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This all seems extremely reasonable and informative. They do not appear to be promoting a particular business or their own services so its like a public information film, However, I would love to know just who the people are behind Sensible Investing, These very professional and polished videos must have cost a fortune to make and as far as I can tell from their website they aren't actually selling anything so where does the money come from and how did they get access to all these prominent financial experts? Best way to play this game is not to at all.

How to Win the Loser's Game: How to Win the Loser's Game, Part How to Win the Loser's Game, Part 9. How to Win the Loser's Game, Part 8. How to Win the Loser's Game, Part 7. How to Win the Loser's Game, Part 6. How to Win the Loser's Game, Part 5. How to Win the Loser's Game, Part 4. How to Win the Loser's Game, Part 3. How a young Warren Buffett got his start and become the richest man in the world. Charting and Technical Analysis.

Invest and trade making good decisions with your money. Introduction To Algo Trading: Have you wondered what "algo" trading was all about, and how to get started?

Winning the Loser’s Game: Book Notes

Review "[A] classic investing book. Winning the Loser's Game Hardcover: Related Video Shorts 0 Upload your video. Steely cold, emotionless, mechanical. A valuable resource for explaining and understanding safety in organizations. Learn to Trade Momentum Stocks. Ready to learn how the stock market really works? Pick up your copy today. Try the Kindle edition and experience these great reading features: Share your thoughts with other customers.

Write a customer review. Read reviews that mention investment ellis index funds market advice investors investor invest low learn portfolio beat term mutual perhaps concise managers markets financial. There was a problem filtering reviews right now. Please try again later. Ellis is one of the three best investment writers ever. However his sixth edition has added some 75 pages but only created a book that tries to solve too many issues.

Get the 4th edition. It's his optimum book. Luckily, l bought his first edition a few months after issue. It has been my investment guide for the past 30 years.

Practical ways to create abundance

Kindle Edition Verified Purchase. This is a book of life's wisdom - not only for financial investment but for life investment. In this book, Charley reveals some hidden secrets in our life that are deeply woven and buried in the fabric of a person's daily life -- they are so obvious but most people do not see them, do not feel them. Yet once exposed, these principles can empower a person to live a better life. I highly recommend this book to both investment professionals and people of other walks of life.

How to Win the Loser's Game: Full Version

This book provides a lot of the same background information found in David Swensen's Unconventional Success, but provides a slightly different perspective on the information. I recommend reading both books before making any decisions on the future of your portfolio. Cleverly written, where each chapter reaches the same conclusion from a different perspective-you can't beat index fund investing- active management is a loser's game. Lot's of wisdom and great quotes. Ideas not just for investing but can be applied to life. If u are going to read just one book on investing, this would be a great choice.

One person found this helpful. Ellis' credentials were what brought me to buying this book. But his logic and math were what convinced me about indexing. There have been many articles in the WSJ and Fortune recently about big money managers saying indexing is the best way to invest in the market. After reading this book, i understand why.

I changed all my accounts to low cost index funds when i was done and won't look at them again for years. The remainder of the book is a Solid book by Charles Ellis, who has been an influential investment writer for decades. The tragedies of Madoff and Iceland are a stark reminder that nothing is really free.

We all have to make a plan and stick to it. We need to understand that markets will be volatile. Money is not everything but money is important. There are methods which help us do that and thereby avoid a lot of tax. To create wealth we need to earn, save, invest, contribute and plan our estate. You can save a lot of tax by giving. If you have more than 20 million dollars you are really wealthy.

To protect your wealth you need to have an investment committee or a personal expert if you have more than million. You should also have a fine trust and estate lawyer and a brilliant book keeper. Be wary of asset gatherers and stay away from them. Alternative investments, hedge funds, venture capital are touted a lot. The best firms are usually closed to new investors.

