The Index Fund Solution: A Step-By-Step Investor's Guide

Book Description

MAXIMIZE YOUR RETURNS -- MINIMIZE YOUR RISK

Now, more than ever before, average investors are embracing index funds to eliminate the anxiety and expense of trying to predict which individual stocks, bonds, or mutual funds will "beat the index." In The Index Fund Solution, Richard E. Evans and Burton G. Malkiel explore why choosing index funds -- funds that buy and hold all stocks or bonds within a given group of securities -- ensures that you will always do as well as the market average.

The Index Fund Solution not only examines why index funds are growing rapidly in popularity but, using easy-to-understand language, also explains how anyone, from longtime investors to novices, can use these thriving funds to create a successful investment strategy. Whether you are saving for a child's education, the purchase of a house, or your retirement nest egg, index funds can be the key to unlocking the potential of dependable, long-term returns.

Customer Reviews:

Well written, easily readable, & very convincing........2006-04-11

I've read 4 - 6 different books on index funds & exchange traded funds in the past 2 years; plus using the considerable resources of Mornngstar & AAII, both on-line & in print. This is the best single book I've read that covers the entire index fund intellectual & financial universe. Written to the level of an American college graduate, reasonably financially literate, but not a financial professional. The material is well organized, logical, fun to read, humerous at times, & easily understandable. Evans suceessfully avoids clogging up his book with the incredibly complex mathematics & numerology which characterize many books & studies in this area. If you're looking for a single comprehensive resource to understand index funds, this is my nomination! Good luck!

Evans-Malkiel Book a good primer on indexing.......2000-05-02

Review of The Index Fund Solution by Evans/Malkiel

This is a good primer on using index funds to build a core portfolio, both with tax-deferred funds, such a 401(k) retirement savings, and taxable funds. The contributions of Evans , an investment advisor, is sandwiched between Professor Malkiel's introduction and closing chapter. It is one of three books I have read recently on the subject. Bogle's 2nd book on Mutual Funds is more technical and Swedloe's book is similar but is more oriented to the Dimensional Fund Advisors (DFA) approach.

The only mention of DFA is to Rex Sinquefield, Co-chair and CIO of DFA whose name is misspelled and whose title is wrong. DFA's enhanced index funds, based on the CRISP indexes are a major omission in the Evans-Malkiel book. Individuals can purchase those funds either if their employer's 401(k) has them available or if they use an advisor who has a relationship with DFA. The DFA 9-10 microcap funds have vastly different characteristics of size and value than the Russell 2000 or Wilshire 4500 index funds.

A few minor quibbles The Sharpe ratio example (p 86) 1.14% should be 1.14

P47 implies that "defined contribution plans" started in 1978. They go back 50+ years earlier to money purchase, profit sharing and stock bonus plans. In addition recent legislation allows employees of non-profits to be covered under 401(k) as well as 403(b) plans.

Evans chapter on taxes might have mentioned federal estate taxes which have a great impact on qualified plan participants with sizable estates. His three recommendations for variable annuities are all more expensive than one he omitted, TIAA-CREF.

Malkiel's final chapter provides an excellent rationale for capitalization weighted indexes as the only practical index-fund alternative, compared to dollar weighted and price weighted. DFA has an interesting approach to foreign indexing involving equal country weighting.

Malkiel, in his recommended portfolios, doesn't mention DFA's products in the large cap, REIT, foreign and small cap areas. While MPT and efficient frontier portfolios may be intellectually satisfying, Bogle and I have some problems with how slavishly one should follow their results.

All in all, this book is a very good starting point.

Conrad M. Siegel FSA, Consulting Actuary

Book Description

Designed to provide learners with a foundation in medical law and ethics, this book uses case studies from actual legal procedures to illustrate key points of law, interpretation of statutes, as well as ethical dilemmas. This newly revised edition helps the medical office professional interact with the legal profession, recognize when they need legal advice, and protect their employers from medical malpractice complaints. In addition to understanding their rights as an employee, the rights of the patient are explored, as well.

