Investment philosophies : successful strategies and the investors who made them work

Online-Ressource (1 online resource (viii, 597 p.))

ill.

Wiley Finance Ser ; v.665

Includes bibliographical references and index. - Description based on print version record

Investment Philosophies; Contents; CHAPTER 1 Introduction; WHAT IS AN INVESTMENT PHILOSOPHY?; Human Frailty; Market Efficiency; Tactics and Strategies; WHY DO YOU NEED AN INVESTMENT PHILOSOPHY?; THE BIG PICTURE OF INVESTING; Step 1: Understanding the Client; Step 2: Portfolio Construction; Step 3: Evaluate Portfolio Performance; CATEGORIZING INVESTMENT PHILOSOPHIES; Market Timing versus Asset Selection; Activist versus Passive Investing; Time Horizon; Coexistence of Contradictory Strategies; Investment Philosophies in Context; DEVELOPING AN INVESTMENT PHILOSOPHY

Step 1: Understand the Fundamentals of Risk and ValuationStep 2: Develop a Point of View about How Markets Work and Where They Might Break Down; Step 3: Find the Philosophy That Provides the Best Fit for You; CONCLUSION; EXERCISES; CHAPTER 2 Upside, Downside: Understanding Risk; WHAT IS RISK?; EQUITY RISK: THEORY-BASED MODELS; Defining Risk; Diversifiable and Nondiversifiable Risk; Models Measuring Market Risk; ASSESSING CONVENTIONAL RISK AND RETURN MODELS; EQUITY RISK: ALTERNATIVE MEASURES; Accounting-Based Measures; Proxy Models; Market-Implied Measures; Risk-Adjusted Cash Flows

Margin of SafetyEQUITY RISK: ASSESSING THE FIELD; DEFAULT RISK; The Determinants of Default Risk; Bond Ratings as Measures of Default Risk; What If a Firm Has No Bond Rating, and Why Do We Care?; CONCLUSION; EXERCISES; CHAPTER 3 Numbers Don't Lie-Or Do They?; THE BASIC ACCOUNTING STATEMENTS; ASSET MEASUREMENT AND VALUATION; Accounting Principles Underlying Asset Measurement; Measuring Asset Value; MEASURING FINANCING MIX; Accounting Principles Underlying Liability and Equity Measurement; Measuring the Value of Liabilities and Equity; Preferred Stock; Equity

MEASURING EARNINGS AND PROFITABILITYAccounting Principles Underlying Measurement of Earnings and Profitability; Measuring Accounting Earnings and Profitability; Measures of Profitability; MEASURING RISK; Accounting Principles Underlying Risk Measurement; Accounting Measures of Risk; DIFFERENCES IN ACCOUNTING STANDARDS AND PRACTICES; CONCLUSION; EXERCISES; CHAPTER 4 Show Me the Money: The Basics of Valuation; INTRINSIC VALUE; The Mechanics of Present Value; Valuing an Asset with Guaranteed Cash Flows; Introducing Uncertainty into Valuation; Valuing an Asset with an Infinite Life

RELATIVE VALUATIONStandardized Values and Multiples; The Fundamentals Behind Multiples; The Use of Comparables; VALUING AN ASSET WITH CONTINGENT CASH FLOWS (OPTIONS); Cash Flows on Options; Determinants of Option Value; CONCLUSION; EXERCISES; CHAPTER 5 Many a Slip: Trading, Execution, and Taxes; THE TRADING COST DRAG; THE COMPONENTS OF TRADING COSTS: TRADED FINANCIAL ASSETS; The Bid-Ask Spread; The Price Impact; The Opportunity Cost of Waiting; Investment Strategy and Total Trading Costs; TRADING COSTS WITH NONTRADED ASSETS; Trading Costs on Real Assets

