Triumph of the Optimists
Author: Elroy Dimson, Paul Marsh, Mike Staunton
Publisher: Princeton University Press
Investors have too often extrapolated from recent experience. In the 1950s, who but the most rampant optimist would have dreamt that over the next fifty years the real return on equities would be 9% per year? Yet this is what happened in the U.S. stock market. The optimists triumphed. However, as Don Marquis observed, an optimist is someone who never had much experience. The authors of this book extend our experience across regions and across time. They present a comprehensive and consistent analysis of investment returns for equities, bonds, bills, currencies and inflation, spanning sixteen countries, from the end of the nineteenth century to the beginning of the twenty-first. This is achieved in a clear and simple way, with over 130 color diagrams that make comparison easy. Crucially, the authors analyze total returns, including reinvested income. They show that some historical indexes overstate long-term performance because they are contaminated by survivorship bias and that long-term stock returns are in most countries seriously overestimated, due to a focus on periods that with hindsight are known to have been successful. The book also provides the first comprehensive evidence on the long-term equity risk premium--the reward for bearing the risk of common stocks. The authors reveal whether the United States and United Kingdom have had unusually high stock market returns compared to other countries. The book covers the U.S., the U.K., Japan, France, Germany, Canada, Italy, Spain, Switzerland, Australia, the Netherlands, Sweden, Belgium, Ireland, Denmark, and South Africa. Triumph of the Optimists is required reading for investment professionals, financial economists, and investors. It will be the definitive reference in the field and consulted for years to come.
The Millennium Book
Author: Elroy Dimson, Paul Marsh, Mike Staunton
Since the 2008 financial crisis, a resurgence of interest in economic and financial history has occurred among investment professionals. This book discusses some of the lessons drawn from the past that may help practitioners when thinking about their portfolios. The book’s editors, David Chambers and Elroy Dimson, are the academic leaders of the Newton Centre for Endowment Asset Management at the University of Cambridge in the United Kingdom.
The Case for Optimism
Author: Victor Perton
Publisher: Createspace Independent Publishing Platform
This is a book to inspire and strengthen your optimism. Helen Clark, former New Zealand Prime Minister and Administrator of the United Nations Development Programme says, "Good things happen when good people get together in common cause. More than 200 people have shared their wisdom and insights in this book 'The Case for Optimism: The Optimists' Voices.' Their views are fresh and sparkle off the pages."In "The Case for Optimism: The Optimists' Voices", 200 leaders share new and inspiring quotes, comments and affirmations to bring optimism to life and help guide you to greater optimism.At its simplest, optimism is a general expectation that good things will happen. According to recent Harvard health research, optimism may help you live longer. Optimism may also help you function better as a leader.Most of us are sick of turning on the news or opening a newspaper and being assailed with stories of disaster, mayhem and 24/7 criticism of our leaders. Victor Perton has written the "The Case for Optimism: The Optimists' Voices" to give voice to our yearning for a positive approach to leadership and life.Some quotes from the book:Steve Wozniak aka "The Woz", Co-founder, Apple Computer"H = S - F. Happiness = Smiles - Frowns. Find ways to smile and enjoy life, but don't frown. Don't argue. Don't let small things get to you. Just figure out the best path to move forward constructively. When you see pessimists, be glad that you are better with your optimism. Spread this thinking about optimism to young people. After about age 23 your personality is settled and you can't change it just with logical reasoning."Andrew Liveris, Chairman and CEO, The Dow Chemical Company: "In many cases, globalization and capitalism has been a force for good. At the same time, a substantial part of humanity has been left behind by growth that has been uneven and inequitable, creating a global environment marked by anger, violence, inequality, and divisiveness. Despite all of this, I remain as optimistic as ever. Today's world is abundant with opportunity to collaborate in new ways, creating positive change and solutions that protect the planet and provide hope to millions of people who feel that the world has forgotten them."Mick Farrell, CEO of Resmed: "Optimism is the triumph of hope over fear, of truth over deception, but it must be grounded in reality. Optimism without realism is just a dream; hope alone is not a strategy. Detailed planning of scenarios, laying out of plans towards an ambitious goal, and then inspiring a team to climb that hill together with passion and a mission greater than oneself - that combination is a sure path to success."Paul Polman, CEO of Unilever: "The future lies in the hands of the younger generation and that gives me huge cause for optimism. Wherever I go in the world, the young people I meet are engaged with the issues and challenges we face and focussed on finding solutions. Above all, they are driven by a deep sense of purpose. They may only represent 50% of today, but fortunately young people are 100% of tomorrow, and that is reason to celebrate".Chairman of the Royal Flying Doctor Service Denis Henry: "Optimism about the future and about the essential goodness in the majority of your community and workforce is the fuel for the certainty and commitment a leader needs."Professor Jane Burns: "People talk about tenacity and resilience and strength of character but it is optimism that drives behavior when on some days it would be easier to say "stop - I give up, it's too hard. Optimism is believing in the impossible and then taking the steps to make it possible."World Economic Forum's Bertrand Badr�: "Leadership must appropriately combine a harsh sense of reality with a dose of contagious optimism. It is about looking forward past the obstacles. Yes we can!"
