Description: FREE SHIPPING UK WIDE Value Averaging by Michael E. Edleson, William J. Bernstein Michael Edleson first introduced the concept of value averaging in a 1988 paper, and soon after wrote a book on the concept while he was a finance professor at the Harvard Business School. His book--which today is hard to find, but in high demand--is now regarded by many in the investment community as a true investment classic. FORMAT Paperback LANGUAGE English CONDITION Brand New Publisher Description Michael Edleson first introduced his concept of value averaging to the world in an article written in 1988. He then wrote a book entitled Value Averaging in 1993, which has been nearly impossible to find—until now. With the reintroduction of Value Averaging, you now have access to a strategy that can help you accumulate wealth, increase your investment returns, and achieve your financial goals. Back Cover "Since its first printing in 1991, the cachet of Value Averaging has steadily grown to cult classic status." -- From the Foreword by William J. Bernstein PRAISE FOR VALUE AVERAGING "Dollar cost averaging is making a comeback, and Mike Edlesons value averaging approach is dollar cost averaging on steroids. A must-read for serious investors willing to adhere to the principles found in these pages." --William G. Christie, Frances Hampton Currey Professor of Finance and Professor of Law, Owen Graduate School of Management, Vanderbilt University "Dr. Edlesons book is truly a classic that needs to be perpetuated. I have spent a significant chunk of my career trying to debunk value averaging, but with no success. Im a believer!" --Paul S. Marshall, PhD, Professor of Finance, Widener University FROM THE FIRST EDITION "Todays best way to invest." -- Money magazine "Value averaging takes dollar cost averaging one step further. Besides buying low, you sell shares when the markets soar." -- The New York Times 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 Edlesons original work on a strategy that can help you accumulate wealth, increase your investment returns, and achieve your financial goals. Flap "Since its first printing in 1991, the cachet of Value Averaging has steadily grown to cult classic status." -- From the Foreword by William J. Bernstein PRAISE FOR VALUE AVERAGING "Dollar cost averaging is making a comeback, and Mike Edlesons value averaging approach is dollar cost averaging on steroids. A must-read for serious investors willing to adhere to the principles found in these pages." --William G. Christie, Frances Hampton Currey Professor of Finance and Professor of Law, Owen Graduate School of Management, Vanderbilt University "Dr. Edlesons book is truly a classic that needs to be perpetuated. I have spent a significant chunk of my career trying to debunk value averaging, but with no success. Im a believer!" --Paul S. Marshall, PhD, Professor of Finance, Widener University FROM THE FIRST EDITION "Todays best way to invest." -- Money magazine "Value averaging takes dollar cost averaging one step further. Besides buying low, you sell shares when the markets soar." -- The New York Times 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 Edlesons original work on a strategy that can help you accumulate wealth, increase your investment returns, and achieve your financial goals. Author Biography MICHAEL E. EDLESON is a Managing Director of Morgan Stanley and oversees the firms 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. Includes spreadsheets on a companion Web site: Table of Contents Foreword by William J. Bernstein ix Preface to the 2006 Edition xiii Preface to the 1993 Edition xix Introduction 1 1 Market Risk, Timing, and Formula Strategies 3 Risk and Market Returns 3 Market Returns over Time 3 Distribution of Market Returns 9 Risk and Expected Return 13 Market Timing and Formula Strategies 20 Timing the Market 20 Automatic Timing with Formula Strategies 21 Endnotes 23 2006 Note 24 2 Dollar Cost Averaging Revisited 25 Dollar Cost Averaging: An Example 26 Short-term Performance 28 Over One-Year Periods 30 Over Five-Year Periods 32 Long-term Problems with Dollar Cost Averaging 34 Growth Equalization 35 Summary 36 Endnotes 37 3 Value Averaging 39 Value Averaging: An Introduction 39 Short-term Performance 43 Long-term Performance and Value Averaging 47 Linear, or Fixed-Dollar, Strategies 47 Adjusting Strategies for Growth 51 Summary 53 Endnotes 54 2006 Notes 55 4 Investment Goals with Dollar Cost Averaging 57 Background 57 Lump-Sum Investments 57 Using the Formula 59 Annuities: Periodic Investments 60 Dollar Cost Averaging and Annuities 63 Readjusting the Investment Plan 63 The Readjustment Process 64 Flexibility 66 Down-Shifting Investment Risk 69 Growth-adjusted Dollar Cost Averaging 71 Exact Formula 72 Approximate Formula 74 Readjusting the DCA Plan 75 Summary 80 Endnotes 80 Appendix to Chapter 4: Constructing a DCA Readjustment Spreadsheet 83 5 Establishing the Value Path 87 Value Averaging Value Paths 87 The Value Path Formula 88 Flexible Variations on the Value Path Formula 89 Readjusting the VA Plan 92 A Cautionary Note 93 An Alternate Method 93 Summary 94 Endnotes 95 Appendix to Chapter 5: Constructing a VA Readjustment Spreadsheet 97 6 Avoiding Taxes and Transaction Costs 101 Tax Considerations with Value Averaging 101 The Advantage of Deferred Gains 101 Deferring Capital Gains Taxes: An Example 102 A Compromise: No-Sell Value Averaging 107 Reducing Transaction Costs 111 Limiting Taxes 111 Limiting Costs 112 Summary 113 Endnotes 114 7 Playing Simulation Games 117 Why Simulations? 