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

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CHAPTER 25YOU ARE NOW GOOD TO GO!

YOU—NOT YOUR INVESTMENT MANAGERS—HAVE THE MOST important job in successful investment management. Your central responsibilities are to decide on your long-term investment objectives and determine a reasoned and realistic set of investment policies that can achieve your objectives.

You should study your total investment situation, your emotional tolerance for risk, and the history of investment markets, because a mismatch between the market’s sometimes grim realities and your financial and emotional needs can result and has often—and as recently as 2008—resulted in great harm.

Investors who study the realities of investing will be able to protect themselves and their investments from the all too common but unrealistic ...

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