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Summary of Larry Swedroe & Kevin Grogan's Reducing the Risk of Black Swans
Please note: This is a companion version & not the original book. Sample Book Insights: #1 Investors who extrapolate past stock market returns into the future fail to take into account the fact that current stock market valuations have a significant impact on future returns. The Gordon Constant Growth Dividend Discount Model, for example, predicts future real stock market returns of about 4 to 5 percent. #2 The second mistake investors make is to treat the expected return of their portfolio as deterministic rather than the mean of a potentially wide dispersion of possible returns. #3 Portfolios with a high standard deviation aren’t very appealing to most investors, since they are generally risk averse. They will take on more risk to get more return, even if that means sacrificing some of the great returns in the right tail of the distribution. #4 The Capital Asset Pricing Model, or CAPM, is a mathematical equation that determines a stock’s expected return. It was created in the 1950s and is still used today. However, it has been proven time and time again to be inaccurate, and does not take into account the impact of risk.
Active versus Passive Management
The active versus passive debate is a contentious issue. Filled with concrete evidence and comprehensive money management strategies, this chapter from The Only Guide You'll Ever Need for the Right Financial Plan delves into the case for passive investing over active investing. You can do so by investing in passively managed investment vehicles like index funds and passive asset class funds. You are virtually guaranteed to outperform the majority of both professionals and individual investors. Written for savvy investors and advisors, this chapter helps you: Integrate a passive investing strategy Maintain your portfolio's risk portfolio in a tax-efficient manner Determine the difference between the theories of efficient versus inefficient markets Make cost-effective investment decisions From Larry Swedroe, the author of the bestselling series of "The Only Guide" investment books, with Kevin Grogan and Tiya Lim, this chapter helps you integrate diversification, low turnover, and asset allocation into one plan that meets the needs of a unique situation.
Reducing the Risk of Black Swans: Using the Science of Investing to Capture Returns with Less Volatility, 2018 Edition
The 2018 updated edition from authors Larry Swedroe and Kevin Grogan. From Larry Swedroe, author of the bestselling series of "The Only Guide" investment books, and Kevin Grogan, co-author of "The Only Guide You'll Ever Need for the Right Financial Plan," comes the 2018 edition of "Reducing the Risk of Black Swans." Designed for professional financial advisors and educated investors alike, Swedroe and Grogan wrote this book especially for those looking to expand their technical knowledge of the evidence-based investing world. "Swans" provides an in-depth look at portfolio construction and offers a roadmap for those interested in refining their portfolio. From CAPM to the three-factor model, Swedroe and Grogan present some of the academic underpinnings that have led to what we now commonly recognize to be modern financial theory. Taking it one step further, they provide specifics on what it takes to build a more efficient portfolio, in particular using new alternative investments. Based on an overwhelming amount of hard data and research, Swedroe and Grogan make their case for reducing the risk of black swans.
Your Complete Guide to a Successful and Secure Retirement
This is your one-stop, definitive resource as you prepare for a secure and comfortable retirement. Investment and personal finance experts Larry Swedroe and Kevin Grogan present uniquely comprehensive coverage of every important aspect you need to think about as you approach retirement, including:Social Security, Medicare, investment planning strategy, portfolio maintenance, preparing your heirs, retirement issues faced by women, the threat of elder financial abuse, going beyond financials to think about your happiness, and much more. These topics are explained with the help of specialists in each subject. And everything is based on the "science of investing" ' evidenced with studies from peer-reviewed journals. Overall, this adds up to a complete retirement guide, packed with the latest and best knowledge. Don't enter your retirement without it.
All Rivers to the Sea
It is October 1844. With the death of the evil Colonel Mahon and the end of the greatest potato famine in living memory, it seems peace and prosperity are finally on the way to Ballynockanor. But is this the calm before the storm? As Kate awaits the birth of their baby, Joseph is in hiding in London. Trying to find his way to Ireland and to his beloved wife, Joseph fights against the forces that seek to block their reunion. This fourth book in the Galway Chronicles portrays the impact of the tragic potato famine that would kill or displace a third of the population of Ireland. Set in a place and time in Ireland's history that affects the age in which we now live, this novel follows the fight for freedom by passionate Irishmen and brings the heroism and heartbreak to life for modern readers. From the horror of famine to the plots of ruthless men, All Rivers to the Sea gives a human face to the troubles that brought so many Irish to the shores of America.
The Only Guide You'll Ever Need for the Right Financial Plan
An accessible guide that outlines the key elements of an effective financial plan From Larry Swedroe, the author of the bestselling series of "The Only Guide" investment books, with Kevin Grogan and Tiya Lim comes a step-by-step handbook that shows you how to develop a winning personal investment strategy and reveals what it takes to make that strategy part of your overall financial plan. The Only Guide You'll Ever Need for the Right Financial Plan focuses on the "art" of investing and gives you the information you need to create a strategy that is tailor-made for your particular situation. Designed for savvy investors and professional advisors, this book offers the vital information needed ...
Lessons in Likeness
Between 1802, when the young Kentucky artist William Edward West began to paint portraits while on a downriver journey, and 1920, when the last of Frank Duveneck's students worked in Louisville, a large number of notable portrait artists were active in Kentucky and the Ohio River Valley. In Lessons in Likeness: Portrait Painters in Kentucky and the Ohio River Valley, 1802-1920, Estill Curtis Pennington charts the course of those artists as they painted a variety of sitters drawn from both urban and rural society. The work is illustrated, when possible, from The Filson Historical Society collection of some four hundred portraits representing one of the most extensive holdings available for st...
The New Encyclopedia of Southern Culture
From the Potomac to the Gulf, artists were creating in the South even before it was recognized as a region. The South has contributed to America's cultural heritage with works as diverse as Benjamin Henry Latrobe's architectural plans for the nation's Capitol, the wares of the Newcomb Pottery, and Richard Clague's tonalist Louisiana bayou scenes. This comprehensive volume shows how, through the decades and centuries, the art of the South expanded from mimetic portraiture to sophisticated responses to national and international movements. The essays treat historic and current trends in the visual arts and architecture, major collections and institutions, and biographies of artists themselves. As leading experts on the region's artists and their work, editors Judith H. Bonner and Estill Curtis Pennington frame the volume's contributions with insightful overview essays on the visual arts and architecture in the American South.
John Steuart Curry's Hoover and the Flood
In 1940, John Steuart Curry painted a scene of Herbert Hoover directing relief efforts after the Mississippi River flood of 1927 as part of a series of paintings depicting modern American history commissioned by Life magazine. In this in-depth case
