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

by Jack Brennan, 吳書榆 (Translator), John Woerth

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。

Genres: Personal Finance, Economics, Business, Finance, Nonfiction

371 pages, Kindle Edition

Published June 8, 2022

Reviews

[Bruce Scott · Rating 3 out of 5]

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.

[Jonathan Crowther · Rating 5 out of 5]

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.

[Chris Jaffe · Rating 4 out of 5]

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.

[Tyler Storm · Rating 4 out of 5]

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.

[Jay Inácio · Rating 5 out of 5]

Best way to navegare all the basics in investment

[Greg · Rating 5 out of 5]

Another book that helps me feel satisfied and relieved in my investment strategies. Diversification and ETF's for a glorious today and future.

[Teresa · Rating 4 out of 5]

read the few new sections & chapters from version 1