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先鋒榮譽董事長談投資:精煉40年投資智慧,關於儲蓄、複利和人生的致富金

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把市場與時間變盟友,投資要成功比想像中容易
「指數化投資教父」約翰.柏格欽點接班人!
執掌全球規模最大的投資公司
先鋒前首席執行長 傑克‧布倫南教你
讓投資,經得起考驗

指數投資先行者傑克‧布倫南親授23堂課,
循序說明投資基本知識、資產配置方法、如何強化心智與紀律。
無論金牛狂奔或熊市來襲,
良好心態+選對低成本指數化工具,
時間複利,將為你創造超出預期的資產終值!

  Step by Step,跟著全球百萬投資人「買下全市場」,享受富足人生:
  Step 1──掌握資產類別的風險與報酬,把自己當創業家,聰明規劃預算。
  Step 2──信任自己、市場與時間,讓複利為你累積財富。
  Step 3──以平衡與分散原則建構投資組合,管理風險。
  Step 4──依照投資目標、期間、風險耐受度等,決定資產組成比例。
  Step 5──評估並選出低成本、廣泛布局市場的標的。
  Step 6──定期定額,持續參與市場。
  Step 7──衡量資產配置目標,定期再平衡。
  Step 8──然後,堅持下去……

作者傑克‧布倫南為先鋒集團前任董事長兼執行長,美國運通、洛克菲勒資本管理公司和先鋒慈善基金會(Vanguard Charitable)的董事。在本書,布倫南集結了四十年來的實務經歷,提供讀者實用的理財規劃方法,並精選出投資最重要的12條法則,幫助你投資成功。

與投資人對談過數百次的布倫南,了解投資人常有的困擾與盲點,因此,書中提供可佐證的數據、可依循的資產配置策略,並深入自律和情緒等心理層面,以務實的指引及豐富案例,幫助每位投資人建立正確的投資觀念、避免陷入賺快錢的迷思,並培養信心,建構出滿足自身需求的投資組合,從容過好人生。

371 pages, Kindle Edition

Published June 8, 2022

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About the author

Jack Brennan

12 books

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Displaying 1 - 8 of 8 reviews
Profile Image for Justin Pickett.
610 reviews66 followers
June 12, 2026
The 336 pages most likely to increase your wealth by 700%. Using facts, figures, personal stories, humor, and accessible writing, Vanguard’s former CEO explains how to use investments to save money (e.g., for retirement, college). Here’s the central takeaway: to grow your savings, never buy/sell single stocks, but instead adopt a “buy right and sit tight” investment approach focused on low-cost (i.e., low expense ratio) exchange-traded funds (ETFs) that give you exposure to a large, diversified set of stock holdings (e.g., representative of the S&P 500).

“I remember my parents, who had very little experience with investing, giving me a single share of Eastman Kodak stock for my 16th birthday in 1970 … it posted a 10.8% loss per year from 1970 to 2020 … To put it in dollar terms, the $60 gift of Kodak stock was worth 18 cents at the end of 2020. The same investment in the S&P 500 Index was worth nearly $10,250.”

John Brennan discusses the specifics of common investment plans (e.g., IRA, Roth IRA, 401k, 403b, 529). He walks readers through different investment types (asset classes), such as equity funds, bonds, and money market funds. He demonstrates how to compare their historical returns (e.g., real vs. nominal returns, the “Rule of 72”). Want to know what dividends are? He tells you. Want to understand what makes up total returns? He tells you. Want to understand the tax implications of equity holdings, or the difference between short-term and long-term capital gains? He clarifies them. He also explains the difference between equity funds that are growth- vs. value-oriented, and between those that focus on large-cap, mid-cap, and low-cap companies. He discusses sector and factor funds. He also dives into target date funds (TDFs) and the glide path.

“Although I am a fan of TDFs, they have some drawbacks … They focus solely on age, whereas you must consider your objectives, time horizon, and risk tolerance ... For instance, if you have other means of financial support and won’t need as much retirement savings on which to live, you may want to invest more aggressively…”

One of the most important things I learned in this book is to pay attention to expense ratios. For example, there are many ETFs with similar returns but vastly different expense ratios (e.g., 0.50% vs. 0.03%). The expense ratios may look small (e.g., 0.50%), but they add up with investment size and over time, especially with compounding. An expense ratio of 0.50% means you are paying $5 a year in costs for every $1,000 in the fund. If your total investment in the fund is $500,000, that equates to $2,500 annually in expenses, or $50,000 in 20 years without even accounting for the lost compounding growth (i.e., the returns you could have earned if that money had remained invested instead of being paid in fees).

“Expense ratios are the only factor that can be reliably linked to the future performance of mutual funds … funds with lower expenses delivered ‘above-average future performance across nearly all time periods.’ The study called lower expense ratios an ‘exceptional predictor’ for bond funds and a ‘good predictor’ for stock funds.”

Again, the key takeaway from the book, IMO, is that when your time horizon is long, set up an automatic, recurring system to invest heavily in low-cost equity funds and forget about it.

