Please note: This is a companion version & not the original book. Book Preview:

#1 The traditional investment management approach is based on a single core belief: investors can beat the market, and superior managers will beat the market. That optimistic expectation was reasonable 50 years ago, but not today. Times have changed the markets so much in so many major ways that the premise has proven unrealistic.

#2 The difference between a winner’s game and a loser’s game is that in a winner’s game, the outcome is determined by the correct actions of the winner, while in a loser’s game, the outcome is determined by the mistakes made by the loser.

#3 The two games are fundamentally opposed. Professional tennis is a winner’s game: the outcome is determined by the actions of the winner. Amateur tennis is a loser’s game: the outcome is determined by the actions of the loser, who defeats himself or herself.

#4 The new rules of the money game are extremely difficult for active mutual fund investment managers to overcome. To at least break even, they must return more than 10. 25 percent before all their costs.

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