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Value Averaging: The Safe and Easy Strategy for Higher Investment Returns (Wiley Investment Classics)

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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 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.


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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 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.

30 review for Value Averaging: The Safe and Easy Strategy for Higher Investment Returns (Wiley Investment Classics)

  1. 4 out of 5

    Gary Mesick

    Edleson's investing approach allows you to actually is sell holdings when they are high and buy more of them when they are low. This is a variant of the venerable dollar-cost averaging, except here, when earnings grow faster than your target rate, you take some money off the table, putting it back in play when prices come back down to earth (or lower). Problem: he urges you to increase your investment year to year at the rate of expected growth (say, 10%) instead of at the rate of growth of your Edleson's investing approach allows you to actually is sell holdings when they are high and buy more of them when they are low. This is a variant of the venerable dollar-cost averaging, except here, when earnings grow faster than your target rate, you take some money off the table, putting it back in play when prices come back down to earth (or lower). Problem: he urges you to increase your investment year to year at the rate of expected growth (say, 10%) instead of at the rate of growth of your actual salary. How is this possible??? I have no earthly idea, unless you "sandbag" in the early years to give yourself more room as time marches on. The problem is that you may earn a better percentage that way, but you are likely to end up with less money. Still, plenty to think about here.

  2. 5 out of 5

    Jacob

    It's an interesting and useful concept but it really only needs a paragraph or one equation to describe it.

  3. 4 out of 5

    Margaret Lozano

    If you're interested in Financial Independence/FIRE, you may find this book particularly useful, because it provides the tools necessary in order to "work backward" from your goal. Whereas most books about investing focus solely on maximizing returns and dollar cost averaging, this author gives you more of a glimpse of how to ensure you're actually achieving your goals along the way. It's a dry read, but the basic concept of value averaging is explained well, and I still find the excel spreadshe If you're interested in Financial Independence/FIRE, you may find this book particularly useful, because it provides the tools necessary in order to "work backward" from your goal. Whereas most books about investing focus solely on maximizing returns and dollar cost averaging, this author gives you more of a glimpse of how to ensure you're actually achieving your goals along the way. It's a dry read, but the basic concept of value averaging is explained well, and I still find the excel spreadsheets useful years later! I read this quite a while ago, but the concept has definitely stuck with me, as has Edleson's method of working backward from a financial goal. Still, it's not for everyone, and only works if you have a flexible budget & are willing to hold a considerable amount of cash.

  4. 5 out of 5

    Wladiana Lendengues

    Esse livro não é sobre investimentos em geral, é sobre uma estratégia para fazer os aportes necessários para qualquer objetivo financeiro, desde que seja na renda variável. A premissa toda é que ao invés de aportar um valor fixo sempre, com essa estratégia é possível aportar mais quando tiver baixa e aportar menos quando tiver alta. Tem bastante cálculo e fórmulas para calcular os aportes, e por isso, achei muito útil para montar detalhadamente a estratégia de aportes periódicos. Além disso, é p Esse livro não é sobre investimentos em geral, é sobre uma estratégia para fazer os aportes necessários para qualquer objetivo financeiro, desde que seja na renda variável. A premissa toda é que ao invés de aportar um valor fixo sempre, com essa estratégia é possível aportar mais quando tiver baixa e aportar menos quando tiver alta. Tem bastante cálculo e fórmulas para calcular os aportes, e por isso, achei muito útil para montar detalhadamente a estratégia de aportes periódicos. Além disso, é perfeitamente possível usar a estratégia com um portfólio diversificado de acordo com a teoria moderna do portfólio. Porém, talvez não seja tão vantajosa sobre a estratégia de rebalanceamento da teoria moderna de portfólio.

