Charles D. Ellis

A compelling argument for why stewardship of wealth and service to others should be our highest financial priority Stewardship is the journey of financial insider John Taft towards understanding and affirming the importance of stewardship—which he has come to define as "serving others"—as a core principle for the financial services industry, the global financial system, and society at large. By defining the attributes of authentic stewardship, this book presents a path forward by analyzing the success of Canadian banks in weathering the financial crisis; evaluates the effectiveness of global financial reform efforts in making the financial system safer, sounder, and more secure; offers wealth management prescriptions for individual investors; evaluates the potential of ESG (environmental, social, and governance) investment processes as a way to instill stewardship behaviors among corporate CEOs (particularly at financial services firms); and, ultimately, calls for a return to stewardship's core principles as the key to not only minimizing the scope and consequences of future failures, but also to addressing other societal challenges. Argues for a return towards stewardship, with financial services companies doing right by their customersAnalyzes the response of Canadian banks to the financial crisis to provide meaningful advice for investors and businesses alikeInspired by Taft's experience running one of the largest wealth management firms in the country during the financial crisis and his direct participation in subsequent legislative and regulatory efforts to rewrite the rules under which the U.S. securities industry operates From the man who made the decision to reimburse clients affected by the collapse of a money market mutual fund comes a compelling look at why financial service companies should start doing what's right for their customers.

Sophisticated, simple “Bible” for long-term investors, especially those in or approaching retirement In just 10 short, accessible, and inviting chapters, Rethinking Investing: A Very Short Book on Very Long-Term Investing presents straightforward steps that ordinary people can take to better invest their money. This book dispels myths about the value of investment managers, highlights emotional tendencies that can cloud our financial judgment, explains why index funds are a savvy choice, and reveals secrets like why it’s better to wait until age 70 to receive Social Security benefits—along with the calculations that make this decision crystal-clear. Written by renowned investor and popular author Charley Ellis, this must-read resource shows you how to set yourself up for investment success in three easy steps, with information on: Creating an optimal nest-egg withdrawal strategy to ensure you never run out of money, even if you live until age 100Maximizing returns through tactics like reducing your tax bill and making full use of diversified investment vehiclesUsing a safe, passive investment strategy and letting the modern stock market do all of the hard work for you Rethinking Investing: A Very Short Book on Very Long-Term Investing is an essential read for long-term investors who want to start getting more from their money, especially those in or approaching retirement seeking to secure happier outcomes later in life.

An indispensable collection of essays from one of the investment world’s leading lights In Figuring It Out: Answers to the Most Difficult Investment Questions, world-renowned investing and finance guru Charles D. Ellis delivers a robust collection of incisive essays on an array of perennial and contemporary investing issues, from the rise and fall of performance investing to a compilation of essential investing guidelines. In the book, you’ll also find eye-opening discussions of: Whether bonds are an appropriate investment vehicle for long-term investorsThe costs of excessive liquidity in the typical portfolioThe characteristics of successful investment firms, and how to spot themA can’t-miss resource for the everyday retail investor, author Charles Ellis draws on a lifetime of distinguished client service in the financial markets to reward readers with common-sense and accessible advice that deserves to be followed by anyone with an interest in maximizing their investment returns over the long haul.

Seize control of your financial future with rock-solid advice from two of the world’s leading investment experts Investors today are bombarded with conflicting advice about how to handle the increasingly volatile stock market. From pronouncements of the “death of diversification” to the supposed virtues of crypto, investors can be forgiven for being thoroughly confused. It’s time to return to the basics. In the 10th Anniversary Edition of The Elements of Investing: Easy Lessons for Every Investor, investment legends Burton G. Malkiel and Charles D. Ellis deliver straightforward, digestible lessons in the investment rules and principles you need to follow to mitigate risk and realize long-term success in the markets. Divided into six essential elements of investing, this concise book will teach you how to: Focus on the long-term and ignore short-term market fluctuations and movementsUse employer-sponsored plans to supercharge your savings and returns and minimize your taxesUnderstand crucial investment subjects, like diversification, rebalancing, dollar-cost averaging, and indexing So, forget the flavor of the week. Stick with the timeless and invaluable advice followed by the world’s most successful retail investors.

