Debunkery: Learn It, Do It, and Profit from it-Seeing Through Wall Street's Money-Killing Myths
Legendary money manager Ken Fisher outlines the most common—and costly—mistakes investors make.\ Small cap stocks are best for all time. Bunk!\ A trade deficit is bad for markets. Bunk!\ Stocks can't rise on high unemployment. Bunk!\ Many investors think they are safest following widely accepted Wall Street wisdom—but much of Wall Street wisdom isn't so wise. In fact, it can be costly bunk.\ In Debunkery: Learn It, Do It, and Profit From It—Seeing Through Wall Street's Money-Killing Myths,...
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Want to become a better investor? Send your spouse on a shopping spree! It's no joke—this book shows you why.Far too many investors fail to get the results they want because they make some pretty common mistakes. The problem is, the errors don't seem like mistakes—they seem like smart, intuitive, and/or widely recognized investing "wisdom." But much of what's accepted as investing "wisdom" is, instead, bunk. How can investors tell bunk from reality?Debunkery: Learn It, Do It, and Profit From It—Seeing Through Wall Street's Money-Killing Myths from legendary money manager, longtime Forbes columnist, and best-selling author Ken Fisher shows you how to avoid the costly errors many investors make when they rely upon "common sense" thinking, intuition, gut instinct, or clichés—by using debunkery! Debunkery isn't difficult—it just requires the willingness to flip common investing "wisdom" on its head. Once readers learn to do that, they can begin seeing the investing world more clearly and stop falling prey to costly bunk.Fisher demonstrates debunkery on 50 of Wall Street's widely accepted "truths" and details in an easily accessible (and always entertaining) way why:Stop-losses could be renamed stop-gains.High unemployment isn't bad for stocks.Massive trade deficits can be great for stocks.Stocks don't care if the US dollar is strong or weak.Most retirees have a long, long time to invest.You should never listen to your "gut" when it comes to investing.You are almost certainly too terrified of government debt.Consumer confidence doesn't matter.Sending your spouse on a shopping spree could get you better long-term investing results.In investing, there are no simple rules that say, "always sell on this one condition, and buy on that one," that work consistently and repeatedly. If only investing were that easy! Debunkery shows you why many Wall Street "truths" are, in reality, money-killing myths and walks you through ways you can begin improving your error rate right away. Debunkery debunks 50 common myths, but also gives you the tools to continue engaging in debunkery for the rest of your investing career.
Acknowledgments.Introduction: Debunkery Made Easy.PART 1 Basic Bunk to Make You Broke.Bunk 1 Bonds Are Safer Than Stocks.Bunk 2 Well-Rested Investors Are Better Investors.Bunk 3 Retirees Must Be Conservative.Bunk 4 Age Equals Asset Allocation.Bunk 5 You Should Expect Average Returns.Bunk 6 “Capital Preservation and Growth” Is Possible!Bunk 7 Trust Your Gut.Bunk 8 One Big Bear and You're Done.Bunk 9 Make Sure It's a Bull Before Diving In.Bunk 10 Growth Is Best for All Time. No, Value. No, Small Caps.Bunk 11 A Good Con Artist Is Hard to Spot.PART 2 Wall Street “Wisdom”.Bunk 12 Stop-Losses Stop Losses!Bunk 13 Covered Calls…Gotcha Covered.Bunk 14 Dollar Cost Averaging—Lower Risk, Better Returns.Bunk 15 Variable Annuities Are All Upside, No Downside.Bunk 16 Equity-Indexed Annuities—Better Than Normal Annuities.Bunk 17 Passive Investing Is Easy.Bunk 18 Do Better With Mutual Funds by Sending Your Spouse on a Shopping Spree.Bunk 19 Beta Measures Risk.Bunk 20 Equity Risk Premiums—Forecasting Future Returns With Ease.Bunk 21 When the VIX Is High, It’s Time to Buy.Bunk 22 Be Confident on Consumer Confidence.Bunk 23 All Hail the Mighty Dow!PART 3 “Everyone Knows”.Bunk 24 So Goes January.Bunk 25 Sell in May.Bunk 26 Low P / Es Mean Low Risk.Bunk 27 A Strong Dollar Is Super.Bunk 28 Don't Fight the Fed.Bunk 29 Interest Pays Dividends.Bunk 30 Buy a 5% CD for 5% Cash Flow—Easy!Bunk 31 Baby Boomers Retire, World Ends, Etc.Bunk 32 Concentrate to Build Wealth.PART 4 History Lessons.Bunk 33 Pray for Budget Surpluses.Bunk 34 High Unemployment Is a Killer.Bunk 35 With Gold, You're Golden.Bunk 36 Stocks Love Lower Taxes.Bunk 37 Oil and Stocks Seesaw.Bunk 38 Swine Flu, SARS, Ebola, and Other Viral Disasters Make Markets Sick.Bunk 39 Consumers Are King.Bunk 40 Presidential Term Cycles Are Stock Market Voodoo.Bunk 41 My Political Party Is Best for Stocks.Bunk 42 Stock Returns Are Too High and Must Fall.PART 5 It's a Great Big World!Bunk 43 Foreign Stocks Just Feel So…Foreign.Bunk 44 Who Needs Foreign?Bunk 45 Big Debt Is National Death.Bunk 46 America Can't Handle Its Debt.Bunk 47 Indebted to China.Bunk 48 Trade Deficits Make Deficient Markets.Bunk 49 GDP Makes Stocks Grow.Bunk 50 Terrorism Terrorizes Stocks.Notes.About the Authors.Index.
\ The Globe and Mail"It's about time someone drove a stake into the folklore that permeates Wall Street, and Mr. Fisher does it in convincing-and often entertaining-fashion."\ —The Globe and Mail, November 2010\ \ \