Law, Liability and Ethics for the Medical Office Professional

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Law, Liability and Ethics for the Medical Office Professional
Myrtle R. Flight
Manufacturer: Delmar Thomson Learning
ProductGroup: Book
Binding: Hardcover

General | Law | Subjects | Books

Ethics & Morality | Philosophy | Nonfiction | Subjects | Books

General | Law | Professional & Technical | Subjects | Books
ASIN: 1401840345

Book Description

Held December 16-919, 1999, this proceedings is derived from the Global Foundation Inc.'s Orbis Scientiae 1999. Topics include: cosmological parameters, unifying elementary particle physics, cosmology, superstrings, and black holes.

Customer Reviews:

B. N. Kursunoglu et al's Quantum gravity etc........2000-11-15

My article appears in this book as well as articles by some of the top people in quantum gravity, genralized theory of gravitation, and super-string based unification (unified field) theory. The Global Foundation, which sponsors the conferences on which the series of books is based, is composed mostly of Nobel Prize winners and comparable level people. It is remarkably innovative and receptive to new ideas - what one would expect from Nobel Prize and comparable people. My own article applies logic-based probability (LBP for short or LEUT) to the above fields. It's a sort of Non-Euclidean geometry version or analogue of mainstream Bayesian conditional probability (BCP)and like Non-Euclidean geometry changes a few small assumptions/axioms/definitions to obtain a new type of mathematics. LBP uses subtraction of probabilities (plus a constant) instead of BCP's division of probabilites, and is much more useful than BCP for rare events and highly influential/highly dependent events. Professor Kursunoglu obtained his Ph.D. in physics under Nobel Laureate Professor Paul Dirac of Cambridge University, England and worked with Albert Einstein. Dirac (now deceased) and Steven Weinberg (also a Nobel Laureate) are the two most creative and influential theoretical physicists of the last 30-40 years, although Weinberg (now at University of Texas Austin) is not with the Global Foundation. The series of books started in the 1950s.

Amazon.com

A poet might ask for a more exalted image of the cosmos, but physicist Sidney Perkowitz--evidently a committed java junkie as well as a patient explainer of difficult scientific concepts--is quite happy to suggest that the universe resembles a piping-hot cup of milk-laced coffee. It is, he writes, a mixture of solids, liquids, and gases, along with something that partakes of all these states of matter but is different from them as well--namely, foam.

"Foam," writes Perkowitz, "is a surprisingly intricate formation that has impact on astronomy, biology, chemistry, physics, and mathematics"--and that can be only partially explained within the bounds of any one of those fields, requiring a host of disciplines to describe it properly. The foam of the sea, for instance, has extraordinarily complex properties that influence, among other things, global weather systems--and that, if harnessed, may one day yield that magical source of inexhaustibly renewable, inexpensive energy that scientists have long sought. Foam permeates and underlies the cosmos, from subatomic bits of "quantum foam" that "stir up the fundamental shape of the world" to the air-riddled magma that bubbles below planetary surfaces and the foamlike cancellous bones that bear the weight of so many animals, humans included.

You've heard of chaos theory, of butterflies that flap their wings and produce hurricanes. Perkowitz provides an endlessly entertaining introduction to foam theory, a book of popular science to enjoy with an appropriately frothy beverage close at hand. --Gregory McNamee

Book Description

If you think foam is just the froth on your cappuccino or the top of a wave, think again. Foam has implications far beyond the commonplace: It has surprisingly intricate properties that engage scientists around the world. In Universal Foam, physicist and writer Sidney Perkowitz connects the ordinary properties of foam to its deeper scientific meanings. From ocean foam that influences weather around the world, to the revolutionary medicated foam, fibrin sealant, which controls bleeding in trauma victims, to the extraordinary aerogel which will be sprayed into the tail of a comet in 2004 to capture particles and return them to Earth, Perkowitz tells a surprising story of the importance and fascination of foam. Along the way, he explains the origin of the polystyrene peanuts that fill our packages and landfills, and shows the secret of cooking a great souffl and making a perfect cappuccino. Like foam itself, Perkowitz's writing is grounded in serious science, yet effervescent and a delight to the senses. After reading this highly original book, you will never again look at a wave or a galaxy in the same way.

Customer Reviews:

delightful, wide-ranging foray into science.......2003-04-29

This book was delightful, I learned so much from it. Sidney Perkowitz took a subject a seemingly laughable subject and made it fascinating.

