Permanent Portfolio - Harry Browne''s Long-Term Investment Strategy

Informationen zum Autor CRAIG ROWLAND is a serial entrepreneur who has been associated with several technology start-ups, two of which were ultimately purchased by Cisco Systems, Inc. At his last company, Psionic Software, Inc., he was founder, president, and CTO when purchased by Cisco. Another company Rowland was associated with was purchased by 3Com Corporation. He has provided consulting services to other start-up companies in addition to raising millions of dollars in venture capital for his own business. J. M. LAWSON is an attorney and retirement plan consultant. His practice involves retirement plan design and compliance issues, as well as assisting employers in creating and monitoring retirement plan investment policies and procedures. Klappentext An up close look at an investment strategy that can handle today's uncertain financial environmentMarket uncertainty cannot be eliminated. So rather than attempt to do away with it, why not embrace it? That is what this book is designed to do. The Permanent Portfolio takes you through Harry Browne's Permanent Portfolio approach--which can weather a wide range of economic conditions from inflation and deflation to recession--and reveals how it can help investors protect and grow their money.Written by Craig Rowland and Mike Lawson, this reliable resource demonstrates everything from a straightforward four-asset Exchange Traded Fund (ETF) version of the strategy all the way up to a sophisticated approach using Swiss bank storage of selected assets for geographic and political diversification. In all cases, the authors provide step-by-step guidance based upon personal experience.* This timeless strategy is supported by more than three decades of empirical evidence* The authors skillfully explain how to incorporate the ideas of the Permanent Portfolio into your financial endeavors in order to maintain, protect, and grow your money* Includes select updates of Harry Browne's Permanent Portfolio approach, which reflect our changing timesThe Permanent Portfolio is an essential guide for investors who are serious about building a better portfolio. Zusammenfassung Market uncertainty cannot be eliminated. So rather than attempt to eliminate it, why not embrace it? That is what this book has been designed to do. Inside the Investment Bunker takes readers through Harry Browne's Permanent Portfolio approach, and reveals how it can help investors thrive in today's turbulent markets. Inhaltsverzeichnis Foreword xi Preface: Life is Uncertain xv Acknowledgments xix Chapter 1 What is the Permanent Portfolio? 1 A Simple Idea 1 A Simple Allocation 3 Simply Great Results 3 Chapter 2 The 16 Golden Rules of Financial Safety 5 Rule #1: Your Career Provides Your Wealth 6 Rule #2: Don't Assume You Can Replace Your Wealth 6 Rule #3: Recognize the Difference between Investing and Speculating 6 Rule #4: No One Can Predict the Future 7 Rule #5: No One Can Time the Market 7 Rule #6: No Trading System Will Work as Well in the Future as It Did in the Past 8 Rule #7: Don't Use Leverage 8 Rule #8: Don't Let Anyone Make Your Decisions 9 Rule #9: Don't Ever Do Anything You Don't Understand 9 Rule #10: Don't Depend on Any One Investment, Institution, or Person for Your Safety 10 Rule #11: Create a Bulletproof Portfolio for Protection 11 Rule #12: Speculate Only with Money You Can Afford to Lose 11 Rule #13: Keep Some Assets Outside the Country in which You Live 11 Rule #14: Beware of Tax-Avoidance Schemes 11 Rule #15: Enjoy Yourself with a Budget for Pleasure 12 Rule #16: Whenever You're in Doubt about a Course of Action, It's Always Better to Err on the Side of Safety 12 Investing and the Rules of Life 12 Recap 13 Chapter 3 Permanent Portfolio P...

