Summary of Charles D. Ellis's Winning the Loser's Game, Seventh Edition

Everest Media

Description

Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 The traditional investment management approach is based on a single core belief: investors can beat the market, and superior managers will beat the market. That optimistic expectation was reasonable 50 years ago, but not today. Times have changed the markets so much in so many major ways that the premise has proven unrealistic.
#2 The difference between a winner’s game and a loser’s game is that in a winner’s game, the outcome is determined by the correct actions of the winner, while in a loser’s game, the outcome is determined by the mistakes made by the loser.
#3 The two games are fundamentally opposed. Professional tennis is a winner’s game: the outcome is determined by the actions of the winner. Amateur tennis is a loser’s game: the outcome is determined by the actions of the loser, who defeats himself or herself.
#4 The new rules of the money game are extremely difficult for active mutual fund investment managers to overcome. To at least break even, they must return more than 10. 25 percent before all their costs.

Sujets

• Finance
• General
• Business
• Economics
• General officer
• Economie gestion

Informations

• Publié par: Everest Media LLC
• Date de parution: 17 mai 2022
• Nombre de lectures: 0
• EAN13: 9798822512887
• Langue: English
• Poids de l'ouvrage: 1 Mo

Extrait

Insights on Charles D. Ellis's Winning the Loser's Game, Seventh Edition
Contents Insights from Chapter 1 Insights from Chapter 2 Insights from Chapter 3 Insights from Chapter 4 Insights from Chapter 5 Insights from Chapter 6 Insights from Chapter 7 Insights from Chapter 8 Insights from Chapter 9 Insights from Chapter 10 Insights from Chapter 11 Insights from Chapter 12 Insights from Chapter 13 Insights from Chapter 14 Insights from Chapter 15 Insights from Chapter 16 Insights from Chapter 17 Insights from Chapter 18 Insights from Chapter 19 Insights from Chapter 20 Insights from Chapter 21 Insights from Chapter 22 Insights from Chapter 23 Insights from Chapter 24 Insights from Chapter 25 Insights from Chapter 26 Insights from Chapter 27 Insights from Chapter 28
Insights from Chapter 1

#1

The traditional investment management approach is based on a single core belief: investors can beat the market, and superior managers will beat the market. That optimistic expectation was reasonable 50 years ago, but not today. Times have changed the markets so much in so many major ways that the premise has proven unrealistic.

#2

The difference between a winner’s game and a loser’s game is that in a winner’s game, the outcome is determined by the correct actions of the winner, while in a loser’s game, the outcome is determined by the mistakes made by the loser.

#3

The two games are fundamentally opposed. Professional tennis is a winner’s game: the outcome is determined by the actions of the winner. Amateur tennis is a loser’s game: the outcome is determined by the actions of the loser, who defeats himself or herself.

#4

The new rules of the money game are extremely difficult for active mutual fund investment managers to overcome. To at least break even, they must return more than 10. 25 percent before all their costs.

#5

The reason investing has become a loser’s game is that the efforts of active managers to beat the market are no longer the most important part of the solution; they are now the most important part of the problem. To achieve better-than-average results through active management, you must depend directly on exploiting the mistakes of others.

#6

The hardest part of real life investing is staying committed to sound investment policy through bull and bear markets and maintaining constancy to purpose. This is why investors should develop and stick to sound investment policies.

#7

The total cost of investing is made up of several parts, such as brokerage commissions, dealer spreads, and unwisely getting into stocks you would not have purchased if you were not sure you could get out at any time.
Insights from Chapter 2

#1

The field of investment management has two major parts: the profession, which is doing what is best for the returns for investment clients, and the business, which is doing what is best for the profits of investment managers. The most difficult part of what investment professionals can do is price discovery, which is how they combine imaginative research and astute portfolio management to achieve superior investment results.

#2