书籍介绍
這本書最鋒利的地方，不在於它教您如何選出贏家，而在於它反覆告訴您：大多數人永遠贏不了，而承認這一點恰恰是贏的開始。作者身為醫生，卻把投資当成一種「病理」來診斷——他关心的不是哪支基金好，而是基金公司的商業模式如何系統性地從您身上抽成。書中對「熱錢」的剖析尤為刺骨：績效越好越吸引人投資的基金，往往離頂點不遠。讀者印象最深的，是它逼您直面「倖存者偏差」——我們習慣用美、加、瑞等倖於戰火的國家歷史，來預言自己的未來報酬，這本身就是一種欺騙。它適合那些願意承認市場殘酷、拒絕被動人故事說服的普通人，而非尋求暴富神話者。
作者简介
作者簡介
威廉．伯恩斯坦 William Bernstein
擁有醫學博士學位，鑽研投資多年，已成為各地投資散戶心目中的草莽英雄。他因獨力挑戰傳統的華爾街思考和汲汲自利的經紀人而聲名大噪，並且毫不藏私地告訴投資大眾如何以智慧和長期眼光來成功管理投資。伯恩斯坦著有《聰明資產分配家》（The Intelligent Asset Allocator）一書，並擔任資產管理季刊《效率前緣》（Efficient Frontier）編輯、知名投資網站EfficientFrontier.com創辦人及效率前緣顧問公司（Efficient Frontier Advisors）董事長。他的作品與評論經常出現在重要的平面媒體上，如《華爾街日報》（The Wall Street Journal）、《霸榮》（Barron\’s）、《錢》（Money）及《富比士》（Forbes）。
譯者簡介
黃逸華
喜好閱讀翻譯，譯有《無線商機》、《e-Business 8大原則．5步驟》、《行動商務大未來》、《思考軟體》等書。
陳儀
目前為某投資公司的投資部主管，投入金融投資領域長達二十年以上，曾任投信基金經理人及專業投顧研究主管，實務經驗豐富。譯有《一口氣搞懂外匯市場》、《中國金融大揭密︰異常崛起的大銀行真相》（以上為臉譜出版）、《管理會計與決策績效》、《透析財務數字》、《物聯網革命》、《世界經濟的未來版圖》、《識破財務騙局的第一本書》、《經濟為什麼會循環》等。
AI导读
核心看点
- 剖析理论、历史、心理、产业四大支柱
- 批判高费率与主动管理，倡导指数投资
- 揭示幸存者偏差与后见之明等认知陷阱
读者共识
- 拨开迷雾，是极具价值的投资启蒙经典
- 核心逻辑朴实，强调纪律与低成本策略
- 虽篇幅厚重，但能帮读者避免无效投资
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"
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