Holdings: Active value investing

Active value investing: making money in range-bound markets

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Bibliographic Details
Main Author:	Katsenelson, Vitaliy N. (Author)
Format:	Book
Language:	English
Published:	Hoboken, NJ Wiley & Sons 2007
Subjects:	Investments Speculation
Online Access:	Inhaltsverzeichnis
Physical Description:	XIX, 282 S. graph. Darst.
ISBN:	9780470053157 0470053151

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MARC


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adam_text	Contents Preface xiu PART OK What the Future Holds CHAPTHti Introduction: Range Bound Markets Happen 3 Fasten Your Seat Belts and Lower Your Expectations 3 Let s Identify the Animal 4 Secular versus Cyclical 4 Distinction between Secular Bull, Bear, and Range Bound Markets 6 Is 100 Years Long Enough? 7 Stocks Carried the Torch in the Long Run Marathon 8 International Stocks Were Bright Lights, Too 10 Will Gold Shine Again? 11 Gold s Recently Emerged Competition 13 The Deception of the Long Run (Marathon) 14 Range Bound Markets Erode Bull Market Returns 15 The Long Run for Us May Be Shorter Than We Think 17 CHAPTBI2 EmotJotu of Secular Bui, Be»,Md Range Bound Markets 23 Bull Market Euphoria 23 Bear Market Doldrums 25 What Does a Secular Range Bound Market Feel Like? 29 Volatility of Bull and Range Bound Markets 31 Vjji___________________________________________________________CONTENTS CHAPTH3 Stock Market Math 37 Sources of Capital Appreciation: Earnings Growth 38 Sources of Capital Appreciation: Price to Earnings 48 Sources of Dividend Yield 57 Why Range Bound Markets Follow Bull Markets 61 It Is Not Over Until It Is Over 62 CHAPTH4 Bonds: A Viable Alternative? 67 Why Not Bonds? 67 Asset Allocation Role Is Diminished in Range Bound Markets 69 PART TWO Active Value Investing ANALYTICS Introduction to Analytics: The Quality, Valuation, and Growth Framework 77 CHAPTH5 The Q —Quality 79 Competitive Advantage 79 Management 82 Predictable Earnings 89 Strong Balance Sheet 91 Significance of Free Cash Flows 95 High Return on Capital 102 Conclusion 102 CHAPTH6 The 6 —Growth 103 Sources of Growth: Earnings Growth and Dividends 103 Past Has Passed HI Future Engines of Growth 112 Dividends 14 Growth Matters—A Lot! Contents______________________________________________________________[X CHAPTHI7 The V —Valuation 119 Tevye the Milkman s Approach to Valuation 119 Review of Relative Valuation Tools 128 Absolute Valuation Tools—Discounted Cash Flow Analysis 132 Relative versus Absolute Tools 134 Absolute Models Overview 136 The False Precision of Math 137 Absolute P/E Model 139 Discount Rate Model 148 Margin of Safety Model 151 The Marriage of Absolute P/E and Margin of Safety 155 Bring Out the Toolbox 155 The P/E Compression and How to Deal with It 157 CHAPTBI8 UTs Put It JU Together IBS The Added Clarity 165 One Out of Three Is Not Enough 165 Two Out of Three Is Better, But Is It Enough? 167 Conclusion 174 STRATEGY Introduction to Strategy: The Value of Process and Discipline 177 CHAPTH9 Buy Process—Hne Tuning 178 The Value of the Process and Discipline 179 Think Long Term, Act Short Term 181 Meet Your New Best Friend—Volatility 182 Time Stocks, Not the Market 183 Cash Is King I85 Be Ready to Strike When the Time Comes 186 CHMTHMO Buy Process—Contrarian tavesftig 187 Contrarian Is the Name of the Game 187 You Don t Have to Own It 189 Be a Myth Buster 190 Quantify Everything and Be a Contrarian Headline Investor 191 X______________________________________________________________________CONTENTS Time Arbitrage 192 Finding New Ideas 193 Do In Depth Primary (Your Own) Research and Document It 200 CHAPTBM1 Buy Process—International Investing Z01 The World Has Flattened: Hola, Bonjour, Guten Tag, Buon Giorno to the Rest of the World 201 Same Difference 202 Location of Corporate Headquarters Abroad May Not Constitute a Foreign Company 203 You Are Exposed to More Foreign Political Risk Than You Realize 204 What About the United States? 