Most advise not to waste time and get started, but I can't help feeling the need to know more before I part with any of my hard earned (after making a big loss on the only share I've ever bought). Hi Andy, I say, I say, I say… here’s the one about what you’re missing in the 3rd edition (and the 1st!): the fact that most fund managers are forced to stay long through the bad times (( Tim doesn’t explain this, focusing instead on the fact that professional managers offer bad value for money ))

Tim Hale - Smarter Investing — MoneySavingExpert Forum Tim Hale - Smarter Investing — MoneySavingExpert Forum

While this is clearly true in the aggregate, I firmly believe that it’s possible for the UK private investor to beat the market.

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The extended look at property as an asset class is also worth a read, as are stiff draughts of reality like the real return of 2.5% p.a. that investors earned from the worst 35 years to afflict UK equities. Indeed given the paucity of UK books on passive investing, it’s worth us taking a detour to see what else has gone walkies from the 1st edition. First edition Smarter Investing

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It largely stems from over-estimating the annual amount we needed to live on; and not fully appreciating the intent of sub-diving this into ‘essential’ and ‘discretionary’ spend.The famed Yale endowment fund manager came up with this portfolio for passive investors in his superb investing book Unconventional Success. 3 Ben – spot on. It’s easy to forget how often people are right for the wrong reasons and wrong for the right reasons.

Smarter Investing by Tim Hale | Waterstones

Another of my creations, this 60% bond-weighted portfolio downgrades volatile equities in favour of the greater crash protection of fixed income. An introduction to replacing the bond slug in a trad. 60/40 with Trend Following funds to get lower volatility and drawdowns can be seen here: Sometimes you just need a little bit of inspiration. A template that you can adapt and make your own. That’s what these investment portfolio examples provide. With 2022 bond crash now re-evaluating position, and considering whether or not to allocate a slug out of shares and into bonds. dearieme, ”Suppose I fear that ETFs will come a cropper in the next market collapse. What are the best two or three non-ETF ways to invest passively? For instance, are there any cheap closed-end funds that would do the job?”and to keep your costs down (( Tim doesn’t mention being tax-efficient, which can be just as important )) Most of Albion’s clients hold advisory permissions, a few hold discretionary permissions to allow them to rebalance and to facilitate any ongoing refinements to portfolios, and a small number use external DFMs to simply implement and rebalance the in-house investment solutions we help them to build and run. Perhaps the most important question of all is: “Does the 2013 third edition contain new insights that may change a passive investor’s strategy?” The defensive asset mix of the Smarter Portfolios only uses short dated UK index linked gilts, or conventional long dated gilts. Never conventional short dated gilts.