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Books

Winning the Loser’s Game Book Review: Charles D. Ellis’s Best Lesson on Discipline, Asset Allocation, and Avoiding Unforced Errors

Charles D. Ellis’s Winning the Loser’s Game is one of the most MBA-relevant investing books ever written because it argues that investing success is less about brilliance and more about discipline. Ellis compares modern investing to amateur tennis, where most points are lost through unforced errors rather than won through spectacular plays. In markets, those errors show up as overtrading, chasing performance, paying high fees, and reacting to headlines instead of sticking to a plan. The book’s solution is simple and powerful: build a policy portfolio, keep costs low, rebalance on schedule, and let long-term compounding do the heavy lifting.

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