The art of value investing : how the world's best investors beat the market
著者
書誌事項
The art of value investing : how the world's best investors beat the market
Wiley, c2013
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Wiley finance series
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注記
"The Wiley Finance series contains books ..."--P. facing t.p.
Includes index
内容説明・目次
内容説明
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.
目次
Introduction 1
Chapter 1 "All Sensible Investing Is Value Investing" 5
What It Means to Be a Value Investor 6
Does Quality Matter? 13
The Value of Growth 19
The Value Mindset 25
Part One Field of Play 33
Chapter 2 Circle of Competence 35
The Right Size 36
Industry Preference 45
Where in the World? 57
Chapter 3 Deficient Market Hypothesis 65
The Human Element 66
It's a Matter of Time 74
Chapter 4 Fertile Ground 81
In Search of Uncertainty 82
Special Situations 86
Operating Turnarounds 93
Chapter 5 Generating Ideas 99
Behind the Screen 99
Follow the Lead 106
Reliable Sources 111
Part Two Building the Case 115
Chapter 6 Cutting Through the Noise 117
Second-Level Thinking 118
Macro versus Micro 120
Business First 127
What Quality Means 131
Crunching the Numbers 135
What Could Go Wrong? 139
From the Top 147
How Important Is Management? 147
Handicapping the Jockeys 149
Red Flags 157
Catalysts 164
Getting It Done 169
Organizing Principles 174
Chapter 7 Getting to Yes 183
Cash (Flow) Is King 184
Multiple Angles 190
The Informed Buyer 192
Model Behavior 194
Playing the Odds 199
Theories of Relativity 202
Pulling the Trigger 206
Part Three Active Management 213
Chapter 8 The Portfolio 215
Concentration versus Diversification 215
The Size That Fits 222
Cognizance of Correlation 227
Chapter 9 Playing the Hand 233
Trading Mentality 233
Dealing with Adversity 239
Taking a Stand 248
Attracting Activists' Attention 251
Chapter 10 Guarding Against Risk 257
Margin of Safety 258
Building a Position 261
Cash Management 263
Midas Touch 267
Hedging Bets 268
To Short or Not to Short? 268
Value Destroyers 271
Portfolio Hedging 276
Is Shorting Inherently Evil? 277
Chapter 11 Making the Sale 281
Why to Sell 282
Selling by the Numbers 286
Getting the Timing Right 290
Sale Process 293
Part four Of Sound Mind 297
Chapter 12 Of Sound Mind 299
Competitive Spirit 300
Independent Thought 303
Perpetual Student 306
To Err Is Human 309
Be Ever So Humble 312
The Final Word 315
About the Authors 317
Index 319
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