Table of Contents
The contents of the book has been outlined below by way of the Table of Contents to provide an outline of the book's contents and the order thereof.
SECTION 1
Need to Know: What is a Fiduciary, Who is a Fiduciary, and What is Expected of a Fiduciary
- What is a Fiduciary?
- You May Be a Fiduciary if You are Responsible for Managing Someone Else’s Money
- It’s the Process, Stupid!
SECTION 2
Getting Information: Understanding Trusts, Modern Portfolio Theory, Investment Policy Statements, and a Prudent Process
- A Trust is for the Beneficiaries and a Refuge is for the Birds
- Modern Portfolio Theory is the Economic Foundation for Prudent Investing
- An Investment Policy Statement is the Landmark That Keeps You on Track
- Fiduciaries Don’t Want to Get Caught With Their Pants Down
SECTION 3
Me First: The Consequences of Greed on Wall Street, in Congress, and by Individuals
- Welcome to Wall Street’s Nightmare
- Washington Has a Higher Credit Limit
- We Want to Need It
SECTION 4
Call to Action: The Duties of a Fiduciary Under the Uniform Prudent Investor Act
- The Risk/Return Tradeoff is the Theme
- If a Fiduciary Doesn’t Know Where He is Going, He Will End Up on a Wild Goose Chase
- Fiduciaries, Like Fly Fishers, Develop Their Skills
- Fiduciaries, Like Hunters, Exercise Extreme Caution
- Fiduciaries, Like Beekeepers, Make Moves with the Big Picture in Mind
- Risk Tolerance Should Be Based on Circumstances, Not Testosterone Levels
- Time-Horizons Can Always Change Because Circumstances Change
- Fiduciaries Need to Monitor What They Manage and the Agents to Whom They Delegate
- Fiduciaries, Like Spotters, Have a Duty to Investigate
- Portfolios, Like Families, Are Made Up Of Pieces that Fit Together Well
- Professional Fiduciaries, Like Professional Golfers, Are Expected to Have Greater Skills
- The Dangers of Concentration and the Duty to Diversify
- Sometimes Special Circumstances are More Important than Diversification
- A Prudent Portfolio Is Better Than the Sum of Its Parts
- Investors Should Avoid Sucker Pins
- Fiduciaries, Like Landlords, Determine Both Suitability and Time Frame
- A Legacy of Loyalty
- Fiduciaries, Like Umpires, Make Decisions with Absolute Impartiality
- Costs Matter Because You Can’t Breed or Train for Investment Performance
- Fiduciaries, Like Backpackers, Focus on Efficiency and Value
- Since Decisions Can’t Be Made in Hindsight, Fiduciaries Aren’t Judged in Hindsight
- A Prudent Expert, Unlike a Girlfriend, Can Lessen Your Liability
SECTION 5
Making Choices: Process vs. Predictions, Brokers vs. Investment Advisors, Active vs. Passive Investing, Bond Returns vs. Bond Stability, and What Works vs. What Sells
- Fiduciaries Handle Uncertainty by Following a Prudent Process
- I Can Only Claim It Is 100% Pure If It Really Is 100% Pure
- The Magic Word is Prudence
- Bonds Are For Stability, Not Return
- What Works, Not What Sells
SECTION 6
Do It! Don’t Do It!: Avoiding Emotional Responses to Markets
- Prudent Investors, Like Disciplined Runners, Just Do It
- If It Feels Right, Don’t Do It
SECTION 7
You First: Stories About My Heroes
- Deb Says “Hey!”
- The Most Successful Man in the World
- The Most Generous Man I Know
- You Can’t Lose What You Give Away
SECTION 8
It’s Up to You: Summary
- Finishing Well
Index
Endnotes