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Investing is serious business and mistakes cost money. Whether you're acting for yourself or as a fiduciary for others, your aim should always be to reduce mistakes and increase the probability that the portfolio you're responsible for succeeds in achieving its objective.
Nobody understands this better than author Richard Ferri, an investment expert and founder of the advisory firm Portfolio Solutions®. Now, in The Power of Passive Investing, he reveals how this proven strategy can effectively put your portfolio in a better position to gain its fair share of market returns. This approach is done with a strong understanding and commitment to low-cost, passively managed index funds and exchange-traded funds (ETFs)which, today, span almost every asset class and style, including U.S. and foreign equity funds, bond funds, commodities funds, and even currencies.
Filled with in-depth insights and expert advice, this reliable resource offers practical guidance on creating a sound, long-term investment planwithin a framework of controlled riskand helps clarify and quantify the purpose of investing along the way. Containing dozens of historical studies covering several decades and financial markets, it will clearly show you how passive investors who buy the market will capture better results than most active investors who try to beat the market.
Divided into three comprehensive parts, The Power of Passive Investing:
Tracks the passive versus active debate from its beginnings early in the twentieth century to today and explores the advantages of investing in individual index funds and ETFs over individual actively managed funds
Focuses on portfolio decisions and investor behavior and looks at some of the reasons more people haven't put the power of passive investing to use yet
Discusses the purpose of investment policy and makes the case for passive investing in terms of four different groups: individual investors and their families; trustees of charities and private accounts; pension trustees and those who select investment options for employer-sponsored pension plans; and professional investment advisors
Attempting to earn above-market returns with a portfolio of actively managed funds is both a waste of time and money. A well-designed, passive investment approach that utilizes index funds and ETFs has the highest probability of meeting your financial goals and is the most prudent choice for your money. The Power of Passive Investing will show you why this is true as well as how this approach can work for you.
"Rick Ferri has done investors a great favor by collecting in one place the consistently overwhelming evidence that index funds keep beating active funds. The only remaining problem for 'passive' investing is the name. Why don't we all agree on a single change and call indexing success investing?"
—CHARLES D. ELLIS, bestselling author of Winning the Loser's Game and The Elements of Investing
"Indexing wins because indexing must win. The best index funds win simply because they eliminate management fees and sales loads, and minimize operating costs and portfolio turnover and its costs. But Ferri takes us from theory to reality, providing scores of examples and tabulations that prove that very point. I commend it to you."
—JOHN C. BOGLE, founder, The Vanguard Group
"Ferri writes in beautiful, simple language what I have been trying to tell all but the largest institutional investors—to build a diversified portfolio of index funds. I wish I had written the book myself."
—LAURENCE SIEGEL, Research director, Research Foundation of CFA Institute