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The Lies About Money: Why You Need to Own the Portfolio of the Future, by Ric Edelman
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Ric Edelman, #1 bestselling author of Ordinary People, Extraordinary Wealth, and the personal finance classic The Truth About Money, offers more great wisdom for investors—and a valuable insert of sample portfolios that outline everything you need to know about building the perfect portfolio.
Ric Edelman has helped more people achieve financial success than any other practicing financial advisor. Now, Ric reveals the deceptive and manipulative business practices occurring in your retail mutual funds—practices that are causing you to suffer higher fees, greater risks, and lower returns than you realize. In The Lies About Money, he offers you a detailed yet easy-to-follow plan that lets you take back control of your investments—and your financial future.
Here, Ric shares his most valuable lessons gained through two decades of working directly with individuals and families. He reveals the lies that have infiltrated your retail mutual funds and retirement accounts and teaches you how to invest your money in your employer retirement plan; how to save for college; and for those who are retired, how to generate more income without sacrificing security. He shows you that proper money management has nothing to do with “hot tips” and everything to do with scientific analysis, bolstered by solid academic research and historical data. Along the way, Ric shows you the secrets to investment success—a long-term focus, the importance of diversification, and the crucial need for (and methods of) portfolio rebalancing.
With insight and strategies that will change people's lives, The Lies About Money offers the truth that everyone is looking for.
- Sales Rank: #411944 in Books
- Published on: 2008-10-14
- Released on: 2008-10-14
- Original language: English
- Number of items: 1
- Dimensions: 9.13" h x .90" w x 7.37" l, 1.27 pounds
- Binding: Paperback
- 336 pages
From Publishers Weekly
Exposing the seamy underbelly of the retail mutual fund industry, this helpful primer by seasoned financial advisor Edelman offers step-by-step instructions for how to beat it at its own game. We have more to worry about than the ordinary fallibility of mutual fund managers, he explains; the entire industry has become flush with liars, crooks, and charlatans. Writing in a calm, well-reasoned manner, Edelman (Ordinary People, Extraordinary Wealth) explores basic concepts of portfolio management and retirement, and college and elder-care savings approaches. The book gets off to a slow start as Edelman works to ensure that less sophisticated readers are not passed by. After a sobering look at deceptive marketing practices, illegal market timing, late trading and excessive and hidden fees in the retail mutual fund sector, Edelman breaks down the options for ordinary people to regain their savings from crooked hands, in a detailed, interactive guide to portfolio selection. Edelman's clear writing and helpful advice are sure to win him a satisfied audience. (Oct. 2)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Review
"Once again Ric Edelman has told investors the truth. Whether it's how to select an appropriate portfolio, invest for college, or recognize practices that are not in the investor's best interest, Ric arms investors with information they can use to make wise investment decisions and protect their assets. And he does it with wit and enthusiasm. Read The Lies About Money. You won't be disappointed."
--Don M. Blandin, president and CEO, Investor Protection Trust
"This is a thriller, a real page-turner! Imagine one of America's biggest, most successful financial advisors sells all his own retail mutual funds. Why? I couldn't put it down, had to find out more! If I sell mine, then what? You'll love Ric's solution. The Lies About Money is a must-read thriller...if you want to retire rich!"
--Paul B. Farrell, JD, PhD, columnist, DowJones/ MarketWatch and author of The Lazy Person's Guide to Investing, The Millionaire Meditation, and Zen Millionaire
"Just when you thought the financial waters were safe, Ric Edelman shows that the mutual fund industry is like a shark waiting to be fed, and why you should be afraid, very afraid. But after reading The Lies About Money, you won't have to be afraid anymore."
--Donald J. Farish, president, Rowan University
"Once again, Ric Edelman comes to the aid of investors everywhere. His new book is clearly written -- informative and entertaining -- and will be of great use to both novices and experts. His thought-provoking ideas are a refreshing challenge to conventional thinking, and you owe it to yourself to read The Lies About Money."
~Richard J. Koreto, editor in chief, Wealth Manager magazine
"If you're an independent-minded investor, don't miss this book. In it, Ric helps you understand how to build a low-cost, unique and diversified long-term investment portfolio based on your personal needs and goals -- and he does it in plain English."
--Joe Moglia, CEO, TD AMERITRADE
"This is the best retirement planning book I have ever read." (David Bach, author of the Finish Rich Book Series)
About the Author
Ric Edelman, one of the nation’s best-known and most successful financial advisors, is a New York Times bestselling author with a weekly PBS television show and WABC radio program, as well as a nationally syndicated column. He serves as the resident financial expert for The Dr. Oz Show and is a regular contributor to Financial Advisor and Inc.com. Barron’s has ranked him the “#1 Independent Financial Advisor” in the nation on three separate occasions. His firm, Edelman Financial Services LLC, handles nearly sixteen billion dollars in assets for Americans across the country, winning over 100 awards from business, advisory, communication, and community service sectors in the process. He lives in Alexandria, Virginia. You can visit him at RicEdelman.com.
