A practical guide to profiting from stocks that fly undetected by Wall Streets radar Its unlikely that an investor could gain an information advantage over the legions of professional analysts that study large companies such as Microsoft or General Electric. However, it is probable that an investor can learn a great deal about a micro cap company that would usually go unnoticed by most Wall Street analysts. The Micro Cap Investor thoroughly explains the characteristics of the micro cap sector, and shows readers how to discover and exploit the information advantage embedded in these stocks.…mehr
A practical guide to profiting from stocks that fly undetected by Wall Streets radar Its unlikely that an investor could gain an information advantage over the legions of professional analysts that study large companies such as Microsoft or General Electric. However, it is probable that an investor can learn a great deal about a micro cap company that would usually go unnoticed by most Wall Street analysts. The Micro Cap Investor thoroughly explains the characteristics of the micro cap sector, and shows readers how to discover and exploit the information advantage embedded in these stocks. Richard Imperiale (Milwaukee, WI) is founder and President of the Uniplan Companies, a Milwaukee, Wisconsin-based investment advisory holding company. Uniplan specializes in providing clients with consistently superior risk-adjusted returns managing equity, REIT, and micro cap specialty portfolios.Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
RICHARD IMPERIALE is President and founder of Forward Uniplan Advisors, a Milwaukee,Wisconsin-based investment advisory holding company. Forward Uniplan and its affiliates manage and advise over $300 million in client accounts. Forward Uniplan specializes in providing clients with consistently superior risk-adjusted returns managing equity, REIT, and micro cap specialty portfolios.
Inhaltsangabe
Preface ix Acknowledgments xi Chapter 1 Characteristics of Micro Cap 1 The Nebulous Micro Cap (What Is a Micro Cap Stock?) 1 The Micro Cap Dilemma (Why Do They Exist?) 5 Chapter 2 The Information Advantage 13 Understanding the Information Advantage: Efficient Market Theory 13 Weak-Form Efficient Market Theory 15 Semi-Strong-Form Efficient Market Theory 16 Strong-Form Efficient Market Theory 16 The Random Walk Theory 17 The Practical Answer 19 Venture Capital Theory 21 The Public-Private Bridge 22 Conclusion 24 Chapter 3 Micro Cap Stocks as an Asset Class 25 Investment Performance: Small versus Large Stocks 25 A Survey of Modern Portfolio Theory 26 Asset Allocation and Modern Portfolio Theory 33 Asset Allocation and Micro Caps 34 Economic Linkage 39 Venture Capital and Private Equity 39 Micro Cap versus Venture Capital 41 Chapter 4 The Micro Cap Asset Class and Portfolio Construction 45 Micro Caps in the Portfolio Asset Allocation 46 The Portfolio Contribution of Micro Caps 47 Conclusion 50 CHAPTER 5 Using the Information Advantage 51 Methods to Evaluate Principal Agent Actions 51 Management, Management, Management 52 Who's Doing What: Insider Information 53 Management Style 59 Strategy and Planning Systems 59 Management Changes 61 Management Reputation 62 How the Company Develops and Promotes Employees 62 Conclusion 63 Chapter 6 Corporate Governance 65 The Company's Social Relationships 67 Information Resources 68 The Company 69 Competitors 70 Customers 70 Suppliers 70 Trade Associations 71 Industry Professionals 71 Legal Documents 71 Public Company Federal Filings 72 SEC Reports 73 Annual Report Form 10-K 74 Quarterly Report Form 10-Q 77 Material Current Events Form 