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Larry Swedroe lays strong foundations by focusing on three major areas. First, he summarizes the results of several studies indicating that passive investment strategies outperform, over time and by a wide margin, active investment management. Second, Mr. Swedroe offers the individual investor a through overview of Modern Portfolio Theory and its subset, Efficient Markets Theory. Third, Larry provides a guide to the construction of a portfolio and discusses the roles investment advisors may undertake for the individual investor.
While some of the material in this first book is duplicated and updated in the second and third books, I recommend all three of these texts to individual investors. Larry Swedroe possesses the knack to take recent academic research and pass it on in an understandable, common sense manner to the many individual investors who do not possess advanced degrees in statistics.
My own library of "good books" on investing has grown to nearly 20 different texts. All three of Larry Swedroe's texts make my "good book" list. (I have rejected over 100 other texts and not included them on my "good book" list.) I highly recommend all of Larry's books, together with additional texts by Burton Malkeil, Peter Bernstein, John Bogle, Bruce Temkin, Roger Gibson and others. Larry's three books greatly assist the individual investor to build a solid base of knowledge to understand what works (and the many things that don't work) in investing. I highly recommend this book, and all three of his books, as key additions to every serious investor's library.
With complete explanations and interesting examples the reader is taught the basics of the efficient market and modern portfolio theory. Using the principles described in this book, an individual investor can both "eat well and sleep well", that is, can achieve excellent investment returns while actually lowering the risk in his portfolio.
Even if one chooses not to implement the complete strategy outlined by Swedroe, the book offers insights into investing that cannot help but improve portfolio performance.
This book is suitable for the beginning investor as well as the sophisticated person that makes his living from the market. Read it!
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