En savoir plus
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 Michael Edleson first introduced his concept of value averaging to the world in an article written in 1988. He then wrote a book entitled Value Averaging in 1993, which has been nearly impossible to find-until now. With the reintroduction of Value Averaging , you now have access to 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 Value Path 87 Value Averaging Value Paths 87 The Value Path Formula 88 Flexible Variations on the Value Path Formula 89 Readjusting the VA Plan 92 A Cautionary Note 93 An Alternate Method 93 Summary 94 Endnotes 95 Appendix to Chapter 5: Constructing a VA Readjustment Spreadsheet 97 6 Avoiding Taxes and Transaction Costs 101 Tax Considerations with Value Averaging 101 The Advantage of Deferred Gains 101 Deferring Capital Gains Taxes: An Example 102 A Compromise: No-Sell Value Averaging 107 Reducing Transaction Costs 111 Limiting Taxes 111 Limiting Costs 112 Summary 113 Endnotes 114 7 Playing Simulation Games 117 Why Simulations? 117 What and How? 118 Parameters 118 Expected Return 119 Expected Variability 120 Randomness 120 Constructing the Simulation 121 An Example 122 Endnotes 1...
