The Art of Value Investing – How the World′s Best Investors Beat the Market
How the World′s Best Investors Beat the Market
Gebonden Engels 2013 9780470479773Samenvatting
Says Bill Ackman of Pershing Square Capital Management about The Art of Value Investing:
"I learned the investment business largely from the work and thinking of other investors. The Art of Value Investing is a thoughtfully organized compilation of some of the best investment insights I have ever read. Read this book with care. It will be one of the highest–return investments you will ever make."
Based on interviews with the world′s most–successful value investors, The Art of Value Investing offers a comprehensive set of answers to the questions every equity money manager should have thought through clearly before holding himself or herself out as a worthy steward of other people′s money. What market inefficiencies will I try to exploit? How will I generate ideas? What will be my geographic focus? What analytical edge will I hope to have? What valuation methodologies will I use? What time horizon will I typically employ? How many stocks will I own? How specifically will I decide to buy or sell? Will I hedge, and how? How will I keep my emotions from getting the best of me?
Who should read The Art of Value Investing? It is as vital a resource for the just starting out investor as for the sophisticated professional one. The former will find a comprehensive guidebook for defining a sound investment strategy from A–to–Z; the latter will find all aspects of his or her existing practice challenged or reconfirmed by the provocative thinking of their most–successful peers. It also is a must read for any investor institutional or individual charged with choosing the best managers for the money they are allocating to equities. Choosing the right managers requires knowing all the right questions to ask as well as the answers worthy of respect and attention both of which are delivered in The Art of Value Investing.
Specificaties
Lezersrecensies
Inhoudsopgave
<p>Chapter 1 All Sensible Investing Is Value Investing 5</p>
<p>What It Means to Be a Value Investor 6</p>
<p>Does Quality Matter? 13</p>
<p>The Value of Growth 19</p>
<p>The Value Mindset 25</p>
<p>Part ONE Field of Play 33</p>
<p>Chapter 2 Circle of Competence 35</p>
<p>The Right Size 36</p>
<p>Industry Preference 45</p>
<p>Where in the World? 57</p>
<p>Chapter 3 Deficient Market Hypothesis 65</p>
<p>The Human Element 66</p>
<p>It s a Matter of Time 74</p>
<p>Chapter 4 Fertile Ground 81</p>
<p>In Search of Uncertainty 82</p>
<p>Special Situations 86</p>
<p>Operating Turnarounds 93</p>
<p>Chapter 5 Generating Ideas 99</p>
<p>Behind the Screen 99</p>
<p>Follow the Lead 106</p>
<p>Reliable Sources 111</p>
<p>Part TWO Building the Case 115</p>
<p>Chapter 6 Cutting Through the Noise 117</p>
<p>Second–Level Thinking 118</p>
<p>Macro versus Micro 120</p>
<p>Business First 127</p>
<p>What Quality Means 131</p>
<p>Crunching the Numbers 135</p>
<p>What Could Go Wrong? 139</p>
<p>From the Top 147</p>
<p>How Important Is Management? 147</p>
<p>Handicapping the Jockeys 149</p>
<p>Red Flags 157</p>
<p>Catalysts 164</p>
<p>Getting It Done 169</p>
<p>Organizing Principles 174</p>
<p>Chapter 7 Getting to Yes 183</p>
<p>Cash (Flow) Is King 184</p>
<p>Multiple Angles 190</p>
<p>The Informed Buyer 192</p>
<p>Model Behavior 194</p>
<p>Playing the Odds 199</p>
<p>Theories of Relativity 202</p>
<p>Pulling the Trigger 206</p>
<p>Part Three Active Management 213</p>
<p>Chapter 8 The Portfolio 215</p>
<p>Concentration versus Diversification 215</p>
<p>The Size That Fits 222</p>
<p>Cognizance of Correlation 227</p>
<p>Chapter 9 Playing the Hand 233</p>
<p>Trading Mentality 233</p>
<p>Dealing with Adversity 239</p>
<p>Taking a Stand 248</p>
<p>Attracting Activists Attention 251</p>
<p>Chapter 10 Guarding Against Risk 257</p>
<p>Margin of Safety 258</p>
<p>Building a Position 261</p>
<p>Cash Management 263</p>
<p>Midas Touch 267</p>
<p>Hedging Bets 268</p>
<p>To Short or Not to Short? 268</p>
<p>Value Destroyers 271</p>
<p>Portfolio Hedging 276</p>
<p>Is Shorting Inherently Evil? 277</p>
<p>Chapter 11 Making the Sale 281</p>
<p>Why to Sell 282</p>
<p>Selling by the Numbers 286</p>
<p>Getting the Timing Right 290</p>
<p>Sale Process 293</p>
<p>Part four Of Sound Mind 297</p>
<p>Chapter 12 Of Sound Mind 299</p>
<p>Competitive Spirit 300</p>
<p>Independent Thought 303</p>
<p>Perpetual Student 306</p>
<p>To Err Is Human 309</p>
<p>Be Ever So Humble 312</p>
<p>The Final Word 315</p>
<p>About the Authors 317</p>
<p>Index 319</p>
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