Stocks for the Long Run set a precedent as the most complete and irrefutable case for stock market investment ever written. Now, this bible for long-term investing continues its tradition with a fourth edition featuring updated, revised, and new material that will keep you competitive in the global market and up-to-date on the latest index instruments. Wharton School professor Jeremy Siegel provides a potent mix of new evidence, research, and analysis supporting his key strategies for amassing a solid portfolio with enhanced returns and reduced risk. In a seamless narrative that incorporates the historical record of the markets with the realities of today's investing environment, the fourth edition features: A new chapter on globalization that documents how the emerging world will soon overtake the developed world and how it impacts the global economy An extended chapter on indexing that includes fundamentally weighted indexes, which have historically offered better returns and lower volatility than their capitalization-weighted counterparts Insightful analysis on what moves the market and how little we know about the sources of big market changes A sobering look at behavioral finance and the psychological factors that can lead investors to make irrational investment decisions A major highlight of this new edition of Stocks for the Long Run is the chapter on global investing. With the U.S. stock market currently holding less than half of the world's equity capitalization, it's important for investors to diversify abroad. This updated edition shows you how to create an “efficient portfolio” that best balances asset allocation in domestic and foreign markets and provides thorough coverage on sector allocation across the globe. Stocks for the Long Run is essential reading for every investor and advisor who wants to fully understand the market-including its behavior, past trends, and future influences-in order to develop a prosperous long-term portfolio that is both safe and secure.
Author: Douglas P. McCormick
Publisher: John Wiley & Sons
Actionable, intelligent CFO training for the Chief Family Financial Officer Family Inc. is a roadmap to financial security for the family CFO. Too much personal wealth management advice essentially boils down to goal-setting, which isn't helpful or effective in terms of overall financial planning. This book takes a different track, giving you a crash course in corporate finance and the tools to apply the field's proven, time-tested principles in the context of your family's financial situation. You'll learn the key principles of wealth creation and management, and learn how to make your intellectual and real capital work for you. Your family situation is unique, and your principles must sometimes differ from the standard financial advice—and that's okay. Life is not a template, and even the best strategy must be able to adapt to real-life situations. You'll learn to chart your own path to financial security, utilizing the author's own tools that he developed over 15 years as an active board member, chairman of the board, or chief financial officer of multiple companies. Oversimplified wealth management advice does not leave you equipped to manage your real-world finances. This guide is written with intellectual rigor, but in the language of family discussion, to give you a real, practical guide to being an effective family CFO. Create your own financial prosperity and security Align financial acumen with your family's specific situation Adapt to real-world situations and make your financial advisor work for you Utilize powerful financial tools to help you build financial independence Every family needs a CFO to manage wealth, and the principles of corporate finance apply from the boardroom to the living room. Family Inc. delivers actionable advice in the form of CFO training to help you plot a real-world family financial plan.
Endowment Asset Management
Author: Shanta Acharya, Elroy Dimson
Publisher: Oxford University Press on Demand
This unique study focuses on how the endowment assets of Oxford and Cambridge colleges are invested. Despite their shared missions, each interprets its investment objective differently, often resulting in remarkably dissimilar strategies. This thought provoking study provides new insights for all investors with a long-term investment horizon.
The classic look at the past with a very jaundiced eye -- now with even more disheartening facts! The original "irreverent jaunt through the catastrophes, cataclysms and outrages that shaped our world" has sold more than 73,000 copies. This updated edition takes us from the Big Bang (it was an explosion, after all) to the turn of the millennium, with more than 10,000 new words and 100 new entries that chronicle the disasters, bad decisions, and downright evil events that have taken place since September 1991 (the last entry in the first book). With a light but informative tone and a handy timeline of events, this is addictively friendly fare for those who want a different -- some might argue more intriguing -- view of history.