205 Pick Your Comfort Zone and Go from There 206 Don t Confuse a Fast Growing Economy and a Good Investment 207 Currency Risk 207 How Much Is Too Much? 208 Conclusion 209 CHAPTBM2 Sett Process—Make Darwin Proud 211 Selling When Stock Price Has Gone Up 212 Selling When Fundamentals Have Deteriorated 215 Conclusion 221 RISK AND HVBtSnCATION htroductwn to Risk and Diversification 225 CHAPTBM3 N Different View of Risk 227 What Is Risk? 227 Properties of Randomness 228 The Crocodile Hunter, Randomness, and Investing 229 Understand the Linkage Between and Inside QVG Dimensions 234 Contents________________________________________________________________W Identify Impact of Randomness on Value Creators 235 The Cost of Being Wrong 238 Conclusion 239 CHAPTB14 A Different View of Diversification 241 Don t Bet the Farm! 242 Too Many Eggs or Too Many Baskets 243 Mental Accounting and Diversification 244 Mental Accounting and Randomness in a Stock Portfolio 246 Randomness Could Be Your Friend 248 CHAPTBI15 Conclusion and bnpNcation 251 I Could Be Wrong, But I Doubt It 251 Bull Markets 252 Bear and Range Bound Markets 253 Bonds? 255 No, I Am Not Wrong 256 Appendix—Years to Bui Market 257 Acknowledgments 287 Notes 273 Index 275
adam_txt	Contents Preface xiu PART OK What the Future Holds CHAPTHti Introduction: Range Bound Markets Happen 3 Fasten Your Seat Belts and Lower Your Expectations 3 Let's Identify the Animal 4 Secular versus Cyclical 4 Distinction between Secular Bull, Bear, and Range Bound Markets 6 Is 100 Years Long Enough? 7 Stocks Carried the Torch in the Long Run Marathon 8 International Stocks Were Bright Lights, Too 10 Will Gold Shine Again? 11 Gold's Recently Emerged Competition 13 The Deception of the Long Run (Marathon) 14 Range Bound Markets Erode Bull Market Returns 15 The Long Run for Us May Be Shorter Than We Think 17 CHAPTBI2 EmotJotu of Secular Bui, Be»,Md Range Bound Markets 23 Bull Market Euphoria 23 Bear Market Doldrums 25 What Does a Secular Range Bound Market Feel Like? 29 Volatility of Bull and Range Bound Markets 31 Vjji_CONTENTS CHAPTH3 Stock Market Math 37 Sources of Capital Appreciation: Earnings Growth 38 Sources of Capital Appreciation: Price to Earnings 48 Sources of Dividend Yield 57 Why Range Bound Markets Follow Bull Markets 61 It Is Not Over Until It Is Over 62 CHAPTH4 Bonds: A Viable Alternative? 67 Why Not Bonds? 67 Asset Allocation Role Is Diminished in Range Bound Markets 69 PART TWO Active Value Investing ANALYTICS Introduction to Analytics: The Quality, Valuation, and Growth Framework 77 CHAPTH5 The "Q"—Quality 79 Competitive Advantage 79 Management 82 Predictable Earnings 89 Strong Balance Sheet 91 Significance of Free Cash Flows 95 High Return on Capital 102 Conclusion 102 CHAPTH6 The "6"—Growth 103 Sources of Growth: Earnings Growth and Dividends 103 Past Has Passed HI Future Engines of Growth 112 Dividends 14 Growth Matters—A Lot! Contents_[X CHAPTHI7 The "V"—Valuation 119 Tevye the Milkman's Approach to Valuation 119 Review of Relative Valuation Tools 128 Absolute Valuation Tools—Discounted Cash Flow Analysis 132 Relative versus Absolute Tools 134 Absolute Models Overview 136 The False Precision of Math 137 Absolute P/E Model 139 Discount Rate Model 148 Margin of Safety Model 151 The Marriage of Absolute P/E and Margin of Safety 155 Bring Out the Toolbox 155 The P/E Compression and How to Deal with It 157 CHAPTBI8 UTs Put It JU Together IBS The Added Clarity 165 One Out of Three Is Not Enough 165 Two Out of Three Is Better, But Is It Enough? 