The Elements of Investing
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Burton G. Malkiel is the Chemical Bank Chairman's Professor of Economics at Princeton University and the author of the bestselling A Random Walk Down Wall Street. Malkiel has served on the President's Council of Economic Advisers, as Dean of the Yale School of Management, as Chair of Princeton's Economics Department, and as a director of major corporations.

Charles D. Ellis is a consultant to large public and private institutional investors. He was for three decades managing partner of Greenwich Associates, the international business strategy consulting firm. He serves as Chair of Whitehead Institute and as a director of Vanguard and the Robert Wood Johnson Foundation. He has taught investing at both Harvard and Yale and is the author of 15 books, including the bestselling Winning the Loser's Game.




It All Starts with Saving.

I. Save.

First Do No Harm.

Start Saving Early: Time Is Money.

The Amazing Rule of 72.

Savvy Savings.

Small Savings Tips.

Big Ways to Save.

Let the Government Help You Save.

Own Your Home.

How Do I Catch Up?

II. Index.

Nobody Knows More Than the Market.

The Index Fund Solution.

Don't Some Beat the Market?

Index Bonds.

Index Internationally.

Index Funds Have Big Advantages.

One Warning.


III. Diversify.

Diversify Across Asset Classes.

Diversify Across Markets.

Diversify Over Time.


IV. Avoid Blunders.


Beware of Mr. Market.

The Penalty of Timing.

More Mistakes.

Minimize Costs.

V. Keep It Simple.

Review of Basic Rules.

Asset Allocation.

Asset Allocation Ranges.

Investing in Retirement.

KISS Investing

A Super Simple Summary.

Appendix: Save on Taxes Legally.

Individual Retirement Accounts (IRAs).

Roth IRAs.

Pension Plans.

Tax-Advantaged Saving for Education.

Recommended Reading.


About the Authors.