The Little Book that Saves Your Assets PDF (What the Rich Do to Stay Wealthy in Up and Down Markets) shows you how to use savvy asset allocation strategies that you can use to invest like the rich do. This dynamic and easy-to-understand book allows you to rethink your asset allocation strategies and make the leap from mediocre to stellar returns.
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Author: David M. Darst
Free Download link: At the end of the post
If you’ve ever wondered how investors continue to see substantial market-beating investment returns with portfolios that just seem to grow and grow, The Little Book that Saves Your Assets: What the Rich Do to Stay Wealthy in Up and Down Markets will reveal some secrets. David Darst, also known as Mr. Asset Allocations, shows you how to use savvy asset allocation strategies that you can use to invest like the rich do. This dynamic and easy-to-understand book allows you to rethink your asset allocation strategies and make the leap from mediocre to stellar returns.
I would tell you that David Darst is one of the best investors out there, but that doesn’t do him justice. The man is a financial visionary, an incredible teacher, and knowledgeable beyond belief. Let me put it this way: David has figured out more markets than I have ever traded in. He has been the dominant thinker when it comes to the vast panoply of investments out there. He’s your guide through the fi nancial supermarket we must all navigate, and without him, you will most surely get lost in the myriad aisles and end up buying the wrong thing at the wrong time. And in this supermarket there is no money-back guarantee. Or, to switch metaphors, with so many new things you can invest in, picking the right ones has become as difficult and frightening as climbing Mount Everest without this Sherpa showing you the way.
So I thought I was prepared when I started reading The Little Book That Saves Your Assets. I’d read David’s earlier books and loved them, especially The Art of Asset Allocation, a guidebook that professionals thumb through when they get stumped. And when I first worked with David at Goldman Sachs, I cut my teeth on his Complete Bond Book, which I still consider the best treatment of the subject yet written. Until I devoured it I thought I knew how the stock market worked; silly me. David explained that the bond market is the fundament that everything else gets priced off of. That bit of advice makes the difference between amateurs and professionals, and they don’t teach it anywhere. The Art of Asset Allocation remains on my Mad Money desk, right next to my terminals that flicker stock prices, a permanent warning that I am being foolish if I think only of individual stocks and not a caller’s broader array of life savings.
But this book is something else entirely: the most accessible guide I’ve ever seen to applying the most fundamental principle of investing, asset allocation. Asset allocation, not stock picking, not sector funds, not guessing the direction of the Dow Jones averages, is the key to financial success. This book should be required reading for every nonprofessional investor, not to mention many of the pros who still don’t get it. In fact, even if you have no desire to manage your own money, you should still read this book, because David has strategies in here that can work for everyone who wants to grow wealth or simply protect it. This book is pretty much a one-decision guide— either you want to lose your assets or you want to save them; the former group shouldn’t bother with what Darst has to say, while the latter group needs it now!
We’ve been flooded with books that promise to do just that, books that often either aren’t worth reading or are unreadable. The Little Book That Saves Your Assets is just the opposite. Why? In part, it’s because David is a stellar teacher. I know this firsthand because he was my first real teacher at Goldman Sachs, and it’s hard not to mention another of David’s former proté g és, Eddie Lampert, a phenomenal hedge fund manager with a great track record, whom David recruited as a teenager right out of high school. Back then he taught us poetry and literature while he drilled us over and over again on the basics. Decades later he’s still got the knack, working Yeats and Robert Frost into his advice and explanations. Investing for English majors —sounds good to me. He makes it enjoyable, he makes the necessary fun!
David also knows how to put his metaphors to work, and that matters more than you might expect. On Wall Street, the pros use complicated-sounding language to refer to concepts that aren’t that hard to understand when someone explains them in plain English. But a lot of the pros would rather make you feel confused and dependent on their services, rather than educating you. Time and again David takes complex or arcane-sounding terms and translates them into easy-to-understand football metaphors. This book will do more than educate you; it will empower you as an investor.
