Defensive Investing: Investing and Managing Risk in a Trump and Brexit World

Thursday, 16 November 2017 12:25

The author writes:


My father (and Don Vito Corleone, the Godfather) both advised their sons not to become “puppets on a string”.


Financial independence is relative.


It is whatever amount of capital you need / will need with respect to your circumstances, values and interests to be as independent as possible of the government, Wall Street and an employer for your long run financial security. Why? Because governments have and will need to reduce social benefits such as retirement plans in the future. Wall Street exists for its own benefit, not that of investors, and your employer pension fund can either go broke or, more likely, be downgraded from a “defined benefit scheme / final salary plan” to a “defined contribution plan” (or in extreme – have to be rescued by a government pension protection plan and your benefits reduced as part of the bail-out). As things now stand you largely have to contribute your money and take your chances on the future value of stock and bond markets. Financial independence is being free of soul-destroying anxiety as you approach the end of your working life.


Table of Contents


Chapter 1: Introduction Chapter 2: The Core Portfolio Chapter 3: Risk Management Chapter 4: Portfolio Construction and Analysis Chapter 5: Idea Generation Chapter 6: Defensive Investing Rules Chapter 7: Investment Choices: Stocks, ETFs and Funds Chapter 8: Technical Analysis

Appendix 1: Stop Limits Appendix 2: Conviction Investing Appendix 3: Rule 1, Stop Losses and Risk Management  Appendix 4: Inflation and the Battle for Investment Survival Appendix 5: Correlation and Diversification Appendix 6: Modern Portfolio Theory Appendix 7: Top Down or Bottom Up? Appendix 8: Position Sizing – an Essential Element of Trading Success Appendix 9: ETFs and hedge funds Appendix 10: Fund Managers Appendix 11: Day Traders Appendix 12: Earning Added Income on Your Portfolio – Selling Covered Call Options Appendix 13: Behavioral Finance


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About the author


Walter Marlowe has been an active investor in both the US and UK stock markets for over 40 years.


He was a banker in the US, the Netherlands and the UK for over 30 years with experience in corporate banking, private equity and leveraged debt. He has also worked extensively in bank consulting in Europe and the Arabian Gulf privately and in association with BankTandD Consulting, London and has taught and lectured on private equity, bank strategy and investment strategy at City University, London and Boston University Graduate Business School, London and for a number of banks and training consultancies.


Walter was born in New York City and has an MBA in banking and international finance from New York University's Stern School of Business. The author and his wife Maureen live in London and on the U.S. east coast. They have two daughters and two grandsons all of whom live in the Los Angeles area.