Many highly paid investment gurus will insist that successful investing is a function of painfully collected experience, expansive research, skillful market timing, and sophisticated analysis. Others emphasize fundamental research about companies, industries, and markets.

Based on thirty years in the investment industry, I say the ingredients for a successful investment portfolio are stubborn belief in the quality, diversification, growth, and long-term principles from Investments and Management 101. Unlike MBA textbooks, which tend to be more theoretical, Investment Discipline provides more practical insight into what works and what does not, based on my own errors and success and includes recommendations of what to repeat and what to avoid.

Investment Discipline contains no secrets and no magic equations. It discusses the most common mistakes and provides advice on how to avoid these errors in order to become a successful investor. It will guide you in your decisions, from setting up your investment objectives, conducting research, and buying/selling securities to adjusting your portfolio to achieve long-term returns that match your personal objectives.

You will learn how to:

- Define your investment profile and your specific objectives;

- Establish a sustainable investment process based on your objectives;

- Analyze information and perform your own research; and

- Make sound investment decisions.

Famous investment professionals, such as Warren Buffett and Peter Lynch, have made mistakes, but they did not repeat them. They held on stubbornly to their investment approach and showed discipline over a long time period, resulting in superior returns. Obviously they were lucky as well; however, they played the numbers right, and over time their performance was better than the performance of their peers.

In Investment Discipline, you will learn how to become a successful, disciplined investor.

Dieses Buch erzahlt von den haufigsten Fehlern, die bei der Anlage von Vermogen begangen werden, und gibt Ratschlage, wie Sie solche Fehler vermeiden und ein erfolgreicher Investor werden. Es wird Sie bei Ihren Entscheidungen anleiten: von der Festlegung Ihrer Ziele uber die Recherche bis zu Kaufen und Verkaufen, mit denen Sie Ihr Portfolio so abrunden, dass Sie eine langfristige Rendite bekommen, die zu Ihren personlichen Zielen passt. Investorenlegenden wie Warren Buffett und Peter Lynch haben auch Fehler gemacht, aber nie denselben Fehler zweimal. Sie blieben hartnackig bei ihrem Investmentansatz und zeigten uber lange Zeitraume Disziplin, was sich in hoheren Renditen niederschlug. Offensichtlich hatten sie auch Gluck, aber sie trafen die richtigen Entscheidungen und uber die Zeit hinweg war ihre Performance besser als die ihrer Mitanleger."

Es gibt gute Grunde fur Investoren, sich intensiver als bisher mit zinssensitiven Instrumenten zu beschaftigen: In jungster Vergangenheit entstand eine Vielzahl neuer Instrumente mit voellig neuen Eigenschaften. Erst deren Kenntnis ermoeglicht eine optimale, auf individuelle Ziele zugeschnittene Strategie im Hinblick auf Rendite, Sicherheit und Verfugbarkeit der angelegten Mittel. Neu in dieser dritten Auflage sind die Themen immobiliengesicherte Wertpapiere und Hedge Fonds. Vor dem Hintergrund der Erfahrungen aus der Finanzmarktkrise ist gerade in diesen Bereichen ein vertieftes Verstandnis der Funktionsweisen sowie der Chancen und Risiken besonders wichtig.

Many highly paid investment gurus will insist that successful investing is a function of painfully collected experience, expansive research, skillful market timing, and sophisticated analysis. Others emphasize fundamental research about companies, industries, and markets.

Based on thirty years in the investment industry, I say the ingredients for a successful investment portfolio are stubborn belief in the quality, diversification, growth, and long-term principles from Investments and Management 101. Unlike MBA textbooks, which tend to be more theoretical, Investment Discipline provides more practical insight into what works and what does not, based on my own errors and success and includes recommendations of what to repeat and what to avoid.

Investment Discipline contains no secrets and no magic equations. It discusses the most common mistakes and provides advice on how to avoid these errors in order to become a successful investor. It will guide you in your decisions, from setting up your investment objectives, conducting research, and buying/selling securities to adjusting your portfolio to achieve long-term returns that match your personal objectives.

You will learn how to:

- Define your investment profile and your specific objectives;

- Establish a sustainable investment process based on your objectives;

- Analyze information and perform your own research; and

- Make sound investment decisions.

Famous investment professionals, such as Warren Buffett and Peter Lynch, have made mistakes, but they did not repeat them. They held on stubbornly to their investment approach and showed discipline over a long time period, resulting in superior returns. Obviously they were lucky as well; however, they played the numbers right, and over time their performance was better than the performance of their peers.

In Investment Discipline, you will learn how to become a successful, disciplined investor.