The evidence-based approach to a more worthwhile portfolio The Index Revolution argues that active investing is a loser's game, and that a passive approach is more profitable in today's market. By adjusting your portfolio asset weights to match a performance index, you consistently earn higher rates of returns and come out on top in the long run. This book explains why, and describes how individual investors can take advantage of indexing to make their portfolio stronger and more profitable. By indexing investment operations at a very low cost, and trusting that active professionals have set securities prices as correctly as possible, you will achieve better long-term results than those who look down on passive approaches while following outdated advice that no longer works. "Beating the market" is much harder than it used to be, and investors who continue to approach the market with that mindset populate the rolls of market losers time and time again. This book explains why indexing is the preferred approach in the current investment climate, and destroys the popular perception of passive investing as a weak market strategy. Structure your portfolio to perform better over the long termTrust in the pricing and earn higher rates of returnLearn why a passive approach is more consistent and worthwhileIgnore overblown, outdated advice that is doomed to disappoint All great investors share a common secret to success: rational decision-making based on objective information. The Index Revolution shows you a more rational approach to the market for a more profitable portfolio.

The United States faces a serious retirement challenge. Many of today's workers will lack the resources to retire at traditional ages and maintain their pre-retirement standard of living. It can be difficult for workers to make informed decisions about their retirements now based on the abundance of confusing and sometimes misleading information put forth by the media and other individuals. For this reason, Charles D. Ellis, Alicia H. Munnell, and Andrew D. Eschtruth have written this highly-accessible guide for individuals wondering what to expect when they reach retirement age and what they can be doing now to best prepare for their future. Falling Short is grounded in academic research yet written in an accessible style for anyone concerned about their future retirement. The authors provide both a vivid picture of the retirement risks facing all Americans and a short list of practical solutions that build on our existing retirement system. The book offers the necessary context for understanding the nature and size of the retirement income shortfall, which is caused by both increasing income needs---due to longer lifespans and rising health costs---and decreasing support from Social Security and employer-sponsored pension plans. The authors give specific advice for what Americans must do now to avoid crisis in retirement; namely, people must work longer and save more. Individuals should plan to stay in the labor force until age 70 and keep their skills up-to-date, and the government should emphasize that retiring at 70 provides the largest monthly Social Security check. Social Security's long-term finances must be shored up so that it remains the foundation of the retirement system. All employers with a 401(k) plan should be required to automatically enroll their workers, increase worker contribution rates over time, and use low-cost index funds as a default investment option. A separate solution is needed for the half of the workforce that lacks even 401(k) coverage; all uncovered workers need an easy and automatic retirement saving option. Finally, individuals should not ignore what is often their largest asset---their house---as a potential source of support for retirement; home equity can be tapped through downsizing or a reverse mortgage. Acting on these solutions now will greatly improve the prospects of a secure retirement for today's workers.

Expert insights on what sets the great professional firms apart from all the rest Having devoted a career that spans fifty years to consulting with and studying professional firms in the Americas, Asia, and Europe, author Charles Ellis learned firsthand how difficult it is for an organization to go beyond very good and attain, as well as sustain, excellence. Now, he shares his hard-won insights with you and reveals "what it takes" to be best-in-class in any industry. Enlightening and entertaining, What It Takes explores firms that are leaders in their particular field and the superior people who create and maintain them. Along the way, it identifies the secrets of their long-term success and reveals exactly how they can put your organization in a better position to excel when properly executed. Contains many stories of achieving excellence, and addresses the obstacles that top-ranking organizations face in sustaining itIncludes insights on leaders in their particular field—from McKinsey & Company in consulting and Cravath, Swaine & Moore in law to the Mayo Clinic in healthcareWritten by one of the most experienced and respected business consultants/advisors of our time What It Takes skillfully shows you how innovation and a commitment to excellence can drive success, while also revealing how easy it is to fall behind. With it, you'll discover what separates the great firms from the good ones and learn how to attain, and maintain, organizational success throughout the years.

