Value Averaging
The Safe and Easy Strategy for Higher Investment Returns
(Sprache: Englisch)
Michael Edleson first introduced the concept of value averaging in a 1988 paper, and soon after wrote a book on the concept while he was a finance professor at the Harvard Business School. His book which today is hard to find, but in high demand is now...
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Michael Edleson first introduced the concept of value averaging in a 1988 paper, and soon after wrote a book on the concept while he was a finance professor at the Harvard Business School. His book which today is hard to find, but in high demand is now regarded by many in the investment community as a true investment classic.
Klappentext zu „Value Averaging “
Praise for Value Averaging"Dollar cost averaging is making a comeback, and Mike Edleson's value averaging approach is dollar cost averaging on steroids. A must-read for serious investors willing to adhere to the principles found in these pages."
--William G. Christie, Frances Hampton Currey Professor of Finance and Professor of Law, Owen Graduate School of Management, Vanderbilt University
"Dr. Edleson's book is truly a classic that needs to be perpetuated. I have spent a significant chunk of my career trying to debunk value averaging, but with no success. I'm a believer!"
--Paul S. Marshall, PhD, Professor of Finance, Widener University
From the First Edition
"Today's best way to invest."
--Money magazine
"Value averaging takes dollar cost averaging one step further. Besides buying low, you sell shares when the markets soar."
--The New York Times
Michael Edleson first introduced his concept of value averaging to the world in an article written in 1988. To satisfy investor interest, he wrote a book entitled Value Averaging, which further detailed this method. Following the publication of the last edition of this highly sought-after book in 1993, it has been nearly impossible to find--until now. With the reintroduction of Value Averaging, you now have access to Edleson's original work on a strategy that can help you accumulate wealth, increase your investment returns, and achieve your financial goals.
Inhaltsverzeichnis zu „Value Averaging “
- Foreword by William J. Bernstein.- Preface to the 2006 Edition.
- Preface to the 1993 Edition.
- Introduction.
1 Market Risk, Timing, and Formula Strategies.
RISK AND MARKET RETURNS.
- Market Returns over Time.
- Distribution of Market Returns.
- Risk and Expected Return.
MARKET TIMING AND FORMULA STRATEGIES.
- Timing the Market.
- Automatic Timing with Formula Strategies.
ENDNOTES.
- 2006 NOTE.
2 Dollar Cost Averaging Revisited.
DOLLAR COST AVERAGING: AN EXAMPLE.
SHORT-TERM PERFORMANCE.
- Over One-Year Periods.
- Over Five-Year Periods.
- LONG-TERM PROBLEMS WITH DOLLAR COST AVERAGING.
- Growth Equalization.
SUMMARY.
- ENDNOTES.
3 Value Averaging.
VALUE AVERAGING: AN INTRODUCTION.
SHORT-TERM PERFORMANCE.
LONG-TERM PERFORMANCE AND VALUE AVERAGING.
- Linear, or Fixed-Dollar, Strategies.
- Adjusting Strategies for Growth.
SUMMARY.
ENDNOTES.
- 2006 NOTES.
4 Investment Goals with Dollar Cost Averaging.
BACKGROUND.
- Lump-Sum Investments.
- Using the Formula.
- Annuities: Periodic Investments.
- Dollar Cost Averaging and Annuities.
READJUSTING THE INVESTMENT PLAN.
- The Readjustment Process.
- Flexibility.
- Down-Shifting Investment Risk.
GROWTH-ADJUSTED DOLLAR COST AVERAGING.
- Exact Formula.
- Approximate Formula.
- Readjusting the DCA Plan.
SUMMARY.
ENDNOTES.
Appendix to Chapter 4: Constructing a DCA Readjustment Spreadsheet.
5 Establishing the Value Path.
VALUE AVERAGING VALUE PATHS.
- The Value Path Formula.
- Flexible Variations on the Value Path Formula.
- Readjusting the VA Plan.
- A Cautionary Note.
- An Alternate Method.
SUMMARY.
ENDNOTES.
Appendix to Chapter 5: Constructing a VA Readjustment Spreadsheet.
6 Avoiding Taxes and Transaction Costs.
TAX CONSIDERATIONS WITH VALUE AVERAGING.
- The Advantage of Deferred Gains.
- Deferring Capital Gains Taxes: An Example.
- A Compromise: No-Sell Value Averaging.
REDUCING TRANSACTION COSTS.
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Limiting Taxes.
- Limiting Costs.
SUMMARY.
ENDNOTES.
7 Playing Simulation Games.
WHY SIMULATIONS?
