Autor Ralph, WangerIngles
Coautores Everett, Wanger, Ralph & Mattlin
Formato Soft Cover
Editorial Touchstone Books
Edición y Año 1999
Are you standing in a bookstore by the personal finance shelves, trying to decide which book to buy? There they are, the lot of them, in their important-type jackets, all more or less proclaiming Six Infallible Rules That Will Make You a Millionaire.
So how is this book different?
First, it's fallible. When it comes to the stock market, there are no cinches. The stories in this book cover a quarter of a century of my life on the mutual fund battlefield. I've done well enough to survive with honor, but I've made my share of mistakes along the way. Some of the mistakes are recounted herein. I think you learn at least as much from screwups as you do from successes.
Second, there are plenty of ideas in this book. Many books are based on a couple of decent ideas that could be expressed on one sheet of paper but have been blown up into a $24.95 book. I've written a hundred quarterly reports to shareholders of the Acorn Fund and tried to put an original idea in every one of them. You'll find a bunch of those ideas here.
Third, you might have some fun. At least, that's my intention. Stocks go up and down, but humor is forever.
If Ya Done It, It Ain't Braggin'
We've been told often enough that all we need do to retire rich is to start early to save and invest, and favor stocks over bonds or baseball cards.
Good advice. But it does leave a question or two unanswered. Like, "Okay, but which stocks?" And (I can also hear you muttering), "Why should I turn to this guy Wanger for the answer?"
I can understand why you'd ask that. People who do what I do for a living have lost considerable credibility. I'm sure youwant exposure to other stocks and strategies. That's fine with me. There are many plausible investment strategies. Any of them can be made to succeed if the practitioner has intelligence and creativity and consistency. But perhaps I can convince you that my approach to the market is one way you, too, should adopt.
Maybe you buy stocks on your own, maybe you invest through mutual funds, maybe you do both. Whatever your way, you are still the one who is ultimately responsible for how your money is invested and what kind of return it brings you. I will explain how I select stocks and when I am likely to sell them, which I hope will be useful to direct investors. But even mutual fund investors have to understand what the managers they hire do with their money. I will try in this book to take you inside one fund's offices and one manager's mind, to give you an idea of how Acorn's merry band goes about its business.
There is little in these pages that is difficult to understand. There are no Greek-letter equations or directions for tearing apart balance sheets. What I will emphasize are the principles, more than the details, of investing. We'll tackle the big-picture questions:
Do you really have to choose between "growth" and "value" stocks or funds?
How reliable is the growth concept, anyway?
How do you get a handle on all those stocks and funds so you can be a real investor instead of a rudderless trader?
Is international investing just a fad?
Is there a time when you should sell your stocks or fund shares and just sit on the sideline for a while?
How do you develop an investment philosophy that promotes patience during the rough spells and the discipline to overcome rash responses to b reaking news?
These are crucial issues for all investors, both do-it-yourselfers and fund buyers. How principles are put into daily practice may vary from investor to investor, but it is the overarching approach to the market that in the end is the most important factor in determining investment success. Sharing what I have learned over twenty-five years should contribute to your understanding of what moves markets and individual stocks, and help you decide upon your own investment course.
Don't expect a double-your-money-in-half-the-time book. Your goal should be a steady accumulation of wealth. Lotteries are a fool's game. Indeed, I am highly skeptical of much of what I read and hear daily about market opportunities. History suggests that most of today's hot new stock issues will be in cold storage in five years.
Of course, that doesn't mean you can't try to make 17.2 percent a year instead of 14.4 percent!
Table of Contents
1. A Zebra in Lion Country
2. Think Small
3. Growth, Value, or GARP?
4. Bad News Bulls
5. On Your Own, or Call in the Experts?
6. Themes and VAriations
7. Downstream from Technologu
8. The Portfolio Jijsaw, Stock by Stock
9. Is There a Tme for Timing?
10. Living Through the Crash
11. While You're at It, Include the World
12. Parting Reminders