| Foreword by William J Bernstein Preface to the 2006 Edition Preface to the 1993 Edition Introduction 1 Market Risk, Timing, and Formula Strategies RISK AND MARKET RETURNS Market Returns over Time Distribution of Market Returns Risk and Expected Return MARKET TIMING AND FORMULA STRATEGIES Timing the Market Automatic Timing with Formula Strategies ENDNOTES 2006 NOTE 2 Dollar Cost Averaging Revisited DOLLAR COST AVERAGING: AN EXAMPLE SHORT-TERM PERFORMANCE Over One-Year Periods Over Five-Year Periods LONG-TERM PROBLEMS WITH DOLLAR COST AVERAGING Growth Equalization SUMMARY ENDNOTES 3 Value Averaging VALUE AVERAGING: AN INTRODUCTION SHORT-TERM PERFORMANCE LONG-TERM PERFORMANCE AND VALUE AVERAGING Linear, or Fixed-Dollar, Strategies Adjusting Strategies for Growth SUMMARY ENDNOTES 2006 NOTES 4 Investment Goals with Dollar Cost Averaging BACKGROUND Lump-Sum Investments Using the Formula Annuities: Periodic Investments Dollar Cost Averaging and Annuities READJUSTING THE INVESTMENT PLAN The Readjustment Process Flexibility Down-Shifting Investment Risk GROWTH-ADJUSTED DOLLAR COST AVERAGING Exact Formula Approximate Formula Readjusting the DCA Plan SUMMARY ENDNOTES Appendix to Chapter 4: Constructing a DCA Readjustment Spreadsheet 5 Establishing the Value Path VALUE AVERAGING VALUE PATHS The Value Path Formula Flexible Variations on the Value Path Formula Readjusting the VA Plan A Cautionary Note An Alternate Method SUMMARY ENDNOTES Appendix to Chapter 5: Constructing a VA Readjustment Spreadsheet 6 Avoiding Taxes and Transaction Costs TAX CONSIDERATIONS WITH VALUE AVERAGING The Advantage of Deferred Gains Deferring Capital Gains Taxes: An Example A Compromise: No-Sell Value Averaging REDUCING TRANSACTION COSTS Limiting Taxes Limiting Costs SUMMARY ENDNOTES 7 Playing Simulation Games 8 Comparing the Strategies 9 Profiting from Overreaction 10 Details: Getting Started 11 Examples: Strategies at Work 12 A Final Word Index |
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