The first section lays down the basics of foam. There is far more than just three states of matter - solid, liquid, and gas - and foam is a important type of "soft matter," a substance that is neither rigid like a solid nor completely free flowing like a liquid, and generally contains large amounts of a gas. Perkowitz points out simple observable facts about foams, that in their simplest definitions they are generally bubbles of gas distributed throughout a liquid or a solid; that liquid foams tend to be white, are usually short-lived, and move differently than either a pure gas or a pure liquid; and that foams within solids usually start out as liquid foams. The geometry of the bubbles within foam is discussed as well, with reference to a set of universal laws, Plateau's rules, devised by the 19th-century Belgian physicist Joseph Antoine Ferdinand Plateau. Vital to an understanding of the physics and geometry of foam are knowledge of surface tension, the minimumizing principle, and surfactants (an acronym for surface-active agent), all of which Perkowitz discusses with clarity and precision.

Chapter two goes into the tools used to examine foams. Over the years the methods of studying foam have ranged from cells made from transparent glass half an inch wide to much more complex methods such as diffusing-wave spectroscopy and magnetic resonance imaging with computer simulations playing a role of increasing importance.

Next we get to examine edible foam, my favorite. Foam is found in a variety of foods, from mousse (French for "foam") to meringue (which we learn was invented by the Swiss chef Gasparini in 1720 and named after his hometown of Meringen) to bread and beer, all of which are highly reliant upon foam in their formation. We find that the study of foam in a head of beer is a much a science as it is an art, which the brewing industry has done research into, determining what type of glass is the best and on the importance of the foam to beer drinkers. Even more research goes into the foam in crema, important to lovers of espresso. Perkowitz analyses the art and science of foam in cappuccino (where the type, brand, and temperature of the milk are critical), whipped cream (we learn that aerosol whipped creams are propelled by nitrous oxide or laughing gas), carbonated soft drinks (arising originally from drinks believed to have medicinal value), champagne, and that ultimate expression of edible foam, the soufflé (from the French verb souffler, which translates into "to blow or to puff").

The fourth chapter looks at practical foam, from cork to aerogel to shaving cream. We first look at natural foams that have daily value, such as pumice (foamy volcanic rock), sponges, and cork (where we learn why cork is both a great insulator against heat, why it is great in sound proofing, and why it has been used by wine producers for so long). Plastics, particularly foamed plastics, are analyzed in great detail, from their formation and chemistry to their many uses (and disposal of in landfills as well). Perkowitz looks at foamed plastic in everything from packing peanuts to Styrofoam cups to insulation for the space shuttle to bizarre furniture. Fascinating was his description of aerogel, so-called "frozen smoke," a ghostly substance as much as 98 percent or more air, an ounce of which contains the area of several football fields. Difficult to manufacture, we learn about its uses particularly in the space program. Liquid foams are also discussed, from shaving cream (which shares some similarities to whipped cream) to foam used in fire-fighting or in oil drilling. Foamed metal, another high-tech product, is also looked at.

Chapter five looks at "living foam," foam that is found in the world of nature. He describes a single cell as resembling a fluid-filled bubble, which crowd together like foam to form the parts of complex organisms. An understanding of foam has been crucial in the study of cells, body tissues, cell division, and reproduction. Foam, in solid form, gives many bones both strength and light weight. Foams are quite common in animal reproduction and in parental behavior, from frogs to insects to fish to even quail. Foams are also important in medicine, from the days when carbonated water was thought to have value to today when they are important in ultrasound therapy, in birth control, and - negatively - in some ailments such as the bends and altitude sickness, which he writes "has been called a disease of bubbles," as well as Creutzfeldt-Jakob disease and transmissible spongiform encephalopathy.

Chapter six looks at foam in meteorology and geology, from pumice, which reveals important information on the subsurface geologic actions of the earth, to sea foam, an understanding of which is important in climatology and an accurate understanding of storms and waves.

