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Winning the Loser's Game, Seventh Edition: Timeless Strategies for Successful Investing Hardcover – April 3, 2017
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The go-to guide for serious investors seeking long-term success, Winning the Loser’s Game explains clearly the all-important lessons learned over half a century working with the world’s leading investment experts.
Called “Wall Street’s wisest man” by Money magazine, Charles Ellis converts the expertise he has developed as a consultant to the world’s largest pension, endowment and sovereign wealth funds and as a teacher at Harvard, Yale and Princeton into candid, pithy, easy to use chapters on how to succeed as an investor.
This final edition of this popular book―it has already sold over 500,000 copies―is packed with important up to the minute facts and insights into…
• Why indexing continues to out-perform “active” indexing.
• Why fees are much higher than most of us realize.
• How 401(k) plans can and should be modernized.
• Why understanding behavioral economics is so important for all investors.
With Winning the Loser’s Game, you have anything you need to identify your unique investment objectives, develop a realistic and powerful investment program, and enjoy superior results.
In 2 – 3 hours of easy reading, you can have the same informed and candid advice that his clients gladly pay big fees to get from Charles Ellis. You’ll also have fun.
- Print length304 pages
- LanguageEnglish
- PublisherMcGraw Hill
- Publication dateApril 3, 2017
- Dimensions6.4 x 1 x 9.5 inches
- ISBN-101259838048
- ISBN-13978-1259838040
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Editorial Reviews
From the Publisher
CHARLES D. ELLIS advises institutions, wealthy families and governments around the world. Much in demand as a compelling speaker, he chaired the investment committee at Yale University and chairs Whitehead Institute for Biomedical Research.
Ellis has taught the advanced investment courses at both Harvard Business School and Yale School of Management, written 17 books and well over 100 articles. Recognized as one of 12 leading contributors to the investment profession, he has chaired the CFA Institute and has served on over a dozen investment committees and as a director of Vanguard.
From the Back Cover
"This remarkably insightful and lucidly written investment classic should be required reading for every serious investor."
Burton G. Malkiel, author of A Random Walk Down Wall Street
"This is by far the best book on investment policy and management."
Peter Drucker
"Ellis has written a liberating book about investing. This book will enable you to face your money matters squarely, with intelligence and vision, and help you create a plan that will increase the security and freedom of your later years."
Byron R. Wien, Morgan Stanley
"A must-read. This clearly written book explores concepts essential to both institutional and individual investors. It is not a simplistic 'do-it-yourself' cookbook, but an elegant guide to investment truths and paradoxes."
Abby Joseph Cohen, Stock Market Strategist and Managing Director, Goldman, Sachs & Co.
"Radical in its simplicity. Investors--institutional and otherwise--will find this jolt to their cherished beliefs refreshing."
Adam Smith, author of Adam Smith's Money World
"An outstanding guide for the individual investor, full of sound and useful advice for making one's way through the confusing maze of our contemporary financial world."
William E. Simon, former Secretary of the Treasury
The best book about investing? The answer is simple: WINNING THE LOSER S GAME.
F. William McNabb III, Chairman, President, and CEO, The Vanguard Group, Inc.
A must-read classic that has stood the test of time both in the markets and on the courts.
Martin Leibowitz, Managing Director at Morgan Stanley Research
This remarkably insightful and lucidly written investment classic should be required
reading for every serious investor.
BURTON G. MALKIEL, author of A Random Walk Down Wall Street
The first edition of Charley Ellis s great Winning the Loser s Game was published in 1985. Each ubsequent edition has gotten more comprehensive, and more timely, and his seventh edition is best of all. Read it. Enjoy it. Learn from it.
John C. Bogle, Founder of the Vanguard Group and First Index Mutual Fund
Ellis has written a liberating book about investing. This book will enable you to face your money matters squarely, with intelligence and vision, and help you create a plan that will increase the security and freedom of your later years
BYRON R. WIEN, Morgan Stanley
A must-read. This clearly written book explores concepts essential to both institutional and individual investors. It is not a simplistic do-it-yourself cookbook, but an elegant guide to investment truths and paradoxes.
ABBY JOSEPH COHEN, Stock Market Strategist and Managing Director,
Goldman, Sachs & Co.
Radical in its simplicity. Investors institutional and otherwise will find this jolt to their cherished beliefs refreshing.
ADAM SMITH, author of Adam Smith s Money World
An outstanding guide for the individual investor, full of sound and useful advice for making one s way through the confusing maze of our contemporary financial world.
WILLIAM E. SIMON, former Secretary of the Treasury
No one understands what it takes to be a successful investor better than Charley Ellis and no one explains it more clearly or eloquently. This updated investment classic belongs on every investor s bookshelf.
- CONSUELO MACK, Executive Producer and Managing Editor, Consuelo Mack WealthTrack
This is less a book about competition than about sound money management. Sounder than Charley Ellis they do not come.
- ANDREW TOBIAS, Author, The Only Investment Guide You ll Ever Need
About the Author
CHARLES D. ELLIS advises institutions, wealthy families and governments around the world. Much in demand as a compelling speaker, he chaired the investment committee at Yale University and chairs Whitehead Institute for Biomedical Research.
Ellis has taught the advanced investment courses at both Harvard Business School and Yale School of Management, written 17 books and well over 100 articles. Recognized as one of 12 leading contributors to the investment profession, he has chaired the CFA Institute and has served on over a dozen investment committees and as a director of Vanguard.