Real estate can create a lot of wealth, but you need to spend a lot of time at it. REITs may be an easier way. Commodities are really not great investments in the long run. The author then talks about how to serve on an investment committee and recommends ten choices for reading:. July 16, August 17, Selecting specific stocks or groups of stocks. Making timely changes in portfolio structure or strategy. Developing and implementing a superior, long-term investment concept or philosophy. We should understand the four powerful truths about investing: The dominating reality is that the most important investment decision is your long term mix of assets: That mix should be determined partly by the real purpose- growth, income, safety, and so on- and mostly according to when the money will be used.

Diversify within each asset class and between asset classes. Bad things do happen- usually as surprises. Be patient and persistent. Good things come in spurts-usually when least expected- and fidgety investors fare badly. So is setting the right course- which takes you back to 1. You have peace of mind because investing has been made very simple.

We do a lot of things that prove this: We gamble at casinos and get caught up in bull and bear markets. We are overly impressed by short-term results. We look for data and overweight the significance of data that support our own initial conclusions. We use early ideas or numbers as reference points for future decisions.

We believe that we are better than we really are. We confuse familiarity with knowledge and understanding. We think we know more relative to others than we really do. To avoid doing these things, we need to avoid: Not trying hard enough by having too much in money market or bond funds Being impatient.

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If you make an investment decision more than once a year or so and are not devoting full time to the market, you are surely being too active in trading, and it will cost you. Making mutual fund investment changes in less than 10 years. We should not overestimate our performance relative to the market. We need to recognize and acknowledge our mistakes.

  1. The Losers Game – Charles D. Ellis – The Financial Analysts Journal, 1975;
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Do more work and research than others. Think more deeply and further into the future than others. Maintain calm rationality at all times and never get excited by favourable market events and never get upset by adverse markets.

The way you do it is to design a long-term portfolio that will meet two important tests: You can and will live with the market risks of this portfolio. The long-term reasonably expectable results will meet your own investment priorities. Lower market impact because of lower portfolio turnover. No records to keep-very convenient. Freedom from error or blunder because no market timing, portfolio strategy and manager selection decisions and no single stock forms a large part of your portfolio. Freedom to focus on really important decisions like investment objectives and sensible long-term investment policies and practices.

Less anxiety and concern because you never have to worry about errors of omission or commission. These advantages accumulate as the length of investing increases. Investors and their managers should therefore devote themselves to these four things: Establishing the asset mix or portfolio structure best suited to meeting those risk and return objectives.

Each investor should think through the answers to these six questions: What are the real risks to you of an adverse outcome, particularly in the short run? You should never take unacceptable risks. What are your probable emotional reactions to an adverse experience? When you invest in stocks there will be gains and there will be losses which will be higher in magnitude than investing in other assets. But if you do not invest in stocks, you are likely to have lower money over the long run.

You miss an opportunity by not investing in stocks. How knowledgeable are you about the history and realities of investing and the realities and vagaries of the financial markets? Lack of knowledge makes people fearful in bear markets and greedy in bull markets. What other capital or income resources do you have, and how important is your portfolio to your overall financial position?

Are there any legal restrictions on your investments? Are there any unanticipated consequences of interim fluctuations in portfolio value that might affect your optimal investment policy? TIME The time over which you invest is important. Conventionally it is said, that for investing horizons of: What the future profits or earnings are going to be?

What the long-term interest rates are going to be in the future? What is the trend of inflation? In the short run, all investing is speculation and depends on change in investor psychology. The history of returns shows that: But if you think you have found a great investment opportunity, ask yourself these four questions and talk it over with other people: What could go really right, and how likely is it? What could go wrong, and how likely is that? Am I so confident that I plan to invest a significant part of my portfolio in this one?

If the price goes down, will I really want to buy a lot more?

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  • Active investors think of risk in four ways: If the price is high, it can go down. If interest rates go up more than what is expected, price will go down. The company falters, and earnings go down. Price then goes down. You lose your money. Academic research has shown that there are three types of risk: Market risk Individual stock risk Stock group risk Market risk cannot be avoided. Buy indexed instruments than individual bonds and stocks. This will give you an incremental return of 1. You have to remember that no mutual fund has achieved that amount of incremental return over any sustained period.