10 rules to Win the "Loser's Game"

Sunday, August 21, 2005 | 09:08 AM

Paul B. Farrell of MarketWatch reminds us of a good list of strategies, courtesy of Charles Ellis' classic "Winning the Loser's Game: Timeless Strategies for Successful Investing."

1. Never, never speculate.
2. Your home is not a stock.
3. Save lots more.
4. Brokers aren't your friends.
5. Never trade commodities.
6. Avoid new and exciting deals.
7. Bonds also ride up and down.
8. Never invest for tax benefits.
9. Write goals and stick to them.
10. Never trust your emotions.

Farrell notes that several investing luminaries have heaped praise on the book: "Management guru Peter Drucker calls it "the best book on investment policy and management." Jack Bogle credits Ellis's book as the inspiration for his first index fund in 1976.

Ironically, the book was written in 1975 in order to help his fellow money managers "improve their game."

Perhaps it will improve yours as well.


You can win 'The Loser's Game'
Let Ellis' classic 10 rules guide your strategy
By Paul B. Farrell,
MarketWatch, 6:17 PM ET July 10, 2005

Sunday, August 21, 2005 | 09:08 AM | Permalink | Comments (6) | TrackBack (0)
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That list doesn't include one of the biggest elements of Ellis' book, which was the advice to invest in index funds. Since an index was made up of the collective valuation of highly sophisticated and knowledgeable investors, Ellis said, an amateur investor who sought to beat it would have to consistently find errors in the valuations made by these professionals, a task he saw as being beyond almost ALL investors, let alone the average man on the street.

Posted by: royce | Aug 21, 2005 2:06:26 PM

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