The Little Book of Common Sense Investing

핵심 요약

• 투자자 전체 수익은 시장 수익률 마이너스 비용이므로, 비용이 승자를 가릅니다
• 종목을 고르지 말고 저비용 광범위 인덱스 펀드로 시장 전체를 소유하세요
• 대부분의 액티브 펀드는 장기적으로 지수를 밑돌고, 승자는 반복되지 않습니다
• 이익과 배당에서 나오는 실질 수익에 집중하고 시장 분위기는 무시하세요
• 단순하게 주식과 채권 비율을 정하고, 가끔 리밸런싱하며, 수십 년간 쥐고 가세요

이 비트의 내용

1. 모든 것을 소유하고, 비용은 거의 내지 마세요

   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. 비용의 냉혹한 산수

   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. 투기는 투자가 아닙니다

   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. 단순하게, 그리고 길게 가세요

   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. 직접 적용해 보기

   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.