书籍介绍
市面上投资书汗牛充栋，多数在教人如何选股、择时、战胜市场；这本书却反其道而行，把矛头对准投资业本身。作者伯恩斯坦花了大量笔墨揭露基金行业的收费陷阱与利益冲突：高费率、hot money追逐热门板块、基金公司本质是'营销公司'而非'投资公司'——这些被包装成专业服务的操作，恰恰是普通投资者收益被悄悄侵蚀的根源。书中更以'幸存者偏差'警醒读者：我们习以为常的'长期投资必赚'，不过是美、加等少数国家幸运未被战火波及的结果，不足以预示个人未来。它不提供暴富秘籍，而是从理论、历史、心理、行业四个维度，帮读者认清'长赢靠的是资产配置与纪律，而非择股天赋'。适合愿意放弃幻想、建立理性框架的普通人。
AI导读
核心看点
- 构建理论、历史、心理、行业四大支柱框架
- 倡导低成本指数基金与全球资产配置策略
- 揭示幸存者偏差与追涨杀跌的人性弱点
读者共识
- 投资入门经典，逻辑严密且极具启发性
- 内容虽老但核心原则至今依然适用有效
- 作者观点犀利，能帮读者避开常见误区
精彩摘录
- "Buy only true no-load funds and annuities that do not carry fees of any type, including 12b-1 fees."
- "Over the past decade, the explosion of assets under management should have reduced fees via economies of scale. This increasing fee trend is nothing short of scandalous."
- "The story of Select Technology is emblematic of the nature of fund flows. First, they are most often contrary indicators—funds in high-performing sectors of the market tend to attract great piles of assets. In industry parlance, this is known as “hot money”: assets thrown by naïve investors at high "
- "1. Never, ever, pay a load on a mutual fund or annuity. And never pay an ongoing 12b-1 fee for a mutual fund or excessive annuity fees. 2. Do not chase the performance of active managers. Not only does past performance not predict future manager performance, but excellent performance leads to the ra"
- "The popular conceit of every bull market is that the public has bought into the value of long-term investing and will never sell their stocks simply because of market fluctuation. And time after time, the investing public loses heart after the inevitable punishing declines that stock markets periodi"
- "This is not a trivial issue. At a very early stage in history we are encountering “survivorship bias”—the fact that only the best results tend to show up in the history books. In the twentieth century, for example, investors in the U.S., Canada, Sweden, and Switzerland did handsomely because they we"
- "At first glance, it might appear that the above list of winners and losers contradicts the relationship between risk and return. This is an excellent example of “hindsight bias”; in 1913 it was by no means obvious that the U.S., Canada, Sweden, and Switzerland would have the highest returns, and tha"
- "The tradeoff between the variability of bill payouts and the interest-rate risk of consols reverses during the twentieth century. With the abandonment of the gold standard after World War I, and the consequent inflationary explosion, the modern investor now demands a higher return from long-term bon"
用户评论
意想不到的好，如同亚马逊某人的评论一样，绝对是经典，把之前很多知道但不系统的知识综合了起来，真是值得“借鉴”啊
William Bernstein出品，必属精品。
如此经典的书，我却这么晚才读到。
已读过60%
从理论、历史、心理、投资业四个角度阐述个人投资者的投资实务，诚如本书作者所言，读完这本书你基本上就比市面上大多数股票经纪人强多了。
入门，个人理财型书籍
浓缩版的CFA啊，the country club syndrome 简直太精辟
投资入门的经典，不过年头有点久，跟阿蒙讨论的结果是书里的观点似乎有点过时了…
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