ALL ABOUT MARKET TIMING, The Easy Way to Get Started
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【推荐级别】
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☆☆☆☆☆
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【下载次数】 |
24 次 |
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【作者】 |
LESLIE N. MASONSON
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【出版社】 |
McGraw-Hill
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【文件格式】 |
PDF
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【ISBN】 |
0-07-141331-6
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【资料语言】 |
英文
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【文件大小】 |
3.27MB
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【上传时间】 |
2008-05-03
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【共享者】 |
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资料说明：
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C O N T E N T S
Foreword ix
Acknowledgments xi
Introduction xiii
PART 1
MARKET-TIMING BASICS
Chapter 1
The Stock Market = Bull Markets + Bear Markets 3
Chapter 2
The Buy-and-Hold Myth 23
Chapter 3
Market-Timing: What You Need to Know39
Chapter 4
Ten Indicators to Determine the Market’s Health 51
Chapter 5
Specialized Mutual Funds: Index, Sector, and Leveraged Funds 75
Chapter 6
Exchange-Traded Funds 89
PART 2
MARKET-TIMING STRATEGIES
Chapter 7
Calendar-Based Investing: The Best Six Months Strategy 99
....
Forword
Market timing is not a fun vocation or avocation. It is tough and
ugly. I know this well, because I’ve been a market timer in the
trenches since 1983, both as an investor and as an advisor.
Timing requires thick skin and iron resolve. Because it is not
understood, market timing is almost universally scorned on Wall
Street.
Yet market timing is an important tool for investors. When it
is used consistently over long periods of time, timing can dramatically
improve returns while it reduces risk, as Leslie Masonson has
demonstrated repeatedly in this book.
If this book is studied by the establishment financial media, it
can help to reduce a tide of misguided negative articles about timing.
Too many financial writers have discovered they can easily “prove”
that timing doesn’t work and can’t possibly work. However, those
authors rarely specify any measurable definition of what would be
necessary for a strategy to qualify as one that “works.”
I’ve found that timing is 100 percent successful at reducing
market risk, by periodically getting investors out of the market.
Every day your assets are in a money market fund, that’s a day they
are not at risk in the market. If timing keeps you on the sidelines 25
percent of the time, timing has reduced your risk by 25 percent.
Results from timing almost never look like returns from a buyand-
hold approach. This can be disconcerting and upsetting. But
to a long-term investor, this noncorrelation amounts to a form of
diversification.
Why do so many people believe that timing doesn’t work? I
believe the answer is twofold. First, most investors who undertake
market timing are not prepared for the rigorous discipline it
requires. They quickly become discouraged when they discover that
timing systems are statistically “wrong” much more often than the....
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