“When asked about my own personal investing, I responded that I simply buy our global index fund every two weeks … What I meant was that I bought index funds representative of the U.S. and international markets.”

“No one should need more than ten funds. In the case of owning funds, less is frequently more.”

OTHER MEMORABLE QUOTES:

“Successful investing is not difficult … To be clear, it’s in the interest of many companies to make you think that investing is difficult and complex … Recognize that there are some financial professionals who want you to make you think you can’t make your own investment decisions. Don’t believe them.”

“What makes the odds for market-timers so long is something that few seem to think much about: You have to be right at least twice … It brings to mind the old Wall Street Joke: ‘If you want to make a small fortune, start with a large one and trade a lot.’”

“I’m a buy-, buy-, buy-and-hold investor, and so are all of the successful investors I know. I firmly believe in committing money on a regular basis to an aggressive portfolio heavily weighted in stocks and holding pat no matter how the markets are performing in the short term.”

“Investors who continued to keep their short-term savings in non-interest-bearing checking accounts after money market funds became available missed an important opportunity to create more wealth for themselves.”

“As my good friend Burth Malkei once said: ‘Never buy anything from someone who is out of breath.’”

“For most people, though, the Roth IRA is the better bet [than a traditional IRA] because of the tax-free withdrawals in retirement.”

“Here’s an old Wall Street adage: The market takes the stairs up and the elevator down.”

“In truth, you can do pretty well as an investor by keeping just two fundamental principles in mind: balance and diversification ... A balanced portfolio is invested across at least two of the three major asset classes—stocks, bonds, and cash investments. A diversified portfolio is invested in a variety of securities issued by different kinds of companies (or other issuers like states and cities) across different sectors. A diversified stock portfolio is not concentrated in any single stock or industry.”

“The key thing to remember a bout balance is that at any given point in time, it will look like a dumb strategy ... With a balanced portfolio, it’s true that you’ll never be earning as much as you would if you managed to put all your money in the asset class that was destined to be the year’s top performer. The problem is, there is no way to know in advance which one it’s going to be.”

“Balance smooths your ride … Diversification reduces risk.”

“In contrast, an all-stock portfolio returned 10.3% a year, on average, while enduring losses in 26 out of 94 years—a decline roughly every 3½ years.”

“Generally, the longer you have until you’ll need to tap your money, the greater your ability to seek a higher return by holding volatile investments like stocks ... There were three 5-year rolling periods in the last 25 years in which stocks posted negative returns (2002, 2004, and 2008).”

“If you have a very long time horizon of 20 years or more and can tolerate the interim volatility, they you probably should invest predominantly in stocks … One more comment about your time horizon: It may be longer than you think. After all, you’re unlikely to be withdrawing every cent from your retirement account or your child’s college savings on a certain day.”

“Holding bonds can give you the courage to hold stocks.”

“If you invest in the stocks of U.S. companies, you already have significant exposure to those overseas markets. Many U.S. companies derive a significant portion of their sales and profits from markets around the world … To capture the benefits of portfolio diversification without taking on too much risk, limit your international stock holdings to no more than 30% of your overall stock holdings.”

“If there are three most important words in investing, they are diversification, diversification, diversification.”

“I’m going to be blunt. Despite all that you read on the internet about people striking it rich by investing in individual securities, I strongly urge you not to follow suit. Why? It’s too risky, and, frankly, very few of us have the ability to trade stocks repeatedly and successfully. Study after study has proven this that to be the case … In fact, most stock pickers fail to beat the performance of the broad market for two reasons. First, it is extremely difficult to identify winners in advance. Second, it is extremely difficult to overcome the investment management and transaction costs that can substantially cut into returns.”

“In March 2020 … 345 stocks out of a total of 3,476 in the CRSP U.S. Total Market Index lost 50% or more of their value—approximately 10% of the total number of stocks. In sharp contrast, just 1% of equity funds had losses of 50% or more during the month of March—4 of 3,683 US. Equity mutual funds in existence for the period.”

“In my view, funds are the greatest invention ever in financial services because they provide ordinary people with easy access to diversified, professionally managed investment pools at a relatively low cost … The existence of these investments has been a key reason for America’s evolution from a nation of saves to a nation of investors.”

“Don’t buy whatever is recommended on a financial website, on television, or in magazine articles without further due diligence. Don’t by a fund purely because it topped the performance charts over the past 12 months, or over any shorter time period, for that matter.”

“What’s so great about index funds? … It’s because history has shown that, despite those advantages, collectively, active managers don’t beat the indexes even half the time. The most obvious, and irrefutable, reason that they don’t is costs—the money that active funds have to spend on research, analysis, and trading fees.”

“One-year returns aren’t very meaningful for determining the relatively merits of two funds. If you are comparing two funds, look at their returns over a decade.”

“You can’t predict that a high-performing fund will continue to perform well, but you can predict that a high-cost fund will continue to have a heavy drag on its performance.”

“If you hold onto the shares for more than 12 months before selling them, your profit is considered a long-term capital gain. Then it will be taxes at a maximum rate of 20% … The current U.S. tax code rewards patience.”

