An updated approach to classic security analysis The principles of value investing outlined by Graham and Dodd in the 1940s continues to be used today by individuals and companies who face challenging investment decisions. A Modern Approach to Graham and Dodd Investing examines the classic Graham and Dodd approach to valuation and updates it for the twenty-first century. Thomas Au, a credentialed analyst with a leading insurance company and an ex-Value Line analyst, reworks the basics of value investing from net present value, financial statement analysis, and return on capital to return and…mehr
An updated approach to classic security analysis The principles of value investing outlined by Graham and Dodd in the 1940s continues to be used today by individuals and companies who face challenging investment decisions. A Modern Approach to Graham and Dodd Investing examines the classic Graham and Dodd approach to valuation and updates it for the twenty-first century. Thomas Au, a credentialed analyst with a leading insurance company and an ex-Value Line analyst, reworks the basics of value investing from net present value, financial statement analysis, and return on capital to return and leverage, asset allocation, and diversification. Through case studies and real-time analysis, A Modern Approach to Graham and Dodd Investing presents readers with examples that will make analysis and portfolio theory more relevant and powerful. Thomas P. Au (Hartford, CT) is a Vice President and Portfolio Manager for the investment arm of a large insurance and healthcare provider. His specialty is emerging and international markets. He received his BA, cum laude, with a double major in economics and history, from Yale University, and an MBA in finance from New York University.Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
THOMAS P. AU is a Vice President and Portfolio Manager for the investment arm of a large insurance and healthcare provider. His specialty is emerging and international markets. He has also worked for Unifund, an emerging markets firm in Geneva, Switzerland. Previously, he was an analyst for Value Line, an investment information company in New York City, serving in various capacities from 1983 to 1994. Mr. Au has received his BA, cum laude, with a double major in economics and history, from Yale University, and an MBA in finance from New York University.
Inhaltsangabe
PREFACE xi PART I Basic Concepts 1 CHAPTER 1 Introduction 3 CHAPTER 2 Investment Evaluations and Strategies 16 PART II Fixed-Income Evaluation 29 CHAPTER 3 Foundation of Fixed Income 31 CHAPTER 4 Fixed-Income Issues of Corporations 47 CHAPTER 5 Distressed Fixed Income 63 PART III Equity Evaluation 79 CHAPTER 6 Cash Flows and Capital Expenditures 81 CHAPTER 7 Analysis of Asset Value 96 CHAPTER 8 Some Observations on the Value of Dividends 112 CHAPTER 9 Some Warnings about the Use of Earnings in Valuation 127 CHAPTER 10 Sales Analysis 143 PART IV Special Vehicles for Investment 157 CHAPTER 11 A Graham and Dodd Approach to Mutual Funds 159 CHAPTER 12 A Graham and Dodd Approach to International Investing 174 CHAPTER 13 A Graham and Dodd View of Real Estate 187 PART V Portfolio Management 203 CHAPTER 14 The Question of Asset Allocation 205 CHAPTER 15 The Concepts of Graham and Dodd versus Modern Theories and Practices 220 CHAPTER 16 Case Studies in Graham and Dodd Investing 234 CHAPTER 17 A Real-Time Experiment 257 PART VI Some Contemporary Issues 271 CHAPTER 18 A Historical View of the Dow and the "Market" 273 CHAPTER 19 Some Disquieting Thoughts on Excessive Credit Creation 292 CHAPTER 20 Generational Cycles in the American Stock Market 306 ENDNOTES 321 BIBLIOGRAPHY 327 INDEX 329
PREFACE xi PART I Basic Concepts 1 CHAPTER 1 Introduction 3 CHAPTER 2 Investment Evaluations and Strategies 16 PART II Fixed-Income Evaluation 29 CHAPTER 3 Foundation of Fixed Income 31 CHAPTER 4 Fixed-Income Issues of Corporations 47 CHAPTER 5 Distressed Fixed Income 63 PART III Equity Evaluation 79 CHAPTER 6 Cash Flows and Capital Expenditures 81 CHAPTER 7 Analysis of Asset Value 96 CHAPTER 8 Some Observations on the Value of Dividends 112 CHAPTER 9 Some Warnings about the Use of Earnings in Valuation 127 CHAPTER 10 Sales Analysis 143 PART IV Special Vehicles for Investment 157 CHAPTER 11 A Graham and Dodd Approach to Mutual Funds 159 CHAPTER 12 A Graham and Dodd Approach to International Investing 174 CHAPTER 13 A Graham and Dodd View of Real Estate 187 PART V Portfolio Management 203 CHAPTER 14 The Question of Asset Allocation 205 CHAPTER 15 The Concepts of Graham and Dodd versus Modern Theories and Practices 220 CHAPTER 16 Case Studies in Graham and Dodd Investing 234 CHAPTER 17 A Real-Time Experiment 257 PART VI Some Contemporary Issues 271 CHAPTER 18 A Historical View of the Dow and the "Market" 273 CHAPTER 19 Some Disquieting Thoughts on Excessive Credit Creation 292 CHAPTER 20 Generational Cycles in the American Stock Market 306 ENDNOTES 321 BIBLIOGRAPHY 327 INDEX 329
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