Most helpful customer reviews
0 of 1 people found the following review helpful.
Lies About Money
By Patrick H. Neary
Excellent and quick read, less than 2 hours. A must for your financial education
28 of 28 people found the following review helpful.
Some Good Information, but Mostly Sales Material
By Loyd Eskildson
Edelman begins by telling us that the retail mutual fund industry is flush with liars, crooks, and charlatans - daily activities include deceit, hidden costs, undisclosed risks, deceptive trade practices and conflicts of interest. Since 9/03 the industry has paid over $5 billion in fines and more than 80 executives have been barred from the industry or thrown in jail.
How does one get rich? Edelman says "Start saving!" If you buy a pack of cigarettes and a latte every day, you'll enter retirement with $2.8 million less than otherwise. To get all the profits you must be invested all the time. A study found that the S&P 500 from '97-'06 went up 8.4%/year, 2.2% if you missed the ten best days, 0% if you missed the 15 best. Buy and hold strategy pays less than half the taxes of short-timers and less transaction costs as well.
Another example of the value of constancy. A review of the top 25% of all stock funds for ten years ending 12/31/06 found 90% were below the average for at least three consecutive years, and more than half for five. A Business Week sponsored study compared $1,000 in the S&P stock index 1/1/26 to 12/31/06 yielded $30 trillion, vs. in and out to t-bills in the months after the market rose/fell ($3 million). Best results came from being diversified into all 16 major markets, especially with periodic re-balancing.
Other reported findings include small stocks, value stocks, poorly run companies, and bonds with shorter maturities produced better results. It was also interesting to read that the overwhelming portion of portfolio volatility is determined by how one allocates assets among various asset classes and market sectors - not through market timing or stock selection. Edelman also cites a study showing that diversification not only reduces risk, up to a point, but also improves returns. On the other hand, tests of some stock-selection strategies have not worked well prospectively, and there are obvious spurious correlations with eg. hemlines and the number of horror movies.
Half of all retail mutual fund managers have been on the job only three years; new managers replace an average 95% of fund investments. The average holding period for mutual funds now is less than a year, creating high short-term taxes; worse yet, 15% of funds engage in "window dressing" (buying high performers after the fact to hopefully cover-up their less stellar performance).
"Survivorship bias" is the closing or merging of lagging funds to create an overstated picture of performance. Almost half of mutual fund fees are not disclosed in the prospectus - eg. trading expenses. The average total charges now are about 3X those of 1945 funds. No discounts are given for larger investors. Late trading and personal trading by portfolio managers are additional problems. Brokers are "bribed" through sales incentives - thus, don't rely on their recommendations.
Edelman then tells us that institutional funds (eg. college endowments, state retirement funds) avoid the game-playing of retails funds. At that point the book became rather unintelligible and uninteresting as it degenerated into a total sales pitch for his money management services.
My bottom line: I need to read much more different sources of information on this topic before drawing major conclusions. If all those high-priced geniuses got it wrong on the mortgage debacle, I certainly need to learn a lot more.
5 of 5 people found the following review helpful.
Breaking his own rules
By David J. Lutz
I own thousands of pages of financial books such as this. And I have always learned something from each of them. Hey (don't listen Amazon.com) I bought this one at a Half Price Books! And I wanted to like it since I did pay for it.
But it immediately struck me as irritating. I waited to finish the whole book to formulate an opinion but here is what bothers me about this book more than anything: Ric makes a valid point about setting goals and objectives and tailoring a portfolio to support them, balancing risks and returns. And that's a big part of the point of this book - to produce a rational portfolio for your specific(-ish) scenario - "... Own The Portfolio Of The Future". I went through the annoying 'flipping around the book questionnaire' to arrive at my suggested portfolio and what did I find? A suggested mix of 18 investments ... WITH NO EXPECTED RATES OF RETURN OR VOLATILITY!
How am I supposed to gauge if this portfolio is meeting my goals?
And, BTW, what are its goals?
So I completed the online questionnaire hoping for more insight into my tailored portfolio - with all the same answers - and received a totally different portfolio, one which existed in the book verbatim but I could not arrive at via any responses that were even close to my personal scenario.
And I felt that this was simply a long-winded sales pitch for his services and that bothered me. Until he admitted it, and then it no longer bothered me that much.
There's a lot of good insight in this book and much that I agree with but it all can be found elsewhere without the other annoyances mentioned earlier. It's a quick and easy read, especially if you're already moderately informed on personal finance. But read Bogle, eventually, if you haven't yet.
I ran the numbers and found that my portfolio of index funds at Vanguard, with no advisor fee, actually had similar or lower rates than the ETFs offered by DFA and further exacerbated by Edelman's advisory fees. AND, when I entered my mix of fund proportions - not too different from those recommended by Edelman - the Vanguard web site tells me the expected average annual returns along with best and worst performing rates/years over the last near-century and percentage of those years with a negative return. That would have been helpful from this book.
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