List of contents

Foreword xi
 
Preface: Life Is Uncertain xv
 
Acknowledgments xix
 
CHAPTER 1 What Is the Permanent Portfolio? 1
 
A Simple Idea 1
 
A Simple Allocation 3
 
Simply Great Results 3
 
CHAPTER 2 The 16 Golden Rules of Financial Safety 5
 
Rule #1: Your Career Provides Your Wealth 6
 
Rule #2: Don't Assume You Can Replace Your Wealth 6
 
Rule #3: Recognize the Difference between Investing and Speculating 6
 
Rule #4: No One Can Predict the Future 7
 
Rule #5: No One Can Time the Market 7
 
Rule #6: No Trading System Will Work as Well in the Future as It Did in the Past 8
 
Rule #7: Don't Use Leverage 8
 
Rule #8: Don't Let Anyone Make Your Decisions 9
 
Rule #9: Don't Ever Do Anything You Don't Understand 9
 
Rule #10: Don't Depend on Any One Investment, Institution, or Person for Your Safety 10
 
Rule #11: Create a Bulletproof Portfolio for Protection 11
 
Rule #12: Speculate Only with Money You Can Afford to Lose 11
 
Rule #13: Keep Some Assets Outside the Country in which You Live 11
 
Rule #14: Beware of Tax-Avoidance Schemes 11
 
Rule #15: Enjoy Yourself with a Budget for Pleasure 12
 
Rule #16: Whenever You're in Doubt about a Course of Action, It's Always Better to Err on the Side of Safety 12
 
Investing and the Rules of Life 12
 
Recap 13
 
CHAPTER 3 Permanent Portfolio Performance 15
 
Growth, No Large Losses, and Real Returns: The Holy Trinity 16
 
Only Real Returns Matter 24
 
Looking at Total Performance Over Time 26
 
Recap 30
 
CHAPTER 4 Simple, Safe, and Stable 33
 
Simplicity 33
 
Safety 34
 
Stability 35
 
Making the Most of Your Investments 36
 
Expect the Unexpected 44
 
Recap 46
 
CHAPTER 5 Investing Based on Economic Conditions 47
 
When Diversification Fails 48
 
A Different Way to Diversify 55
 
Four Economic Conditions 57
 
Four Economic Conditions ? Four Assets ¼ Strong Diversification 60
 
How the Portfolio Works with Economic Conditions 62
 
Recap 64
 
CHAPTER 6 Stocks 65
 
Benefits of Stocks 65
 
Risks of Stocks 66
 
Volatility 67
 
Owning Stocks 68
 
Recommended Stock Index Funds 69
 
Which Type of Index Fund to Use? 70
 
Why Use an Index Fund? 70
 
Avoid Actively Managed Stock Funds 74
 
Indexing Is a Marathon 78
 
Beware of Trading Costs 79
 
Large-Cap and Small-Cap Stocks 80
 
International Stock Funds 81
 
A Warning About Company Stock 84
 
No Index Funds--What to Do? 85
 
Recap 85
 
CHAPTER 7 Bonds 87
 
Benefits of Bonds 87
 
Risks of Bonds 89
 
Volatility 90
 
Bonds and Deflation 92
 
Owning Bonds 93
 
Bonds to Buy 94
 
Buying Bonds 94
 
Other Bond Risks--The Case for Treasury Bonds 98
 
Bonds to Avoid 103
 
Flight to Safety 108
 
Earning Money Multiple Ways 111
 
Bond Risk Matrix 112
 
Bond Funds and Retirement Plans 114
 
Recap 114
 
CHAPTER 8 Cash 117
 
Benefits of Cash 117
 
Risks of Cash 120
 
Volatility 121
 
Owning Cash 123
 
Cash Risks--The Case for Treasury Bills 128
 
Cash to Avoid 132
 
Cash Risk Matrix 140
 
Cash and Retirement Plans 140
 
Recap 141
 
CHAPTER 9 Gold 143
 
Benefits of Gold 144
 
Risks of Gold 145
 
Volatilit

Product details

• Authors: J M Lawson, J. M. Lawson, Mike Lawson, Lawson J. M., C Rowland, Crai Rowland, Craig Rowland, Craig Lawson Rowland, Rowland Craig, ROWLAND CRAIG LAWSON J M
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Hardback
• Released: 23.10.2012
• EAN: 9781118288252
• ISBN: 978-1-118-28825-2
• No. of pages: 352
• Subjects: Social sciences, law, business > Business > Business administration; Kapitalanlage, Finance & Investments, Finanz- u. Anlagewesen, Kapitalanlagen u. Wertpapiere, Investments & Securities