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moneysense.ca, 30/08/10
Free Download of The Elements of Investing
The Elements of Investing (read my review here) by Burton Malkiel and Charles Ellis managed to boil down investing to its elements in a short book that could be read in a few hours. You can download it for free here.
The Elements of Investing hacks away at all the overtrading and over thinking so predominant in the hyperactive thought patterns of the average investor. Malkiel and Ellis offer investors a set of simple but powerful thoughts on how to challenge Mr. Market at his own game, and win by not losing. All the need-to-know rules and investment principles can be found here.
* Contains sound investment advice and simple principles of investing from two of the most respected individuals in the investment world
* Burton G. Malkiel is the bestselling author of A Random Walk Down Wall Street and Charles D. Ellis is the bestselling author of Winning the Loser’s Game
* Shows how to deal with an investor’s own worst enemies: fear and greedA disciplined approach to investing, complemented by conviction, is all you need to succeed. This timely guide will help you develop these skills and make the most of your time in today’s market.
Thanks to The Stingy Investor for posting the link.
moneysense.ca, 30/08/10
[...] This post was mentioned on Twitter by Canadian Capitalist, Miltiadis Orfanos. Miltiadis Orfanos said: thanks for the link @ccapitalist
Free+Download+of+The+Elements+of+Investing http://t.co/XZJO7zE via @AddThis [...]
Thanks CC. Look forward to sending the link on to some of my family members.
I read that book a few months ago and recommend it to anyone that is new to investing. Only problem is that after reading the book, you will realise that, from a traditional mutual fund perspective, Canada seems to have a shortage of extremely low MER index funds. If the goal is to contribute monthly using dollar cost averaging (where ETFs do not make sense), the e-series funds are the only thing out there with sub .5 MERs. I ended up needing to settle for some RBC index funds (with a higher MER over e-series) through my existing discount broker. Malkiel and Ellis are also big proponents of whole market funds but most of what is available in Canada is usually tied to the S&P500 from US perspective or TSE 300 for Canadian. To get the missing components, most of what is available to complete the portfolio and invest in the whole market in Canada is in ETFs.
@Greg: I agree that the low-fee, index mutual fund cupboard here in Canada is pretty bare. However, I view it as adequate because small accounts can choose e-Series funds and achieve good diversification. Larger accounts can simply go with ETFs.
@Canadian Capitalist:
I don’t disagree about e-series. But, you have to open an account with TD and for one reason or another not everyone will do that.
Also, even if you have a large account, for RRSPs, if your goal is to “set it and forget it” (appologies to the king of late night informercials for stealing his showtime rotisserie catchphrase), there is no easier way to do that than through automatic monthly withdrawels into the funds adjusting annually the amounts per fund based on any rebalancing needs.
This is just my long winded way of saying that the advice in the book to diversify through one whole market US index fund, one whole market international index fund and a bond index fund, all starting from a young age and ideally through dollar cost averaging, is not as cheap in Canada (with higher MERs) and requires a greater mix of funds (in order to get the missing parts of the “whole market” at least for the Canadian component (assuming most Canadians would include a Canadian equities component)).
@Greg: Agree with your points. IIRC, e-Series funds are missing asset classes such as emerging markets and REITs. Of course, one could go with the typical high MER TD funds but then the portfolio costs are pushed higher.
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[...] provides a Free Download of The Elements of Investing [...]
Interesting. I went to the link but it’s taking too long to load. Do you have another link where I can get it? Thanks.
[...] from Canadian Capitalist links to a Free Download of The Elements of Investing by Burton Malkiel and Charles Ellis. This freebie is fabulous for Americans and Canadians, so go [...]
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