- Tapa dura: 352 páginas
- Editor: John Wiley & Sons Inc (18 de septiembre de 2012)
- Idioma: Inglés
- ISBN-10: 1118288254
- ISBN-13: 978-1118288252
- Valoración media de los clientes: 2 opiniones de clientes
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The Permanent Portfolio: Harry Browne's Long-Term Investment Strategy (Inglés) Tapa dura – 18 sep 2012
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An up close look at an investment strategy that can handle today's uncertain financial environment Market uncertainty cannot be eliminated. So rather than attempt to do away with it, why not embrace it? That is what this book is designed to do. The Permanent Portfolio takes you through Harry Browne's Permanent Portfolio approach which can weather a wide range of economic conditions from inflation and deflation to recession and reveals how it can help investors protect and grow their money. Written by Craig Rowland and Mike Lawson, this reliable resource demonstrates everything from a straightforward four-asset Exchange Traded Fund (ETF) version of the strategy all the way up to a sophisticated approach using Swiss bank storage of selected assets for geographic and political diversification. In all cases, the authors provide step-by-step guidance based upon personal experience. * This timeless strategy is supported by more than three decades of empirical evidence * The authors skillfully explain how to incorporate the ideas of the Permanent Portfolio into your financial endeavors in order to maintain, protect, and grow your money * Includes select updates of Harry Browne's Permanent Portfolio approach, which reflect our changing times The Permanent Portfolio is an essential guide for investors who are serious about building a better portfolio.
Nota de la solapa
Life is uncertain and that includes the financial markets. The fact is that when investing in the real world, you need to be prepared for surprises. So why not use an investment approach that takes this into consideration?
A few decades ago, the late Harry Browne?a successful financial advisor and author?created an ingenious investing strategy that did just this. The "Permanent Portfolio," as it is known, was not designed around predicting the future or outsmarting other investors. Instead, it embraced the idea of the unpredictable, the unknowable, and the surprising. Now, authors Craig Rowland and J. M. Lawson add their own experience and insights to this strategy to help you invest and save in a way that will allow you to safely reach your financial goals.
While the approach may appear simple, it is far from simplistic. It actually reflects a sophisticated understanding of economics and financial history and explores ideas about diversification that you may not have come across before. At the basic level, it's just four investment asset classes?stocks, bonds, cash, and gold. This book will show you how to effectively implement the permanent portfolio using such assets and how to avoid investing mistakes that are extremely expensive.
Along the way, you'll discover different implementation options that can fit any situation, and also be exposed to important issues associated with this discipline including storing part of your life savings in a foreign account to protect against natural or manmade disasters. Common pitfalls in the investing world are also covered, from the risk associated with active management and investment industry costs to dangerous biases in what passes for conventional investment wisdom and how to enjoy investing instead of constantly being concerned about it.
You don't need a complicated investment strategy to do well in the markets, you need the right investment strategy. The Permanent Portfolio still remains one of the most effective investment approaches you'll ever encounter. Designed to work under any economic condition, it will put you in a better position to prosper? all with less risk, less management, and less costs than more complicated strategies out there.Ver Descripción del producto
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Now for the book (this is for the book version). I found the work to be well written with concise and cogent arguments backed by a level of data and empirical evidence that makes a compelling case for the late Harry Browne's Permanent Portfolio approach to investing. Even for those who may not be ready to buy into the actual 4x25% asset allocations I believe the book makes an overwhelming case for a passive approach to investing, and broad diversification across differing asset classes. The former point will be appealing to indexers and bogleheads. But the second point is just as critical. Because the future is unpredictable and having a portfolio that can withstand the shock of unexpected events is imperative to peace of mind and financial security.
There are so many sound pieces of advice and good axioms for investing that I would still be typing come Christmas were I to list them all. But I wish to draw particular attention to the chapters that deal with the subjects of investing in gold and geographic diversification of assets. Gold is a controversial subject that tends to produce heated opinions with few people taking a neutral approach. The authors however approach gold in a thorough but dispassionate manner, making a strong case for why it works as part of a diversified portfolio even as they avoid any emotional attachment to it. Gold as they explain, is just an asset class which protects you in a specific set of conditions, most importantly inflation. But they also point out why you need to hold gold, or pick your least favorite asset class (Bonds, Cash Equities?) even when it smells like last week's trash left to ferment in 90 degree heat. And that is because the future is not predicable (a major underlying theme of the book) and what stinks today could be your financial life jacket tomorrow.