167 Conclusion 174 STRATEGY Introduction to Strategy: The Value of Process and Discipline 177 CHAPTH9 Buy Process—Hne Tuning 178 The Value of the Process and Discipline 179 Think Long Term, Act Short Term 181 Meet Your New Best Friend—Volatility 182 Time Stocks, Not the Market 183 Cash Is King I85 Be Ready to Strike When the Time Comes 186 CHMTHMO Buy Process—Contrarian tavesftig 187 Contrarian Is the Name of the Game 187 You Don't Have to Own It 189 Be a Myth Buster 190 Quantify Everything and Be a Contrarian Headline Investor 191 X_CONTENTS Time Arbitrage 192 Finding New Ideas 193 Do In Depth Primary (Your Own) Research and Document It 200 CHAPTBM1 Buy Process—International Investing Z01 The World Has Flattened: Hola, Bonjour, Guten Tag, Buon Giorno to the Rest of the World 201 Same Difference 202 Location of Corporate Headquarters Abroad May Not Constitute a Foreign Company 203 You Are Exposed to More Foreign Political Risk Than You Realize 204 What About the United States? 205 Pick Your Comfort Zone and Go from There 206 Don't Confuse a Fast Growing Economy and a Good Investment 207 Currency Risk 207 How Much Is Too Much? 208 Conclusion 209 CHAPTBM2 Sett Process—Make Darwin Proud 211 Selling When Stock Price Has Gone Up 212 Selling When Fundamentals Have Deteriorated 215 Conclusion 221 RISK AND HVBtSnCATION htroductwn to Risk and Diversification 225 CHAPTBM3 N Different View of Risk 227 What Is Risk? 227 Properties of Randomness 228 The Crocodile Hunter, Randomness, and Investing 229 Understand the Linkage Between and Inside QVG Dimensions 234 Contents_W Identify Impact of Randomness on Value Creators 235 The Cost of Being Wrong 238 Conclusion 239 CHAPTB14 A Different View of Diversification 241 Don't Bet the Farm! 242 Too Many Eggs or Too Many Baskets 243 Mental Accounting and Diversification 244 Mental Accounting and Randomness in a Stock Portfolio 246 Randomness Could Be Your Friend 248 CHAPTBI15 Conclusion and bnpNcation 251 I Could Be Wrong, But I Doubt It 251 Bull Markets 252 Bear and Range Bound Markets 253 Bonds? 255 No, I Am Not Wrong 256 Appendix—Years to Bui Market 257 Acknowledgments 287 Notes 273 Index 275
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spellingShingle	Katsenelson, Vitaliy N. Active value investing making money in range-bound markets Investments Speculation
title	Active value investing making money in range-bound markets
title_auth	Active value investing making money in range-bound markets
title_exact_search	Active value investing making money in range-bound markets
title_exact_search_txtP	Active value investing making money in range-bound markets
title_full	Active value investing making money in range-bound markets Vitaliy N. Katsenelson
title_fullStr	Active value investing making money in range-bound markets Vitaliy N. Katsenelson
title_full_unstemmed	Active value investing making money in range-bound markets Vitaliy N. Katsenelson
title_short	Active value investing
title_sort	active value investing making money in range bound markets
title_sub	making money in range-bound markets
topic	Investments Speculation
topic_facet	Investments Speculation
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