{"product_id":"the-investors-manifesto-isbn-9781118073766","title":"The Investor's Manifesto","description":"\u003cp\u003e\u003cb\u003eA timeless approach to investing wisely over an investment lifetime\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWith the current market maelstrom as a background, this timely guide describes just how to plan a lifetime of investing, in good times and bad, discussing stocks and bonds as well as the relationship between risk and return.\u003c\/p\u003e \u003cp\u003eFilled with in-depth insights and practical advice, \u003ci\u003eThe Investor's Manifesto\u003c\/i\u003e will help you understand the nuts and bolts of executing a lifetime investment plan, including: how to survive dealing with the investment industry, the practical meaning of market efficiency, how much to save, how to maintain discipline in the face of panics and manias, and what vehicles to use to achieve financial security and freedom.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eWritten by bestselling author William J. Bernstein, well known for his insights on how individual investors can manage their personal wealth and retirement funds wisely\u003c\/li\u003e \u003cli\u003eExamines how the financial landscape has radically altered in the past two years, and what investors should do about it\u003c\/li\u003e \u003cli\u003eContains practical insights that the everyday investor can understand\u003c\/li\u003e \u003cli\u003eFocuses on the concept of Pascal's Wager-identifying and avoiding worst-case scenarios, and planning investment decisions on that basis\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eWith \u003ci\u003eThe Investor's Manifesto\u003c\/i\u003e as your guide, you'll quickly discover the timeless investment approaches that can put you in a better position to prosper over time.\u003c\/p\u003e  \u003cp\u003eForeword ix\u003c\/p\u003e \u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 A Brief History of Financial Time 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIn the Beginning 2\u003c\/p\u003e \u003cp\u003eNear-Death in Venice 8\u003c\/p\u003e \u003cp\u003eThe Incredible Shrinking Risk Premium 11\u003c\/p\u003e \u003cp\u003eSummary 12\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 The Nature of the Beast 13\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOf Ravens and Returns 13\u003c\/p\u003e \u003cp\u003eHistory versus Math 18\u003c\/p\u003e \u003cp\u003eMr. Gordon’s Curious Equation 25\u003c\/p\u003e \u003cp\u003eMath Detail: The Discounted Dividend Model 29\u003c\/p\u003e \u003cp\u003eHome Sweet Home? 35\u003c\/p\u003e \u003cp\u003eAdventures in Equity 38\u003c\/p\u003e \u003cp\u003eMath Detail: Risk 43\u003c\/p\u003e \u003cp\u003eThrowing Dice with God 47\u003c\/p\u003e \u003cp\u003eGene Fama Looks for Angles and Finds None 49\u003c\/p\u003e \u003cp\u003eSandbagged by a Superstar 52\u003c\/p\u003e \u003cp\u003eJack Bogle Outfoxes the Suits 56\u003c\/p\u003e \u003cp\u003eIt Is Better to Be Lucky Than Smart 63\u003c\/p\u003e \u003cp\u003eBond Funds: A Flatter Playing Field 64\u003c\/p\u003e \u003cp\u003eSummary 65\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 The Nature of the Portfolio 69\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFour Essential Preliminaries 71\u003c\/p\u003e \u003cp\u003eThe Asset Allocation Two-Step 74\u003c\/p\u003e \u003cp\u003eMath Detail: Mean-Variance Analysis 83\u003c\/p\u003e \u003cp\u003eWith Luck, Zigs, and Zags 84\u003c\/p\u003e \u003cp\u003eChasing Rainbows 88\u003c\/p\u003e \u003cp\u003eSummary 93\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 The Enemy in the Mirror 95\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInner Demons 97\u003c\/p\u003e \u003cp\u003eBehaving Badly 100\u003c\/p\u003e \u003cp\u003eBargain-Basement Psychotherapy 116\u003c\/p\u003e \u003cp\u003eSummary 125\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Muggers and Worse 127\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe World's Largest Bad Neighborhood 128\u003c\/p\u003e \u003cp\u003eThe Fund Funhouse 135\u003c\/p\u003e \u003cp\u003eSummary 142\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Building Your Portfolio 143\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFinancial Planning for a Lifetime: The Basics 143\u003c\/p\u003e \u003cp\u003eSaving for Retirement: Nuts and Bolts 145\u003c\/p\u003e \u003cp\u003eHow to Save: Dollar Cost Averaging and Value Averaging 152\u003c\/p\u003e \u003cp\u003eFour Investors, Four Plans 154\u003c\/p\u003e \u003cp\u003eThe Rebalancing Question 166\u003c\/p\u003e \u003cp\u003eMath Detail: Rebalancing, Momentum, and Mean Reversion 169\u003c\/p\u003e \u003cp\u003eTeach Your Children Well 172\u003c\/p\u003e \u003cp\u003eSummary 174\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 The Name of the Game 