Investment philosophies : successful strategies and the investors who made them work
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書誌事項
Investment philosophies : successful strategies and the investors who made them work
Wiley, c2003
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注記
"Wiley finance"--on jacket
Includes bibliographical references (p. 485-498) and index
内容説明・目次
内容説明
The philosophy behind the best investment strategies of all time Investment philosophies are as unique as the individuals who practice them. In his latest endeavor, investment expert and NYU Stern School of Business professor Aswath Damodaran goes beyond investment strategies and looks at the individual underlying philosophies that support these techniques. He explores all of the time-tested investment philosophies that have worked over the long run, and discusses the greatest investors who made these philosophies so famous. Investment Philosophies will expose readers to a wide range of investment philosophies so as to give them a sense of what drives investors in each philosophy, how they attempt to put these philosophies into practice, and what determines ultimate success.
In doing this, Damodaran provides an unbiased forum for the presentation of different investment philosophies, while supplying the tools-the definition and measurement of risk, the notion of market efficiency and how to test for inefficiencies, and the components and determinants of trading costs-and the empirical evidence for readers to make their own judgments on the investment philosophy that fits their specific investment goals and views of how markets work. Filled with valuable insights and expert advice, this book reveals various investment philosophies to a general audience of investors, not purely to professional investors. Aswath Damodaran (New York, NY) is Professor of Finance at New York University's Leonard N. Stern School of Business. He is the author of Applied Corporate Finance (Wiley: 0-471-33042-6) and Investment Valuation (Wiley: 0-471-41488-3).
目次
CHAPTER 1: Introduction. What Is an Investment Philosophy? Why Do You Need an Investment Philosophy? The Big Picture of Investing. Categorizing Investment Philosophies. Developing an Investment Philosophy: The Step. Conclusion. CHAPTER 2: Upside, Downside: Understanding Risk. What Is Risk? Equity Risk and Expected Return. A Comparative Analysis of Risk and Return Models. Models of Default Risk. Conclusion. CHAPTER 3: Numbers Do Not Lie-or Do They?. The Basic Accounting Statements. Asset Measurement and Valuation. Measuring Financing Mix. Measuring Earnings and Profitability. Measuring Risk. Differences in Accounting Standards and Practices. Conclusion. CHAPTER 4: Show Me the Money: The Basics of Valuation. Intrinsic Value. Relative Valuation. Valuing an Asset with Contingent Cash Flows (Options). Conclusion. CHAPTER 5: Many a Slip: Trading, Execution, and Taxes. The Trading Cost Drag. The Components of Trading Costs: Traded Financial Assets. Trading Costs with Non-Traded Assets. The Management of Trading Costs. Taxes. Conclusion. CHAPTER 6: Too Good to Be True? Testing Investment Strategies. Market Efficiency and Investment Philosophies. Market Efficiency: Definition and Implications. Closing Thoughts. Conclusion. CHAPTER 7: Smoke and Mirrors? Charting and Technical Analysis. Random Walks and Price Patterns. Investor Irrationality. The Foundations of Technical Analysis. Technical Indicators and Charting Patterns. Conclusion. CHAPTER 8: Graham's Disciples: Value Investing. Who Is a Value Investor? The Passive Screener. The Contrarian Value Investor. Activist Value Investing. Conclusion. CHAPTER 9: The Allure of Growth: Small Cap and Growth Investing. Who Is a Growth Investor? Passive Growth Investing. Activist Growth Investing. Conclusion. CHAPTER 10: Information Pays: Trading on News. Information and Prices. Trading on Private Information. Trading on Public Information. Implementing an Information-Based Investment Strategy. Conclusion. CHAPTER 11: A Sure Profit: The Essence of Arbitrage. Pure Arbitrage. Near Arbitrage. Speculative Arbitrage. Long Short Strategies-Hedge Funds. Conclusion. CHAPTER 12: The Impossible Dream? Timing the Market. Market Timing: Payoff and Costs. Market Timing Approaches. The Evidence for Market Timing. Market Timing Strategies. Connecting Market Timing to Security Selection. Conclusion. CHAPTER 13: Ready to Give Up? The Allure of Indexing. The Mechanics of Indexing. A History of Indexing. The Case for Indexing. Why Do Active Investors not Perform Better? Alternative Paths to Indexing. Conclusion. CHAPTER 14: A Road Map to Choosing an Investment Philosophy. A Self-Assessment. Finding an Investment Philosophy. Conclusion. REFERENCES. INDEX.
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