Despite financial turmoil, Goldman Sachs remain the leading investment bank in their field. They are notorious for their unique management culture, unorthodox recruiting techniques - and for their secrecy. In The Partnership Charles Ellis reveals their story. With unparalleled access to the leadership of this famously close-knit firm, Ellis investigates the brilliant individuals who turned a marginal family business into a global powerhouse, weathering recession, scandal and disaster on the way. Among them are high school dropout and financial genius Sidney Weinberg, maverick reinventor John Whitehead, former US treasury secretary Hank Paulson and working-class New Yorker turned current CEO, Lloyd Blankfein. The Partnership reveals the shared values of intensive recruitment, discipline and talent that have tied Goldman Sachs's people together - and made it a survivor.

The inside story of one of the world's most powerful financial Institutions Now with a new foreword and final chapter, The Partnership chronicles the most important periods in Goldman Sachs's history and the individuals who built one of the world's largest investment banks. Charles D. Ellis, who worked as a strategy consultant to Goldman Sachs for more than thirty years, reveals the secrets behind the firm's continued success through many life-threatening changes. Disgraced and nearly destroyed in 1929, Goldman Sachs limped along as a break-even operation through the Depression and WWII. But with only one special service and one improbable banker, it began the stage-by-stage rise that took the firm to global leadership, even in the face of the world-wide credit crisis.

"Charley Ellis has written a magnificent portrait, capturing the indomitable spirit of Joe Wilson and his instinctive understanding of the need for and commercial usefulness of a transforming imaging technology. Joe Wilson and his extraordinary team, which I had the good fortune to first meet in 1960, epitomized the wonderful observation of George Bernard Shaw who said, 'Some look at things that are, and ask why? I dream of things that never were and ask why not?' Xerox and xerography are not only a part of our vocabulary, but part of our everyday life. Charley Ellis gives the reader a poignant understanding of just how this happened through the life, adventures, critical business decisions, and dreams of Joseph Wilson and a cadre of remarkable individuals. This book will surely join the library of memorable biographies that capture the building of America into a risk-tolerant, technologically sophisticated, idea-oriented society that thrives by understanding what Charles Darwin really said: 'Survival will be neither to the strongest of the species, nor to the most intelligent, but to those most adaptable to change.'" —Frederick Frank, Vice Chairman, Lehman Brothers Inc.

Go inside the elite investment firm with Capital. The Capital Group is one of the world?s largest investment management organizations, but little is known about it because the company has shunned any type of publicity. This compelling book, for the first time, takes you inside one of the most elite and private investment firms out there?the Capital Group Companies?a value investment firm par excellence. It digs deeps to reveal the corporate culture and long-term investment strategies that have made Capital the one organization where most investment professionals would like to work and would most recommend as long-term investment managers for their family and friends.

"I know or at least have met most of the people written about in this book. They have one thing in common. For better or worse, each made a lasting impression on the landscape of our business. Each demonstrated raw intelligence, keen insight, the ability to spot an opportunity, and the courage to seize it. While some are viewed as heroes, and others as rascals or villains, there is something to be learned from each of their stories. Wall Street People is a fascinating portrayal of individuals who achieve fame or infamy in one of the most competitive arenas in the world."–Alan C. Greenberg, Chairman, Bear Stearns "There has been no keener observer of Wall Street than Charley Ellis. If this book had a ‘Most Influential’ category, Charley should include himself."–Richard H. Jenrette, Senior Advisor, Donaldson, Lufkin & Jenrette "Charley Ellis has correctly concluded that the financial world has produced some extraordinarily interesting people. Wall Street People is certain to provide fascinating reading."–Richard B. Fisher, Chairman Emeritus and Advisory Director, Morgan Stanley "Charley Ellis’s Wall Street People is delicious reading for anyone who’s been involved with Wall Street over the past half century. This book depicts saints, sinners, dreamers, and achievers with real panache. It’s a treasure trove of great stories."–David H. Komansky, Chairman and CEO, Merrill Lynch & Co., Inc. "For anyone who enjoys reading about the lives of successful, productive people, Charley’s book is filled with fascinating insights into the achievements of Wall Street’s best."–Senator Jon S. Corzine, former Chairman and CEO of Goldman Sachs