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The Elements of Investing by Burton G. Malkiel and Charles D. Ellis Dec 14, 2009_7

Tham khảo tài liệu 'the elements of investing by burton g. malkiel and charles d. ellis dec 14, 2009_7', tài chính - ngân hàng, tài chính doanh nghiệp phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Keep It Simple and serve on investment committees all over the world and we are both glad we index. Most professional investors index a substantial share of their equity and bond portfolios because indexing provides broad diversification at low cost with tax efficiency. Use index funds for all your long-term investments. With index funds you don t get average performance. You get above-average performance because index funds have lower expense charges and avoid most unnecessary costs and unnecessary taxes. Later in this chapter we will recommend the specific funds you could consider. 9. Focus on major investment categories. Avoid exotics like venture capital private equity and hedge funds. We believe you should focus on three simple investment categories 1 common stocks which represent ownership interests in manufacturing and service-oriented companies 2 bonds which are IOUs of governments government agencies and corporations and 3 real estate which can best be acquired through your ownership of your own single-family house. __ 103 The Elements of Investing We know that salespeople will regale you with fascinating stories about how certain exotic investments such as hedge funds commodities private equity or venture capital can make you rich even quickly. Do not listen. Sure fascinating stories appear in the media from time to time about spectacular profits being made but here are four good reasons for urging abstinence 1. Only the very best performers in each exotic category achieve great results. 2. The records of the average performers are discouraging and those in the third and fourth quartiles can be deeply disappointing. 3. The best performers are already fully booked and are not accepting new investors. 4. If you have not already established a clearly preferential position as an investor your chances of investing with the best are realistically zero. If you don t own a large private jet hobnob with movie stars and know your .