The chapter on geographic diversification is also a great addition to the foundation laid by the late and much missed Harry Browne. Far too many people have an almost blind faith in their government and country which is, from an historical perspective, rarely justified. The chapters on gold and geo-diversification provide excellent background and practical guidance for two important, but often ignored areas of investing.
In fact the entire book is really an updated users guide for Harry Browne's Permanent Portfolio. What Harry did was provide the concept and the framework. But his books, as good as they were, did tend to be a bit light in the nuts and bolts of putting it all together. And of course times have changed since Harry's untimely death. What the authors have done is to fill in those gaps with loads of timely practical advice on how to implement a Permanent Portfolio, what traps and pitfalls to avoid and of course to present an easy to read and at times witty apologia for the strategy itself.
Is the Permanent Portfolio for everyone? No. But the basic underlying themes, the unpredictability of the future, passive investing beats active management and radical diversification as the only path to financial safety, are. And for those who by choice or necessity are conservative investors I submit that I have yet to find a portfolio that is likely to provide a better combination of safety and reasonable long term returns. Forty years of back tested data are provided to back up that claim.
In summary the "The Permanent Portfolio" is an outstanding addition to the foundations laid by Harry Browne. I unreservedly and enthusiastically recommend it as one of the no more than two or three books I would hand to a novice investor seeking advice or to an experienced hand looking for a way to safeguard a lifetime's worth of accumulated wealth.
I give this book 3 stars since 1. I only paid $8 for it 2. It gave me some idea on looking at interest rate, inflation, bond price & stock price
Final thoughts, if you know about ETFs, robo investing, diversification & baseline knowledge on personal finance management then I would recommend you to skip this book
The principles in this book work. The authors present the principles, explain them, and then tell readers how to turn those abstractions into particular investments that are suitable for particular people.
One example general principle is the idea that (1) the main _source_ of wealth for most of us should be our careers, and (2) the main purpose of investment should be to _protect_ what we have earned in our careers. We live in a financially uncertain world. The Permanent Portfolio approach engages in investor's jujitsu: The Permanent Portfolio takes advantage of the volatility in all markets that long-term investors know from painful experience. So, rather than fear uncertainty or be dismayed by tomorrow's headlines, a Permanent Portfolio investor can relax and let his portfolio stay safe and grow modestly over the long-term.
Sentence by sentence, the book is very easy to read. That does not, however, mean that the book is a quick read. To the contrary, even though I have long been familiar with the basic principles, I needed to ration my reading, to make sure I understood each point that applied to me. I read one chapter or less per day. This approach is not a burden, as much of the book contains graphs and other visuals that require little attention. Their purpose is to emphasize a point.
Do not be overwhelmed by the length of the book, at 330 pages. The authors, like Harry Browne himself, excel at telling readers what each type of investor can skip over or skim versus what needs close attention. For example, I have no interest in the Variable Portfolio, which is based on the notion of speculating rather than following a simple, long-term ("Permanent") plan. Consequently, I could skip Ch. 16 ("The Variable Portfolio") entirely. The authors take the same approach within other chapters. The authors are adept at identifying different actions for different sorts of investors. Beginners can focus on the "Level 1" type of strategy, and more advanced investors (or rather, those with huge portfolios) can focus on higher level strategies. In other words, the authors identify every fork in the road and mark each branch with a sign to guide the reader.
The only problem I had in reading the book was interpreting some of the charts. They are printed in black ink, of course. Sometimes distinguishing a black line from a dark gray line from a medium gray line was difficult. Nevertheless the point of the chart was almost always clear.
If you are new to the idea of a Permanent Portfolio, then you should expect to "invest" some time into understanding the principles. Once you have done that, implementation (following the authors' guidelines) is relatively easy. In the years ahead, you could manage your investments in less than an hour per year. I know that for a fact.
Here is proof that this book has value, even to long-term followers of these basic principles: As a result of reading the book carefully, I will be making a series of tweaks to my own portfolio. They do not represent changes in principle, but, rather, better applications of the principles. Browne created the principles; the authors of this book have mastered the art of applying those principles.
I highly recommend this book for investors who are rational, want safety (with modest returns), do not want to spend a lot of time (beyond the initial reading) monitoring investments, and need to sleep well no matter what the headlines of the day are screaming.