Order from a Major Online Bookstore
Ultimate Book Price Comparison Engine
Save Your Time And Money
| AnyBook4Less.com | Order from a Major Online Bookstore |
|
| Home | Store List | FAQ | Contact Us | | ||
| Ultimate Book Price Comparison Engine Save Your Time And Money |
||
 |
Title: The Index Fund Solution : A Step-By-Step Investor's Guide by Richard E. Evans, Burton G. Malkiel ISBN: 0-684-86596-3 Publisher: Fireside Pub. Date: 21 March, 2000 Format: Paperback Volumes: 1 List Price(USD): $17.95 |
Average Customer Rating: 3 (1 review)
Rating: 3
Summary: Evans-Malkiel Book a good primer on indexing
Comment: Review of The Index Fund Solution by Evans/Malkiel
This is a good primer on using index funds to build a core portfolio, both with tax-deferred funds, such a 401(k) retirement savings, and taxable funds. The contributions of Evans , an investment advisor, is sandwiched between Professor Malkiel's introduction and closing chapter. It is one of three books I have read recently on the subject. Bogle's 2nd book on Mutual Funds is more technical and Swedloe's book is similar but is more oriented to the Dimensional Fund Advisors (DFA) approach.
The only mention of DFA is to Rex Sinquefield, Co-chair and CIO of DFA whose name is misspelled and whose title is wrong. DFA's enhanced index funds, based on the CRISP indexes are a major omission in the Evans-Malkiel book. Individuals can purchase those funds either if their employer's 401(k) has them available or if they use an advisor who has a relationship with DFA. The DFA 9-10 microcap funds have vastly different characteristics of size and value than the Russell 2000 or Wilshire 4500 index funds.
A few minor quibbles The Sharpe ratio example (p 86) 1.14% should be 1.14
P47 implies that "defined contribution plans" started in 1978. They go back 50+ years earlier to money purchase, profit sharing and stock bonus plans. In addition recent legislation allows employees of non-profits to be covered under 401(k) as well as 403(b) plans.
Evans chapter on taxes might have mentioned federal estate taxes which have a great impact on qualified plan participants with sizable estates. His three recommendations for variable annuities are all more expensive than one he omitted, TIAA-CREF.
Malkiel's final chapter provides an excellent rationale for capitalization weighted indexes as the only practical index-fund alternative, compared to dollar weighted and price weighted. DFA has an interesting approach to foreign indexing involving equal country weighting.
Malkiel, in his recommended portfolios, doesn't mention DFA's products in the large cap, REIT, foreign and small cap areas. While MPT and efficient frontier portfolios may be intellectually satisfying, Bogle and I have some problems with how slavishly one should follow their results.
All in all, this book is a very good starting point.
Conrad M. Siegel FSA, Consulting Actuary
 |
Title: Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor by John C. Bogle ISBN: 0471392286 Publisher: John Wiley & Sons Pub. Date: 06 October, 2000 List Price(USD): $19.95 |
 |
Title: Earn More (Sleep Better): The Index Fund Solution by Richard E. Evans, Burton Gordon Malkiel ISBN: 0684852500 Publisher: Simon & Schuster Pub. Date: 16 February, 1999 List Price(USD): $25.00 |
 |
Title: The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk by William J. Bernstein ISBN: 0071362363 Publisher: McGraw-Hill Trade Pub. Date: 22 September, 2000 List Price(USD): $29.95 |
 |
Title: A Random Walk Down Wall Street, Completely Revised and Updated Edition by Burton G. Malkiel ISBN: 0393057828 Publisher: W.W. Norton & Company Pub. Date: April, 2003 List Price(USD): $29.95 |
 |
Title: The Random Walk Guide to Investing: Ten Rules for Financial Success by Burton G. Malkiel ISBN: 0393058549 Publisher: W.W. Norton & Company Pub. Date: September, 2003 List Price(USD): $22.95 |
Thank you for visiting www.AnyBook4Less.com and enjoy your savings!
Copyright� 2001-2021 Send your comments
