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The Only Guide to a Winning Investment Strategy You'll Ever Need: The Way Smart Money Invests Today Hardcover – January 1, 2005
A revised and updated edition of an investment classic, The Only Guide to a Winning Investment Strategy You'll Ever Need remains clear, understandable, and effective. This edition contains a new chapter comparing index funds, ETFs, and passive asset class funds, an expanded section on portfolio care and maintenance, the addition of Swedroe's 15 Rules of Prudent Investing, and much more.
In clear language, Swedroe shows how the newer index mutual funds out-earn, out-perform, and out-compound the older funds, and how to select a balance "passive" portfolio for the long hail that will repay you many times over. This indispensable book also provides you with valuable information about:
- The efficiency of markets today
- The five factors that determine expected returns of a balanced equity and fixed income portfolio
- Important facts about volatility, return, and risk
- Six steps to building a diversified portfolio using Modern Portfolio Theory
- Implementing the winning strategy
- and more.
- Print length352 pages
- LanguageEnglish
- PublisherSt. Martin's Press
- Publication dateJanuary 1, 2005
- Dimensions6.52 x 1.25 x 9.34 inches
- ISBN-100312339879
- ISBN-13978-0312339876
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Editorial Reviews
Review
--Jane Bryant Quinn, Newsweek columnist, author of Making the Most of your Money
"Larry Swedroe is right on the mark...Those who follow his objective and expert advice will be rewarded accordingly."
- John C. Bogle, founder and former chairman of The Vanguard Group
"The investment book of the year!"
- Robert Sobel, Professor of Business History, Hofstra University
About the Author
Product details
- Publisher : St. Martin's Press; Revised edition (January 1, 2005)
- Language : English
- Hardcover : 352 pages
- ISBN-10 : 0312339879
- ISBN-13 : 978-0312339876
- Item Weight : 1.3 pounds
- Dimensions : 6.52 x 1.25 x 9.34 inches
- Best Sellers Rank: #492,052 in Books (See Top 100 in Books)
- #86 in Mutual Funds Investing (Books)
- #1,463 in Introduction to Investing
- #1,476 in Budgeting & Money Management (Books)
- Customer Reviews:
About the author

Larry E. Swedroe is head of financial and economic research for Buckingham Strategic Wealth. Larry holds an MBA in finance and investment from New York University and a bachelor’s degree in finance from Baruch College.
Larry was among the first authors to publish a book that explained the science of investing in layman’s terms, "The Only Guide to a Winning Investment Strategy You’ll Ever Need." He has since authored or co-authored 18 more books about investing and behavioral finance. Larry is a sought-after speaker and prolific writer, and he contributes weekly to multiple national outlets including ETF.com.
Customer reviews
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Learn more how customers reviews work on AmazonCustomers say
Customers find the book provides clear, useful advice on investing for retirement. They find it easy to understand and enjoyable to read. Readers appreciate the value for money, mentioning that index funds have low fees and have brought reasonable returns.
AI-generated from the text of customer reviews
Customers find the book's investment strategy clear and useful. It provides them with useful advice about investing for retirement and why they should start now. They recommend it for self-investors, as it explains what an Investment Policy Statement is and how to formulate one. The book makes a case for purchasing ETFs or stock index funds and introduces them to investing in small caps and value stocks.
"...The reading is easy, enjoyable and very convincing...." Read more
"...He is a believer in the efficient market hypothesis and shows you why even if the market is not 100% efficient it is still wisest to behave as if..." Read more
"...theory's underpinnings in ordinary, clear language, sprinkling the narrative with anecdotes, concrete real-life situations, metaphors, history,..." Read more
"...Understanding what is Investment Policy Statement and learning how to formulate one. Most will agree that every investor should have an IPS...." Read more
Customers find the book easy to read and enjoyable.
"...The reading is easy, enjoyable and very convincing...." Read more
"I really enjoyed reading this book along with Reducing the Risk of Black Swans. Highly recommended. Update 4/22/20:..." Read more
"Excellent book and worth many times whatever you pay to get it. I wish I had read it in high school and you will feel the same way...." Read more
"Great book. Some advice a little more complicated but sound advice none the less!" Read more
Customers find the book's explanations clear and easy to understand. The factual underpinnings and logic behind MPT are presented in ordinary language. They consider it a great book that is easy to put into practice.
