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From one of the most respected names in the investment community, this revised edition of The Morgan Stanley Dean Witter Guide to Personal Investing is the authoritative guide to increasing the earning power of financial resources. Robert Gardiner, former chairman and CEO of Dean Witter, offers advice on a range of topics for short- and long-term investors--from brokers, mutual funds, 401(k)s, and online strategies to stocks, bonds, bank certificates, real estate, and insurance. This completely revised and updated edition answers the most important investment questions and will give readers the confidence to be in control of their financial future.
The Morgan Stanley/Dean Witter Guide to Personal Investing
by Gardiner, Robert M.Edition: Revised
Format: Paperback
Pub. Date: 1999-09-01
Publisher(s): Plume
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Summary
Author Biography
Robert Gardiner, former chairman and CEO of Dean Witter Financial Services Group, continues as a senior advisor to Morgan Stanley Dean Witter. He has also served as chairman of the National Association of Securities Dealers, vice-chairman of the New York Stock Exchange, and chairman of the Securities Industry Association. He lives in New Jersey and Florida.
Table of Contents
| Preface | p. xi |
| The Slow Road to Riches | p. 1 |
| Drifting Along | p. 1 |
| There Is No Santa Claus | p. 2 |
| The Impossible Quest | p. 4 |
| The Power of Compound Interest | p. 6 |
| Investing vs. Playing the Lottery | p. 7 |
| Getting Started | p. 9 |
| Your Current Investment Program | p. 9 |
| Your Current Assets (Hidden and Otherwise) | p. 12 |
| Accumulating Something to Invest | p. 16 |
| The Importance of Starting Now | p. 19 |
| Setting Goals--and Reaching Them | p. 21 |
| The Importance of Goals | p. 21 |
| Where Do You Stand? | p. 23 |
| The Perils of "Pocket Accounting" | p. 24 |
| Thinking About Retirement | p. 27 |
| The 401(k) Revolution | p. 28 |
| The IRA Lives | p. 32 |
| Other Retirement Plans | p. 33 |
| Eight Steps to Investment Success | p. 35 |
| Seeking Help | p. 38 |
| The Fallible Experts | p. 38 |
| The Unpredictable Market | p. 41 |
| Selecting a Financial Advisor | p. 44 |
| The Broker-Client Relationship | p. 51 |
| Your Investment Program--Basic Choices | p. 54 |
| The Elusive Perfect Investment | p. 54 |
| "Lending" Investments vs. "Owning" Investments | p. 59 |
| Market Risk in Fixed-Income Investments | p. 62 |
| U.S. Treasury Securities | p. 64 |
| Certificates of Deposit (CDs) | p. 65 |
| Corporate Bonds | p. 66 |
| "High-Yield" or "Junk" Bonds | p. 68 |
| Convertible Bonds | p. 69 |
| Municipal Bonds | p. 70 |
| Zero Coupon Bonds | p. 70 |
| Mortgage-Backed Securities | p. 72 |
| International Bonds | p. 74 |
| Debt vs. Equity Investments | p. 75 |
| Preferred Stocks | p. 75 |
| Gold and Silver | p. 76 |
| Collectibles | p. 78 |
| Choosing Investment Vehicles | p. 79 |
| Mutual Funds | p. 80 |
| Unit Investment Trusts | p. 82 |
| Annuities | p. 83 |
| Hiring an Investment Manager | p. 85 |
| Putting It All Together | p. 86 |
| The Need to Diversify | p. 87 |
| The Stock Market | p. 89 |
| The Long-term View | p. 89 |
| Don't "Play" the Market | p. 93 |
| Picking Stocks | p. 96 |
| What Is a Stock Worth? | p. 99 |
| The Blue Chip Option | p. 103 |
| Mutual Funds | p. 105 |
| Hope, Boredom, Greed, and Fear | p. 106 |
| Real Estate | p. 110 |
| Is Real Estate for You? | p. 110 |
| The Appeal of Homeownership | p. 112 |
| House Shopping | p. 115 |
| Mortgages | p. 119 |
| Choosing a Lender | p. 121 |
| Home Equity Loans | p. 123 |
| "Real" Real Estate Investments | p. 125 |
| "Hands-on" Real Estate | p. 125 |
| Rental Income | p. 128 |
| Tax Breaks | p. 129 |
| Leverage and Appreciation | p. 129 |
| "Hands-off" Real Estate Investments | p. 132 |
| Real Estate Investment Trusts (REITs) | p. 132 |
| Limited Partnerships | p. 133 |
| Real Estate vs. Other Investments | p. 135 |
| Life Insurance | p. 136 |
| Principles of Insurance | p. 136 |
| How Much Do You Need? | p. 138 |
| Your Insurance Options | p. 142 |
| Term Insurance | p. 142 |
| Whole Life Insurance | p. 145 |
| Universal Life Insurance | p. 146 |
| Insurance vs. Investing on Your Own | p. 149 |
| High-Risk Investments | p. 151 |
| Who Can Afford to Make Risky Investments? | p. 151 |
| High-Risk Stocks | p. 155 |
| High-Risk Trading Strategies | p. 157 |
| Buying on Margin | p. 159 |
| Selling Short | p. 160 |
| Derivatives | p. 162 |
| Stock Options | p. 164 |
| Stock Index Options | p. 166 |
| Futures | p. 167 |
| For Rocket Scientists Only | p. 169 |
| Beware of Swindles | p. 170 |
| Managing Your Portfolio | p. 172 |
| Getting Richer | p. 172 |
| Diversification by Type, or Asset Allocation | p. 173 |
| Diversification over Time | p. 175 |
| The Virtues of Patience | p. 179 |
| Weeding the Garden | p. 181 |
| Measuring Performance | p. 182 |
| Moving Toward Your Goal | p. 186 |
| The Economic Facts of Life | p. 188 |
| The Individual and the Economy | p. 188 |
| The Specter of Inflation | p. 190 |
| The Globalization of Economic Life | p. 197 |
| The Upward Trend | p. 201 |
| Index | p. 205 |
| Table of Contents provided by Syndetics. All Rights Reserved. |
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