Figuring It Out

CHARLES D. ELLIS is one of the leading contributors to the investment profession. He has chaired the CFA Institute, served as a Director of Vanguard and on over a dozen investment committees, including many years on the Yale Investment Committee. He has taught advanced investment courses at both Harvard Business School and Yale School of Management. This is his 19th book.

• Foreword ixNote on the Text xiIntroduction xiii1 The Changing Game 12 The Loser’s Game 353 The Winners’ Game 474 The Winner’s Game II 615 The Rise and Fall of Performance Investing 736 Seven Rules for More Innovative Portfolio Management in an Age of Discontinuity 897 Will Success Spoil Performance Investing? 938 To Get Performance, You Have to Be Organized for It 999 Investing Success in Two Easy Lessons 10710 The End of Active Investing? 11111 In Defense of Active Investing 11912 Murder on the Orient Express: The Mystery of Underperformance 12713 Best Practice Investment Committees 14114 Levels of the Game 15715 An Invitation to Winning 16316 Small Slam! 16717 A Lesson from Seaside Cemetery 17118 Tommy Armour on Investing 17319 Ted Williams’ Great Lessons for Investors 17720 Symptoms and Signs 18121 Lessons from the Warwick and Château Chambord 19122 Investment Management Fees Are Higher Than We Think 19923 Computer People May Be Planning a Revolution 20324 Characteristics of Successful Investment Firms 20725 A New Paradigm of Investment Management 21526 Lessons on Grand Strategy 22127 Pension Funds Need MORE Management MANAGEMENT 22728 The Significance of 65 23329 Where Were We? 23730 Hard Choices: Where Are We Now? 24331 Bonds for Long-Term Investors? 25132 What Role Should Bonds Play? 26133 Too Much Liquidity Will Cost You 26534 Letter to My Grandkids: 12 Essential Investing Guidelines 26935 Miss Sally’s Attic 27736 Ben Graham: Ideas as Mementos 28137 The Corporate Tax Cut 29138 Repurchase Stock to Revitalize Equity 29539 Anti-Trust, Bank Mergers, and the PNB Decision 315Index 325

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