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Winning the Loser’s Game, 6th edition: Timeless Strategies for Successful Investing by Charles Ellis

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CHAPTER 13WHY POLICY MATTERS

THE PRINCIPAL REASON YOU SHOULD ARTICULATE YOUR long-term investment policies explicitly and in writing is to protect your portfolio from yourself—helping you adhere to long-term policy when Mr. Market makes current markets most distressing and your long-term investment policy suddenly seems most seriously in doubt.

Technology has transformed investing just as GPS (global position system) technology has transformed navigation. Thanks to new technology, investment managers can approximate—within the array of feasible results—the intended long-term “relative-to-market” outcome for any particular portfolio. Investors now have every right to expect results that match their reasonable expectations and their fund managers’ ...

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