Aswath Damodaran

Investment Philosophies

Successful Strategies and the Investors Who Made Them Work

• Gebundenes Buch

Produktbeschreibung

The guide for investors who want a better understanding of investment strategies that have stood the test of time

This thoroughly revised and updated edition of Investment Philosophies covers different investment philosophies and reveal the beliefs that underlie each one, the evidence on whether the strategies that arise from the philosophy actually produce results, and what an investor needs to bring to the table to make the philosophy work.

The book covers a wealth of strategies including indexing, passive and activist value investing, growth investing, chart/technical analysis, market timing, arbitrage, and many more investment philosophies.
Presents the tools needed to understand portfolio management and the variety of strategies available to achieve investment success
Explores the process of creating and managing a portfolio
Shows readers how to profit like successful value growth index investors
Aswath Damodaran is a well-known academic and practitioner in finance who is an expert on different approaches to valuation and investment

This vital resource examines various investing philosophies and provides you with helpful online resources and tools to fully investigate each investment philosophy and assess whether it is a philosophy that is appropriate for you.

Produktdetails

• Wiley Finance
• Verlag: Wiley & Sons
• Artikelnr. des Verlages: 1W118011510
• 2. Aufl.
• Seitenzahl: 608
• Erscheinungstermin: 31. Juli 2012
• Englisch
• Abmessung: 238mm x 164mm x 58mm
• Gewicht: 965g
• ISBN-13: 9781118011515
• ISBN-10: 1118011511
• Artikelnr.: 34964205

Autorenporträt

ASWATH DAMODARAN is Professor of Finance at New York University's Leonard N. Stern School of Business. He has been the recipient of numerous awards for outstanding teaching, including the NYU university-wide Distinguished Teaching Award, and was named one of the nation's top business school teachers by BusinessWeek in 1994. In addition, Damodaran teaches training courses in corporate finance and valuation at many leading investment banks. His publications include Investment Valuation (now in its third edition), Damodaran on Valuation: Security Analysis for Investment and Corporate Finance; Corporate Finance; Investment Management; and Applied Corporate Finance, all published by Wiley, and The Dark Side of Valuation.

Inhaltsangabe

CHAPTER 1 Introduction 1 What Is an Investment Philosophy? 2 Why Do You
Need an Investment Philosophy? 3 The Big Picture of Investing 4
Categorizing Investment Philosophies 7 Developing an Investment Philosophy
10 Conclusion 12 Exercises 13 CHAPTER 2 Upside, Downside: Understanding
Risk 15 What Is Risk? 16 Equity Risk: Theory-Based Models 16 Assessing
Conventional Risk and Return Models 32 Equity Risk: Alternative Measures 34
Equity Risk: Assessing the Field 45 Default Risk 46 Conclusion 50 Exercises
51 CHAPTER 3 Numbers Don't Lie--Or Do They? 53 The Basic Accounting
Statements 53 Asset Measurement and Valuation 55 Measuring Financing Mix 62
Measuring Earnings and Profitability 69 Measuring Risk 75 Differences in
Accounting Standards and Practices 82 Conclusion 82 Exercises 85 CHAPTER 4
Show Me the Money: The Basics of Valuation 87 Intrinsic Value 87 Relative
Valuation 110 Valuing an Asset with Contingent Cash Flows (Options) 119
Conclusion 121 Exercises 122 CHAPTER 5 Many a Slip: Trading, Execution, and
Taxes 125 The Trading Cost Drag 125 The Components of Trading Costs: Traded
Financial Assets 127 Trading Costs with Nontraded Assets 146 Management of
Trading Costs 148 Taxes 150 Conclusion 159 Exercises 160 CHAPTER 6 Too Good
to Be True? Testing Investment Strategies 163 Why Does Market Efficiency
Matter? 163 Efficient Markets: Definition and Implications 164 Behavioral
Finance: The Challenge to Efficient Markets 170 A Skeptic's Guide to
Investment Strategies 204 Conclusion 206 Exercises 207 CHAPTER 7 Smoke and
Mirrors? Price Patterns, Volume Charts, and Technical Analysis 209 Random
Walks and Price Patterns 209 Empirical Evidence 211 The Foundations of
Technical Analysis 239 Technical Indicators and Charting Patterns 240
Conclusion 255 Exercises 256 CHAPTER 8 Graham's Disciples: Value Investing
259 Who Is a Value Investor? 259 The Passive Screener 260 The Contrarian
Value Investor 284 Activist Value Investing 293 Conclusion 326 Exercises
326 CHAPTER 9 The Allure of Growth: Small Cap and Growth Investing 329 Who
Is a Growth Investor? 329 Passive Growth Investing 330 Activist Growth
Investing 365 Conclusion 372 Exercises 373 CHAPTER 10 Information Pays:
Trading on News 375 Information and Prices 376 Trading on Private
Information 378 Trading on Public Information 398 Implementing an
Information-Based Investment Strategy 421 Conclusion 422 Exercises 423
CHAPTER 11 A Sure Profit: The Essence of Arbitrage 425 Pure Arbitrage 425
Near Arbitrage 450 Speculative Arbitrage 460 Long/Short Strategies--Hedge
Funds 465 Conclusion 469 Exercises 470 CHAPTER 12 The Impossible Dream?
Timing the Market 473 Market Timing: Payoffs and Costs 473 Market Timing
Approaches 477 The Evidence on Market Timing 506 Market Timing Strategies
514 Market Timing Instruments 518 Connecting Market Timing to Security
Selection 521 Conclusion 521 Exercises 522 CHAPTER 13 Ready to Give Up? The
Allure of Indexing 525 The Mechanics of Indexing 525 A History of Indexing
527 The Case for Indexing 530 Why Do Active Investors Not Perform Better?
554 Alternative Paths to Indexing 562 Conclusion 571 Exercises 572 CHAPTER
14 A Road Map to Choosing an Investment Philosophy 575 A Self-Assessment
575 Finding an Investment Philosophy 579 The Right Investment Philosophy
581 Conclusion 583 Exercises 584 Index 585