The Elements of Investing: Easy Lessons for Every Investor ( two version available, 2009; updated version in 2013)

The Elements of Investing: Easy Lessons for Every Investor ( two version available, 2009; updated version in 2013)
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The Elements of Investing: Easy Lessons for Every Investor, Updated Edition

by Burton G. Malkiel, Charles D. Ellis

An updated look at best rules of investing provided by two of the world's greatest financial thinkers

In the updated edition of The Elements of Investing, authors Charles Ellis and Burton Malkiel¡ªtwo of the world's greatest financial thinkers¡ªhave again combined their talents to produce a straight-talking book about investing and saving. Written with every investor in mind, this reliable resource will put you on a path towards a lifetime of financial success.

Page by page, Malkiel and Ellis skillfully focus their message to address the essentials and offer a set of simple, but powerful thoughts on how to avoid Mr. Market and his "loser's game," and instead enjoy the "winner's" approach to investing. All the investment rules and principles you need to succeed are here¡ªwith clear advice on how to follow them.

Shows you how to focus on the long term instead of following market fluctuations that are likely to lead to costly investing mistakes Contains investment insights that can carry you all the way to, and through, retirement Written by Burton G. Malkiel, the bestselling author of A Random Walk Down Wall Street, and Charles D. Ellis, the bestselling author of Winning the Loser's Game

A disciplined approach to investing, complemented by understanding, is all you need to enjoy success. This practical guide explains what you really need to know and puts you on the right course for long-term success through all kinds of markets. Table of Contents Preface to Updated Edition xi

Foreword xvii

Introduction xxiii

It All Starts with Saving 1

I. Save 3

First Do No Harm 6

Start Saving Early: Time Is Money 7

The Amazing Rule of 72 9

Savvy Savings 14

Small Savings Tips 18

Big Ways to Save 20

Let the Government Help You Save 22

Own Your Home 24

How Do I Catch Up? 25

II. Index 29

Nobody Knows More Than the Market 31

The Index Fund Solution 34

Don¡¯t Some Beat the Market? 38

Index Bonds 43

Index Internationally 44

Index Funds Have Big Advantages 44

One Warning 46

Confession 49

III. Diversify 51

Diversify Across Asset Classes 54

Diversify Across Markets 58

Diversify Over Time 60

Rebalance 65

IV. Avoid Blunders 73

Overconfidence 76

Beware of Mr. Market 79

The Penalty of Timing 84

More Mistakes 85

Minimize Costs 87

V. Keep It Simple 93

Review of Basic Rules 95

Asset Allocation 105

Asset Allocation Ranges 107

Investing in Retirement 112

Getting Specific 114

VI. Timeless Lessons for Troubled Times 125

Volatility and Dollar-Cost Averaging 128

Diversification Is Still a Time-Honored

Strategy to Reduce Risk 131

Rebalancing 133

Diversification and Rebalancing Together 136

Index at Least the Core of Your Portfolio 137

Fine-Tuning a Bond Diversification Strategy 142

A Final Thought 148

A Super Simple Summary: KISS

Investing 151

Appendix: Save on Taxes Legally 153

Individual Retirement Accounts (IRAs) 154

Roth IRAs 156

Pension Plans 158

Tax-Advantaged Saving for Education 161

Recommended Reading 165

Acknowledgments 167

About the Authors 169

Index 171 See Less Author Information

Burton G. Malkiel is the Chemical Bank Chairman's Emeritus Professor of Economics at Princeton University and the author of the bestselling A Random Walk Down Wall Street. Malkiel has served on the President's Council of Economic Advisers, as dean of the Yale School of Management, as chair of Princeton's Economics Department, and as a director of major corporations.

Charles D. Ellis is a consultant to large public and private institutional investors. For three decades, he was managing partner of Greenwich Associates, the international business strategy consulting firm. He has taught investing at both Harvard and Yale and is the author of fifteen books, including the bestselling Winning the Loser's Game.

The Elements of Investing 2009


A timeless, easy-to-read guide on life-long investment principles that can help any investor succeed

The Elements of Investing has a single-minded goal: to teach the principles of investing in the same pared-to-bone manner that Professor William Strunk Jr. once taught composition to students at Harvard, using his classic little book, The Elements of Style. With great daring, Ellis and Malkiel imagined their own Little Red Schoolhouse course in investing for every investor around the world-and then penned this book.

The Elements of Investing hacks away at all the overtrading and over thinking so predominant in the hyperactive thought patterns of the average investor. Malkiel and Ellis offer investors a set of simple but powerful thoughts on how to challenge Mr. Market at his own game, and win by not losing. All the need-to-know rules and investment principles can be found here.

Contains sound investment advice and simple principles of investing from two of the most respected individuals in the investment world Burton G. Malkiel is the bestselling author of A Random Walk Down Wall Street and Charles D. Ellis is the bestselling author of Winning the Loser's Game Shows how to deal with an investor's own worst enemies: fear and greed

A disciplined approach to investing, complemented by conviction, is all you need to succeed. This timely guide will help you develop these skills and make the most of your time in today's market.