John J. Brennan - More Straight Talk on Investing
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- Название:More Straight Talk on Investing
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More Straight Talk on Investing: краткое содержание, описание и аннотация
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As Chairman and CEO of Vanguard, one of the largest and most respected investment management companies in the world, Jack Brennan has spent his career helping people invest their money. In the newly updated
, he shares with you the lessons he has learned over his over four decades at Vanguard from a variety of market participants—from Main Street investors and 401(k) plan holders to veteran portfolio managers at the helm of Vanguard funds and sophisticated investment professionals overseeing top endowments and foundations.
This a comprehensive, but approachable book will help you develop the knowledge, confidence, and discipline to navigate the financial markets and attain investment success over the long term. While the financial planning and investing principles covered are timeless, a considerable amount has changed in the nearly 20 years since the first edition, including new products and services, lower costs, and ever-evolving regulation and legislation. An entire generation of investors has come of age over the past two decades and could benefit from understanding that sound and sensible investing is an effective way to achieve financial security.
This book will assist your manage your “serious” money—the dollars that you set aside for long-term goals, such as retirement or the education of your children. The book also emphasizes the concept of thinking of yourself as a “financial entrepreneur”—managing your financial life like owner manages a business.
In a straightforward, plain talk manner, the book demonstrates how to:
Build a balanced, diversified portfolio that meets your needs and goals Evaluate mutual funds and ETFs with a discerning eye Adhere to a long-term, disciplined approach to investing Control your emotions and tune out the incessant “noise” in the media Understand the risks and rewards of financial markets Develop a prudent plan and investment policy statement to guide your path forward Avoid the pitfalls and mistakes that can derail your investment program With wit and wisdom, Brennan relays anecdotes and observations that demonstrate the enduring investment precepts that will serve as a guide to novice investors and as a practical refresher for seasoned investors. He has also added three new chapters focusing on evaluating advice options, garnering lessons from endowments, and dealing with the challenges of a low interest rate environment.
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12 Afterword
13 Postscript Where Did My Income Go?
14 Appendix: Investment Terms Active Management After-tax Returns Aggressive Growth Fund Asset Allocation Asset Classes Back-end Load Balanced Fund Blend Fund Bonds Capital Gains Distribution Cash Investments Compounding Credit Risk Diversification Dividend Dollar-cost Averaging Donor-advised Fund Duration Education Savings Account (ESA) Environmental, Social, and Governance (ESG) Fund Exchange-traded Fund (ETF) Expense Ratio Factor Fund Financial Advisor Front-end Load Growth Fund High-yield Bond Income Income Risk Index Index Fund Individual Retirement Account (IRA) Inflation Interest Rate Risk Investment Horizon Investment Objective Load Fund Management Fee Market Capitalization Market Risk Money Market Fund Municipal Bonds Mutual Fund Net Asset Value (NAV) No-load Fund Portfolio Portfolio Manager Principal Prospectus Redemption Fee Robo-advisor Stocks Target-date Fund Target-risk Funds Tax-exempt Bonds Total Return Treasury Inflation-protected Securities Turnover Rate Uniform Gifts to Minors Act (UGMA)/Uniform Transfers to Minors Act (UTMA) Value Fund Variable Annuity Volatility Yield 12b-1 Fee 529 College Savings Plan
15 Index
16 End User License Agreement
List of Illustrations
1 Chapter 2Figure 2.1 Growth of $1 in U.S. and International Stocks (1970–2019)...Figure 2.2 Growth of $100,000 Invested in the U.S. Stock Market (1995–2019)...Figure 2.3 The Power of Compounding
2 Chapter 4Figure 4.1 Tax-Advantaged vs. Taxable InvestingFigure 4.2 A Personal Cash Flow StatementFigure 4.3 Little Expenses Add Up Over Time
3 Chapter 5Figure 5.1 Returns on U.S. Asset Classes Before and After InflationFigure 5.2 How Inflation Affects a Long-Term InvestmentFigure 5.3 Annual Investment to Reach a $50,000 Goal in 10 YearsFigure 5.4 S&P 500 Index Annualized Returns for Rolling Periods (1926–2019)...Figure 5.5 S&P 500 Index Annual Total Returns (1995–2019)
4 Chapter 6Figure 6.1 Returns of Major Asset Classes (1995–2019)Figure 6.2 Returns of Balanced Portfolios (1995–2019)Figure 6.3 How Diversifying Your Portfolio Reduces Volatility
5 Chapter 7Figure 7.1 Asset Mixes and Their Past Performance (1926–2019)Figure 7.2 Bonds Buffered Stock Volatility in 2020
6 Chapter 8Figure 8.1 The Components of Fund Returns (15-year period ended December 31,...
7 Chapter 9Figure 9.1 Stock Market Leadership: Cumulative Returns for Value and Growth ...Figure 9.2 Hot Funds Turn ColdFigure 9.3 Style Box for Taxable Bond FundsFigure 9.4 Style Box for Stock FundsFigure 9.5 Performance data reflect periods ending December 31, 2019 (Sources...
8 Chapter 10Figure 10.1 How Costs and Taxes Impact Investment Returns on Hypothetical $1...Figure 10.2 Investors Pay Less Than StickerFigure 10.3 How Costs Affect Returns Over TimeFigure 10.4 Prospectus Fee Table for Hypothetical Equity FundFigure 10.5 Putting Costs in PerspectiveFigure 10.6 Assessing Pre- and Post-Tax Returns
9 Chapter 11Figure 11.1 Bond Funds and DurationFigure 11.2 Vanguard Growth Index Fund Annual Returns (2005–2019)Figure 11.3 Asset Mixes and Past Performance (1926-2019)
10 Chapter 13Figure 13.1 How Dollar-Cost Averaging Works When the Market RisesFigure 13.2 How Dollar-Cost Averaging Works When the Market DropsFigure 13.3 Stock Funds versus Benchmarks (2005–2019)Figure 13.4 The Perils of Being Out of Stocks (2010-2019)Figure 13.5 Sitting on the Sidelines Hurts Bond Investors (2010–2019)...
11 Chapter 14Figure 14.1 Monthly Savings Needed to Accumulate $100,000 by Age 65Figure 14.2 Who Has More at 65?Figure 14.3 Range of U.S. Stock Market Returns (1995–2019)Figure 14.4 Growth of $5,000 in Annual Investments at Different Rates and Di...Figure 14.5 Investment Goal: $1 Million at Age 65
12 Chapter 15Figure 15.1 How the Markets Can Tilt a Portfolio Off-Balance
13 Chapter 16Figure 16.1 Growth of an Investment at Varying Rates of Return (Pre-Tax)Figure 16.2 Recoveries Can Take a Long TimeFigure 16.3 Components of Total Return on a Broad Bond Market Index Fund (20...
14 Chapter 17Figure 17.1 Top-Performing Stock Market Sectors, 2000–2019
15 Chapter 19Figure 19.1 Bear Markets in Stocks (1956–2020)Figure 19.2 Bear Markets in Bonds (1967–2020)Figure 19.3 A Look at the Worst and Best of Stock Market Returns over Variou...
16 Chapter 21Figure 21.1 Large Endowment versus Benchmarks: Performance over Various Ti...
17 PostscriptFigure 1 U.S. Treasury Bill Yields (1930–2020)Figure 2 10-Year U.S. Treasury Bond Yields (1960–2020)Figure 3 S&P 500 Yields (1960–2020)Figure 4 Stock and Bond Yield Spreads (1960–2020)Figure 5 Annual Income Produced by a $10,000 Investment (2000–2019)...
Guide
1 Cover Page
2 Table of Contents
3 Begin Reading
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