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Winning the Loser's Game: Timeless Strategies for Successful Investing, Eighth Edition Hardcover – May 13, 2021

by Charles D. Ellis (Author), Burton Malkiel (Foreword)
4.5 4.5 out of 5 stars 199 ratings
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The definitive guide to long-term investing success―fully updated to address the realities of today’s markets

Technology, information overload, and increasing market dominance by expert investors and computers make it harder than ever to produce investing results that overcome operating costs and fees. Winning the Loser’s Game reveals everything you need to know to reduce costs, fees, and taxes, and focus on long-term policies that are right for you.

Candid, short, and super easy to read, Winning the Loser’s Game walks you through the process of developing and implementing a powerful investing strategy that generates solid profits year after year. In this eagerly awaited new edition, Charles D. Ellis applies the expertise developed over his long, illustrious career. This updated edition includes:

  • NEW CHAPTERS on bond investing, how investor behavior affects returns, and how technology and big data are challenging traditional investment decisions
  • NEW RESEARCH and evidence supporting the case for indexing investment operations
  • NEW INSIGHTS into the role of governance, developing a comprehensive saving strategy, and the power of regression to the mean
Companies change, and markets and economies go up and down―sometimes a lot.
But the core principles of successful investing never change―and never will. That’s why, when you’ve read this book, you’ll know all you really need to know to be successful in investing.

With Winning the Loser’s Game, you have everything you need to identify your unique investment objectives, develop a realistic and powerful investment program, and drive superior results.
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Previous page
  1. Print length
    304 pages
  2. Language
    English
  3. Publisher
    McGraw Hill
  4. Publication date
    May 13, 2021
  5. Dimensions
    6 x 1 x 9 inches
  6. ISBN-10
    1264258461
  7. ISBN-13
    978-1264258468
  8. See all details
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From the Publisher

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Editorial Reviews

From the Publisher

Charles D. Ellis founded Greenwich Associates, an international strategy consulting firm that serves leading financial firms in more than 130 professional financial markets around the world. Ellis is now an investing consultant to large institutional investors, government organizations, and high-net-worth families, and works as a director of several small businesses.

From the Back Cover

“Of the thousands upon thousands of books for individual investors, perhaps a dozen are worth reading. Of the dozen, only one is written with verve and clarity. Read this classic, learn its lessons, follow its precepts and prosper.” --David F. Swenson, Chief Investment Officer, Yale University “The best book about investing? The answer is simple: Winning the Loser’s Game.” --F. William McNabb III, former Chairman and CEO, The Vanguard Group, Inc. “Winning the Loser’s Game is one of a tiny handful of books that should be read by every investor. Charley Ellis has written a timeless investment classic that will be as worth reading 50 years from now as today, but for your own sake, don't wait to pick it up.” --Seth Alexander, President, MIT Investment Management Company “A seminal work. Its true and tested investing principles, vindicated over decades of experience, provide an invaluable framework for institutional and retail investors alike. The message resonates even more powerfully in today's world of unorthodox economic policy-making and lasting financial distortions.” --Gumersindo Oliveros, CEO and CIO, KAUST Investment Management “A true must-read classic!” --Martin Leibowitz, Managing Director, Morgan Stanley Research “A must-read. This clearly written book explores concepts essential to both institutional and individual investors. It is not a simplistic 'do-it-yourself ' cookbook, but an elegant guide to investment truths and paradoxes.” --Abby Joseph Cohen, Stock Market Strategist and Managing Director, Goldman, Sachs & Co. “To invest well is a daunting task no matter one's financial sophistication. It's especially so for individual investors because their investment decisions are so closely intertwined with life circumstances and choices. Winning the Loser's Game provides a powerful framework and clear prescriptions for establishing a game plan to deliver long-term investment success. Charley Ellis lucidly explains how the bar for winning is high, yet very attainable. It is a must-read for individual investors and advisors alike.” --Andre Perold, Co-Founder, Managing Partner, and Chief Investment Officer of HighVista Strategies “Investors face today one of the most uncertain and difficult investing environments in a generation. A classic is by definition timeless, a source of inspiration and guidance in every circumstance. Winning the Loser's Game fits the mold to perfection: Its lessons for investors, and very especially individual investors, have never been more valuable than today.” --Luis M. Viceira, George E. Bates Professor, Harvard Business School “No one understands what it takes to be a successful investor better than Charley Ellis and no one explains it more clearly or eloquently. This updated investment classic belongs on every investor's bookshelf.” --Consuelo Mack, Executive Producer and Managing Editor, Consuelo Mack WealthTrack “A must-read. This clearly written book explores concepts essential to both institutional and individual investors. It is not a simplistic 'do-it-yourself ' cookbook, but an elegant guide to investment truths and paradoxes.” --Abby Joseph Cohen, Stock Market Strategist and Managing Director, Goldman, Sachs & Co. “This is less a book about competition than about sound money management. Sounder than Charley Ellis they do not come.” --Andrew Tobias, Author, The Only Investment Guide You'll Ever Need

Product details

  • Publisher ‏ : ‎ McGraw Hill; 1st edition (May 13, 2021)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 304 pages
  • ISBN-10 ‏ : ‎ 1264258461
  • ISBN-13 ‏ : ‎ 978-1264258468
  • Item Weight ‏ : ‎ 2.31 pounds
  • Dimensions ‏ : ‎ 6 x 1 x 9 inches
  • Customer Reviews:
    4.5 4.5 out of 5 stars 199 ratings

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Charles D. Ellis

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Customer reviews

4.5 out of 5 stars
4.5 out of 5
199 global ratings

Top reviews from the United States

Airdale
5.0 out of 5 stars Essential in any investor's bookshelf.
Reviewed in the United States on June 6, 2022
Verified Purchase
This is the third of three books I recommend to newbie investors:

"The Coffee House Investor" by Bill Schultheis (This is Bill's first book; read it before reading his second one.)