"...The reading is easy, enjoyable and very convincing...." Read more
"...The author explains the theory's underpinnings in ordinary, clear language, sprinkling the narrative with anecdotes, concrete real-life situations,..." Read more
"...It's full of clear, unbiased and useful advice about how to invest for retirement and why you should start NOW...." Read more
"...Winning Investment Strategy is written in a clear and entertaining style, with ample data to support its foundation as well as examples, stories..." Read more
Customers appreciate the book's value for money. They say it's worth much more than what they paid for it, and the index funds have minimal fees. The book has provided reasonable returns and peace of mind during the market downturns.
"...On the long run the most profitable and cost saving too.This is called the "winner's game"...." Read more
"...Index funds have negligible fees, often much less than 1%...." Read more
"Excellent book and worth many times whatever you pay to get it. I wish I had read it in high school and you will feel the same way...." Read more
"Good anecdotal review of why low cost, passive strategies beat the overwhelming majority of active managers, backed up by discussion of academic..." Read more
Top reviews from the United States
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- Reviewed in the United States on February 26, 2008Every investor wants to be smart,pick that promising stock nobody knows about, beat the markets, cash in all these profits and talk about the success at the next dinner party. Well, there are thousands of those individuals out there, stock brokers, mutual fund managers, wealth advisors - you name it - all hunting for the same, day by day, long hours a day, all year long....One or two even maybe smarter than you. No way to beat that. The desire to beat the market by actively managing portfolios is called "the loser's game". Now, what's the solution ?
Larry Swedroe has done sincere research on the topic and is coming to the conclusion that investing in index funds, passively managed funds and similar vehicles is the smartest way to participate in the big picture,the markets.On the long run the most profitable and cost saving too.This is called the "winner's game".These investments usually are available on a cost basis less than 1% opposed to actively managed funds with annual cost of up to several % p.a. These annual cost are you paying regerdless whether or not the markets are going up or down.
No banker, broker or wealth advisor ever has mentioned this strategy to me. For good reason: they almost don't make money with those.
The book among other topics is talking about one's ability to take risks, about the diversication of risk, even gives some examples for portfolios based on different risk levels. An much much more.
The reading is easy, enjoyable and very convincing. The only negative I have to say about this book is:I deeply regret not having had the opportunity to read something like that some years earlier.Thank you Larry!
- Reviewed in the United States on January 28, 2014Swedroe uses academic research as the basis for his winning investment strategy. He is a believer in the efficient market hypothesis and shows you why even if the market is not 100% efficient it is still wisest to behave as if it is. This book gives you simple strategies that will likely provide better return than paying a financial advisor or fund manager to try to "beat the market."
The only knock on this book is if you have read other Swedroe books he repeats a lot of the EMH studies/results, so some of this book might be a repeat. Otherwise, I highly recommend this book for those that want to manage their own money - or for those who are already paying someone else to do it for them.
- Reviewed in the United States on April 6, 2005Quite simply, this is the best investment book I have ever read.
A do-it-yourself investor for the last 15 years, I have read broadly in the area of investment, both books and periodicals. I am throwing out most of my financial literature, and replacing it with this single volume.
The book promotes Modern Portfolio Theory (MPT), which espouses exclusively passive investments (index mutual funds, index ETFs) over a variety of asset classes. An enormous body of research is cited supporting MPT. The author explains the theory's underpinnings in ordinary, clear language, sprinkling the narrative with anecdotes, concrete real-life situations, metaphors, history, famous and not-so-famous quotes, making it easy to understand the theory and its applications in the real world. The clarity, factual underpinnings, and logic behind MPT make it rationally irresistible.
As strong as the book is on theory, it is equally strong as a how-to manual. The author outlines a meticulously detailed, step-by-step plan for implementing MPT, making it an effective investing tool for an individual willing to take the time and effort.
