The Successful Investor Today 14 Simple

Larry Swedrohas long maintained that investor and fund managers have had no sustainable success when chasing hot individual stocks. They say that it is much wiser to buy "baskets" of stocks from prominent indexes - always selected from a variety of major well-run companies. Inevitable market rises and dips, followed by further market rises, plus the miracle of compounding, will build, over a minimum of two decades, real wealth.This book brings together fourteen truths for index investing and discusses why careful and patient investing will capture many of today's big-company stock valuations that will be seen over time to have been tremendous buys.

LARRY E. SWEDROE graduated from New York University with an MBA in finance. The author of previous books, including What Wall Street Doesn't Want You to Know, lives in St. Louis, Missouri.

Introduction	ix
Truth 1: Active Investing Is a Loser's Game: It Must Be So	1	(22)
Truth 2: The Past Performance of an Actively Managed Fund Is a Very Poor Predictor of Its Future Performance	23	(30)
Truth 3: If Skilled Professionals Don't Succeed, It Is Unlikely That Individual Investors Will	53	(11)
Truth 4: The Interests of Wall Street and the Financial Media Are Not Aligned with Those of Investors	64	(21)
Truth 5: Risk and Reward Are Related: Great Companies Provide Low Expected Returns	85	(14)
Truth 6: The Price You Pay Matters	99	(16)
Truth 7: The Most Likely Way to Achieve Above Average Returns Is to Stop Trying to Beat the Market	115	(7)
Truth 8: Buying Individual Stocks and Sector Funds Is Speculating, Not Investing	122	(21)
Truth 9: Reversion to the Mean of Earnings Growth Rates Is One of the Most Powerful Forces in the Universe	143	(14)
Truth 10: The Forecasts of Market Strategists and Analysts Have No Value, Except as Entertainment	157	(19)
Truth 11: Taxes Are Often the Largest Expense Investors Incur	176	(14)
Truth 12: Knowledge of Financial History Is Critical to Successful Investing	190	(15)
Truth 13: Adding International Assets to a Portfolio Reduces Risk	205	(16)
Truth 14: There Is No One Right Portfolio, but There Is One That Is Right for You	221	(30)
Conclusion	251	(8)
Appendix A: The Enron Debacle: Lessons to Be Learned	259	(3)
Appendix B: More Investment Truths You Must Know to Be a Successful Investor	262	(3)
Appendix C: Investment Vehicle Recommendations	265	(3)
Appendix D: The Home Financing Decision: To Borrow or Not	268	(5)
Notes	273	(14)
Glossary	287	(12)
Suggested Reading	299	(2)
Acknowledgments	301	(2)
Index	303

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The Successful Investor Today 14 Simple Truths You Must Know When You Invest

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