Winning the Loser's Game
by Charles D. Ellis
Ellis' argument that investing has become a loser's game, won by avoiding mistakes rather than making brilliant moves, like amateur tennis, and that the answer is policy, indexing and discipline. It is short, elegant and has been updated across eight editions. The chapter on your real investment horizon, which is longer than you think, is the most useful.
Read it if…
you want a concise, elegant case for passive discipline over active brilliance.
Skip it if…
you have read the Bogle books; the message overlaps.
Three things you will actually use
- Avoid errors; the market is the professional.
- Your horizon is decades, not years.
- Policy beats prediction.
Do this first
Write your investment policy in one paragraph and read it before any change.
Our verdict
Short, elegant and persuasive.
Compare with other Money books
The Little Book of Behavioral Investing
James Montier · Money
Short, sharp and widely applicable.
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