Risk and Reward: How to Handle Market Volatility and Build Long-Term Wealth

讓我告訴你投資的祕密。其實，根本沒有什麼祕密……

當你拿辛苦賺來的錢投資時，風險與報酬總是密不可分。沒有任何捷徑，一夜致富只是幻想。

作家、Podcast 主持人，同時也是 Ritholtz Wealth Management 機構資產管理部主管的班．卡爾森（特許金融分析師，CFA），在本書中重新檢視自己過往的投資哲學，以毫不留情的態度深入探討投資世界中的好、壞與醜陋，帶領讀者學習如何在市場中生存並持續成長。

卡爾森透過分析全球金融史上的重要時刻，將長期投資面臨的重大風險放回歷史脈絡中理解。他探討了從 1930 年代的大蕭條及其後續影響、1980 年代日本金融泡沫，到 2000 年代網路泡沫破滅等事件，並思考現代投資人能從這些歷史經驗中學到什麼，以應用於未來的投資策略。

《Risk & Reward》一方面是實用的投資指南，另一方面也是經濟歷史讀本。它能幫助你更深入理解投資中最大的風險，並教你如何保護自己，既能熬過短期波動，也能在長期中穩健成長。

無論你是第一次開始存錢的新手，還是經驗豐富的長期投資人，這本書都將改變你對風險的看法——風險不再只是令人恐懼的事物，而是報酬之所以存在的根本原因。

'One of the greatest financial writers of this era' – Downtown Josh Brown, star of CNBC's The Halftime Report
'If you want to get better at managing your money, Risk & Reward is a must-read' – Nick Maggiulli, author, Just Keep Buying

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Let me tell you the secret to investing. There is no secret...

When investing your hard-earned money, risk and reward are attached at the hip. There are no shortcuts. Getting rich overnight is a pipe dream.

Author, podcast host, and Director of Institutional Asset Management at Ritholtz Wealth Management Ben Carlson CFA, offers a modern guide to surviving and thriving in the markets by taking a wrecking ball to his own investment philosophy to truly examine the good, the bad and the ugly.

Carlson contextualises the biggest risks of long-term investing by analysing key moments in global financial history. He examines everything from the Great Depression and its aftermath in the 1930s to the Japanese financial bubble of the 1980s, to the bursting of the dot-com bubble in the 2000s, and considers what modern investors can learn from these events to apply to their future trading strategies.

Part practical manual, part economic history, Risk & Reward will give you a better grasp of the biggest risks in investing and teach you how to protect yourself against them so you can survive the short-term, and thrive in the long-term.

Whether you’re a first-time saver or a lifelong investor, this book will change how you see risk – not as something to fear, but as the very reason reward exists.