By Burton G. Malkiel
Okay, so i am not performed with the booklet but, yet i am already irked that i learn the 1st a hundred pages while it might simply were condensed into twenty or thirty pages. Soo boring... Get to the beef already!
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Extra resources for A random walk down Wall Street: including a life-cycle guide to personal investing
Indeed, a structured strategy like the high-yielding Dow approach mentioned earlier, where you are allowed to refresh the stocks every year, posted much better returns. 45 percent, considerably more than both the S&P 500 and the ING Corporate Leaders Fund. OVERWHELMED BY OUR NATURE Knowing and doing are two very different things. ” While we may intellectually understand what we should do, we usually are overwhelmed by our nature, allowing the intensely emotional present to overpower our better judgment.
Data show that certain factors are consistently associated with superior returns, but that the same is true in Europe and Japan as well. Yet, all this research is valuable precisely because it covers returns over decades—not days. Many investors believe a five-year track record is sufficient to judge a manager’s abilities. But, like Alexander Pope’s maxim that a little learning is a dangerous thing, too little time gives investors extremely misleading information. , to assume it was 95 percent likely to be statistically relevant), you would need more than 25 years of data.
And even if we could see the future and identify the ultimate winner in e-commerce, at today’s valuations it is probably already over-priced. When people realize that the mania has dried up, and that “the greater fool” isn’t there anymore, they’ll all rush for the exits at the same time. And the same thing that drove Internet prices up—lack of liquidity married to irrational investors—will drive them down, only more quickly. ) Since I joined Bear Stearns, I’ve used historical data to put the bear market of 2000–2002 in perspective, and I have called for a return to equity investing.