A guide to the basics, as well as the complexities, of personal investment. This book introduces you to a set of rules for successful investing, helping you to build an investment portfolio that suits your needs, stays the course when markets get rough and gets on with the job of generating better results.
Smarter Investing: Simpler Decisions for Better Results by Tim Hale
Smarter Investing cuts through the noise of conflicting investment advice to show you how to translate your investment goals into a personal portfolio that plays the probabilities in your favour with every investment decision you make. It's easier than you think to help yourself to higher returns. What should I do with my money? It's a simple question, you'd think, but one that has generated a bewildering array of complex and costly answers. Answers which take the average investor ever more time and effort to understand and apply, and which deliver distinctly average results. Most investors spend a lot of time trying, and failing, to beat the average. Many more pay other people the professionals to try, and fail, to beat the market for them. There is a smarter way, and it's a simpler way. Instead of working hard, or paying more, to achieve average results, why not make your money work harder on your behalf? Smarter Investing will introduce you to a simple and powerful approach to investing, helping you to build an investment portfolio that suits your needs and quietly gets on with the job of generating higher returns and greater wealth. At its heart is a set of rules that cut through the noise of the investment world and put you back in control. It's all about focusing on a few key things and making decisions that improve your chances. Mixing clear principles, simple techniques and a wealth of uncommon sense, Smarter Investing will show you how to translate your personal investment goals into an investment portfolio and play the probabilities in your favour with every investment decision you make. Smarter investors know that, sometimes, less really does mean more.
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As featured in The Sunday Times: 'How to keep your head - and stay ahead. Most investors act irrationally and erratically. Are you among them? Ask yourself these searching questions from investment guru Tim Hale's new book. and find out.' '... an informative new book on investment planning.' Financial Times "Tim Hale has written a book of investment wisdom and common sense for the ages. Investors who follow his simple advice will be richly rewarded" John C. Bogle, Founder, Vanguard. "gives readers a solid grounding in investment markets, a structured approach to portfolio building and useful practical advice...a thought-provoking text that both inexperienced and informed investors could find useful." James Teasdale, Fund Strategy magazine "Delightfully clear thinking and direct advice on how investors can get better results with simpler decisions." Charles D. Ellis, Author of "Winning the Loser's Game" and Founder of Greenwich Associates. Amazon reviews Brilliant, 12 Jan 2007 Reviewer: Voracious reader (Hong Kong, Asia) - See all my reviews I am a senior executive who has worked in the investment industry for over 25 years and have read thousands of personal investment books in that time. I have three degrees including degrees in finance and economics and an MBA. I speak regularly on retirement saving strategies and am frequently asked to recommend books for investors, and this is my choice. Although it quotes UK examples, its advice is relevant for any investor. This book clearly summarises a huge amount of financial expertise from the most trusted academic sources in terms which can be understood by the layman. It does not 'talk down' to the reader but offers an excellent and comprehensive overview of personal investment strategy. This book offers you the best advice for building your wealth, period. It includes sound advice on how to build and execute your plan. It is well illustrated and comes with good summaries. The bibliography is excellent. I took the time to search on the internet for Mr. Hales address and personally congratulate him on this book - I have never done that before - the book is that good. Please read it, we need more people like Mr Hale to share their knowledge with the public. If you only read one book on investing make it this one, 13 Jan 2007 Reviewer: Peter Shield "editor-naturalchoices.co.uk" - See all my reviews "Smarter Investing- simple decisions for better results " by Tim Hale is the clearest, best written introduction to intelligent investing published in 2006. Hale reiterates the simple truth that the individual investor cannot beat the market over the medium term, nor should they try . What makes Hale's book so persuasive is the fact that the author spent so much of his professional life working in active fund management companies, sort of poacher turned gamekeeper. The book is well written, draws the reader step by step into quite complex arguments without resorting to jargon and technique short cuts. At the end of book both the novice and the hardened investment specialist will come away better informed and armed with the tools necessary to make your money work harder for your future. If you only ever read one book on investing this should be the one.
About Tim Hale
Tim Hale has spent 15 years in the active investment management industry, working for the global investment management firm of one of the world's largest investment banks, in both sales and corporate strategy roles, and now as a consultant to the industry. He is tehrfore in a unique position to be able provide real perspective on the issues that readers face as they try to get to grips with their investing. His willingness to stand up for what is in the best interests of the investor, and his true insight and understanding of the business, differentiates him from many writers in this field. Prior to his MBA at Cranfield School of Management in 1991, he worked for Standard Chartered Bank in Hong Kong for five years in the Corporate Banking Division in the role of Account Relationship Manager handling industrial and property related Asian multi-nationals. Tim holds an honours degree from Oxford University.
