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Index Abacus 2007-ACI, 211–212 American Express, 24–25 Adjustable-rate mortgages (ARMs), American International Group (AIG), 147 146–147 Anchoring, 242–243 Alcoa Inc., 30 Andreassen, Paul, 248 Alternative investments, 163–180, 255 Apple, 118, 256 art, 177–178 AQR Capital, 116–117 commodities, 168–172 Arab oil embargo (1970s), 123 futures contracts, 170–171 Ariel Investments, 35–36 gold, 172–175 Arnott, Robert, 51–52, 79 master limited partnership (MLP), Art, investing in, 177–178 171 The Ascent of Money (Ferguson), 164 oil, 170 “Asian contagion” (1997), 131 rice, 170 Asness, Clifford, 116, 230 timber, 175–177 Asset allocation, 14, 181–197 foreign exchange trading, bonds, 188 164–168COPYRIGHTEDcash MATERIAL and cash equivalents, 188 currency contracts, 166–167 hard or real assets, 188–189 foreign certifi cates of deposit stocks, 187–188 (CDs), 167–168 target-date funds, 191–193 Akre, Chuck, 34 Asset Allocation: Balancing Financial Risk Amaranth Advisors, 2, 229 (Gibson), 183 American Depositary Receipts Asset-backed securities, 92 (ADRs), 134 Availability bias, 241 269 270 INDEX Bailey, Tom, 114–115 BRIC countries, 131 Bank of America, 246 Brinson, Gary, 187 Barbarians at the Gate (Kravis), 221 Bruck, Connie, 101, 102 Bare, Rod, 192 Bucksbaum, John, 153–154 The Battle for Investment Survival Bucksbaum, Martin, 153 (Loeb), 15 Bucksbaum, Matthew, 153 The Battle for the Soul of Capitalism Buffett: The Making of an American (Peterson), 71 Capitalist (Lowenstein), 24 Beebower, Gilbert, 187 Buffett, Warren, 12, 15, 17–26, 28, 32, Behaviorism, 14, 235–251 38 anchoring, 242–243 Burj Khalifa (Dubai), 139–140 availability bias, 241 Burnham, Terry, 237 confi rmation bias, 244 Burlington Northern Santa Fe, 19, 25 endowment effect, 245–246 herd behavior, 248 Campbell Soup, 33 “Linda problem,” 240 Capitulation, 6 loss aversion, 245 Carlyle Group, 223 mental accounting, 241 Carville, James, 99 neglecting the base rate, 242 Cash and cash equivalents, investing in, overconfi dence, 249 188 recency, 246–247 Castle, John, 231–232 “sunk cost” fallacy, 244–245 Certifi cates of deposit, 188 Berkshire Hathaway, 19, 25 Certifi ed Financial Planner (CFP), 184, Bid-ask spread, 94 194–195 Birinyi, Laszlo, 13, 21, 75, 118–119 CGM Focus, 74 Cyrano Principle, 119 Chanos, James, 14, 130, 199–201, The Black Swan: The Impact of 208–210, 255–256 the Highly Improbable (Taleb), Chicago Mercantile Exchange, 171 4, 236 Chilton, Bart, 170 Blankinship, John, 195 China, 128–131, 134 Bogle, John, 61–81 Citigroup, 35 Bold, Adam, 64 Clinton, Hillary, 169, 242 Bonds, 53, 83–105, 188, 254–255 Cohen, Marilyn, 95 corporate, 188 Cohen, Steven, 217–220, 226–227 effect of infl ation on, 89–90 Collateralized debt obligations (CDOs), junk, 100–103, 188 147 municipal, 94 Collateralized mortgage obligations poor credit quality and, 91 (CMOs), 147 Treasury Infl ation Protected Securities Commodities, 168–177 (TIPS), 188 futures contracts, 170–171 zero-coupon, 188 gold, 172–175 Bonds Now! (Cohen), 95 master limited partnership Bretton Woods agreement (1944), 165 (MLP), 171 Index 271 oil, 170 El-Erian, Mohammed, 87 rice, 170 Emerging market countries, 131 timber, 175–177 Endowment effect, 245–246 Common Stocks as Long Term Investments Energy, investing in, 188–189 (Smith), 51 Engelberg, Joseph, 207 Conant, Doug, 33 Enron, 70, 115, 130, 199–201, 255 Confi rmation bias, 244 Equities, 41–59 