For example, David has a great section on how to rigorously determine if a fund manager is any good that’s downright aggressive. Most wouldn’t dare to invade that territory. David has pioneered it, has mapped it, and knows who is out of bounds, who’s off the reservation. Can you assess a fund manager without him? I think not.
There’s a lot of great advice in here, but the reason you can’t afford not to read this book boils down to this: Smart asset allocation, which includes diversification (a necessity I address endlessly on my TV show Mad Money), is the single best way to avoid losing lots of money. Even if you think you have these concepts nailed down, believe me, there’s always more to learn, and David Darst, the man who taught me everything I know about the subject, is the man to teach you. Until this book, I thought that you had to work at Goldman for so many years, or at Morgan Stanley, where he’s the asset allocator himself, to get this sage’s advice. Not any more. He’s made the basics come alive, and with this book, you can be sure that your chances of being a big-time client of David’s firm increase dramatically.
I am proud of my three- decade – long -association with David, but even more proud to call this asset allocation icon my friend. Read this book, learn what he has to say, and you will be richer for it in more ways than having more money, as I have been since the day I met him as a young aspiring job-seeker at Goldman Sachs so many years ago. You’ve picked the right book. I wish he had written it 30 years ago, but it’s never too late for a new classic to appear on the fi nancial literary scene.
— Jim Cramer
Columnist for The Street.com Columnist for New York magazine
Host of CNBC’s Mad Money
Table of Contents- The Little Book that Saves Your Assets PDF
We All Do It (Even if We Don’t Realize It) 1
Everyone Needs an Uncle Frank 19
Building Your House 25
Parts of the Whole—Combining Dreams into a Plan 41
Two Strategies to Win the Battle for Investment Survival 59
Do You Know Where You Are Going? 75
Mix, Don’t Match 89
Our Minds, Our Selves 103
The Jockey Matters as Much as the Horse 117
Riding Out Storms 133
Build Your House on These Rocks 145
Count to Zen 159
Seven Quick Ways to Ruin 169
The Road Less Traveled that You Should Take Right Now 179
Who Are You? (Determining Your Investment Profile) 193
What Do You Think? (Determining Your Investment Outlook) 195
What Works for You? (Determining Your Investment Selection) 197
Don’t Take My Word for It 199
“Darst delivers his wisdom like fine champagne: full of sparkle and so good you hate to finish it. All investors have much to gain from his sparkling advice.”
—Peter L. Bernstein, author of Capital Ideas, Against the Gods, The Power of Gold, and Capital Ideas Evolving
“Asset allocation is an art, David Darst is the master. This entertaining and readable little book enables individual investors to do what the pros do, build and save their assets!”
—Consuelo Mack, Anchor and Managing Editor, Consuelo Mack WealthTrack on PBS
“David Darst is a walking encyclopedia of investment information. This book is an invaluable source and reference.”
—Barton Biggs, Managing Partner, Traxis Partners
“David Darst has produced another winner! This book is a must-read for any investor who is serious about seeking the best risk-adjusted return on a portfolio.”
—Samuel L. Hayes, Jacob H. Schiff Professor of Investment Banking, Emeritus, Harvard Business School
“With his decades of experience, Darst entertainingly debunks the mysteries of investing—helping you grow the value of your assets while achieving peace of mind in the process.”
—Byron Wien, Chief Investment Strategist, Pequot Capital Management
About the author
David M. Darst is a Managing Director at Morgan Stanley. He serves as Chief Investment Strategist of the firm’s Global Wealth Management Group and is the Chairman of the Asset Allocation Committee. Darst is also the founding president of the Morgan Stanley Investment Group. Prior to joining Morgan Stanley in 1996, he was with Goldman Sachs for over twenty years, where he served as a senior executive in the Equities Division. Darst is often quoted in the New York Times, Wall Street Journal, and Financial Times, among others. He is also a frequent guest on CNBC, Bloomberg, and FOX News. He earned his MBA from Harvard Business School and received a BA in economics from Yale University. Darst is a CFA charterholder.
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