Estimating the Market--Roughly
16. The Individual Investor
17. Selecting Mutual Funds
18. Thoughts for the Wealthy
19. Institutional Investing and You
20. Best Practice Investment Committees
22. Planning Your Play
23. Now What?
25. You Are Now Good to Go!
26. Parting Tips