Diversification provides a well-known way of getting something
close to a free lunch: by spreading money across different kinds of
investments, investors can earn the same return with lower risk or
a much higher return for the same amount of risk. This strategy,
introduced nearly fifty years ago, led to such strategies as index
funds. What if we were all missing out on another free lunch thats
right under our noses? In Lifecycle Investing, Barry Nalebuff and
Ian Ayrestwo of the most innovative thinkers in business, law, and
economicshave developed tools that will allow nearly any investor
to diversify their portfolios over time. By using leveraging when
younga controversial idea that sparked hate mail when the authors
first floated it in the pages of Forbesinvestors of all stripes,
from those just starting to plan to those getting ready to retire,
can substantially reduce overall risk while improving their
returns. In Lifecycle Investing, readers will learn * How to figure
out the level of exposure and leverage thats right for you * How
the Lifecycle Investing strategy would have performed in the
historical market * Why it will work even if everyone does it *
When not to adopt the Lifecycle Investing strategy Clearly written
and backed by rigorous research, Lifecycle Investing presents a
simple but radical idea that will shake up how we think about
retirement investing even as it provides a healthier nest egg in a
nicely feathered nest.
關於作者：
Ian Ayres is an economist, a lawyer, and the William K.
Townsend Professor at Yale Law School. He has written for the New
York Times, Wall Street Journal, Financial Times, Slate, and The
New Republic, and his research has been featured on PrimeTime Live,
Oprah, and Good Morning America. He is the author of ten books,
including the bestseller Super Crunchers. A graduate of Yale and
MIT, he was recently elected to the American Academy of Arts and
Sciences. He lives in New Haven, Connecticut.Barry Nalebuff is the
Milton Steinbach Professor of Economics and Management at Yale
School of Management. He is the author of fifty scholarly articles
and multiple books—including Co-opetition and The Art of
Strategy—and is the cofounder of Honest Tea. A graduate of MIT and
a Rhodes Scholar, he earned his doctorate at Oxford University. He
lives in New Haven, Connecticut.
目錄：
Introduction
Diversifying Time
The Free Lunch
Two Cheers for Home Ownership
Our Plan
1 A Leap of Faith
Gambling His Retirement?
Total Dollar Years
Use Leverage
Discounting Your Chickens Before They Hatch
Discounting Your Income
The Status Quo
Beating the Status Quo
The Plan
The Cookie Jar
Two Numbers
Three Phases
Social Security
Why Stop at 2:1 ?
3 Historical Performance
Eureka
Less Risk or More Return
Show Me the Money
The Crash
The Dominance of Leverage
……
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