The Elements of Investing by Burton G. Malkiel & Charles D. Ellis

Author:Burton G. Malkiel & Charles D. Ellis [Malkiel, Burton G. & Ellis, Charles D.]
Language: eng
Format: epub, mobi
ISBN: 9780470528495
Publisher: Wiley
Published: 2009-12-14T00:00:00+00:00

It’s not today’s price or even next year’s price that matters; it’s the price you’ll get when it’s your time to sell to provide spending money during your years of retirement. For most investors, retirement is a long way off in the future. Indeed, when pessimism is rampant and market prices are down is the worst time to sell out or to stop making regular investment contributions. The time to buy is when stocks are on sale.

Investing is like raising teenagers—“interesting” along the way as they grow into fine adults. Experienced parents know to focus on the long term, not the dramatic daily dust-ups. The same applies to investing. Don’t let Mr. Market trick you into either exuberance or distress. Just as you do when the weather is really extreme, remember the ancient counsel, “This too shall pass.”

You don’t care if it’s cold and raining or warm and sunny 10,000 miles away because it’s not your weather. The same detachment should apply to your 401(k) investments until you approach retirement. Even at age 60, chances are you will live another 25 years and your spouse may live several years more.

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