VALUE AVERAGING: THE SAFE AND EASY STRATEGY FOR HIGHER INVESTMENT RETURNS值平均：高级投资回报的安全与简易战略
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内容提要：
Michael Edleson first introduced his concept of value averaging to the world in an article written in 1988. He then wrote a book entitled Value Averaging in 1993, which has been nearly impossible to find—until now. With the reintroduction of Value Averaging, you now have access to a strategy that can help you accumulate wealth, increase your investment returns, and achieve your financial goals.
作者简介： Michael E. Edleson is a Managing Director of Morgan Stanley and oversees the firm's equity risk globally. Prior to that, he was Chief Economist of NASDAQ and a finance professor at Harvard Business School. Edleson earned his PhD at MIT. 作者简介：
Michael E. Edleson is a Managing Director of Morgan Stanley and oversees the firm's equity risk globally. Prior to that, he was Chief Economist of NASDAQ and a finance professor at Harvard Business School. Edleson earned his PhD at MIT.
Includes spreadsheets on a companion Web site: www.wiley.com/go/valueaveraging 目录：
Foreword by William J Bernstein
Preface to the 2006 Edition Preface to the 1993 Edition Introduction 1 Market Risk, Timing, and Formula Strategies RISK AND MARKET RETURNS Market Returns over Time Distribution of Market Returns Risk and Expected Return MARKET TIMING AND FORMULA STRATEGIES Timing the Market Automatic Timing with Formula Strategies ENDNOTES 2006 NOTE 2 Dollar Cost Averaging Revisited DOLLAR COST AVERAGING: AN EXAMPLE SHORT-TERM PERFORMANCE Over One-Year Periods Over Five-Year Periods LONG-TERM PROBLEMS WITH DOLLAR COST AVERAGING Growth Equalization SUMMARY ENDNOTES 3 Value Averaging VALUE AVERAGING: AN INTRODUCTION SHORT-TERM PERFORMANCE LONG-TERM PERFORMANCE AND VALUE AVERAGING Linear, or Fixed-Dollar, Strategies Adjusting Strategies for Growth SUMMARY ENDNOTES 2006 NOTES 4 Investment Goals with Dollar Cost Averaging BACKGROUND Lump-Sum Investments Using the Formula Annuities: Periodic Investments Dollar Cost Averaging and Annuities READJUSTING THE INVESTMENT PLAN The Readjustment Process Flexibility Down-Shifting Investment Risk GROWTH-ADJUSTED DOLLAR COST AVERAGING Exact Formula Approximate Formula Readjusting the DCA Plan SUMMARY ENDNOTES Appendix to Chapter 4: Constructing a DCA Readjustment Spreadsheet 5 Establishing the Value Path VALUE AVERAGING VALUE PATHS The Value Path Formula Flexible Variations on the Value Path Formula Readjusting the VA Plan A Cautionary Note An Alternate Method SUMMARY ENDNOTES Appendix to Chapter 5: Constructing a VA Readjustment Spreadsheet 6 Avoiding Taxes and Transaction Costs TAX CONSIDERATIONS WITH VALUE AVERAGING The Advantage of Deferred Gains Deferring Capital Gains Taxes: An Example A Compromise: No-Sell Value Averaging REDUCING TRANSACTION COSTS Limiting Taxes Limiting Costs SUMMARY ENDNOTES 7 Playing Simulation Games 8 Comparing the Strategies 9 Profiting from Overreaction 10 Details: Getting Started 11 Examples: Strategies at Work 12 A Final Word Index |