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Informationen zum Autor 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 Klappentext 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 UniversityFrom 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 TimesMichael 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. Zusammenfassung 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. Inhaltsverzeichnis Foreword by William J. Bernstein ix Preface to the 2006 Edition xiii Preface to the 1993 Edition xix Introduction 1 1 Market Risk, Timing, and Formula Strategies 3 Risk and Market Returns 3 Market Returns over Time 3 Distribution of Market Returns 9 Risk and Expected Return 13 Market Timing and Formula Strategies 20 Timing the Market 20 Automatic Timing with Formula Strategies 21 Endnotes 23 2006 Note 24 2 Dollar Cost Averaging Revisited 25 Dollar Cost Averaging: An Example 26 Short-term Performance 28 Over One-Year Periods 30 Over Five-Year Periods 32 Long-term Problems with Dollar Cost Averaging 34 Growth Equalization 35 Summary 36 Endnotes 37 3 Value Averaging 39 Value Averaging: An Introduction 39 Short-term Performance 43 Long-term Performance and Value Averaging 47 Linear, or Fixed-Dollar, Strategies 47 Adjusting Strategies for Growth 51 Summary 53 Endnotes 54 2006 Notes 55 4 Investment Goals with Dollar Cost Averaging 57 Background 57 Lump-Sum Investments 57 Using the Formula 59 Annuities: Periodic Investments 60 Dollar Cost Averaging and Annuities 63 Readjusting the Investment Plan 63 The Readjustment Process 64 Flexibility 66 Down-Shifting Investment Risk 69 Growth-adjusted Dollar Cost Averaging 71 Exact Formula 72 Approximate Formula 74 Readjusting the DCA Plan 75 Summary 80 Endnotes 80 Appendix to Chapter 4: Constructing a DCA Readjustment Spreadsheet 83 5 Establishing the ...
