VALUE AVERAGING: THE SAFE AND EASY STRATEGY FOR HIGHER INVESTMENT RETURNS值平均：高级投资回报的安全与简易战略 下载 pdf 百度网盘 epub 免费 2025 电子版 mobi 在线

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.

作者简介：

Michael E. Edleson is a Managing Director of Morgan Stanley and oversees the firm's 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.

Foreword by William J Bernstein

Preface to the 2006 Edition

Preface to the 1993 Edition

Introduction

1 Market Risk, Timing, and Formula Strategies

RISK AND MARKET RETURNS

Market Returns over Time

Distribution of Market Returns

Risk and Expected Return

MARKET TIMING AND FORMULA STRATEGIES

Timing the Market

Automatic Timing with Formula Strategies

ENDNOTES

2006 NOTE

2 Dollar Cost Averaging Revisited

DOLLAR COST AVERAGING: AN EXAMPLE

SHORT-TERM PERFORMANCE

Over One-Year Periods

Over Five-Year Periods

LONG-TERM PROBLEMS WITH DOLLAR COST AVERAGING

Growth Equalization

SUMMARY

ENDNOTES

3 Value Averaging

VALUE AVERAGING: AN INTRODUCTION

SHORT-TERM PERFORMANCE

LONG-TERM PERFORMANCE AND VALUE AVERAGING

Linear, or Fixed-Dollar, Strategies

Adjusting Strategies for Growth

SUMMARY

ENDNOTES

2006 NOTES

4 Investment Goals with Dollar Cost Averaging

BACKGROUND

Lump-Sum Investments

Using the Formula

Annuities: Periodic Investments

Dollar Cost Averaging and Annuities

READJUSTING THE INVESTMENT PLAN

The Readjustment Process

Flexibility

Down-Shifting Investment Risk

GROWTH-ADJUSTED DOLLAR COST AVERAGING

Exact Formula

Approximate Formula

Readjusting the DCA Plan

SUMMARY

ENDNOTES

Appendix to Chapter 4: Constructing a DCA Readjustment Spreadsheet

5 Establishing the Value Path

VALUE AVERAGING VALUE PATHS

The Value Path Formula

Flexible Variations on the Value Path Formula

Readjusting the VA Plan

A Cautionary Note

An Alternate Method

SUMMARY

ENDNOTES

Appendix to Chapter 5: Constructing a VA Readjustment Spreadsheet

6 Avoiding Taxes and Transaction Costs

TAX CONSIDERATIONS WITH VALUE AVERAGING

The Advantage of Deferred Gains

Deferring Capital Gains Taxes: An Example

A Compromise: No-Sell Value Averaging

REDUCING TRANSACTION COSTS

Limiting Taxes

Limiting Costs

SUMMARY

ENDNOTES

7 Playing Simulation Games

8 Comparing the Strategies

9 Profiting from Overreaction

10 Details: Getting Started

11 Examples: Strategies at Work

12 A Final Word

Index

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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.