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Product details
File Size: 1302 KB
Print Length: 215 pages
Publisher: Wiley; 1 edition (September 2, 2016)
Publication Date: September 2, 2016
Sold by: Amazon Digital Services LLC
Language: English
ASIN: B01LIE5HUE
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Amazon Best Sellers Rank:
#134,401 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
I’ve read most of Charles Ellis’s books and articles over the years with great enjoyment. But when I learned about “The Index Revolution,†it was tempting to take a pass, if only because I know his message by now – and there are so many other good books that remain unread, with so little time. But Reader, I took the plunge anyway. Two hours later (on a long flight), I found myself most happy for having done so.Reading his prose is a privilege, as he translates sophisticated financial concepts lucidly for laymen in a way that doesn’t dumb them down for fellow professionals. Here Mr. Ellis joins a pantheon of gifted investor/writers including John Bogle, Burton Malkiel and Warren Buffet.Most of all, I enjoyed his surprisingly personal history of investment management in the US, focusing on its slow but steady march from inefficiency to efficiency. Having been a security analyst, consultant to asset managers, and leader of institutional investment committees, Mr. Ellis has seen it all. And while his message may depress many active professional investors, he delivers the bitter pill sweetly, offering wise investment advice to novice and expert alike. Apart from encouraging all investors to index their portfolios more widely, he encourages active managers to focus on their true value proposition: providing customized investment advice to clients, given their unique needs.Along the way, he highlights one concept of examining fees that too many of us gloss over: the notion of comparing incremental fees with incremental returns – this insight alone makes the book valuable and well worth its purchase.A small quibble: Mr. Ellis acknowledges, but might have analyzed in greater detail, the possibility that, as more investors index and more security analysts leave the industry, some markets may become less efficient and thus more susceptible again to successful active management. Where that tipping point lies is of great interest to industry participants, though Mr. Ellis clearly believes we’re nowhere near it.The Index Revolution is a terrific book and gets my strongest recommendation.
I didn't really get what I expected from this book; however, that was mostly my fault for not carefully understanding the book's intended purpose. This is a well written book, but I was already sold on the benefits of index investing. I was looking for a book with some practical advice about the nature of index funds and and choosing index funds. Sadly for me the 195 pages offered little more than I got from the book's 9 page Foreward. But this is exactly what the book intended. It's only purpose is to make the case that----most of time----- "passive" index investing will beat the active investor during both up and down markets. Charles Ellis reports that this was not always the case, but in today's market where price discovery is immediate for almost everyone it is hard for even the smartest investment manager to find an edge and beat the market.So if your investments have been taking a beating and you want a reasoned argument to switch to index investing this book is for you. If you're already sold on index investing but want more information about the nature of index funds or how to chose them then this is NOT the book for you.
The Stock Market Index RevolutionThe Index Revolution: Why Investors Should Join It Now by Dr. Charles Ellis explained a lot of the changes that I have witnessed in the stock market over the last 40 years. Dr. Ellis has a great deal of experience managing large pension funds and wealth funds. He explained the reasons why investing by amateurs like me no longer works and why it makes sense to invest in indexes.In the 1960’s 99% of stock market trades were by amateur investors who traded just a few times a year. Today, less than 1% of stock trades are by amateur investors. Now, over 1.5 million professional traders, mutual funds, pension funds, and automated trading systems make 99% of the world-wide stock trades.Full time professional and institutional traders take advantage of underpriced stocks by finding them faster than amateur investors. They do it by getting instant and detailed information about companies unavailable to amateurs. Stock information sources can cost over $20,000 a year, impossibly expensive for an amateur like me managing my IRA and small portfolio of individual stocks.Over the past 40 years, the trend toward professional and institutional stock trading led to the creation and spectacular growth of professionally managed mutual funds. Although the “famously successful mutual fund managers†paid huge salaries touted that their mutual funds performed better than the overall market, academic researchers found that over the past decade only one or two of their mutual funds out-performed the S&P 500 stock index. And, after the cost of trades and the high management fees, none of the mutual funds out performed the S&P 500 index.The stock market generally goes up about 8% per year, averaged over 10 years. The expense of trades and staff, which is commonly 4% of the gain, can cut the long term appreciation of an investment portfolio by 50% of even the best performing mutual funds. Most of the mutual funds do not come close to matching the performance of the overall stock market index, but even if they did the net result would be less because of their costs.These findings published by academia have led to a mass exodus from mutual funds to exchange traded index funds (ETFs).The author’s career included managing foundation portfolios as well as researching stock fund results at Yale, Harvard, and Princeton. His unique experience makes the book an especially enjoyable read. I was so impressed with the data and view he presented that I immediately started moving out of individual stocks into ETFs. It has been about 90 days since I started and I am already very happy with the greater stability of the ETFs; no more disturbing daily volatility of individual stocks.I highly recommend the book. Five stars.
A good, but not great book about index investing. John Bogle’s “The Little Book of Common Sense Investing “ (2018 version) or Larry Swedroe’s “The Incredible Shrinking Alpha “ are better. That said, gives a nice history of the investment business along with the advantage of index investing by one of the pioneers in the sector.
One of the best books on investing I have ever read! Charlie Ellis is an investing genius and has made a fortune, yet presents a clear and simple way for amateur investors to do well in the market through indexing. I'm sold, and am taking his advice.
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