Value Averaging: The Safe and Easy Strategy for Higher Investment Returns
by Michael E. Edleson; Foreword by: William J. BernsteinFormat: eBook
Pub. Date: 2007-01-01
Publisher(s): Wiley
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Summary
Michael Edleson first introduced his concept of value averaging to the world in an article written in 1988. To satisfy investor interest, he wrote a book entitled Value Averaging,which further detailed this method. Following the publication of the last edition of this highly sought after book in 1993, it has been nearly impossible to find-until now. With the reintroduction of Value Averaging, you now have access to Edleson's original work on a strategy that can help you accumulate wealth, increase your investment returns, and achieve your financial goals. Michael E. Edleson is a Managing Director of Morgan Stanley and oversees the firm's equity risk globally. Prior to that, he was Chief Economist of NASDAQ and a finance professor at Harvard Business School. Edleson earned his PhD at MIT.
Table of Contents
| Foreword | |
| Preface to the 2006 Edition | |
| Preface to the 1993 Edition | |
| Introduction | |
| Market Risk, Timing, and Formula Strategies | |
| Risk and Market Returns | |
| Market Returns over Time | |
| Distribution of Market Returns | |
| Risk and Expected Return | |
| Market Timing and Formula Strategies | |
| Timing the Market | |
| Automatic Timing with Formula Strategies | |
| Endnotes 2006 | |
| Note | |
| Dollar Cost Averaging Revisited | |
| Dollar Cost Averaging: An Example Short-Term Performance | |
| Over One-Year Periods | |
| Over Five-Year Periods | |
| Long-Term Problems with Dollar Cost Averaging | |
| Growth Equalization | |
| Summary | |
| Endnotes | |
| Value Averaging | |
| Value Averaging: An Introduction Short-Term Performance | |
| Long-Term Performance and Value Averaging | |
| Linear, or Fixed-Dollar, Strategies | |
| Adjusting Strategies for Growth | |
| Summary | |
| Endnotes 2006 | |
| Notes | |
| Investment Goals with Dollar Cost Averaging | |
| Background | |
| Lump-Sum Investments | |
| Using the Formula | |
| Annuities: Periodic Investments | |
| Dollar Cost Averaging and Annuities | |
| Readjusting the Investment Plan | |
| The Readjustment Process | |
| Flexibility | |
| Down-Shifting Investment Risk | |
| Growth-Adjusted Dollar Cost Averaging | |
| Exact Formula | |
| Approximate Formula | |
| Readjusting the DCA Plan | |
| Summary | |
| Endnotes | |
| Appendix to Chapter 4 Constructing a DCA Readjustment Spreadsheet | |
| Establishing the Value Path | |
| Value Averaging Value Paths | |
| The Value Path Formula | |
| Flexible Variations on the Value Path Formula | |
| Readjusting the VA Plan | |
| A Cautionary Note | |
| An Alternate Method | |
| Summary | |
| Endnotes | |
| Appendix to Chapter 5 Constructing a VA Readjustment Spreadsheet | |
| Avoiding Taxes and Transaction Costs | |
| Tax Considerations with Value Averaging | |
| The Advantage of Deferred Gains | |
| Deferring Capital Gains Taxes: An Example | |
| A Compromise: No-Sell Value Averaging | |
| Reducing Transaction Costs | |
| Limiting Taxes | |
| Limiting Costs | |
| Summary | |
| Endnotes | |
| Playing Simulation Games | |
| Why Simulations? What and How? | |
| Parameters | |
| Expected Return | |
| Expected Variability | |
| Randomness | |
| Constructing the Simulation | |
| An Example | |
| Endnotes | |
| Appendix to Chapter 7 Constructing a Simulation 2006 | |
| Note | |
| Endnotes | |
| To Appendix to Chapter 7 2006 | |
| Note | |
| Comparing the Strategies | |
| Five-Year Simulation Results | |
| Using Growth Adjustments | |
| No-Sell Variation | |
| Volatility | |
| Twenty-Year Simulation Results | |
| Summary | |
| Endnotes | |
| Profiting from Overreaction | |
| Tiring of a Random Walk | |
| Mean Reversion and Overreaction | |
| A Brief Look at the Data | |
| Why Does This Matter? | |
| Timing | |
| Endnotes 2006 | |
| Note | |
| Details: Getting Started | |
| Using Mutual Funds | |
| The Fund versus Stock Choice | |
| Index Funds | |
| Information on Specific Funds | |
| Working Out the Details | |
| Using a Side Fund | |
| Operating Within a Retirement Account | |
| Establishing a Value Path 2006 | |
| Note | |
| Setting Up a VA Value Path: An Example | |
| Other Important Considerations | |
| Using Guidelines and Limits | |
| Notes | |
| For Financial Planners | |
| Advanced Methods | |
| Summary | |
| Endnotes 2006 | |
| Note | |
| Examples: Strategies at Work | |
| The goal and Investment Environmen | |
| Table of Contents provided by Publisher. All Rights Reserved. |
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