"The Bogleheads Guide to Investing" by Taylor Larimore et al

"Winning the Loser's Game" by Charles Ellis

Ellis' book is third only because it requires a little more effort than the first two and I am trying to hook people on how easy investing really is. Someone who has read these books will know more about investing than most salespeople and, more importantly, will realize that most salespeople are ripoff artists selling products that can never deliver on their promises. I tell the students in my Adult-Ed investing class this: "Investing is boring. If you're not bored, you're doing it wrong." Ellis explains in more detail.
9 people found this helpful
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Dmw896
5.0 out of 5 stars Enjoyed this book
Reviewed in the United States on September 1, 2023
Verified Purchase
No nonsense book on investing written by a well known investment professional. Advocates for long term, buy & hold index fund investing, which is my style of investing.
One person found this helpful
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Michael Heidger
4.0 out of 5 stars Good Read on Index investing
Reviewed in the United States on July 20, 2023
Book loaded with solid stats and reasons why index is better alternative to managed funds. Looked at my portfolio and sure enough, the index funds were outperforming managed.

Mr. Ellis did talk often about leaving inheritance to children. Would been nice if he gave more thought to those of us without that option.

Highly recommend the book. Definitely a disrupter in today’s investment world.
2 people found this helpful
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Cactus Jack
5.0 out of 5 stars If you want to get rich slow - and sure - this is the book for you.
Reviewed in the United States on January 14, 2023
Verified Purchase
Highly recommended. I'm a Wharton School MBA, but I have no desire to go chasing big returns with high-risk investments. Every investment adviser will take the load off you, but their 1% annual fee for assets under management is actually - as the book points out - 15-20% of your expected annual gains over the long term. Not worth it in my book, or this one.

A great companion to John Bogle's Little Book of Common Sense Investing. Follow these strategies and you'll sleep better and eat better.
5 people found this helpful
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MVW
5.0 out of 5 stars Wise and Practical
Reviewed in the United States on June 26, 2021
Verified Purchase
I've read most of the well-known investment guides. This one is clearly the best. It offers much more helpful advice than, say, the famous books like "The Only Investment Guide You'll Ever Need" by Tobias (It's not.), A Random Walk Down Wall Street by Burt Malkiel and "Unconventional Success by David Swenson. Those are good but this one is better. It is much more up to date regarding the role bonds should play in a portfolio these days when the Fed has driven interest rates down to next to zero. One cannot expect to be paid for the risk that bonds now present, especially with some inflation looming in our future. Charlie Ellis nails it. Other's don't.
16 people found this helpful
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Car Overton
5.0 out of 5 stars Investment class 101
Reviewed in the United States on July 8, 2023
Verified Purchase
Everybody should read this book !
Business / investing class 101 !!
2 people found this helpful
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nacnud
3.0 out of 5 stars Every Active Trader Should Read This
Reviewed in the United States on November 26, 2021
Verified Purchase
There are some great insights and some very good advice in this book, especially if you buy and sell individual issues of stock (the market is now dominated by institutional investors and their teams of worker bees, good luck competing with them). I also appreciate the fundamental premise of the book - investing is like a casual game of tennis, he who makes the least mistakes often wins. However, if you are already on board with index funds, ETFs, and sticking to an asset allocation, you might find this drags a bit with redundancy. I found “A Random Walk down Wall Street” much more useful in terms of executing a D.I.Y. Financial plan.
7 people found this helpful
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Abbey Normal
5.0 out of 5 stars Summary: Invest in index funds.
Reviewed in the United States on June 13, 2023
Verified Purchase
Makes a compelling argument for index funds over actively managed funds.
One person found this helpful
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Top reviews from other countries

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Cliente de Amazon
5.0 out of 5 stars Muy buen Libro. Importante leerlo.
Reviewed in Mexico on September 20, 2021
Verified Purchase
Muy buen Libro. Importante leerlo.
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Amazon Customer
4.0 out of 5 stars deep understanding of a somewhat limited topic
Reviewed in Canada on July 30, 2021
Verified Purchase
At first glance, the scope of this book is limited to topic of passive investment, but in fact it is a risk-management course, explains the psychology and operational limits of actively managed funds, and other related sub-topics. Finally, it presents all the information with stats and sound rationale, enough for you to be really convinced and able to teach to others.
After reading this book, i still do active management but understand better that it is really hard to get and edge over passive investments, and that actively managed funds are in a very disadvantaged position compared. Also i retain that investment policy is more relevant than looking at past returns! Not a life-changer, but definitely deepens ones understanding of investments.
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Ferruccio
5.0 out of 5 stars Regalo
Reviewed in Italy on December 1, 2022
Verified Purchase
Non posso recensirlo perché è stato un regalo
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Kels Leigh
5.0 out of 5 stars Book
Reviewed in the United Kingdom on September 16, 2021
Verified Purchase
Great quality product & quick to arrive
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RG
1.0 out of 5 stars Basic
Reviewed in the United Kingdom on July 4, 2023
Verified Purchase
This is not for professional investors. Doesn’t say anything new. The main conclusion is that market is efficient and better invest in index funds. Lots of evidence of the contrary. Even the points around psychology are taken from Kaneman and Thaler. Don’t recommend it.
2 people found this helpful
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