Product details
- Publisher : McGraw Hill; 7th edition (April 3, 2017)
- Language : English
- Hardcover : 304 pages
- ISBN-10 : 1259838048
- ISBN-13 : 978-1259838040
- Item Weight : 1.2 pounds
- Dimensions : 6.4 x 1 x 9.5 inches
- Best Sellers Rank: #1,053,986 in Books (See Top 100 in Books)
- #928 in International Economics (Books)
- #7,555 in Investing (Books)
- #9,344 in Personal Finance (Books)
- Customer Reviews:
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- Reviewed in the United States on May 10, 2017Truly one of the best books on successful investing for those who aren't financial experts and who aren't yet wealthy and who aren't day-traders, but who want to be successful long-term investors and to live a comfortable life before and during retirement. It explains why the only real chance that everyday people now have for being successful investors is to use index funds for the majority of their investment money. It shows in easily understood terms how and why the investment world has changed so much over the last 50 years that it is practically impossible even for investors and professional fund managers using high-cost actively-managed funds to beat the market with any extended rate of success. It shows why there is a much higher rate of financial success by using low-cost, passive index funds to closely match the performance of the markets. This book will open your eyes to the truths of present-day investing. I am not a book critic or a financial expert of any kind. I'm just a retired guy who has made many investing mistakes during my life using several financial advisors and as many strategies to try to invest for retirement (not using index funds). Had I read an earlier edition of this book much earlier in my life, I would have been in much better financial shape now. But better late than never.
- Reviewed in the United States on April 10, 2017Waited 6 months for 7th Edition hoping to find new perspectives from Mr. Ellis. Unfortunately, compared to 6th Edition published four years ago- there is no discernible change or revision to content. No wonder the the publisher or the reviewers make no comments concerning the "new edition". No comments in Preface, Introduction, Front and Back Cover or the inside flaps!! What is the point of publishing another edition when there is nothing "new" or updated?? Just marketing. Hadn't expected that from McGraw Hill.
- Reviewed in the United States on October 30, 2017I've read many books on finance and investing. I recommend this book to EVERYONE who manages their own stock market investments. If you really understand the inner workings of individual companies, their products, and the market sector that they operate in, then you have a chance at making money consistently in individual stocks. However, if you don't have the time or desire to really study individual companies, then investing in the overall stock market is a proven strategy. Even most professional money managers and financial advisors perform worse than the overall market average. The best way to gauge if you (or your financial advisor) is performing reasonably well is to judge against the S & P 500, or total stock market index....
- Reviewed in the United States on April 18, 2020This may be the best book on investing ever written. Index investing works. Diversification is your friend. Low costs make all the difference. If you want to spend a lot of time on your investments and have only a 20% chance of beating the market, then watch Cramer on Mad Money and read a bunch of other books.
- Reviewed in the United States on September 7, 2017Short and to the point, this is one of the best books I've read for the individual investor. It doesn't go into much detail of specific asset classes, but has a great, high level, evidence based approach to one's overall investment approach. It's probably good to revisit once every few years as one's situation evolves. It may also be good for financial advisers to bridge the gap with clients. Additionally, the high level theme can apply to many of life's endeavors.
- Reviewed in the United States on April 23, 2020This book can be summarized simply: buy index funds. Lots of rambling. I liked A Random Walk Down Wall Street a lot better. This book says a lot of the same things as Random Walk, just not as entertaining.
- Reviewed in the United States on March 19, 2018Good book. The book has a rambling delivery but stresses the power of broad total stock market index investing.
- Reviewed in the United States on April 21, 2017I've done a lot of reading re: Investments. I am trying to spend less time on my investments and get at least the same return.
This book really made sense. I loved the analogies which will help my wife to understand "the Market" as well. Now if I can
just follow my NEW Investment Philosophy, I'm sure all will go well.
Top reviews from other countries
- Andre Luis Benevides de OliveiraReviewed in Brazil on January 30, 2021
5.0 out of 5 stars Simple but deep
One of the best investment strategy books I've read in more than 20 years in the market.
Simple, objective but at the same time with strong and deep insights.
Worth reading each page.
- Cherry lipsReviewed in the United Kingdom on May 12, 2021
5.0 out of 5 stars Great sthuff.
The real thing; or as they say, the real McCoy.
-
derlarsReviewed in Germany on December 22, 2020
4.0 out of 5 stars Nicht schlecht
Für jemanden der mit Aktien schon ein paar Erfahrungen gemacht hat ist das Buch wahrscheinlich eher eine Enttäuschung. Für jemanden der in die Investment-Welt einsteigen möchte absolut empfehlenswert. Der Author begründet ausführlich weshalb er die Investition in ETFs für den einfachen Investor als die beste Alternative ansieht. Mich hat er jedenfalls überzeugt.
- donald gordon McLeanReviewed in Canada on February 25, 2018
5.0 out of 5 stars I have told many people it is the best book on investing for an investor uncertain what to ...
When I first read this years ago, two editions ago I think, it changed the way I did investing. I have told many people it is the best book on investing for an investor uncertain what to do.
-
NMEReviewed in Spain on April 21, 2018
5.0 out of 5 stars Una guia de vida
No me extraña que la traduccion española este agotada. Es un extraordinario resumen de los pasos que cualquier persona debe dar para manejar sus finanzas personales. Ademas, ha trabajado codo con codo con uno de los mejores gestores de inversion conocidos, David Swensen, lo cual es una garantia adicional. No te arrepentiras si lo lees