“If you’re determined to succeed at investing, make it your first priority to become a buy-and-hold investor.”

“You can establish the buy-and-hold habit through a strategy known as dollar-cost averaging—putting a fixed dollar amount into a designated investment on a set schedule … The key is that, whether the markets are up or down, you’re investing the same amount of money in the same fund or funds at regular intervals. The fixed sum buys more shares when the price is lower and fewer when the price is high.”

“The most frequent traders earned average annual net returns of 11.4%, while those who traded infrequently earned 18.5%. And that was during a bull market—stocks were up 17.9% during the period!”

“Make estimates in a flash with the Rule of 72. Want to know how fast your money will double? … Estimate your yearly rate of return and divide it into the number 72 … If you put the sum in a bond fund and earn an average of 3% a year, you will double our money in about 24 years (72/3 = 24).”

“A bear market in stocks is loosely defined as a price decline of 20% or more ... Over the last 65 years, bear markets in stocks have occurred once every five years on average. They have lasted a bit more than a year, again on average.”

“As Warrant Buffet wryly noted in his 1990 letter to Berkshire Hathaway shareholders, ‘Lethargy bordering on sloth remains the cornerstone of our investment style.’”

“Jane Bryant Quinn … put it succinctly: ‘The chief function of stock-market forecasters is to make astrologers look respectable.’”
“There are two kinds of investors, be they large or small: those who don’t know where the market is headed, and those who don’t know that they don’t know.”

“Many years ago, my wife and her friends started an investment club … The two of us recommended a stock called Dome Petroleum … And sure enough, the investment club members lost all of their investment. Ugh!”
Profile Image for Bruce Scott.
18 reviews
April 6, 2023
Solid advice. Dry, as expected with this type of book. Some takeaways I like:

Being clear on the fee structures of the funds you invest in.

How to determine your risk tolerance; Not simply by age alone but also your temperament and behaviour in stressful markets.

Not obsessing day by day or even year by year on your portfolios performance compared to benchmarks. Focus instead on if you are reaching your financial goals, since that's all that matters at the end of the day.

Other good value investing buy and hold technical details as well.
10 reviews
September 13, 2025
While I couldn’t imagine many books about finance to be all that entertaining or riveting, Brennan does an excellent job laying out the fundamentals of prudent long-term investing. The data and figures used in this book are updated to around 2020-2021 or so. The concepts that are presented are concise and easy to follow from defining confusing financial jargon to help the layman easily understand. He covers all facets of investing in a systematic manner while discussing common pitfalls as well as summarizing these key concepts at the end of each chapter. This book is a practical companion to all stages of investing. Brennan does not provide tips for the best singular stocks to invest in, or promote fads or the idea of getting rich quick. On the contrary, the financial concepts are targeted towards balance, diversity, and living well below your means to accumulate wealth to meet your target goal for retirement. He walks you through the three forms of investing in the market: stocks, bonds, and cash. You will learn the upsides of tax-advantaged retirement accounts (401k, 403b, 457b, IRAs, and Roth IRAs) as well as taxable accounts through Exchange Transfer Funds (ETFs), Mutual Funds, and Money Market Funds. In essence, well-diversified index funds are recommended as the mainstay of a stock portfolio while balanced with bonds and cash investments. He discusses the importance of long-term consistent “buy and hold” model of investing which will give the individual investor the advantage of dollar cost averaging. Instead of focusing on timing the market, time in the market will be advantageous and will help to safeguard against the volatility of aggressive/riskier portfolios. He provides practical steps on how to weather the storm of a bear market. No one has a crystal ball to effectively time the market every time, even if they claim to or have x number of years as a financial advisor. There is nothing magical to this method of investing, it is simply one of consistency and reinvesting to utilise the wonders of compounding. He provides the confidence that anyone can successfully invest and manage their portfolio on there own using a “set it and stick to it method”while equipping them with the fundamentals of financial literacy. This book will help you jumpstart into the world of investing with clarity and confidence.
This entire review has been hidden because of spoilers.
1,112 reviews48 followers
January 29, 2022
It's ... fine. There's nothing really wrong with it and the advice is sound - and it's the exact same Boglehead advice you can find in many other book. I guess that's too be expected, given that the author is the former Vanguard CEO. (Man, wouldn't it be weird if he went away from the whole boring-is-beautiful investing ethos of index funds?) Nothing new, but nothing bad.

One part bugged. On page 31 he said that savers don't miss out - they gain control of their future. I mean - they do both. They miss out in the present to gain control of their future - but it's not either/or.

3.5 stars. I'll round it up to four because - I mean, it is sound advice.
Profile Image for Tyler Storm.
110 reviews10 followers
December 20, 2021
This was a quick read - nothing too complicated. He does goes into some additional details that other authors skim over but overall a pretty good book and quick read. Recent edition so he talks about COVID and the whole meme stock era.
Profile Image for Greg.
49 reviews
October 13, 2024
Another book that helps me feel satisfied and relieved in my investment strategies. Diversification and ETF's for a glorious today and future.
Displaying 1 - 8 of 8 reviews