WHAT AND HOW?
- Parameters.
- Expected Return.
- Expected Variability.
- Randomness.
CONSTRUCTING THE SIMULATION.
- An Example.
ENDNOTES.
- Appendix to Chapter 7: Constructing a Simulation.
- 2006 NOTE.
ENDNOTES TO APPENDIX TO CHAPTER 7.
- 2006 NOTE.
8 Comparing the Strategies.
FIVE-YEAR SIMULATION RESULTS.
- Using Growth Adjustments.
- No-Sell Variation.
- Volatility.
TWENTY-YEAR SIMULATION RESULTS.
SUMMARY.
ENDNOTES.
9 Profiting from Overreaction.
TIRING OF A RANDOM WALK.
- Mean Reversion and Overreaction.
- A Brief Look at the Data.
WHY DOES THIS MATTER?
- Timing.
ENDNOTES.
- 2006 NOTE.
10 Details: Getting Started.
USING MUTUAL FUNDS.
- The Fund versus Stock Choice.
- Index Funds.
- Information on Specific Funds.
WORKING OUT THE DETAILS.
- Using a Side Fund.
- Operating Within a Retirement Account.
- Establishing a Value Path.
- 2006 NOTE.
- Setting Up a VA Value Path: An Example.
- Other Important Considerations.
- Using Guidelines and Limits.
NOTES FOR FINANCIAL PLANNERS.
- Advanced Methods.
SUMMARY.
ENDNOTES.
- 2006 NOTE.
11 Examples: Strategies at Work.
THE GOAL AND INVESTMENT ENVIRONMENT.
- Choosing an Investment.
- Setting the Goal (Dealing with Inflation).
- How Much Should He Invest?
INVESTMENT RETURN & TAXES.
- Expected Return.
- Taxes.
IMPLEMENTING DOLLAR COST AVERAGING.
- 1981: Setting Up DCA.
- Limiting Costs.
SUMMARY.
ENDNOTES.
7 Playing Simulation Games.
WHY SIMULATIONS?
WHAT AND HOW?
- Parameters.
- Expected Return.
- Expected Variability.
- Randomness.
CONSTRUCTING THE SIMULATION.
- An Example.
ENDNOTES.
- Appendix to Chapter 7: Constructing a Simulation.
- 2006 NOTE.
ENDNOTES TO APPENDIX TO CHAPTER 7.
- 2006 NOTE.
8 Comparing the Strategies.
FIVE-YEAR SIMULATION RESULTS.
- Using Growth Adjustments.
- No-Sell Variation.
- Volatility.
TWENTY-YEAR SIMULATION RESULTS.
SUMMARY.
ENDNOTES.
9 Profiting from Overreaction.
TIRING OF A RANDOM WALK.
- Mean Reversion and Overreaction.
- A Brief Look at the Data.
WHY DOES THIS MATTER?
- Timing.
ENDNOTES.
- 2006 NOTE.
10 Details: Getting Started.
USING MUTUAL FUNDS.
- The Fund versus Stock Choice.
- Index Funds.
- Information on Specific Funds.
WORKING OUT THE DETAILS.
- Using a Side Fund.
- Operating Within a Retirement Account.
- Establishing a Value Path.
- 2006 NOTE.
- Setting Up a VA Value Path: An Example.
- Other Important Considerations.
- Using Guidelines and Limits.
NOTES FOR FINANCIAL PLANNERS.
- Advanced Methods.
SUMMARY.
ENDNOTES.
- 2006 NOTE.
11 Examples: Strategies at Work.
THE GOAL AND INVESTMENT ENVIRONMENT.
- Choosing an Investment.
- Setting the Goal (Dealing with Inflation).
- How Much Should He Invest?
INVESTMENT RETURN & TAXES.
- Expected Return.
- Taxes.
IMPLEMENTING DOLLAR COST AVERAGING.
- 1981: Setting Up DCA.
... weniger
Autoren-Porträt von Michael E. Edleson
Michael E. Edleson is a Managing Director of Morgan Stanley and oversees the firm's equity risk globally. Prior to that, he was Chief Economist of NASDAQ and a finance professor at Harvard Business School. Edleson earned his PhD at MIT.Includes spreadsheets on a companion Web site: www.wiley.com/go/valueaveraging
Bibliographische Angaben
- Autor: Michael E. Edleson
- 2006, 1. Auflage, 256 Seiten, Maße: 21,5 cm, Kartoniert (TB), Englisch
- Verlag: Wiley & Sons
- ISBN-10: 0470049774
- ISBN-13: 9780470049778
Sprache:
Englisch
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