Trading Costs on Private Equity/Businesses

Machine generated contents note: 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 Conclusion Exercises Chapter 2: Upside, Downside: Understanding Risk What Is Risk? Equity Risk: Theory-based Models Assessing conventional risk and return models Equity Risk: Alternative Measures Equity Risk: Assessing the Field Default Risk Conclusion Exercises Chapter 3: Numbers Don't 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 Exercises Chapter 4: Show Me the Money: The Basics of Valuation Intrinsic Value Relative Valuation Valuing an Asset with Contingent Cash Flows (Options) Conclusion Exercises 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 Exercises Chapter 6: Too Good to Be True? Testing Investment Strategies Why Does Market Efficiency Matter? Efficient Markets: Definition and Implications Behavioral Finance: The Challenge to Efficient Markets A Skeptic's Guide to Investment Strategies Conclusion Exercises Chapter 7: Smoke and Mirrors? Price Patterns, Volume Charts and Technical Analysis Random Walks and Price Patterns Empirical Evidence The Foundations of Technical Analysis Technical Indicators and Charting Patterns Conclusion Exercises Chapter 8: Graham's Disciples: Value Investing Who is a Value Investor? The Passive Screener The Contrarian Value Investor Activist Value Investing Conclusion Exercises Chapter 9: The Allure of Growth: Small Cap and Growth Investing Who is a Growth Investor? Passive Growth Investing Activist Growth Investing Conclusion Exercises 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 Exercises Chapter 11: A Sure Profit: The Essence of Arbitrage Pure Arbitrage Near Arbitrage Speculative Arbitrage Long Short Strategies - Hedge Funds Conclusion Exercises Chapter 12: The Impossible Dream? Timing the Market Market Timing: Payoff and Costs Market Timing Approaches The Evidence on Market Timing Market Timing Strategies Market Timing Instruments Connecting Market Timing to Security Selection Conclusion Exercises 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 Exercises Chapter 14: A Roadmap to Choosing an Investment Philosophy A Self Assessment Finding an Investment Philosophy The Right Investment Philosophy Conclusion Exercises Index.

""Series""; ""Title Page""; ""Copyright""; ""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""; ""CONCLUSION""; ""Chapter 2: Upside, Downside: Understanding Risk""; ""WHAT IS RISK?""; ""EQUITY RISK: THEORY-BASED MODELS""; ""ASSESSING CONVENTIONAL RISK ANDÂ RETURNÂ MODELS""; ""EQUITY RISK: ALTERNATIVE MEASURES""; ""EQUITY RISK: ASSESSING THE FIELD""; ""DEFAULT RISK""; ""CONCLUSION""

""Chapter 3: Numbers Don’t Lieâ€"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 NONTRADED ASSETS""; ""MANAGEMENT OF TRADING COSTS""; ""TAXES""; ""CONCLUSION""; ""Chapter 6: Too Good to Be True? Testing Investment Strategies""; ""WHY DOES MARKET EFFICIENCY MATTER?""; ""EFFICIENT MARKETS: DEFINITION AND IMPLICATIONS""; ""BEHAVIORAL FINANCE: THE CHALLENGE TO EFFICIENT MARKETS""; ""A SKEPTIC’S GUIDE TO INVESTMENT STRATEGIES""; ""CONCLUSION""; ""Chapter 7: Smoke and Mirrors? Price Patterns, Volume Charts, and Technical Analysis""; ""RANDOM WALKS AND PRICE PATTERNS""; ""EMPIRICAL EVIDENCE""

""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 STRATEGIESâ€"HEDGE FUNDS""; ""CONCLUSION""; ""Chapter 12: The Impossible Dream? Timing the Market""; ""MARKET TIMING: PAYOFFS AND COSTS""; ""MARKET TIMING APPROACHES""; ""THE EVIDENCE ON MARKET TIMING""; ""MARKET TIMING STRATEGIES""; ""MARKET TIMING INSTRUMENTS""; ""CONNECTING MARKET TIMING TO SECURITY SELECTION""; ""CONCLUSION""

""Chapter 13: Ready to Give Up? The Allure of Indexing""

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