By Ian Ayres

By Barry Nalebuff

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Diversification provides a well-known way of getting something close to a free lunch: by spreading money across different kinds of investments, investors can earn the same return with lower risk (or a much higher return for the same amount of risk). This strategy, introduced nearly fifty years ago, led to such strategies as index funds.

What if we were all missing out on another free lunch that’s right under our noses?

In Lifecycle Investing, Barry Nalebuff and Ian Ayres — two of the most innovative thinkers in business, law, and economics — have developed tools that will allow nearly any investor to diversify their portfolios over time. By using leveraging when young — a controversial idea that sparked hate mail when the authors first floated it in the pages of Forbes& — investors of all stripes, from those just starting to plan to those getting ready to retire, can substantially reduce overall risk while improving their returns.

In Lifecycle Investing, readers will learn:

How to figure out the level of exposure and leverage that’s right for you
How the Lifecycle Investing strategy would have performed in the historical market
Why it will work even if everyone does it
When not to adopt the Lifecycle Investing strategy

Clearly written and backed by rigorous research, Lifecycle Investing presents a simple but radical idea that will shake up how we think about retirement investing even as it provides a healthier nest egg in a nicely feathered nest.

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On Sale: May 4, 2010
Page Count: 240 pages
Publisher: Basic Books
ISBN-13: 9780465021161

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Ian Ayres

About the Author

Ian Ayres is an economist, a lawyer, and the William K. Townsend Professor at Yale Law School. He has written for the New York Times, Wall Street Journal, Financial Times, Slate, and the New Republic, and his research has been featured on PrimeTime Live, Oprah, and Good Morning America. He is the author of ten books, including the bestseller Super Crunchers. A graduate of Yale and MIT, he was elected to the American Academy of Arts and Sciences. He lives in New Haven, Connecticut.

Barry Nalebuff is the Milton Steinbach Professor of Economics and Management at Yale School of Management. He is the author of fifty scholarly articles and multiple books — including Co-opetition and The Art of Strategy — and is the cofounder of Honest Tea. A graduate of MIT and a Rhodes Scholar, he earned his doctorate at Oxford University. He lives in New Haven, Connecticut.

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