Andrew Allentuck
Monday, June 14, 2004

The Standard & Poor's Guide to Long-Term Investing
By Joseph R. Tigue
McGraw-Hill, 2004, 159 pages

How appropriate that Standard & Poor's, the financial publishing house that rates stocks and bonds, should create a layman's entry-level guide to investing. Author Joseph R. Tigue, a former managing editor of the S&P newsletter, The Outlook, has written an up to the minute, broadly accessible, and very wise guide to saving and investing, managing risks, and not being scalped into poverty by financial hustlers.

The book begins, appropriately enough, with a consideration of the role of Enron in investment planning. The clear implication - diversify. Mr. Tigue moves on to asset allocation, investment research, stock valuation, a pitch for dollar-cost averaging, fee management, knowing when to sell, the value of research, the role of bonds, and an appendix of recommended mutual funds.

The guide is U.S.-centric on facts and universal on wisdom. The beginning investor can do a lot worse than to start with a few afternoons spent digesting what Mr. Tigue has to say.