Contrarian Investment Strategies: The Next return on, 47–48 Generation (Dreman), 29 ESPlannerBASIC, 193–194 Core-Mark Holdings, 33 Evans, Sir Harold, 45 Cramer, Jim, 5, 30 Exchange-traded funds (ETFs), 77, Credit default swaps (CDSs), 211 133–134, 193 Currency contracts, 166–167 iShares FTSE China 25 Index Fund, Cyrano Principle (Birinyi), 119 133–134 Dall, Robert, 144–145 Fama, Eugene, 74, 116 Defi ned-benefi t plans, 70 Fannie Mae, 144, 147–148, 189 Defi ned contribution plans Federal Reserve, 69, 99, 148 [401(k)s], 70 Fine Art Fund Group, 178 Depression. See Great Depression First Executive, 103 Diversifi cation. See Asset allocation Firsthand Technology Value Dividend Aristocrats (Standard & fund, 248 Poor’s), 29 Fisher, Irving, 48–49, 183 Dividends, 28–30 Fisher, Ken, 57–58, 228 Dodd, David, 8 Foreign exchange trading, 164–168 Don’t Blame the Shorts (Sloan), 204 currency contracts, 166 Dow Jones Industrial Average, 50, 62 foreign certifi cates of deposit (CDs), Dow 36,000: The New Strategy for 167–168 Profi ting from the Coming Rise in Forester Value fund, 13 the Stock Market (Glassman & 401(k) retirement plans, 70 Hassett), 44 Freddie Mac, 144, 147–148, 189 Dreman, David, 29–32, 37 French, Kenneth, 74 Drexel Burnham Lambert, 101–103 Friedman, Milton, 184 DWS S&P 500, 78 Futures contracts, 170–171 Earnings yield, 27–28 Gates, Bill, 23 EBITDA, 34 Geico, 20 Eendragt Maakt Magt trust, 68 General Growth Properties, 152–154 Effi cient market hypothesis (EMH), General Re, 22 4, 15–16, 49–50, 74, 116, Ghazi, Kian, 33 186, 236 Ginnie Mae, 144 Einhorn, David, 174, 201, 208, Gold, investing in, 172–175, 212–213 188–189 272 INDEX Goldman Sachs, 211–212, 220 Ibbotson, Roger, 182, 187, 218 Google, 6, 93, 111–112, 256 Indexes, 61–81 Graham, Benjamin, 1–3, 6–25, Infl ation, 49, 89–90, 104 35, 83, 178, 183, 235, 253–254, Integrated Resources, 209 256 The Intelligent Investor (Graham), 10 Graham-Newman, 7, 13, 24, 25 International investing, 121–135 Grantham, Jeremy, 132 Intrinsic value, 3, 26–28 Great Depression, 7–11, 165, 205–206 formula, 27 Great Recession, 22, 29–30, 42, 44–45, Investment Company Act of 56, 91–92, 148, 177, 240 1940, 68 credit quality problem during, 91 Investment Company Institute (ICI), housing boom preceding, 92 64, 73 The Greatest Trade Ever (Zuckerman), Irrational Exuberance (Shiller), 55 210–211 Greenblatt, Joel, 27–28 Jahnke, William, 187 Greenspan, Alan, 80, 86 Janus Capital, 113–116 Gross, William H., 84–89, 94–98, Jensen, Michael, 221 103–104 Johnson, Ross, 221–222 Growth investing, 15, 107–120 Jones, Alfred Winslow, 224–226 Gundlach, Jeffrey, 95, 149 Junk bonds, 100–103, 188 Hamilton Woolen Co., 10 Kahneman, Daniel, 238–240, 242 Hawkshaw Capital Management, 33 Kansas City Southern Industries, Hedge funds, 2, 189, 202, 217–234 114 Dodd-Frank legislation, 230 Kashkari, Neel, 86–87 Heebner, Ken, 74 Kennedy, Paul, 45–46 Herd behavior, 248 Keynes, John Maynard, 5, 51, Hickman, W. Bradford, 101 172, 237 The History of Financial Planning Khaner, Lloyd, 32–33 (Brandon & Welch), Kinder Morgan Energy 194, 195 Partners, 171 Home equity lines of credit (HELOCs), Kohlberg Kravis Roberts (KKR), 142–143 220–222 Hood, L. Randolph, 187 Kozlowski, Dennis, 210 Housing crisis, 139–148 Krispy Kreme, 112–113 adjustable-rate mortgages (ARMs), 146–147 Lampert, Edward, 223 collateralized debt obligations Legg Mason Value Trust, 37, 64 (CDOs), 147 Lehman Brothers, 212–213 collateralized mortgage