  5. 5 out of 5

    Gennady

    This review has been hidden because it contains spoilers. To view it, click here. Хорошая книга, которая доходчиво объясняет стратегии Dollar cost averaging и Value Averaging, тактик которые позволяют на среднесрочном окне обыгрывать рынок. Dollar cost averaging - это покупка каждый период (месяц/квартал) акции на одну и ту же сумму денег. В этом случае при падении рынка ты покупаешь больше акций, а при росте - меньше, тем самым снижая среднюю стоимость акции и увеличивая доходность относительно рынка. Выигрыш небольшой - около 1%, и тем больше, чем волатильнее рынок. Минус: Хорошая книга, которая доходчиво объясняет стратегии Dollar cost averaging и Value Averaging, тактик которые позволяют на среднесрочном окне обыгрывать рынок. Dollar cost averaging - это покупка каждый период (месяц/квартал) акции на одну и ту же сумму денег. В этом случае при падении рынка ты покупаешь больше акций, а при росте - меньше, тем самым снижая среднюю стоимость акции и увеличивая доходность относительно рынка. Выигрыш небольшой - около 1%, и тем больше, чем волатильнее рынок. Минус: 1. На длинном окне (>20 лет) и высокой инфляции/росте рынка - этот положительный эффект сходит на нет, т.к. Сумма обесценивается. 2. Эта тактика не гарантирует положительный результат: на постоянно растущем или падающем рынке без волатильности она проигрывает индексу. Value Averaging - это пополнение счета так чтобы он рос на определенную сумму каждый период. Если рынок падает, то ты инвестируешь больше, если растёт то меньше и даже продаёшь. Такая тактика даёт ещё большую доходность против индекса, так как более выраженно покупает внизу и продаёт вверху. Из минусов: 1. На длинном окне эта тактика не ведёт к накоплению, так как после определенного срока доходность портфеля обеспечивает весь прирост и приходится продавать постоянно. 2. Сложно в имплементация, так каждый период разные суммы инвестирования. Если рынок сильно просел, где взять такую большую сумму? Должен быть запас наличных? Тогда нужно считать доходность всего портфеля с деньгами? 3. Если усложнять эту тактику так чтобы портфель прирастал не на одну сумму, а на инфлированную сумму и среднюю доходность, тогда это становится очень сложным в администрировании. Мне кажется неплохой стратегией для среднесрочного накопления. Ещё Заметки: Рынок показывает на длинном окне (год и больше) mean reversion, т.е. Периоды роста больше среднего чередуются с периодами роста ниже среднего. На коротком окне (до года) - рынок momentum driven, mean reversion менее вероятна (<50%). Это значит что ребалансировка лучше работает на длинных окнах.

  6. 5 out of 5

    Clifford Phillips

    This book, you need to read several times. Also the publishers web site has spreadsheets you can download for free.

  7. 5 out of 5

    Thomas

    If you are looking for a detailed investment strategy, this is a good one. I mean, I can't tell from the maths, but the theory is sound.

  8. 4 out of 5

    Marcio Alves

    Very nice and practical book. You can even download spreadsheets from the publisher websites. If you want to know all the details involved in portfolio management with Value averaging, that's the right book to read !

  9. 5 out of 5

    Christian

    Awesome, awesome, awesome book on the math you need to manage your investments.

  10. 4 out of 5

    Stephen Borenstein

  11. 5 out of 5

    Aung Myo Myint

  12. 4 out of 5

    James

  13. 5 out of 5

    Jonathan Chen

  14. 5 out of 5

    John

  15. 5 out of 5

    Kevin Fulton

  16. 4 out of 5

    Dalton Haslam

  17. 5 out of 5

    Travis Shui

  18. 5 out of 5

    Cynthia

  19. 4 out of 5

    Kyler Bowers

  20. 4 out of 5

    Leonard Ye

  21. 5 out of 5

    Mauricio Martel

  22. 4 out of 5

    Elijah

  23. 5 out of 5

    Andrew Stotz

  24. 5 out of 5

    Michael Gouvalaris

  25. 4 out of 5

    Zachary Harless

  26. 5 out of 5

    Kevin Dorwin

  27. 5 out of 5

    Jeff Landau

  28. 5 out of 5

    Ken Bertagnolli

  29. 5 out of 5

    Alan

  30. 4 out of 5

    Vivek

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