The price-earnings ratio, or P/E, is the most commonly quoted investment statistic, but have you ever considered what it actually means? For most people it's a shorthand way of deciding how highly the market regards a company, with investors prepared to overpay for earnings from a high-P/E 'glamour' stock as opposed to a low-P/E 'value' stock. However, academics have known since 1960 that the opposite is true: value stocks outperform glamour stocks consistently over decades. A company with a low P/E may have been marked down for no readily apparent reason and thus could represent an attractive…mehr
The price-earnings ratio, or P/E, is the most commonly quoted investment statistic, but have you ever considered what it actually means? For most people it's a shorthand way of deciding how highly the market regards a company, with investors prepared to overpay for earnings from a high-P/E 'glamour' stock as opposed to a low-P/E 'value' stock. However, academics have known since 1960 that the opposite is true: value stocks outperform glamour stocks consistently over decades. A company with a low P/E may have been marked down for no readily apparent reason and thus could represent an attractive value investment for those with the patience to wait while the market re-values it. However, the P/E is a backward-looking measure and just because the company earned £1 per share last year it doesn't necessarily mean it will earn anything like that in the foreseeable future. Or, a low P/E can mean a company is deservedly cheap because it is in financial difficulty - in this case the company is likely to become cheaper yet or even go into administration. This book is a practical guide to how you can adjust and improve the price-earnings ratio and use it, alongside other financial ratios, to run against the crowd and boost your stock returns.Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
The author of "AWOL from Society" is Keith, a courageous individual who has triumphed over the grips of drug addiction and transformed his life through resilience, determination, and the support of his loved ones. Having experienced the depths of despair and the consequences of destructive choices, Keith has emerged as a powerful voice for change and redemption. Through his personal journey, he seeks to inspire others to break free from the chains of addiction, find healing, and embrace a brighter future. Keith's story serves as a testament to the transformative power of love, forgiveness, and the unwavering belief in one's own capacity for change. With his words, he aims to shed light on the realities of addiction and offer hope to those who may be struggling, showing that it is never too late to embark on a path of recovery and find a renewed sense of purpose.
Inhaltsangabe
About the Author Foreword by Werner De Bondt Preface Introduction Part I: The P/E Calculation 1. History of the P/E 2. Earnings 3. The Price-Earnings Ratio (P/E) 4. Practical Calculation of EPS and the P/E from Company Accounts Part II: The Value Premium and the P/E 5. Value Investing 6. Efficient Markets and the CAPM 7. Accepting Reality: The Fama and French 3-Factor Model 8. Value Investors Fight Back Part III: Improving the P/E 9. Developing the P/E 10. The PEG Ratio 11. The Long-Term P/E 12. Decomposing the P/E 13. A Cautionary Tale: the Naked P/E 14. Have we Rescued the P/E? Part IV: Beyond the P/E 15. Ben Graham: The P/E and the Margin of Safety 16. Joel Greenblatt: The P/E and Return on Capital 17. Joseph Piotroski: The P/E and the Fscore Conclusion Appendices FTSE 100 EPSs and P/Es Glossary References Index
About the Author Foreword by Werner De Bondt Preface Introduction Part I: The P/E Calculation 1. History of the P/E 2. Earnings 3. The Price-Earnings Ratio (P/E) 4. Practical Calculation of EPS and the P/E from Company Accounts Part II: The Value Premium and the P/E 5. Value Investing 6. Efficient Markets and the CAPM 7. Accepting Reality: The Fama and French 3-Factor Model 8. Value Investors Fight Back Part III: Improving the P/E 9. Developing the P/E 10. The PEG Ratio 11. The Long-Term P/E 12. Decomposing the P/E 13. A Cautionary Tale: the Naked P/E 14. Have we Rescued the P/E? Part IV: Beyond the P/E 15. Ben Graham: The P/E and the Margin of Safety 16. Joel Greenblatt: The P/E and Return on Capital 17. Joseph Piotroski: The P/E and the Fscore Conclusion Appendices FTSE 100 EPSs and P/Es Glossary References Index
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