The New Rules of Investing: Essential Wealth Strategies for Turbulent Times

by Mark Haefele, Mike Lenz (narrator), Richard C. Morais

The rules for investing have changed. Don’t get left behind. Reboot your approach with this timely guide from a wealth management powerhouse.

It’s not hard to grasp why we need to change the way we think about investing. Over the past twenty-five years, new developments in world affairs, demographics, technology, and more have disrupted the old reality—and these changes directly affect the financial markets and your individual portfolio. Stock picking and Buffett-style investing are the financial tools of a bygone era, yet many investors are confused about what should take their place. So what do you need to know to protect and grow your wealth in these turbulent times?

As the chief investment officer of UBS, the world’s largest and only truly global wealth manager, Mark Haefele oversees the team that manages and advises around $4 trillion of clients’ invested wealth. Mark has spent decades advising investors of all kinds—from high school students to government officials and UBS’s unique global roster of billionaires. This has enabled him to sharpen his perspective while watching the old rules fall by the wayside.

In this playbook for protecting and growing your wealth, Haefele shares the investing strategies he uses at UBS and distills his battle-tested philosophy into a set of actionable rules that can guide you into a secure financial future. You’ll walk away knowing

How to follow the money—see where governments are investing and how this insight can drive your own investment decisions.Why you should allocate assets and think about your wealth in three portfolio “buckets” that cover short-term, long-term, and legacy scenarios.How understanding yourself and your personal money issues pays off—literally.How to get results beyond the balance sheet via impact investing, which allows you to grow your portfolio while benefitting causes you care about.

Accessible explanations, client case studies, personal stories, and bottom-line summaries make The New Rules of Investing a resource you’ll consult time after time. Whether you’re a novice working with a financial advisor, an experienced investor, or an investment professional, you’ll be better equipped to manage your wealth more efficiently, calmly, and successfully.

Genres: Finance, Personal Finance

Audible Audio

Published January 28, 2025

Reviews

[Ferhat Elmas · Rating 3 out of 5]

While it serves partially as marketing material for UBS and its management approach, it still delivers valuable insights for navigating modern investment landscapes. The authors present several fundamental principles worth considering.

The book highlights the increasing role of government in markets as a key investment consideration. Authors suggest that since governments clearly announce their intentions and typically move slowly to implement them, investors can profit by strategically positioning themselves in sectors receiving government support or investment.

Macroeconomic awareness forms another central theme. The authors emphasize that no investor can afford to ignore broader economic trends, as even carefully researched individual investments can falter when working against prevailing macroeconomic forces.

Their portfolio structure recommendation divides investments into four distinct categories: tactical opportunity bets, liquid assets for accessibility, long-term growth investments, and untouchable legacy holdings. By implementing regular rebalancing between these buckets, investors naturally end up buying low and selling high while removing emotional decision-making from the equation.

Finally, the authors advocate combining entrepreneurship with strategic investing as the most powerful approach to wealth creation. This dual path allows individuals to build and preserve wealth more effectively than either strategy alone.

Though the book could benefit from more concrete implementation guidance and less institutional self-promotion, these core principles provide readers with a thoughtful framework for investment decision-making in turbulent economic times.

[Caleb Deck · Rating 4 out of 5]

This is a fascinating book on wealth management and investing from an obvious expert in the field. Mark Haefele is the Chief Investment Officer of UBS (a Swiss-based investment group) in charge of a portfolio totaling over $5.4 trillion in assets. In this book, he takes his vast experience in wealth management and boils it down to some essential elements that can be applied to each of our lives, regardless of our net worth. He believes the nature of investing fundamentally changed after the 2009 financial crisis and our response has to adjust as well.

His writing style is fluid and enjoyable, the book is a beautiful framework of investment and absolutely packed full of helpful advice. If I have a slight nit to pick about the book, most of his examples about the principles are about people who just sold their business for $2b, or had an inheritance of $200m or something else extravagant. Whole I believe the principles could apply to a not-so-mega-wealthy demographic, I would have liked some more examples in that range. That said, when you run one of the biggest portfolios in the world and regularly lead Davos-like meetings with the top 100 richest people in the world, I suppose your pool of examples is somewhat limited.

