One of today's best money managers heralds the onset of a new financial era, in which the rules for investors will be dramatically different. With wit and humor, Gross details recommended strategies, revealing where the markets are headed--and how to ride them to success.
Book Description
Editorial Reviews
Amazon.com Review
Everything You've Heard About Investing Is Wrong!, by respected money manager (and one-time professional blackjack player) William H. Gross, bucks traditional wisdom by predicting that stocks and bonds will average returns of just 6 percent over the next decade. In terms understandable to novice and experienced investors alike, it then suggests ways to maximize profits during this post-bull period. Liberally sprinkled with personal anecdotes, this is a surprisingly entertaining and thought-provoking book.
From Library Journal
Among those who believe that the persistent slide of the Dow Jones is marking the end of a 20-year bull market bonanza and the beginning of a new era of lower returns on equities is bond-market authority Gross, cofounder and chief investment officer of Pacific Investment Management Company. Using vignettes from his personal life to impart his investment philosophy, Gross makes his case that bonds will be the choice investment in the future. He argues successfully that bonds will have a distinct advantage in the coming era of low inflation and offers a good chapter on the benefits of inflation-indexed Treasury bonds that will be of interest for those looking for inflationary hedges. While he unearths nothing new, Gross's work offers a unique perspective and a compelling argument for investing in bonds in the postbull market. Recommended for public libraries.?Dennis Krieb, St. Charles Cty. Community Coll., St. Peters, Mo.
Copyright 1997 Reed Business Information, Inc.
Copyright 1997 Reed Business Information, Inc.
Product Details
Would you like to update product info or give feedback on images?
|
More About the Author
Discover books, learn about writers, read author blogs, and more.
Customer Reviews
|
Share your thoughts with other customers:
|
||||||||||||||||||||||
|
Most Helpful Customer Reviews
11 of 11 people found the following review helpful:
5.0 out of 5 stars
Bond Guru Shares His Wisdom,
This review is from: Everything You've Heard About Investing Is Wrong! : How to Profit in the Coming Post-Bull Markets (Hardcover)
What I Liked About It-- Shows how to THINK ABOUT INVESTING as opposed to providing rote formulas that will probably be misused -- Good brief overview of the yield curve and what that means for bond investing -- Great discussion on strategies for investing in low-volatility rate environment -- Enlightening discussion of the implicit "put" options in mortgages and corporate issues and how to take advantage of them -- One of the most human and enjoyable financial books I've read What Needed Work -- Will disappoint those looking for a bond investing "playbook" or formula -- Doesn't discuss in-depth strategies for high-volatility rate environments -- A bit dated in some aspects. -- Retail investors may not be able to apply these strategies without significant capital I've written an in-depth review on my enlightened-american.com website but here's the basic gist: All the great investors share some common characteristics -- an elegant simplicity, an ability to cut through to the essentials and an approach that integrates other disciplines or perspectives. Furthermore, the great investor-writers like Buffett, Greenblatt or Pabrai have that extraordinary ability to distill complex material into a comprehensible explanation that the average person can grasp. Bill Gross has all of this in spades and displays some of it throughout this book. Writing in 1997, Gross posits that a combination of high debt levels, expanding globalization and shifting demographics would mean slow-growth GDP numbers. As a result, investors should expect bond/stock returns of 6% and 8%, respectively, since corporate returns should eventually track economic output. He lays out a basic lesson in the yield curve, the case for disinflation and strategies for investing in a world of 6-8% returns. Along the way, Gross treats the reader to the pros and cons of corporate issues, mortgage-backed issues, emerging-market debt as well as more general concepts like macro-economic analysis, the famous PIMCO total return strategy and the plankton theory (especially pertinent in today's [2007] housing bust). As he discusses these potentially dull topics, he weaves real-life analogies into his explanations and as such, the book is entertaining to read while you're learning. Some of these analogies fit better than others (the Plankton Theory working best) but Gross turns a book about boring bonds into an investing page-turner -- an admirable feat. Highlights for me include the discussion of corporate and mortgage-backed issues. He outlines their inherent drawbacks and then illustrates why and how to use these features to your advantage in a low-volatility rate environment. I also liked his discussion of stretching short-term yield maturities so that you get a nice bump in yield with marginally increasing risk. I imagine that some may find fault with some of his predictions. Predictions are notoriously difficult and any inaccurate forecasting doesn't detract from the efficacy or validity of the investment strategies he lays out. His methods are sound and his record proves it -- it's up to you to know when to apply them. Others may gripe about the non-linear nature of Gross' musings. These people are probably looking for a playbook on bond investing -- a no-nonsense, how-to treatment on bond investing. If that's what you're looking for, I would point to Cohen's Bond Bible. I would also suggest that you are doing yourself a disservice. There is no hands-free formula for successful investing. I can't speak for him but I imagine that Gross takes the long, winding path because for him, investing successfully is as much about surveying all of the societal landscape as it is about crunching numbers. Ultimately, an investing education is more than just how to invest -- it's about how to approach investing. The first path will always see you fighting the last war; the latter allows you to prepare for the war ahead. -- Davy Bui [...]
4 of 6 people found the following review helpful:
3.0 out of 5 stars
Beware one book two titles "Bill Gross on investing" and "Everything you have heard about investing is wrong",
By
Amazon Verified Purchase(What's this?)
This review is from: Everything You've Heard About Investing Is Wrong! : How to Profit in the Coming Post-Bull Markets (Hardcover)
Beware one book two titles "Bill Gross on investing" and "Everything you have heard about investing is wrong"Otherwise not a bad book but very short and while there is a lot of wisdom in it he does not really explain why he believes certain things.
2 of 18 people found the following review helpful:
1.0 out of 5 stars
The book is in good condition if it didn't smell so bad,
Amazon Verified Purchase(What's this?)
This review is from: Everything You've Heard About Investing Is Wrong! : How to Profit in the Coming Post-Bull Markets (Hardcover)
The book is in good condition if it didn't smell so bad...I can't read it because the smell, put aside for severl weeks, hope smell will be gone, but it didn't work...
Share your thoughts with other customers: Create your own review
|
|
What Other Items Do Customers Buy After Viewing This Item?
Tags Customers Associate with This Product(What's this?)Click on a tag to find related items, discussions, and people.
|
Sell a Digital Version of This Book in the Kindle Store
If you are a publisher or author and hold the digital rights to a book, you can sell a digital version of it in our Kindle Store.
Learn more
