{"product_id":"9780991874101","title":"How Do You Get There from Here? Learning and Playing the Long-Term Investment Game","description":"\u003cp\u003eHow do you build an investment strategy that has a chance to succeed over the long term? To put it another way: how do you get THERE (your goal) from HERE (your starting point)?\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003eSince investing is a risky enterprise, it seems obvious that investors should have clear and solidly based expectations of both returns and risks. Yet few investors have clear expectations, and they are often shocked and upset when returns are low or negative.\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003eSo one goal of this book is to outline a systematic method of creating expectations for return and risk over a longer-term horizon. Part of the approach is to study history, not just of the US equity market, but of global equities, currencies, fixed income and short-term investments. Knowledge of what has happened in the past is an essential part of understanding what could happen in the future.\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003eIn addition, a simple model is developed that describes how returns are structured. This model gives deeper insights into historical returns and risks, and provides a way of developing explicit expectations for future returns and risks, without merely assuming that the future will be the average of the past.\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003eAnother goal is to show investors how to develop a sensible long-term portfolio strategy. The concept of diversification due to imperfect correlations is introduced, and combined with an investor's expected long-term returns and risks for assets, a portfolio can be designed that provides the highest expected return that meets a level of acceptable risk.\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003eOther topics are broached along the way: the difficulty of adding value by using active managers; the clear positive impact of reducing investment costs; and the fact that asset mix determines almost all of a portfolio's return and risk. Thus for many investors, the best long-term strategy will use the lowest-cost investment vehicles that capture broad market exposures.\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e","brand":"Structured Capital Inc.","offers":[{"title":"Default Title","offer_id":49952660357360,"sku":"9780991874101","price":50.0,"currency_code":"USD","in_stock":false}],"url":"https:\/\/shop-qa.barnesandnoble.com\/products\/9780991874101","provider":"Barnes \u0026 Noble (DEV)","version":"1.0","type":"link"}