{"product_id":"figuring-it-out-isbn-9781119898955","title":"Figuring It Out","description":"\u003cp\u003e\u003cb\u003eAn indispensable collection of essays from one of the investment world’s leading lights\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003eIn \u003ci\u003eFiguring It Out: Answers to the Most Difficult Investment Questions\u003c\/i\u003e, world-renowned investing and finance guru Charles D. Ellis delivers a robust collection of incisive essays on an array of perennial and contemporary investing issues, from the rise and fall of performance investing to a compilation of essential investing guidelines. \u003c\/p\u003e\u003cp\u003eIn the book, you’ll also find eye-opening discussions of: \u003c\/p\u003e\u003cul\u003e \u003cli\u003eWhether bonds are an appropriate investment vehicle for long-term investors\u003c\/li\u003e \u003cli\u003eThe costs of excessive liquidity in the typical portfolio\u003c\/li\u003e \u003cli\u003eThe characteristics of successful investment firms, and how to spot them\u003c\/li\u003e\n\u003c\/ul\u003e\u003cp\u003eA can’t-miss resource for the everyday retail investor, author Charles Ellis draws on a lifetime of distinguished client service in the financial markets to reward readers with common-sense and accessible advice that deserves to be followed by anyone with an interest in maximizing their investment returns over the long haul. \u003c\/p\u003e\u003cp\u003eForeword ix\u003c\/p\u003e \u003cp\u003eNote on the Text xi\u003c\/p\u003e \u003cp\u003eIntroduction xiii\u003c\/p\u003e \u003cp\u003e1 The Changing Game 1\u003c\/p\u003e \u003cp\u003e2 The Loser’s Game 35\u003c\/p\u003e \u003cp\u003e3 The Winners’ Game 47\u003c\/p\u003e \u003cp\u003e4 The Winner’s Game II 61\u003c\/p\u003e \u003cp\u003e5 The Rise and Fall of Performance Investing 73\u003c\/p\u003e \u003cp\u003e6 Seven Rules for More Innovative Portfolio Management in an Age of Discontinuity 89\u003c\/p\u003e \u003cp\u003e7 Will Success Spoil Performance Investing? 93\u003c\/p\u003e \u003cp\u003e8 To Get Performance, You Have to Be Organized for It 99\u003c\/p\u003e \u003cp\u003e9 Investing Success in Two Easy Lessons 107\u003c\/p\u003e \u003cp\u003e10 The End of Active Investing? 111\u003c\/p\u003e \u003cp\u003e11 In Defense of Active Investing 119\u003c\/p\u003e \u003cp\u003e12 Murder on the Orient Express: The Mystery of Underperformance 127\u003c\/p\u003e \u003cp\u003e13 Best Practice Investment Committees 141\u003c\/p\u003e \u003cp\u003e14 Levels of the Game 157\u003c\/p\u003e \u003cp\u003e15 An Invitation to Winning 163\u003c\/p\u003e \u003cp\u003e16 Small Slam! 167\u003c\/p\u003e \u003cp\u003e17 A Lesson from Seaside Cemetery 171\u003c\/p\u003e \u003cp\u003e18 Tommy Armour on Investing 173\u003c\/p\u003e \u003cp\u003e19 Ted Williams’ Great Lessons for Investors 177\u003c\/p\u003e \u003cp\u003e20 Symptoms and Signs 181\u003c\/p\u003e \u003cp\u003e21 Lessons from the Warwick and Château Chambord 191\u003c\/p\u003e \u003cp\u003e22 Investment Management Fees Are Higher Than We Think 199\u003c\/p\u003e \u003cp\u003e23 Computer People May Be Planning a Revolution 203\u003c\/p\u003e \u003cp\u003e24 Characteristics of Successful Investment Firms 207\u003c\/p\u003e \u003cp\u003e25 A New Paradigm of Investment Management 215\u003c\/p\u003e \u003cp\u003e26 Lessons on Grand Strategy 221\u003c\/p\u003e \u003cp\u003e27 Pension Funds Need MORE Management MANAGEMENT 227\u003c\/p\u003e \u003cp\u003e28 The Significance of 65 233\u003c\/p\u003e \u003cp\u003e29 Where Were We? 237\u003c\/p\u003e \u003cp\u003e30 Hard Choices: Where Are We Now? 243\u003c\/p\u003e \u003cp\u003e31 Bonds for Long-Term Investors? 251\u003c\/p\u003e \u003cp\u003e32 What Role Should Bonds Play? 261\u003c\/p\u003e \u003cp\u003e33 Too Much Liquidity Will Cost You 265\u003c\/p\u003e \u003cp\u003e34 Letter to My Grandkids: 12 Essential Investing Guidelines 269\u003c\/p\u003e \u003cp\u003e35 Miss Sally’s Attic 277\u003c\/p\u003e \u003cp\u003e36 Ben Graham: Ideas as Mementos 281\u003c\/p\u003e \u003cp\u003e37 The Corporate Tax Cut 291\u003c\/p\u003e \u003cp\u003e38 Repurchase Stock to Revitalize Equity 295\u003c\/p\u003e \u003cp\u003e39 Anti-Trust, Bank Mergers, and the PNB Decision 315\u003c\/p\u003e \u003cp\u003eIndex 325\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eCHARLES D. ELLIS \u003c\/b\u003eis one of the leading contributors to the investment profession. He has chaired the CFA Institute, served as a Director of Vanguard and on over a dozen investment committees, including many years on the Yale Investment Committee. He has taught advanced investment courses at both Harvard Business School and Yale School of Management. This is his 19th book.   \u003c\/p\u003e\u003cp\u003eDrawing on over 60 years of advising some of the world’s leading professional and individual investors, household investing name Charles D. Ellis delivers \u003ci\u003eFiguring It Out: Sixty Years of Answering Investors’ Most Important Questions.\u003c\/i\u003e In the book, Ellis provides unique investing insights on some of the most intractable and common issues facing retail and professional investors around the world, often in a most engaging way. \u003c\/p\u003e\u003cp\u003eThe author explores some of the great controversies that have animated the investing world over the last sixty years, from the rise and fall of performance investing to whether bonds are an appropriate investment vehicle for long-term investors. He also discusses questions about the costs associated with excessive liquidity in a typical portfolio and how to identify the characteristics of successful, high-performing investment firms. \u003c\/p\u003e\u003cp\u003eThroughout the book, Ellis challenges conventional beliefs, including the beliefs that active managers beat the market, that investment committees should focus on hiring and firing managers, and that investment consultants will add value. He instead makes a strong case that every investor is unique and the key to long-term success is figuring out what is important to each investor. Ellis details how to design a long-term investment program based on what is best for each investor, with the goals of achieving unique objectives and being faithful to the program in mind.  \u003c\/p\u003e\u003cp\u003eA can’t-miss resource for both institutional and retail investors, \u003ci\u003eFiguring It Out: Sixty Years of Answering Investors’ Most Important Questions\u003c\/i\u003e will also earn a place on the bookshelves of portfolio managers, business enthusiasts, and anyone with even a passing interest in the world of finance.    \u003c\/p\u003e\u003cp\u003e\u003cb\u003ePRAISE FOR FIGURING IT OUT\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e“It might seem odd to describe the courtly and charming Charley Ellis as a revolutionary, and yet he is. As you’ll discover in this brilliant collection of essays, not only did he recognize far earlier than most that investing is a loser’s game, but he also set out to take that next important step—figuring out what investors can do to improve their odds of financial success. Want a more comfortable financial future? You’ll find crucial answers in Charley’s lifetime of wise words.”  \u003c\/p\u003e\u003cp\u003e\u003cb\u003e—JONATHAN CLEMENTS, \u003c\/b\u003eeditor of HumbleDollar.com and former personal  finance columnist for \u003ci\u003eThe Wall Street Journal\u003c\/i\u003e \u003c\/p\u003e\u003cp\u003e“Charley Ellis has had a front row seat to the evolution of the investment management industry for over a half century. In working alongside the greats, Charley has ‘figured out’ that winning in investment management is really, really hard. This compilation of some of his finest work over the years offers anecdotes and data supporting his deepest held beliefs: focus on goals, get the big picture right, and let the power of indexing take care of the rest.” \u003c\/p\u003e\u003cp\u003e\u003cb\u003e—TED SEIDES,\u003c\/b\u003e CFA, Founder, Capital Allocators, LLC \u003c\/p\u003e\u003cp\u003e“The financial markets have changed dramatically over the past half century, yet our beliefs about what it takes to be a successful investor have not. Financial sage Charley Ellis has spent 60 years \u003ci\u003eFiguring it Out\u003c\/i\u003e while working with and teaching the best investors in the business. You too can become a better investor with this wonderful collection of brilliant, groundbreaking, and invaluable insights from one of the great financial minds of our era.” \u003c\/p\u003e\u003cp\u003e\u003cb\u003e—CONSUELO MACK,\u003c\/b\u003e Anchor and Executive Producer, Consuelo Mack WealthTrack\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989207466213,"sku":"NP9781119898955","price":29.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119898955.jpg?v=1761783210","url":"https:\/\/k12savings.com\/es\/products\/figuring-it-out-isbn-9781119898955","provider":"K12savings","version":"1.0","type":"link"}