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关键词：Beating eating market marke Beat 论坛 原版 高清 market Beating

Beating the Market, 3 Months at a Time: A Proven Investing Plan Everyone Can Use
Publisher: FT Press; 1 edition (January 27, 2008) | 240 Pages | ISBN: 0136130895 | PDF | 12 Mb

Contents
Acknowledgments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xiii
About the Authors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xiv
Introduction: “Financial Savvy”: How To Invest
Smart So You Will Have the Money
You Need When You Need It . . . . . . . . . . xv
Financial Planning and Sharp Investing
Are Not Just for the Older Folk . . . . . . . . . . . . xvi
Which Is Where This Book Comes In . . . . . . xvii
Why and How to Become a Self-Sufficient
Investor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xvii
What You Will Learn from This Work . . . . . . . xix
Chapter 1: Putting Together a Winning Investment
Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
The Stock Market Will Not Be Neglected . . . . . 1
The Key Elements of Your Winning
Investment Portfolio . . . . . . . . . . . . . . . . . . . . . . 2
Risk Levels Associated with Investments
of Varying Investment Objectives . . . . . . . . . . . . 5
How Do You Decide on Your Blend? . . . . . . . . . 7
“He Who Fights and Runs Away
Lives to Fight Another Day...”. . . . . . . . . . . . . . . 8
Chapter 2: Advanced Diversification and Risk
Management . . . . . . . . . . . . . . . . . . . . . . 15
An Example of Well-Balanced
Diversification . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Using Mutual Funds to Represent
Diversified Sectors . . . . . . . . . . . . . . . . . . . . . . . 17
Active Diversification Strategies—To
Maintain the Balance . . . . . . . . . . . . . . . . . . . . . 18
Drawbacks to Rebalancing . . . . . . . . . . . . . . . . 20
From the Library of Melissa Wong
Referring to Historical Drawdowns
to Measure Risk . . . . . . . . . . . . . . . . . . . . . . . . . 22
The Two Major Vehicles for Diversified
Investment: Mutual Funds and Exchange
Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Exchange Traded Funds
(ETFs)—The New Kid on the Block . . . . . . . . 32
Chapter 3: Prelude to Long-Term Wealth—
Introduction to the Stock Market . . . . . . 39
Broad Portfolios at Bargain
Rates—Index Funds . . . . . . . . . . . . . . . . . . . . . 40
The Types of Mutual Fund and ETF
Portfolios You Should Invest in . . . . . . . . . . . . . 42
Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
Chapter 4: Nothing Succeeds Like Success . . . . . . . 53
How to Pick Superior
ETFs—A Momentum Strategy . . . . . . . . . . . . . 56
Historical Results of the Quarterly
ETF Selection Strategy . . . . . . . . . . . . . . . . . . . 59
Three-Month Strategy with Mutual Funds . . . 61
Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
Chapter 5: Worldwide Opportunity . . . . . . . . . . . . . 69
An Overview of the International
Equity Landscape . . . . . . . . . . . . . . . . . . . . . . . 70
Strategy 1—The One-Decision International
Mutual Fund Portfolio . . . . . . . . . . . . . . . . . . . 72
The Importance of Currency Exchange
Rates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76
Historical Performance of Different
International Markets: Europe, Japan,
and Emerging Market Countries—The Old
World Still Packs a Punch . . . . . . . . . . . . . . . . . 77
Strategy 2—Three-Month Momentum
Selection Strategy with Europe, Japan,
and Emerging Markets . . . . . . . . . . . . . . . . . . . 83
Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86
viii BEATING THE MARKET, 3 MONTHS AT A TIME
From the Library of Melissa Wong
Chapter 6: Bonds—An Investment for All
Seasons . . . . . . . . . . . . . . . . . . . . . . . . . . . 89
How Much Should You Put in Bonds? . . . . . . . 90
Interest Income from Bonds—You
Become the Banker . . . . . . . . . . . . . . . . . . . . . . 91
Interest Rate Risks . . . . . . . . . . . . . . . . . . . . . . . 93
A Simple Strategy to Manage Interest Rate
Risk—Bond Laddering . . . . . . . . . . . . . . . . . . . 96
How to Tell if the Bond Market Is Safe . . . . . . 97
Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106
Chapter 7: Special Bond Market Investment
Opportunities . . . . . . . . . . . . . . . . . . . . . 109
Higher Interest Payouts… But
Greater Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . 110