Overall wonderful book and highly recommend if you’re interested in investment philosophy. Huge thanks to NetGalley, HarperCollins, and the author for the ARC!

[Roberto · Rating 3 out of 5]

The New Rules of Investing presents itself as a pragmatic guide for navigating markets in an era defined by volatility, geopolitical uncertainty, and structural economic change. Mark Haefele’s central objective is clear: to evaluate investments strictly on their financial merits, deliberately setting aside moral or ethical judgments in favor of disciplined capital allocation. This approach gives the book its analytical clarity, but it also exposes its most interesting tension.

Throughout most of the book, investments are treated as neutral instruments. Risk, return, diversification, and resilience are the dominant lenses. Moral considerations—whether an investment contributes to social harm or benefit—are largely bracketed out. This framing reflects a traditional institutional mindset: capital is judged by outcomes, not intentions. In turbulent times, Haefele argues, clarity and discipline matter more than ideology.

He certainly provides his ideas on asset allocation and how it is of robust importance to capiral preservation rather than stock picking done, in his past, as a hedge fund manager. He argues and uses Consultants studies to back up this thinking.

Yet in the final chapters, the book subtly shifts. Haefele introduces *impact investing* and Social Impact Bonds (SIBs), particularly those aimed at reducing prison reoffending rates. These instruments challenge the earlier moral neutrality by demonstrating that financial returns and social outcomes need not be mutually exclusive. The contrast is striking: the social harm caused by repeat criminal offenses is minimal when compared to the systemic damage inflicted by financial crises, yet the latter often escapes equivalent moral scrutiny in capital markets.

This raises an implicit question the book does not fully pursue: if SIBs can be structured to reward reduced recidivism, why could similar mechanisms not be applied to financial institutions themselves? One could imagine a future in which institutions issue bonds tied to the absence of moral hazard—rewarding stability, prudence, and long-term systemic responsibility. In such a framework, capital would be repaid with interest only if financial destruction is avoided. While speculative, this idea aligns naturally with the book’s later acknowledgment that incentives shape behavior.

The book also gestures toward a broader ethical responsibility for investment leaders. For a more sustainable future, Chief Investment Officers may need to align their day-to-day moral judgments with client capital allocation. This may sound utopian, but history suggests that capital flows shape societies more decisively than legislation alone. A shift in fiduciary culture—where moral consequences are considered alongside risk metrics—could produce profound global change.

One notable omission, perhaps intentionally outside the book’s scope, is taxation. No system of subsidies or social investment can function sustainably if corporate taxation remains ineffective. As public debt grows, governments—particularly the United States—may eventually resort to aggressive taxation of both domestic and foreign corporations, echoing historical “gold moves” used to rebalance national accounts. Ignoring taxation risks understating one of the most powerful forces shaping future investment landscapes.

Haefele’s reference to *The Jungle* by Upton Sinclair is especially revealing. He notes how food safety reforms increased productivity for meat producers, yet Sinclair himself famously remarked, “I aimed at the public’s heart, and by accident I hit it in the stomach.” Sinclair’s true target was not food safety but capitalism’s moral failures. This parallel mirrors the book’s own tension: while focused on efficiency and resilience, it inadvertently exposes deeper questions about the moral architecture of modern finance.

In the end, The New Rules of Investing succeeds as a strategic guide for uncertain markets. But its most compelling contribution lies in what it hints at rather than what it fully explores. By introducing impact investing without fully integrating moral accountability into its core framework, the book invites readers—especially institutional investors—to consider whether financial neutrality is itself a moral choice.

[Patrick · Rating 4 out of 5]

“The New Rules of Investing,” by Mark Haefele, provides investors with a rational and contemporary approach to global investing. The author, who is the Chief Investment Officer of UBS Global Wealth Management, begins each chapter with a new investing rule. The rules are intended to create financial security and direct investors to: invest in what governments are buying, establish a diversified portfolio, adhere to a planned investment strategy, and intentionally invest in opportunities for positive social and environmental impact.