Table of Contents
Preface Publisher's acknowledgements Author's acnowledgements Foreword Introduction I.1 What should I do with my money? I.2 Ten eye-openers to get you thinking. I.3 How this book will help you I.4 How this book works I.5 A few points to notes Part 1: Smarter investing basics Chapter 1: Simplifying the confusion 1.1 Choices, choices, choices 1.2 How did we get here? 1.3 Battling for investors' money 1.4 Reducing confusion and complexity Chapter 2: Covering the basics 2.1 What is smarter investing? 2.2 Ten points of focus for smarter investors 2.3 The two distinct phases of investing 2.4 There are no perfect answers 2.5 Summary: smarter investing basics Chapter 3: It only takes a minute 3.1 Twenty tips for smarter investing Part 2: Smarter thinking Chapter 4: Get smart - find your philosophy 4.1 Without a smart investment philosophy you are lost 4.2 The foundations of your philosophy 4.3 The path to establishing your philosophy 4.4 Can active managers beat the markets after costs? 4.5 Do a few managers outperform consistently? 4.6 Can you identify them in advance? 4.7 Leading active managers endorse index investing 4.8 Summarising what you now know 4.9 In conclusion 4.10 A personal philosophy 4.11 Your investment philosophy rules Anthony Bolton The exception that proves the rule Chapter 5: Get smart - have a word with yourself 5.1 You are your own worst enemy 5.2 Challenges to decision-making 5.3 Thirteen questions for you to answer unlucky for some? 5.4 Ms. Rational versus Mr. Irrational 5.5 Wise words to leave you with 5.6 Behavioural rules and tips Part 3: Building smarter portfolios Chapter 6: Sorting out your goals 6.1 Well thought-out goals underpin success 6.2 Five steps in defining your goals 6.3 The nitty-gritty of basic financial survival goals 6.4 A working example 6.5 Useful calculations 6.6 Summary: investment goals Chapter 7: Building a smart but simple portfolio 7.1 Choices, choices 7.2 The two key steps to building a portfolio 7.3 Understanding return and risk 7.4 Step 1: Picking a spot on the risk/return spectrum Chapter 8: Equity and bond building blocks in brief 8.1 Equities in brief 8.2 Bonds in brief 8.3 Why use high-quality domestic bonds as market trauma protection? 8.4 By and large bonds help dampen market trauma 8.5 Summary: rationale for owning some bonds Chapter 9. Getting your equity/bond mix right 9.1 Focus on your end goal, not bumps in the road 9.2 Rules of thumb to decide your mix 9.3 Making an informed choice 9.4 A thirty-year investment horizon 9.5 A twenty-year investment horizon 9.6 A ten-year horizon 9.7 A five-year horizon 9.8 A lifecycle' approach to investing 9.9 Drawing an income from your portfolio 9.10 Finally, wise words from a highly respected investor 9.11 Summary: getting the mix right Chapter 10: A portfolio for all seasons 10.1 Creating a diverse portfolio 10.2 A free lunch from Harry Markovitz 10.3 A practical framework for adding building blocks 10.4 A paragraph on each 10.5 Simple rules for constructing a portfolio 10.6 Possible portfolios 10.7 Summary of the portfolio construction process Chapter 11. Fancy tools - getting technical 11.1 Using optimisation to define efficient' portfolios 11.2 Using probability-based models 11.3 Summary: getting technical Part 4: Smarter implementation Chapter 12. Six steps to a smarter portfolio 12.1 Step 1: Choosing your market benchmarks 12.2 Step 2: Decide on whether to go index or active 12.3 Step 3: Funds, separately managed accounts or brokers? 12.4 Step 4: Selecting the best index funds 12.5 Step 5: Administering your investments 12.6 Step 6: Portfolio maintenance 12.7 Market valuation levels and lump sum investing 12.8 Tip 1: Selecting the best active managers 12.9 Tip 2: Where to find information on indices 12.10 Tip 3: Where to find useful information on funds 12.11 Tip 4: Don't forget about tax 12.12 Ten tips for smarter practical investing Chapter 13: Costs what a drag 13.1 Why do we throw our money away? 13.2 More than just management fees 13.3 Summary: costs what a drag Chapter 14. Standing firm on index funds 14.1 Common arguments used to put down index funds 14.2 Bond investing: active or index? 14.3 Summary: the active versus index debate Part 5: Smarter building block insights Chapter 15: The thrills and spills of equities 15.1 Why the thrills and spills? 15.2 The thrills of equity investing 15.3 The spills of equity investing 15.4 What about future equity returns? 15.5 Summary: the thrills and spills of equities Chapter 16. The ins and outs of bonds 16.1 The ins and outs of bonds 16.2 Taking a closer look at bond returns 16.3 Bond markets crash too! 16.4 The outlook for bond returns 16.5 Summary: bonds Chapter 17: Spotlight on return smoothers 17.1 Index-linked gilts a.k.a. linkers' 17.2 Property the misunderstood asset class 17.3 Hedge funds are they all they are cracked up to be? 17.4 Commodities 17.5 International equities Chapter 18: Spotlight on return enhancers 18.1 Smaller companies higher returns? 18.2 Value and growth: what's that all about? 18.3 Emerging market equities make sense in theory Conclusion Bibliography Websites Insightful books Data-oriented books Asset allocation software Additional sources Index
Smarter Investing: Simpler Decisions for Better Results by Tim Hale
Financial Times Series
Used - Very Good
Pearson Education Limited
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