Floating Rate Bank Loan Funds—A
Special Kind of High-Yield Investment . . . . . 112
The Safest Investment Anywhere—Treasury
Inflation-Protected Securities (TIPS) . . . . . . . 116
Municipal Bonds—Don’t Share
with the Tax Collector . . . . . . . . . . . . . . . . . . . 120
Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126
Chapter 8: Treasure in the Junkyard—How to
Tame High Yield Bonds . . . . . . . . . . . . . 129
Bond Default—The Big Risk in High
Yield Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . 132
How to Protect Yourself: Diversification . . . . 133
Three Months to Success with High
Yield Bond Funds . . . . . . . . . . . . . . . . . . . . . . 139
More Gain, Less Pain! Results
of Risk-Control with High Yield Bond
Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141
Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147
Appendix to Chapter 8: How to
Download Total Return Data from Yahoo
Finance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148
CONTENTS ix
From the Library of Melissa Wong
Chapter 9: The Definitive Portfolio—The Whole
Is Greater Than the Sum of Its Parts . . 149
Alternative Portfolio Holdings. . . . . . . . . . . . . 149
The Four Key Strategies—A
Performance Review . . . . . . . . . . . . . . . . . . . . 150
Diversifying and Combining to Make
the Definitive Portfolio More Profitable
Than the Sum of Its Parts . . . . . . . . . . . . . . . . 151
The Income Component—Preparing
a More Profitable Brew from High Yield
and Investment-Grade Bonds . . . . . . . . . . . . . 155
The Definitive Portfolio of Stocks
and Bonds—Returns Sufficient to Meet
Your Financial Goals, with Acceptable
Levels of Risk . . . . . . . . . . . . . . . . . . . . . . . . . . 158
Improving Returns—If You Can Afford
the Risk. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159
A Final Review of the Steps You Will
Need to Take to Achieve Investment Success
with the Definitive Portfolio . . . . . . . . . . . . . . 161
Chapter 10: Don’t Let Them Blow You
Off the Planet! . . . . . . . . . . . . . . . . . . . . 165
The Bad News . . . . . . . . . . . . . . . . . . . . . . . . . 166
Projections of Trouble Time Frames . . . . . . . 167
Summing Up the Situation . . . . . . . . . . . . . . . 167
Worse Yet? . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168
Government Employees May Be
No Better Off… . . . . . . . . . . . . . . . . . . . . . . . . 168
Corporations Have Already Begun
to Welch on Their Promises… . . . . . . . . . . . . 169
Rising Medical Expenses, Reduced
Medical Cost Protection… . . . . . . . . . . . . . . . 171
Are They Trying to Blow Us Off
the Planet? . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172
x BEATING THE MARKET, 3 MONTHS AT A TIME
From the Library of Melissa Wong
Chapter 11: Maybe the Politicians Can’t
Do It, but You Can—Planning and
Carrying Through a Long-Term
Financial Program . . . . . . . . . . . . . . . . . 177
Flying Today, Paying Tomorrow
Has Become the National Pastime… . . . . . . . 178
Extending the Concept of Paying by Cash
to Accumulate the Assets You Will Need
Throughout Life. . . . . . . . . . . . . . . . . . . . . . . . 181
How Much Money Will You Need
for Retirement Purposes? . . . . . . . . . . . . . . . . 183
Adjustments That May Be Required . . . . . . . 185
Examples of Asset Growth—Relatively
Modest Rate of Growth of Relatively
Moderate Capital Base, with Relatively
Moderate Annual Additions to Your Assets . . . 188
The Effects of Higher Rates of Return
Are Considerable . . . . . . . . . . . . . . . . . . . . . . . 189
Starting Earlier in Life Can Make
a Substantial Difference in the Growth
of Your Assets . . . . . . . . . . . . . . . . . . . . . . . . . . 191
One Final Example of the Power
of Compounding—The One Contribution
Retirement Fund . . . . . . . . . . . . . . . . . . . . . . . 194
Summing Up . . . . . . . . . . . . . . . . . . . . . . . . . . 195
Appendix: Internet Resources for Investors . . . . . . . 197
ETF Websites. . . . . . . . . . . . . . . . . . . . . . . . . . 197
Historical and Current Mutual Fund,
ETF, and Stock Performance Data . . . . . . . . . 198
Historical Economic Data . . . . . . . . . . . . . . . . 199
Endnotes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201
Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209

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