117 What and How? 118 Parameters 118 Expected Return 119 Expected Variability 120 Randomness 120 Constructing the Simulation 121 An Example 122 Endnotes 126 Appendix to Chapter 7: Constructing a Simulation 129 2006 Note 131 Endnotes to Appendix to Chapter 7 133 2006 Note 134 8 Comparing the Strategies 135 Five-year Simulation Results 135 Using Growth Adjustments 139 No-Sell Variation 142 Volatility 143 Twenty-year Simulation Results 145 Summary 146 Endnotes 147 9 Profiting from Overreaction 149 Tiring of a Random Walk 149 Mean Reversion and Overreaction 150 A Brief Look at the Data 151 Why Does This Matter? 160 Timing 161 Endnotes 164 2006 Note 167 10 Details: Getting Started 169 Using Mutual Funds 169 The Fund versus Stock Choice 169 Index Funds 171 Information on Specific Funds 172 Working Out the Details 175 Using a Side Fund 176 Operating Within a Retirement Account 177 Establishing a Value Path 178 2006 Note 180 Setting Up a VA Value Path: An Example 181 Other Important Considerations 184 Using Guidelines and Limits 185 Notes for Financial Planners 186 Advanced Methods 187 Summary 189 Endnotes 189 2006 Note 191 11 Examples: Strategies at Work 193 The Goal and Investment Environment 194 Choosing an Investment 194 Setting the Goal (Dealing with Inflation) 197 How Much Should He Invest? 199 Investment Return & Taxes 200 Expected Return 200 Taxes 200 Implementing Dollar Cost Averaging 202 1981: Setting Up DCA 203 1982–1983 Investment Results 205 1983: Reassessment and Readjustment 205 The 1985 Readjustment 211 And So On and So On 212 Wrapping It Up: 1991 Results 214 Implementing Value Averaging 215 Establishing the Value Path 215 1983: Readjusting the VA Plan 217 Future VA Readjustments 219 VA Investments 220 Summary 225 Key Formulas 226 Endnotes 227 12 A Final Word 229 Index 231 Long Description "Since its first printing in 1991, the cachet of Value Averaging has steadily grown to cult classic status." From the Foreword by William J. Bernstein PRAISE FOR VALUE AVERAGING "Dollar cost averaging is making a comeback, and Mike Edlesons value averaging approach is dollar cost averaging on steroids. A must-read for serious investors willing to adhere to the principles found in these pages." William G. Christie, Frances Hampton Currey Professor of Finance and Professor of Law, Owen Graduate School of Management, Vanderbilt University "Dr. Edlesons book is truly a classic that needs to be perpetuated. I have spent a significant chunk of my career trying to debunk value averaging, but with no success. Im a believer!" Paul S. Marshall, PhD, Professor of Finance, Widener University FROM THE FIRST EDITION "Todays best way to invest." Money magazine "Value averaging takes dollar cost averaging one step further. Besides buying low, you sell shares when the markets soar." The New York Times 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 Edlesons original work on a strategy that can help you accumulate wealth, increase your investment returns, and achieve your financial goals. Details ISBN0470049774 Author William J. Bernstein Short Title VALUE AVERAGING Language English ISBN-10 0470049774 ISBN-13 9780470049778 Media Book Format Paperback DEWEY 332.6 Series Number 35 Year 2006 Subtitle The Safe and Easy Strategy for Higher Investment Returns Edition 1st DOI 10.1604/9780470049778 UK Release Date 2006-11-14 Imprint John Wiley & Sons Inc Place of Publication New York Country of Publication United States NZ Release Date 2006-11-14 US Release Date 2006-11-14 Pages 256 Publisher John Wiley & Sons Inc Series Wiley Investment Classics Publication Date 2006-11-14 Illustrations Tables: 35 B&W, 0 Color; Graphs: 23 B&W, 0 Color Audience Professional & Vocational AU Release Date 2006-10-12 We've got this At The Nile, if you're looking for it, we've got it. With fast shipping, low prices, friendly service and well over a million items - you're bound to find what you want, at a price you'll love! 30 DAY RETURN POLICY No questions asked, 30 day returns! 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ISBN-13: 9780470049778
Book Title: Value Averaging
Number of Pages: 256 Pages
Language: English
Publication Name: Value Averaging: the Safe and Easy Strategy for Higher Investment Returns
Publisher: John Wiley & Sons INC International Concepts
Publication Year: 2006
Subject: Finance
Item Height: 216 mm
Item Weight: 330 g
Type: Textbook
Author: Michael E. Edleson
Series: Wiley Investment Classics
Item Width: 143 mm
Format: Paperback