In implementing the rules, the author advises investors to perform certain actions. One is to follow the “Big Money” (government spending) in areas called the 5Ds of disruption: debt, deglobalization, demographics, digitalization, and decarbonization. Another is to diversify (and periodically rebalance) across different asset classes, sectors, and geographies. Another is to subdivide portfolios into three buckets: liquidity (for short-term needs), longevity (for longer term goals, including retirement), and legacy (to pass onto heirs, charities, etc.)—with each bucket having a prescribed asset, liquidity, and risk mix.

Once financial security has been established, the author urges investors to become impact investors who invest in personally meaningful causes for positive social and environmental impact. To illustrate, the author includes stories of clients whose investments positively and measurably impacted energy, construction, petrochemical, and health-care businesses.

The author concludes with a bonus rule on humility. Through personal stories, the author shows that humans routinely misjudge their abilities as investors and cautions them to remain humble by sticking to planned investment strategies that will protect their assets.

“The New Rules of Investing” is an enjoyable and easy-to-understand read that will benefit investors seeking a balanced and modern approach to global investing.

My special thanks to HarperCollins Leadership and NetGalley for an advance reading copy of this book.

[Robert Hasler · Rating 3 out of 5]

Helpful book for understanding current macroeconomic trends that investors can account for in a wealth management strategy. The major takeaway is that markets are out and government is in. In other words, investors would be wise to follow government money into sectors like healthcare, housing, and energy.

The rest of the book is sober advice about humility and expectations. Most people do not have the insight or talent to pick miracle stocks. Therefore, the average investor should discipline themselves into a wealth management strategy that focuses on balancing a portfolio and asset allocation that automatically nudges you to buy low and sell high.

The later chapters on impact investing signal a trend happening in uber-wealthy circles that may eventually trickle down to the average investor, but we're probably a few years away from that at time moment.

[Dan Watts · Rating 2 out of 5]

The new rules of investing are actually quite simple according to this book.

Invest in what the government is investing in. That's actually good advice.

Practice asset allocation. That's not really a new rule, and not very well explained by the book because you don't really need to know how to do it. Instead...

Hire an investment advisor. Preferably one at UBS, where the author works.

To be fair there were other rules, but I don't remember what they were because they weren't useful if you actually want to do some investing. Most of the book consists of anecdotes, some about the author's clients but most about the author.

This was probably more fun for the author to write than it was for me to read.

[Arun Narayanaswamy · Rating 5 out of 5]

There are a zillion times u have read that asset allocation is the way to rightly invest - however I have never understood at the depth the author covers.
Many topics are generic but it’s focus on decision making based on govt spends, impact trend and some bit of focus on psychology truly makes this book an absolute must read.
“The markets can remain irrational for more time that an investor can sustain” is a great quote to live by.

There is a bit of selling of the authors company’s methodology- a bit of a sales pitch bit not at all overarching the content. Great read!

[Ira · Rating 3 out of 5]

For this book, set the expectation for it that it is not going to give you a write up on the strategy or detailed plan how to manage the wealth or how to grow as an investor. This book is a compilation of the author's life anecdotes from his life and a few client examples from his company's portfolio. Lessons I got from this book are: pay attention to what government is doing and where it is investing; tactics for different bucket in your portfolio are different, for example, for Liquidity bucket know when next expenses will show up (kids tuition) and keep that money in an account that will mature on that date.

I was expecting this book to be a difficult read because of the macro economics theory but it turned out to be a light read that gave me some new perspective on wealth.

[Russell Chee · Rating 2 out of 5]

this is not a bad book at all; author is clearly highly intelligent and has some thoughtful things to say in pretty lucid language - but i do think it's kind of mis-marketed, much more about financial psychology than 'investing' as such

[Michael DeRose · Rating 4 out of 5]

Has some good insights. I have an ever going list of things to research now.

[Keven Wang · Rating 3 out of 5]

Sometimes it reads like a UBS commercial. But there are some nuggets in there

[James · Rating 5 out of 5]

Surprisingly good

[Ben · Rating 3 out of 5]

Some interesting ideas and anecdotes, but mostly thinly veiled marketing for UBS.

[Marjorie · Rating 3 out of 5]

I didn't love it, but it had some helpful information.
Put your money into 3 "buckets": short-term, long-term, and legacy.
Seemed to be promoting his company somewhat, that he works for.