obligations Leveraged buyout funds. See (CMOs), 147 Private-equity funds “Ninja” loans, 139, 143 Lewis, Michael, 95, 145 subprime loans, 139, 143 Liar’s Poker (Lewis), 95, 145 Index 273 “Linda problem,” 240 Monte Carlo simulations, 14, The Little Book that Beats the Market 195–196 (Greenblatt), 27 Municipal bonds, 94 Loeb, Gerald M., 15 Mutual funds, 67–75, 92 London Interbank Offered Rate Muzzy, James, 88 (LIBOR), 146 Long Term Capital Management The Nature of Capital and Income (Fisher), (LTCM), 228–229 3–4 Loss aversion, 245 Netfl ix, 201–202 Lovett, Robert, 9 New Deal, effect on Wall Street, 9 New York Stock Exchange, 68–69 Madoff, Bernard, 154 “Ninja” loans, 139, 143 Malkiel, Burton, 75–76 Nixon, Richard, 90 MarketRiders, 193 “Noisy market hypothesis” Markowitz, Henry, 184–186 (Siegel), 50 Marsico, Tom, 114 Nuveen Mid Cap Select, 73–74 Massachusetts Investors Trust, 68 Master limited partnership Oil, investing in, 170 (MLP), 171 McClure, Ben, 186 Parish, Frank, 213–214 Mean Markets and Lizard Brains Pass-throughs. See Mortgage-backed (Burnham), 237 securities Mental accounting, 241 Pastor, Lubos, 55 Meriwether, John, 228 Paulson, John, 210–212 Merrill Lynch, 246 PEG ratio, 27 Merrill, Charles, 4 Pellegrini, Paolo, 211 Microsoft, 22–23, 110, 112 A Piece of the Action: How the Middle Milano, Joe, 117–118 Class Joined the Money Class Milken, Michael, 101–103 (Nocera), 91 Miller, Bill, 37, 64, 74 PIIGS countries, 133 Mitchell, Charles, 6 Pimco Real Return Strategy Modern Portfolio Theory (MPT), fund, 171 184–186 Pimco Total Return bond mutual fund, Momentum investing, 108, 116 84, 87, 96–97, 103 “Money illusion,” 49 Plum Creek Timber, 177 Money market funds, 188 Podlich, Bill, 88 Money Masters of Our Time (Train), 108 PowerShares DB US Dollar Bullish Monsanto, 118 fund, 167 More Money than God (Mallaby), 225 The Predators’ Ball (Bruck), 101 Morgan, Walter L., 65–66 Price, Thomas Rowe, 107–110, 113, Mortgage-backed securities, 92, 116, 118 144–148 Price-to-earnings ratio (P/E), 22, 28 private-label, 144, 145, 148 Private-equity funds, 2, 189, 220–224 274 INDEX Private placements, 100–101 Russell Investments, 31 Pujo Committee, 205 3000 Growth Index, 31, 50, 111 Quaker Aklos Absolute Strategies, 231 3000 Value Index, 31, 50 Quantitative analysis, 14–15 Rutherford, Dag, 176 A Random Walk Down Wall Street SAC Capital, 217–218, 226–227 (Malkiel), 75–76 Salomon Brothers, 95, 143–146 Ranieri, Lewis, 143–146 Samuelson, Paul, 67, 76 Raskob, John J., 47, 48 Schloss, Walter, 38–39 Real estate investing, 137–161, Schwab YieldPlus short-term bond 189, 255 fund, 83 adjustable-rate mortgages (ARMs), Schwarzman, Steve, 231 146–147 Securities and Exchange Act, 9 collateralized debt obligations Securities and Exchange Commission (CDOs), 147 (SEC), 57, 134, 192, 206, 207, collateralized mortgage obligations 219 (CMOs), 147 defi nition of “accredited investor,” housing crisis, 139 219 “Ninja” loans, 139, 143 rule 12b-1, 72–73 subprime loans, 139, 143 uptick rule, 206 property trusts, 150 Security Analysis (Graham), 8, 9, 10, 14 real estate investment trusts (REITs), Shiller, Robert, 55–56, 142 150–154 Short selling, 14, 199–216 rental property, 149–150 congressional hearings on, Real estate investment trusts (REITs), 205–206 150–154, 189 “naked shorting,” 208 timber, 177 SEC ban on, 207 Recency, 246–247 Siegel, Jeremy, 41–59, 79, 124, 254 Recession.
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