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Good Book: Winning the loser's game by Charles D. Ellis
Old 10-06-2010, 09:52 AM   #1
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Good Book: Winning the loser's game by Charles D. Ellis

Subtitled: "Timeless Strategies for Successful Investing". I'm reading the 5th edition, 2010.

Even if someone doesn't like to read, it's worth it for the graphics.

I think the best-ever investing graphic I've seen is on pages 83 and 84.
It shows S&P 500 annual returns from 1926 - 2007 as a bar chart. Returns, positive and negative on the Y-axis, years on the X-axis. And a summary box of best year and worst year return %, and average return.

Then repeats, but uses rolling 5-year periods with best and worst case % return and average. Then repeats with rolling 10-year, 15 year, 20 year, 30 year.

As time periods lengthen, the volatility in returns decreases, the best-case % declines, but the worst-case % increases chart by chart to cross above zero and go solidly into positive returns.

Many other graphics too, including the power of inflation to erode investments, particularly so-called "safe" investments.

Overall, it is one of the most interesting books on investment that I have read, and an easy read, too. I had to wait for it on the library list, and others are lined up behind me.

The only negative I have found so far is that the Index has page numbers that are off from the actual page numbers. Either the index from the last edition was used by accident, or there was an editing system difference of page numbers.

I found this book referenced in the beginner's book that Burton Malkiel and Charles Ellis recently put together.

-- Telly, the D-I-Y guy --
Two fools dancing on the hands of time
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Old 10-06-2010, 11:54 AM   #2
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I think Ellis is going to engrave this on his tombstone:
"No no no, it's not a game for losers, it's a game strategy of not losing!"

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