The book closes with a look at "cosmic" foam, which exists as part of the very bedrock of the universe in which we live, both at the level of the incredibly small and the incredibly huge. At the smallest possible level of analyses, at the quantum level of subatomic particles, the very space-time continuum is possibly made up of something known as quantum foam. Perkowitz brings into the discussion the research of Albert Einstein, Stephen Hawking, and Max Planck among others. On the larger side of the equation foam describes in a startling way the distribution of galaxies throughout the universe. The very galaxies themselves appear to be distributed in a foam-like pattern, the universe a vast series of cosmic bubbles, the film of which is made up of galaxies which enclose a volume of space up to 200 million light-years that is virtually void of galaxies. This finding has profound implications for the origin of the universe and for the Big Bang.

I highly recommend this book.

Blends science with a cultural overview.......2001-02-14

Universal Foam blends science with a cultural overview and history of the physical world, from the simple soap bubble to the history of foam science. It's unusual to find a book devoted to foam science alone: this has a surprising amount of facts packed into a review of how foam operates.

Expansive Breadth, Shallow Depth.......2000-12-08

This book is both less and more than I expected.

It will disappoint the sophisticated science-literate reader who is seeking details about the physics, chemistry, and geometry of foams. It is tantalizingly sketchy in this regard and fails to probe its titular topic at the level of, say, an article in Scientific American magazine. For example, Perkowitz extols the wonders of the shaving cream nozzle without actually describing how it works. The author takes us on a whirlwind grand tour of modern science, with a few short detours into history, glimpsing the facades of many areas of science but never setting foot within the edifices. Depending on your pre-existing familiarity with general science, you might find it totally fascinating or merely a tedious rehash of familiar topics.

The purported common thread--foamy structure in all physical domains--is a little disingenuous, often serving as a far-fetched excuse to introduce a seemingly irrelevant topic. For example Perkowitz touches on the subject of black holes by describing them as space-time "bubbles," in reality having nothing to do with foam per se.

It is sparsely illustrated with just a handful of photos and only a couple of diagrams. The hundred or so bibliographic references are likewise a mixed bag of old and new, general and technical.

Still, all readers are bound to learn something useful, even if parceled out as small nuggets of science trivia. Competently written and a commendable achievement in scope if not detail.

Review of "Universal Foam ..." by Dr. Sidney Perkowitz.......2000-09-13

In his newest book, "Universal Foam: From Cappuccino to the Cosmos", Dr. Sidney Perkowitz has, simply and personally, uncovered mysteries that permeate our universe, most of which we were subliminally aware, but always took for granted. Now, he has opened the door for us to seek additional uses for these ever present phenomena. Perkowitz shows us, all ages included, how these simple, usual things, such as foam, can be put to many extraordinary uses. We need more observant science writers to jump start our young people into thinking about their everyday surroundings in greater depth. His present writing is on par with his exciting 1998 paperback, "Empire of Light". Perkowitz presents his ideas in such a clear manner that you can see simple substances materialize into the most intricate technological advances. It is awe inspiring to see the world of physics unfolding before your eyes.

Universal Foam: the story of bubbles from cappuccino to the cosmos

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Universal Foam: the story of bubbles from cappuccino to the cosmos
S. Perkowitz
Manufacturer: Vintage
ProductGroup: Book
Binding: Paperback

General & Reference | Chemistry | Science | Subjects | Books

General | Science | Subjects | Books
ASIN: 0099286564

Amazon.com

This satiric novel of a mediocre novelist writing a mystery novel (about a real mystery novelist who solves a real-life mystery) while giving a writer's workshop offers rich seams of comedy. On the island where the writing group holds its sessions, other workshops of extravagant New Age silliness abound, from gastric dancing to orgasmic consciousness. Discussion of a hypothetical Hollywood movie version of the novel produces a mock Oscar acceptance speech consisting entirely of crazy politically correct kowtowing. A Russian participant in the writing group expresses her desire to give up her new and discomforting Russian freedom for enslavement at some university literature department in the West. This is a delicious satire of literary endeavor.

Customer Reviews:

A Delightful Romp by a Booker Prize Winner.......2000-07-07

"Lady with a Laptop" is a howlingly funny sendup of the Greek island setting in which Don Thomas leads workshops and, when this manuscript was in progress, treated attendees to excerpts. There we found ourselves practicing the literary craft in sometimes tense proximity to drum-beating, vegetarian wannabe-shamans. The New Wave personalities and spirit of the place are vividly captured and, for extra spice, the author's alter-ego is faced with an entirely fictive problem: the mysterious death of the title character.

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