Maximum benefits can be achieved from the book by those willing to be honest with themselves and face their own shortcomings. "No man ever understands quite his own artful dodges to escape from the grim shadow of self-knowledge." --Joseph Conrad. Willingness to acknowledge one's own mistakes is needed in order to accept the wisdom delivered by the book and to embark on the rational strategy it describes.
- Reviewed in the United States on April 21, 2020I really enjoyed reading this book along with Reducing the Risk of Black Swans. Highly recommended.
Update 4/22/20:
I am a true novice in investing and I am currently re-reading this book. Here is what this book really helped me with:
1) Understanding what is Investment Policy Statement and learning how to formulate one. Most will agree that every investor should have an IPS. I did not know where to start. Simply googling the subject was not very helpful. Larry explained in step by step process how to create one and I just made my first IPS last night :)
2) This book introduced me to investing in small caps and value stocks. And while I tend to follow John Bogle, having Larry explain to me a little bit different approach to investing broadened my understanding.
- Reviewed in the United States on February 7, 2009This book is 2004 the investment book of the year. Its philosophy is based on the principles of modern portolio theory (MPT) and the efficient market hypothesis (EMH). It provides a road map to a long term winning investment strategy. It clearly lays out the case against active management (stock picking and market timing) and for passive management, and it explains why diversification is the winning strategy. Following this road map will make you a better informed and more effective investor. Part 1 provides the evidence why active strategies are called the loser's game. Part 2 describes how markets really work. The remainder of the book explains how to implement the winning strategy in a way that will meet your ability, willingness and perhaps, most important, your need to take risk. It describes how you can win the investment game through long term investments in such indexes such as the S&P 500 or Wilshire 5000 instead of through the active buying and selling. It is more productive to invest an stay invested. As Warren Buffett said:" We continue to make money when snooring than when active. Also, passive investors as a group earn higher after tax returns than active investors. As Bogle stated: "As the logicians would say, QED. So it is demonstrated". Digest this book and you will be rewarded accordingly.
Top reviews from other countries
- judyth gerichterReviewed in Canada on September 20, 2018
5.0 out of 5 stars It is a serious work
I have looked through the book which is not enough to start using it - of course. I will read some pages and repeat the process, not going forward until I completely understand what I read. It is definitely worth the time and effort.
- joeReviewed in Spain on July 17, 2018
5.0 out of 5 stars One of the best financial handbooks for newbie investors.
I'm a newbie investor, but in the last 2 years I've read more tan 50 investing books. Some of them include the best of John Bogle, William Bernstein, Burton G Malkiel, Richard Ferri, Mebane Faber, Jeremy Siegel, Jason Zwieg, Johnathan Clements, Roger Gibson, Elroy Dimson, Benjamin Graham and others.
I think this book is a great choice for newbie investors, like me. It explains almost everything you should know to manage your investments. It is a bit old, but all the knowledge contained in this book is still useful. If you want a more updated edition you can try with Swedroe's The Only guide for the right fianancial plan. If I shoul reccomend a financial handbook, I would choose both of Swedroe's books or William Bernstein's Four Pillars of Investing.
My only complaint is that it is not translated to spanish. I'm an spanish investor and It's a pity that non english speakers can not reach Larry Swedroe's advises and wisdom contained in this book.
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Le conaisseurReviewed in Germany on November 19, 2010
5.0 out of 5 stars Sehr lesenswerter Ratgeber, der Zigtausende wert sein kann
Gut geschrieben und sehr eindrucksvoll. Der Autor schildert und belegt, wie sinnlos es ist, aktive Investmentfonds zu wählen oder auf den Mehrwert von Vermögensverwaltern und Gurus zu vertrauen. Es ist eben nicht möglich, den Markt planmäßig zu schlagen. Zufällig ja, aber planbar: Nein. Aber durch den Versuch, es doch zu tun, verliert man so viel Geld, dass man am Schluss mit deutlich weniger Vermögen dasteht als der, der passive Strategien konsequent und kostengünstig umsetzt. Sehr praxistauglich und dennoch gut zu lesen. Wer nicht so gut Englisch kann, sollte zu diesem Buch greifen: Souverän investieren mit Indexfonds, Indexzertifikaten und ETFs: Wie Privatanleger das Spiel gegen die Finanzbranche gewinnen