가제: 리스크와 리워드: 시장 변동성을 이겨내는 장기적 부의 법칙
원제: RISK AND REWARD
: HOW TO HANDLE MARKET VOLATILITY AND BUILD LONG-TERM WEALTH
저자: Ben Carlson
출판사: Harriman House
213쪽 / 투자 / 2026.5 출간예정
시장은 흔들리지만, 투자자의 신념은 길게 간다.
최악의 순간을 견딘 자만이 진짜 부를 얻는다.
우리가 피땀 흘려 번 돈을 투자할 때, 위험과 보상은 언제나 함께 움직인다. 지름길은 없고, 하룻밤 새 부자가 되는 일은 환상에 불과하다. 그렇다면 우리는 왜 여전히 투자해야 하는가?
동세대 최고의 금융 저널리스트 중 한 명으로 꼽히는 저자는 이 책에서 투자에서 벌어질 수 있는 ‘가장 나쁜 일들’을 생생하게 보여주며, 그럼에도 불구하고 ‘장기 투자’가 여전히 유효한 이유를 설득력 있게 전한다.
저자는 장기 투자의 본질을 이해하기 위해, 1930년대 대공황, 1980년대 일본의 금융 버블, 2000년대 닷컴 버블 붕괴 등 역사적 순간들을 분석한다. 이 과정에서 드러나는 것은, 장기 투자가 결코 ‘위험이 없는 전략’은 아니지만 그 리스크를 감수할 가치가 충분하다는 사실이다. 시장의 변동성과 위기를 견디는 과정에서 비로소 수익의 가능성이 열린다.
이 책을 다 읽고 나면, 투자에서 마주할 수 있는 가장 큰 위험들이 무엇인지, 그리고 그 위험으로부터 자신을 지키며 단기적 변동을 버텨내고 장기적으로 성장하는 방법을 이해하게 될 것이다.
[목차]
Introduction
- It Was the Worst of Times
- Doing Nothing Is Hard Work
- The Great Inflation
- The Three Best Inflation Hedges
- Timing the Market
- The Most Important Concept in Investing
- The Worst Crash of All Time
- Normal Accidents in the Stock Market
- The Two Types of Bear Markets
- The Stock Market vs. the Economy
- Day Trading
- Volatility Is a Feature, Not a Bug
- The Death of Equities
- The First Rule of Compounding
- The Biggest Bubble Ever
- Now Show Japan
- The Lost Decades
- The Perfect Portfolio
Conclusion: You Need to Invest
Epilogue: 20 Things I Believe About Investing
Endnotes
About the Author
[저자] 벤 칼슨
Ritholtz Wealth Management의 기관자산운용 디렉터(Director of Institutional Asset Management)로, 장기 투자 전략의 중요성을 강조해왔다. “A Wealth of Common Sense”라는 블로그를 통해 자산관리와 금융시장을 쉽고 명료하게 해설하고 있다. X에서 31만 명 이상의 팔로워를 보유하고 있으며, 인기 팟캐스트 ‘Animal Spirits’의 공동 진행자이기도 하다.
[리뷰]
“Ben Carlson reveals the dirty little secret that every seasoned investor knows: patience, simplicity and recognizing our own blindspots are far more important than whatever so-called ‘experts’ trot out, or the fool's errand of trying to time the market. With mathematical evidence and compelling stories, Risk & Reward is a great read for new investors and an excellent refresher of core concepts for those who have been at it for years.”
―Jill Schlesinger, CFP, CBS News Business Analyst, Host of Jill on Money
“One of the great misconceptions about investing is that risk is something we should strive to avoid. This causes people to leave returns on the table for others to claim. Ben Carlson, one of the greatest financial writers of this era, has educated millions about the need to take risks, which ones to take and, most importantly, how to ensure that all this courage will ultimately lead to reward.”
―Downtown Josh Brown, star of CNBC's The Halftime Report, creator of The Compound and Friends, co-founder and CEO of Ritholtz.
“The road to investment success is strewn with washouts and cliff edges. But fear not: Ben Carlson's Risk & Reward supplies the road map that will safely guide you past them. Read, enjoy, and prosper.”
―William Bernstein, author, The Four Pillars of Investing
“Ben Carlson crushed it in Risk & Reward. From the excellent data visualizations to the crystal clear messaging, this book belongs on every investor’s bookshelf. If you want to get better at managing your money, Risk & Reward is a must-read.”
―Nick Maggiulli, author, Just Keep Buying and The Wealth Ladder
“If you plan to invest in the stock market, and you should, read this first. It will save you an ocean of tears and a mountain of cash. Ben is quite simply the best investment writer around today. If you are going to invest in the stock market, and you should, Risk & Reward is required reading. Ben shows you how the stock market really works, and how you can use it to become rich and stay wealthy.”
―JL Collins, author, and Pathfinders
“I loved this sober and terribly useful book. Ben Carlson is one of the top investment thinkers and communicators of his generation.”
―Christine Benz, Director of Personal Finance and Retirement Planning, Morningstar, and author, How to Retire | 
