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Index Funds: The 12-Step Recovery Program for Active Investors [Kindle Edition]

Mark T. Hebner , Harry M. Markowitz
3.4 out of 5 stars  See all reviews (11 customer reviews)

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Book Description

This 2013 revised edition of Index Funds: The 12-Step Recovery Program for Active Investors provides new data, updated charts and additional information on index funds investing. This book reveals the potential land mines and pitfalls of active investing and educates readers on the benefits of passive investing with index funds. Hebner's book details the possible perils associated with stock picking, mutual fund manager picking, market timing, and other wealth depleting behaviors. This 12-Step Program teaches the differences between active and passive investing, explains the emotional triggers that impact investment decisions, and offers an enlightening education on science-based investing that may forever change the way an investor perceives the stock market. Hebner sets forth a sound strategy that involves risk-appropriate investing that may empower investors to lead a more profitable and relaxed life.

Editorial Reviews


"Hebner gives us good advice presented in a very appealing manner. Index Funds remains one of the most valuable investment guides available." --Burton Malkiel, Ph,D., Professor of Economics, Princeton University and author of A Random Walk Down Wall Street

"It is really beautiful and really well done. I plan to use it as a reference guide." --David Booth, Chairman and Co-Chief Executive Officer, Dimensional Fund Advisors, Inc., Benefactor of the University of Chicago Booth School of Business

"... as the book documents so well, a foolish attempt to beat the market and get rich quickly will make one's broker rich and oneself much less so." --Harry Markowitz, Ph.D., Nobel Laureate in Economics, Professor of Economics at the University of California at San Diego, Rady School of Management

"This book is WONDERFUL!" --Theodore Aaronson, Founder of Aaronson Johnson Ortiz, Institutional Investment Manager

About the Author

Mark T. Hebner is the founder and president of Index Fund Advisors, Inc., author of, and the book Index Funds: The 12-Step Program for Active Investors. That original book received praise from the financial industry and academic legends, including John Bogle, David Booth, Harry Markowitz, Burton Malkiel, and Paul Samuelson. This is a condensed and updated version of that book. Mark is considered a leading author, speaker, and Internet provider of investing education. He is especially knowledgeable about the superiority of index mutual funds, as well as the research indexes designed by financial economists. He earned an MBA at the University of California, Irvine.

Product Details

  • File Size: 6932 KB
  • Print Length: 320 pages
  • Publisher: Index Funds Advisors/ifa Publishing; Reprint edition (June 17, 2013)
  • Sold by: Amazon Digital Services, Inc.
  • Language: English
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Not Enabled
  • Lending: Enabled
  • Amazon Best Sellers Rank: #277,864 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

3.4 out of 5 stars
3.4 out of 5 stars
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Most Helpful Customer Reviews
3 of 3 people found the following review helpful
Format:Hardcover|Verified Purchase
- Heavily researched TRUTH (not just typical Wall Street pseudo-plausibility as a sales tactic)
- Tons of colorful and intuitive charts, graphs, diagrams, illustrations, and other graphics to really SHOW the facts
- Interesting (and beautiful in my opinion) original artworks throughout
- Lots and lots of academic research to back up claims - and those guys are in it for the facts, not for sales commissions
- A quick read, not too "heavy" or long as many financial texts can be (sorry "Random Walk", you're good, but, oh man...)
- Great tongue-in-cheek humor throughout
- It's a breath of fresh air for advisors interested in doing what's RIGHT instead of what most of dishonest Wall Street does
- Helps illustrate why using an advisor is really in your best interest - just like a personal trainer, you'll get better results

- Artwork is on the small almost pocket sized pages of this shrunken down book, I'd love to see it full-size
- No 2014 version available (yet!)

As a young new idealistic financial advisor in-training, I want to do it right. I want to help my clients understand the true nature of market pricing.

When you try to outsmart the market, you're not just up against the average investor, oh no, you're up against the grand collective meta-genius of millions of highly motivated and very smart investors, fund managers, wall street analysts, high-end advisors, hedge fund tycoons, and more. It's like betting you can outsmart God. You might get lucky a few times, and if you're susceptible to the common human foibles of psychology, you might start to think you really are smarter.

Read this book and buffer yourself against the lure of beating the market.
Read more ›
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3 of 3 people found the following review helpful
By Robert
Format:Hardcover|Verified Purchase
This is a good introductory book to the idea of index funds and passive management. The whole book is talking about the Index Fund Advisors (IFA) company and their funds so essentially it is an advertisement. The 2013 version of the book is much shorter than their previous edition. Also, this edition pairs well with information found on their website as it lists (in the back) links to more content that is available for free. I liked this book because it was a gateway for me to start looking into the idea of index funds. It allowed me to look a lot at the funds available by IFA and eventually led me to put most of my retirement money into index funds (but not with IFA). It is an easy read and I recommend it as a starting point to learning about index funds / passively managed funds.
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3 of 4 people found the following review helpful
3.0 out of 5 stars Useful information for the passive investor but... April 24, 2014
Format:Hardcover|Verified Purchase
Good description of sound investing principles along with colorful charts and graphs make this an interesting read but for those who are comfortable with managing a passive investment portfolio, it's hard to accept the need for a fee based adviser simply to reallocate/rebalance the funds periodically. I did not find sufficient value added to justify the additional expense of outside oversight.
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5 of 7 people found the following review helpful
3.0 out of 5 stars Book is Really a Gateway to the Advisory Service October 13, 2013
By 2AR
Format:Kindle Edition
The book is sound, but the website for Index Fund Advisors ([...] contains all the same information plus it is interactive and allows you to do much more analysis and research on the subject. I was very impressed with the amount of information presented and the insight the site provided into IFA's investment philosophy - information you can use whether or not you decide to every use their services.
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3 of 4 people found the following review helpful
5.0 out of 5 stars A must read December 1, 2013
Format:Kindle Edition|Verified Purchase
A must read for anyone in stock market. This will open your eyes to investing . Do yourself a favor.
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2 of 3 people found the following review helpful
4.0 out of 5 stars See Reviews From Prior Edition January 18, 2014
Format:Hardcover|Verified Purchase
See many more reviews from the previous edition (published in 2012) of this book that include several opinions on the text, art and charts:
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