Winning the Loser’s Game: Timeless Strategies for Successful Investing


  • Pages: 255
  • Format: PDF
  • Published Date: 2010


With fully updated facts, charts, and figures, Winning the Loser’s Game is packed with all new material, including U.S. government bonds, Active management, The investment management industry & Behavioral economics. With Winning the Loser’s Game, you have everything you need to set realistic objectives and a powerful investing strategy that will take you well into retirement.


In Winning the Loser’s Game, Charley Ellis gets it right. As his classic evolved from the pithy Investment Policy, first published in 1985, to this more robust (but still concise) fifth edition, the central message remains—take charge of your portfolio and beware the blandishments of Wall Street.

Take-charge investors both understand and execute their own investment programs. When market participants follow this commonsense
approach, investment results improve enormously. Self-reliant investors avoid many of Wall Street’s counterproductive interventions that introduce conflicts of interest and reduce investment returns.

Well-informed investors sidestep the wealthdiminishing actions of following the crowd and avoid entirely the schemes of charlatans like Bernie Madoff. Ever the wise coach, Charley counsels us to succeed by understanding ourselves and our investment alternatives.

Winning the Loser’s Game contains a number of references to the chronic underperformance of mutual funds, for example, noting in Chapter 17 that over the past decade index funds beat the results of 80 percent of mutual funds. Shockingly, investors experience even worse results than those that Charley reports. First, the performance data necessarily exclude the results of the surprisingly large number of failed funds, a phenomenon known as “survivorship bias” (which Charley helpfully explains in Chapter 14).


  • The Loser’s Game
  • Beating the Market
  • Mr. Market and Mr. Value
  • The Investor’s Dream Team
  • Investor Risk
  • Your Unfair Competitive Advantage
  • The Paradox
  • Time
  • Returns
  • Investment Risks
  • Building Portfolios
  • Why Policy Matters
  • The Winner’s Game
  • Performance Measurement
  • Predicting the Market—Roughly
  • The Individual Investor
  • Selecting Funds
  • Planning your Play
  • Disaster—Again
  • EndGame
  • Thoughts for the Wealthy
  • You Are Now Good to Go!
  • Parting Thoughts