The Little Book of Common Sense Investing

重要なポイント

• 投資家全体のリターンは市場リターンからコストを引いたもの。コストが勝者を決める
• 個別株を探すのをやめ、幅広く低コストなインデックスファンドで市場全体を保有する
• 大半のアクティブファンドは長期でインデックスに負け、勝ち続けるファンドは稀である
• 利益や配当という事業の実質リターンに注目し、市場の気まぐれな変動は無視する
• シンプルに保つ：株と債券の比率を決め、リバランスは最小限に、何十年も保有する

このbitの内容

1. すべてを保有し、コストは極限まで抑える

   John C. Bogle founded Vanguard and launched the first index fund for ordinary investors in 1976, and this little book is his case in plain language.

2. コストという冷徹な計算

   Bogle's foundation is a piece of arithmetic no marketing can escape. Before costs, the average rupee invested in the market earns exactly the market return, because the market is the sum of all its investors.

3. Buy the whole haystack

   Rather than searching for the few stocks or fund managers that will beat the market, Bogle says to own all of them through a broad, low-cost index fund. His evidence is that most actively managed funds trail their benchmark over a decade or more, that the ones which win rarely keep winning, and that many of the losers quietly disappear, making the survivors look better than they were.

4. 投機は投資ではない

   Bogle draws a line between the return a business earns, which is dividends plus earnings growth, and the return the market adds or subtracts through changes in how much investors will pay per rupee of earnings. Over a decade, the first is reliable and the second is noise; over a century, the second averages out to almost nothing.

5. シンプルに、そして長く続ける

   Bogle's practical advice is almost boring, which he takes as a compliment. Hold a broad equity index fund and, as you age or your nerves require, a broad bond index fund; a common rule of thumb puts roughly your age in percent into bonds, adjusted for your situation.

6. 実践に移す

   This week, look up the expense ratio of every fund you hold and write the numbers side by side; anything above 1% deserves a hard question. Check what share of your portfolio sits in broad, low-cost index funds and consider sending new SIP money there first.