Good Stocks Cheap: Value Investing with Confidence for a Lifetime of Stock Market Outperformance (英语) 精装 – 2017年6月14日
Kenneth Jeffrey Marshall teaches value investing in the Masters in Finance program at the Stockholm School of Economics in Sweden, and at Stanford University. He also teaches asset management in the MBA program at the Haas School of Business at the University of California, Berkeley. Marshall is a past member of the Stanford Institute for Economic Policy Research; he taught Stanford's first-ever online value investing course in 2015. He earned his MBA at Harvard Business School.
Preface Acknowledgements Introduction Part I: FOUNDATIONS Chapter 1: The Quiet Outperformer Chapter 2: Why Stocks? Chapter 3: Price and Value are Different Chapter 4: Measuring Performance Part II: THE VALUE INVESTING MODEL Chapter 5: Understanding the Business Chapter 6: Accounting is a Language Chapter 7: Capital Employed Chapter 8: Operating Income Chapter 9: Free Cash Flow Chapter 10: Book Values and Shares Chapter 11: Past Performance Chapter 12: Future Performance Chapter 13: Shareholder-Friendliness Chapter 14: Inexpensiveness Chapter 15: Price Drives Risk Chapter 16: Misjudgment and Misaction Part III: MAINTENANCE Chapter 17: Portfolios and Selling Chapter 18: Endurance Chapter 19: Generating Ideas Chapter 20: Differences Among Value Investors Chapter 21: Preservation Glossary Bibliography Notes Index
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- clearly and concisely written
- to the point, and making points with understandable and lively examples
- clear walk-through along the highly applicable model
- covers every topic from introduction to value investing to how to build and manage a portfolio, both for starters and veterans in investing
The amount of useful insights conveyed in such a concise manner with a pinch of humour is a delightful read! If you're serious about starting concentrated value investing, this book (and the author) is your top pick!
Warren Buffett is one of the richest people in the world. This book will show you step-by-step how to evaluate publicly-held corporations, determine a reasonable range of values per share and help you make in informed decision as to how much to pay for shares in the company. In short, you could say that he shows you how to buy "Good Stocks Cheap".
What this book will NOT do is offer 'pie-in-the-sky' hot tips, investing fads or 'hidden secrets' that other authors promise. Another thing that he does not do is say things like "If you had bought 1,000 shares of Coke in 1984 ..." or "Obviously all indicators were there to sell Enron before the market collapsed .....". These types of comments are made after-the-fact by authors who want to convince you that they hold all knowledge (they don't).
Ken makes no guarantee of overnight riches. In fact, he makes the point of "Value investing is a slow, steady, boring (and consistent) road to wealth that very few want to travel". However, as I travel this road, I am glad that Kenneth Jeffrey Marshall was there and willing to show me the way.
Kenneth Jeffrey Marshall is a strong advocate of "If you can identify it, you can manage it.". He will show you the individual steps to take to perform self-analysis on your own stock-picking expertise. If, after three years, you determine that self-directed stock investing is not for you, you will have definite proof of this based on your own analysis rather than some gut-feeling or self-doubts. You can then make an informed decision to seek low cost Index mutual funds instead.
By using this book and carefully building an Excel workbook, I now have the tools, resources and knowledge of where to find the key accounting values, plug them into the correct worksheet cells and within minutes determine the "fair market value range" of any publicly traded company. That information in itself is beyond measure.
For anyone interested in the concept of "What is this company worth?", I highly recommend this book.
1. Spend time studying the business. If you don't, you will not appreciate whether you're really investing or speculating.
2. Use the news to prospect for more stock ideas but don't use it to analyze your holdings. Instead use audited financial statements
3. Use the scuttlebutt method to research the companies deeper than other bystander investors
I have read several books on value investing and find this a readable introduction to value investing.