179\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInvestment Theory and History: The Short Course 180\u003c\/p\u003e \u003cp\u003eThe Portfolio Theory of Everything 181\u003c\/p\u003e \u003cp\u003eWe Have Met the Enemy, and He Is Us 181\u003c\/p\u003e \u003cp\u003eHeads I Win, Tails You Lose 182\u003c\/p\u003e \u003cp\u003eFire When Ready 182\u003c\/p\u003e \u003cp\u003eThe Books You Need . . . Aged Like Fine Wine 185\u003c\/p\u003e \u003cp\u003eNotes 188\u003c\/p\u003e \u003cp\u003eAcknowledgments 193\u003c\/p\u003e \u003cp\u003eAbout the Author 195\u003c\/p\u003e \u003cp\u003eIndex 196\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eWilliam J. Bernstein\u003c\/b\u003e, PhD, MD, is a bestselling author known as a grassroots hero to independent investors. Formerly a practicing neurologist, Bernstein approaches the problems of saving and investing as someone who had to figure it out for himself—from first principles up. He is the author of \u003ci\u003eThe Intelligent Asset Allocator\u003c\/i\u003e and \u003ci\u003eThe Four Pillars of Investing\u003c\/i\u003e—highly regarded, plain-spoken guides on how to build a diversified portfolio without the help of a financial advisor—the editor of the asset allocation journal \u003ci\u003eEfficient Frontier\u003c\/i\u003e, and the founder of the popular website efficientfrontier.com. He has also written two volumes of economic history, \u003ci\u003eThe Birth of Plenty\u003c\/i\u003e and \u003ci\u003eA Splendid Exchange\u003c\/i\u003e, and is a coprincipal in Efficient Frontier Advisors.\u003c\/p\u003e  \u003cp\u003e\u003cb\u003ePraise for \u003ci\u003eThe Investor's Manifesto\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"Bill Bernstein's impassioned new book is indeed a manifesto—a call to action for Main Street investors to free themselves from exploitation by Wall Street money moguls; to understand the brute principles that ultimately determine stock market returns; and to establish the sound and simple strategies necessary for investment success. The Investor's Manifesto is a grand-slam home run.\"\u003cbr\u003e —\u003cb\u003eJohn C. Bogle\u003c\/b\u003e, founder of the Vanguard Group, Inc.\u003c\/p\u003e \u003cp\u003e\"This is the investment book that my kids, step-kids, and sisters will read, remember, and thank me for. Bernstein's way with ideas and words means that for all of them, practical investment is no longer too hard or too dull to master. The aha! moment for me was finding out what Bernstein is recommending to his readers now.\"\u003cbr\u003e —\u003cb\u003eEd Tower\u003c\/b\u003e, Professor of Economics, Duke University\u003c\/p\u003e \u003cp\u003e\"The Investor's Manifesto is packed with wisdom and charmingly written. It belongs on every investor's bookshelf.\"\u003cbr\u003e —\u003cb\u003eBurton G. Malkiel\u003c\/b\u003e, author of \u003ci\u003eA Random Walk Down Wall Street\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"There is no better writer on investing than William Bernstein. If he has written it, it is a must-read. Whether you are just beginning your journey or already in retirement, this book is an invaluable guide filled with pearls of wisdom.\"\u003cbr\u003e —\u003cb\u003eLarry Swedroe\u003c\/b\u003e, Principal and Director of Research, The Buckingham Family of Financial Services, author of \u003ci\u003eWise Investing Made Simple\u003c\/i\u003e and \u003ci\u003eThe Only Guide You'll Ever Need\u003c\/i\u003e series\u003c\/p\u003e \u003cp\u003e\"In \u003ci\u003eThe Investor's Manifesto\u003c\/i\u003e, author William Bernstein, PhD, MD, has condensed his long experience and intellectual wisdom into an easy-to-read and easy-to-understand book that deserves to be on the bookshelf of every serious investor.\"\u003cbr\u003e —\u003cb\u003eTaylor Larimore\u003c\/b\u003e, coauthor of \u003ci\u003eThe Bogleheads' Guide to Investing\u003c\/i\u003e and \u003ci\u003eThe Bogleheads' Guide to Retirement Planning\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"\u003ci\u003eThe Investor's Manifesto\u003c\/i\u003e brilliantly lays out timeless investment strategies in a clear, easy-to-understand manner. Whether an investing novice or an experienced investor, Bill Bernstein helps you recover from the market decline and build a solid financial future. Longtime Bernstein fans will find the answer to the question 'What would Bill do?'\"\u003cbr\u003e —\u003cb\u003eLaura F. Dogu\u003c\/b\u003e, coauthor of \u003ci\u003eThe Bogleheads' Guide to Retirement Planning\u003c\/i\u003e\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990269903077,"sku":"NP9781118073766","price":18.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118073766.jpg?v=1761787141","url":"https:\/\/k12savings.com\/es\/products\/the-investors-manifesto-isbn-9781118073766","provider":"K12savings","version":"1.0","type":"link"}