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DIY Financial Advisor. A Simple Solution to Build and Protect Your Wealth. Wiley Finance

  • ID: 3195199
  • Book
  • October 2015
  • Region: Global
  • 224 Pages
  • John Wiley and Sons Ltd
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Praise for DIY Financial Advisor

"Surprisingly simple advice: Avoid these common mistakes, make these small improvements, and voilà! Better investing performance!"
Barry Ritholtz, Chief Investment Officer, Ritholtz Wealth Management

"Sophisticated yet sensible advice is typically afforded to only the wealthiest individuals and institutions. Now it is accessible to all in DIY Financial Advisor. A must read."
Eric Balchunas, Senior ETF Analyst, Bloomberg Intelligence and author of The Institutional ETF Toolbox

"DIY Financial Advisor is a great read for investors who want to take their retirement into their own hands. Wes Gray & co. bring a ton of enthusiasm to the topic while arming their readers to the teeth with useful information."
Joshua M. Brown, author of the bestselling book Backstage Wall Street, founder of The Reformed Broker blog, and star of CNBC′s The Halftime Report

"Wall Street′s so–called experts are overconfident, biased, and out to sell you a story. That is why DIY Financial Advisor is such a valuable resource."
Tadas Viskanta, Founder and Editor of Abnormal Returns, author of Abnormal Returns: Winning Strategies from the Frontlines of the Investment Blogosphere

"Investors are told their success relies on complex strategies and expert forecasts about the future. Using an evidence–based approach, Gray, Vogel, and Foulke prove why this isn′t the case. A great read!"
Ben Carlson, author of A Wealth of Common Sense: Why Simplicity Trumps Complexity in Any Investment Plan

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Preface xi

Acknowledgments xiii

PART ONE Why You Can Beat the Experts 1

CHAPTER 1 Are Experts Trying Too Hard? 3

Why Do We Rely on Experts? 6

What Are the Experts Incentives? 9

Are Experts Worthless? 11

The Expert s Hypothesis 13

Summary 14

Notes 15

CHAPTER 2 Simple Models Typically Beat the Experts 17

The Evidence Shows 20

A Study of All the Studies 21

What if Experts Have the Model? 23

But Investing Is Different, Right? 24

Why Experts Fail to Beat Models 26

Summary 28

Notes 29

CHAPTER 3 Experts Are Biased and Overconfident 31

The Biased Brain 33

Summary 47

Notes 48

CHAPTER 4 Experts Tell Us Stories, Not Facts 49

Story–Based Investing 52

Evidence–Based Investing 53

The Recap: Why Experts Fail 60

Why Not Use Models? 62

Summary 63

Notes 64

PART TWO How You Can Beat the Experts 67

CHAPTER 5 A Framework for Investment Decisions 69

Assessing an Advisor Is Difficult 71

The FACTS Framework 75

We ve Got the FACTS: Now What? 86

Summary 90

Notes 90

CHAPTER 6 A Simple Asset Allocation Model That Works 91

Asset Allocation 95

A Simple Asset Allocation Model That Works 98

But Which Assets Do We Choose? 103

Summary 104

Notes 105

CHAPTER 7 A Simple Risk Management Model That Works 107

A Simple Risk Management Model That Works 109

How Does ROBUST Work? 113

Summary 121

Risk Management Research (For Geeks Only) 121

Notes 129

CHAPTER 8 Simple Security Selection Models That Work 133

Value Investing 134

Momentum Investing 140

A Simple Momentum Model That Works 146

Combining Value and Momentum 148

International Stocks 151

Get Er Done 153

Summary 154

Notes 154

CHAPTER 9 The Do–It–Yourself (DIY) Solution 157

Exploring a Simple Equal–Weight Five Asset Class Model 159

Enhancing the Ivy 5 Concept 163

Finish Strong: The Ultimate DIY Solution 171

Get Er Done 175

Notes 176

CHAPTER 10 Some Practical Advice 179

Three Reasons We Will Not Be a DIY Investor 180

Three Reasons You Might Fail 183

But Don t Lose Hope! 185

Is DIY the Only Solution? 186

Notes 187

Appendix: Analysis Legend 189

About the Companion Website 191

About the Authors 193

Index 195

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Wesley R. Gray
Jack R. Vogel
David P. Foulke
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