This new and unique book demonstrates that Excel and VBA can play an important role in the explanation and implementation of numerical methods across finance. Advanced Modelling in Finance provides a comprehensive look at equities, options on equities and options on bonds from the early 1950s to the late 1990s. The book adopts a step-by-step approach to understanding the more sophisticated aspects of Excel macros and VBA programming, showing how these programming techniques can be used to model and manipulate financial data, as applied to equities, bonds and options. The book is essential for financial practitioners who need to develop their financial modelling skill sets as there is an increase in the need to analyse and develop ever more complex 'what if' scenarios. Specifically applies Excel and VBA to the financial markets Packaged with a CD containing the software from the examples throughout the book Note: CD-ROM/DVD and other supplementary materials are not included as part of eBook file.
The First Crash
Author: Richard Dale
Publisher: Princeton University Press
For nearly three centuries the spectacular rise and fall of the South Sea Company has gripped the public imagination as the most graphic warning to investors of the dangers of unbridled speculation. Yet history repeats itself and the same elemental forces that drove up the price of South Sea shares to dizzying heights in 1720 have in recent years produced the global crash of 1987, the Japanese stock market bubble of the 1980s/90s, and the international dot.com boom of the 1990s. The First Crash throws light on the current debate about investor rationality by re-examining the story of the South Sea Bubble from the standpoint of investors and commentators during and preceding the fateful Bubble year. In absorbing prose, Richard Dale describes the trading techniques of London's Exchange Alley (which included 'modern' transactions such as derivatives) and uses new data, as well as the hitherto neglected writings of a brilliant contemporary financial analyst, to show how investors lost their bearings during the Bubble period in much the same way as during the dot.com boom. The events of 1720, as presented here, offer insights into the nature of financial markets that, being independent of place and time, deserve to be considered by today's investors everywhere. This book is therefore aimed at all those with an interest in the behavior of stock markets.
Author: Spencer Wells
Publisher: Random House Trade Paperbacks
Originally published in hardcover in 2010.
Lying for Money
Author: Dan Davies
Publisher: Profile Books
Financial crime seems horribly complicated but there are only so many ways you can con someone out of what's theirs. In fact, there are four. A veteran regulatory economist and market analyst, Dan Davies has years of experience picking the bones out of some of the most famous frauds of the modern age. Now he reveals the big picture that emerges from their labyrinths of deceit. Along the way you'll find out how to fake a gold mine with a wedding ring, a file and a shotgun. You'll see how close Charles Ponzi, the king of pyramid schemes, came to acquiring his own private navy. You'll learn how fraud has shaped the entire development of the modern world economy. And you'll discover whether you have what it takes to be a white-collar criminal mastermind, if that's what you want to be. (Which you don't. You really, really don't.)
Munro vs. the Coyote
Author: Darren Groth
Publisher: Orca Book Publishers
Since the sudden death of his younger sister, Evie, sixteen-year-old Munro Maddux has been having flashbacks and anger-management issues. He has a constant ache in his right hand. And there's a taunting, barking, biting voice he calls "the Coyote." Munro knows a six-month student exchange will not be the stuff of teenage dreams, but in Brisbane he intends to move beyond his troubled past. It is there, at an assisted living residence called Fair Go Community Village, that Munro discovers the Coyote can be silenced. Munro volunteers as a "Living Partner" and gets to know the team of residents he is assigned to. The burden Munro carries, however, is not so easily cast aside. When one of the team makes the decision to leave, the Coyote gets a new life. When a second resident is taken away, the specter of trauma and death looms larger than ever. Will Munro learn how to silence the voice? Or will the Coyote ultimately triump
The Rational Optimist
Author: Matt Ridley
Publisher: Harper Collins
Life is getting better—and at an accelerating rate. Food availability, income, and life span are up; disease, child mortality, and violence are down — all across the globe. Though the world is far from perfect, necessities and luxuries alike are getting cheaper; population growth is slowing; Africa is following Asia out of poverty; the Internet, the mobile phone, and container shipping are enriching people’s lives as never before. The pessimists who dominate public discourse insist that we will soon reach a turning point and things will start to get worse. But they have been saying this for two hundred years. Yet Matt Ridley does more than describe how things are getting better. He explains why. Prosperity comes from everybody working for everybody else. The habit of exchange and specialization—which started more than 100,000 years ago—has created a collective brain that sets human living standards on a rising trend. The mutual dependence, trust, and sharing that result are causes for hope, not despair. This bold book covers the entire sweep of human history, from the Stone Age to the Internet, from the stagnation of the Ming empire to the invention of the steam engine, from the population explosion to the likely consequences of climate change. It ends with a confident assertion that thanks to the ceaseless capacity of the human race for innovative change, and despite inevitable disasters along the way, the twenty-first century will see both human prosperity and natural biodiversity enhanced. Acute, refreshing, and revelatory, The Rational Optimist will change your way of thinking about the world for the better.