8-K 77 Not All Reporting Is Equal 78 CHAPTER 7 Micro Cap Stocks and the U.S. Domestic Economy 81 Why Micro Cap Stocks Appear Cheap Relative to Large Stocks 82 Fundamental Valuation Techniques for Micro Cap Stocks 89 Basic Financial Analysis of Micro Cap Companies 90 Price-to-Book Ratio 91 Price-to-Free Cash Flow Ratio 92 Low Price-to-Earnings Ratio 93 Conclusion 93 Chapter 8 Micro Cap Case Study: A Company with All the Indicators 95 Smart-Money Owners 96 Cheap Valuation 96 Skin in the Game 98 The Transaction 101 Chapter 9 Consolidating Industry Case Study 107 Case Study of Suiza Foods 108 Other Opportunities 116 Chapter 10 Gehl Company Case Study 133 Chapter 11 Pozen Company Case Study 147 Chapter 12 Private Investments in Public Equities (PIPEs) 155 Tracking PIPE Transactions 159 A Brief Case Study of a PIPE Transaction: Ptek Holdings 161 Chapter 13 A Framework for Investor Action 167 Chapter 14 Micro Cap Fund Investing 173 Index 181
Preface ix Acknowledgments xi Chapter 1 Characteristics of Micro Cap 1 The Nebulous Micro Cap (What Is a Micro Cap Stock?) 1 The Micro Cap Dilemma (Why Do They Exist?) 5 Chapter 2 The Information Advantage 13 Understanding the Information Advantage: Efficient Market Theory 13 Weak-Form Efficient Market Theory 15 Semi-Strong-Form Efficient Market Theory 16 Strong-Form Efficient Market Theory 16 The Random Walk Theory 17 The Practical Answer 19 Venture Capital Theory 21 The Public-Private Bridge 22 Conclusion 24 Chapter 3 Micro Cap Stocks as an Asset Class 25 Investment Performance: Small versus Large Stocks 25 A Survey of Modern Portfolio Theory 26 Asset Allocation and Modern Portfolio Theory 33 Asset Allocation and Micro Caps 34 Economic Linkage 39 Venture Capital and Private Equity 39 Micro Cap versus Venture Capital 41 Chapter 4 The Micro Cap Asset Class and Portfolio Construction 45 Micro Caps in the Portfolio Asset Allocation 46 The Portfolio Contribution of Micro Caps 47 Conclusion 50 CHAPTER 5 Using the Information Advantage 51 Methods to Evaluate Principal Agent Actions 51 Management, Management, Management 52 Who's Doing What: Insider Information 53 Management Style 59 Strategy and Planning Systems 59 Management Changes 61 Management Reputation 62 How the Company Develops and Promotes Employees 62 Conclusion 63 Chapter 6 Corporate Governance 65 The Company's Social Relationships 67 Information Resources 68 The Company 69 Competitors 70 Customers 70 Suppliers 70 Trade Associations 71 Industry Professionals 71 Legal Documents 71 Public Company Federal Filings 72 SEC Reports 73 Annual Report Form 10-K 74 Quarterly Report Form 10-Q 77 Material Current Events Form 8-K 77 Not All Reporting Is Equal 78 CHAPTER 7 Micro Cap Stocks and the U.S. Domestic Economy 81 Why Micro Cap Stocks Appear Cheap Relative to Large Stocks 82 Fundamental Valuation Techniques for Micro Cap Stocks 89 Basic Financial Analysis of Micro Cap Companies 90 Price-to-Book Ratio 91 Price-to-Free Cash Flow Ratio 92 Low Price-to-Earnings Ratio 93 Conclusion 93 Chapter 8 Micro Cap Case Study: A Company with All the Indicators 95 Smart-Money Owners 96 Cheap Valuation 96 Skin in the Game 98 The Transaction 101 Chapter 9 Consolidating Industry Case Study 107 Case Study of Suiza Foods 108 Other Opportunities 116 Chapter 10 Gehl Company Case Study 133 Chapter 11 Pozen Company Case Study 147 Chapter 12 Private Investments in Public Equities (PIPEs) 155 Tracking PIPE Transactions 159 A Brief Case Study of a PIPE Transaction: Ptek Holdings 161 Chapter 13 A Framework for Investor Action 167 Chapter 14 Micro Cap Fund Investing 173 Index 181
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