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The Manual of Ideas

The Manual of Ideas


Wiley & Sons Ltd. (Estados Unidos)

Año de edición:



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Idioma inglés. The Proven Framework for Finding the Best Value Investments

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Considered an indispensable source of cutting-edge research and ideas among the world's top investment firms and money managers, the journal The Manual of Ideas boasts a subscribers list that reads like a Who's Who of high finance. Written by that publications managing editor and inspired by its mission to serve as an "idea funnel" for the world's top money managers, this book introduces you to a proven, proprietary framework for finding, researching, analyzing, and implementing the best value investing opportunities. The next best thing to taking a peek under the hoods of some of the most prodigious brains in the business, it gives you uniquely direct access to the thought processes and investment strategies of such super value investors as Warren Buffett, Seth Klarman, Glenn Greenberg, Guy Spier and Joel Greenblatt.

Foreword Preface Chapter 1: A Highly Personal Endeavor: What Do You Want to Own? Give Your Money to Warren Buffett, or Invest It Yourself? Cast Yourself in the Role of Capital Allocator Role versus Objective: A Subtle but Important Distinction The Buck Stops Here The Scale of Investments: How Much is a Billion Dollars, Really? Owner Mentality Adopting the Right Mindset Stock Selection Framework Key Takeaways Notes Chapter 2: Deep Value: Ben Graham-style Bargains Inelegant but Profitable Strategy of 'Cigar Butt' Investing The Approach: Why It Works Track Record Dating Back to the 'Father' of Security Analysis Some Companies Are Worth More Dead than Alive Investors Obsession with Income Uses and Misuses of Ben Graham-style Investing The Rewards of Psychological Discomfort Not a Low-turnover, Long Term-oriented Investment Approach Beware of Portfolio Concentration in the Land of 'Cigar Butts' Screening for Graham-style Bargains Ben Grahams 'Net Net' Screen Martin Whitmans Modified 'Net Net' Screen Enhanced Screening: Repurchases, Insider Buying, Shrinking Working Capital Requirements Value Creation via Buybacks When Insider Trades Matter Most The Upside of a Declining Sales Trend Beyond Screening: Working Through a List of Deep Value Candidates Adjusting Balance Sheet Values in a Liquidation Scenario Companies at Cyclical Lows versus Those in Secular Decline Oxymoron or Opportunity: 'Net Nets' With Non Capital-intensive Businesses Asking the Right Questions of Graham-style Bargains Is Value Growing, Staying Flat, or Shrinking Over Time? Is Liquidation Value Really Much Higher than Market Value? What is the Catalyst to Unlocking Value? Key Takeaways Notes Chapter 3: Sum-of-the-Parts Value Investing in Companies with Excess or Hidden Assets The Approach: Why It Works Uses and Misuses of Investing in Companies with Overlooked Assets Is an Identifiable Asset Really a Separate Asset? What Is the Catalyst to Unlocking Non-core Value? Is the Offer 'Buy One Get One Free' or 'Buy Ten Get One Free'? Screening for Companies with Multiple Assets Companies with Multiple Operating Businesses Companies with Large Holdings of Net Cash Companies with Investments in Other Companies Companies with Large Real Estate Holdings Beyond Screening: Proven Ways of Finding Hidden Assets Scrutinizing the Holdings of Smart 'Investor-detectives' Combing Through Areas of Specific Opportunity Thrift Conversions Retail or Hospitality Businesses with Large Real Estate Holdings Companies with Large NOL Carryforwards Finance Companies Masquerading as Product Businesses Conglomerates Building a 'Watch List' of Companies with Hidden Value Asking the Right Questions of Companies with Hidden Assets To What Extent Are the 'Hidden' Assets Really Overlooked? What Is the Investment Case without the Non-core Assets? What Is the Path to Value Capture? Key Takeaways Notes Chapter 4: Greenblatts 'Magic' Search for Good and Cheap Stocks The Approach: Why It Works The 'Magic' of Making Money The 'Magic' of a Low Price Future Outperformance: Not Guaranteed, But Likely Uses and Misuses of Investing in 'Good' and 'Cheap' Companies Know Thyself (and Know Thy Clients) Diversification versus Concentration Leave it or Tweak it? Screening for Good and Cheap Companies Replicating Greenblatts Winning Screen Replacing the Rear-view Mirror with Consensus Estimates Going International Beyond Screening: Hope for Improvement Springs Eternal Throwing Out Capital-intensive Businesses Whats the Right Way to Account for Brand Value? Non-linear Ways of Combining 'Good' and 'Cheap' Asking the Right Questions of Greenblatt-style Bargains How Durable Is the Firms Competitive Advantage? Opportunity to Reinvest Capital at High Rates of Return? How Good Are Managements Capital Allocation Practices? Are There Any Disqualifying Factors? Key Takeaways Notes Chapter 5: Jockey Stocks Making Money Alongside Great Managers The Approach: Why It Works Uses and Misuses of Investing in Jockeys Appearances May Be Deceiving The Compensation Factor Mind the Attitude What Happens in the Boardroom Not All Situations Are Created Equal Screening for Jockey Stocks Management Ability Proxy One: Return On Capital Employed Proxy Two: Growth of Capital Employed (Per Share) Proxy Three: Margin Profile Proxy Four: Asset Turnover Proxy Five: Capital Expenditure Trends Management Incentives Proxy One: Stock Ownership Proxy Two: Insider Buying Activity Capital Allocation Ability Proxy One: Share Repurchases Proxy Two: Dividends Beyond Screening: Building a Rolodex of Great Managers Asking the Right Questions of Management Key Takeaways Notes Chapter 6: Follow the Leaders Finding Opportunity in Superinvestor Portfolios Superinvestors Are 'Super' for a Reason How Superinvestors Add Real Value to Companies Have Superinvestor Disclosures Been Arbitraged Away? Uses and Misuses of Superinvestor Tracking When the Going Gets Tough, Where Is the Conviction? The Importance of Context: 'Why', Not Just 'What' Screening for Companies Owned by Superinvestors Deciding Which Superinvestors to Track'and Which to Ignore The Superinvestors of Buffettsville Scouring News and SEC Filings for Superinvestor Activity Honing In On High-conviction Ideas Beyond Screening: What Makes a Company Attractive to Superinvestors? One Step Ahead: Anticipating Superinvestor moves Know Your Superinvestors ' Defining Style Buckets Does It Ever Pay to Go Against Superinvestor 'Herds'? Key Takeaways Notes Chapter 7: Small Stocks, Big Returns? The Opportunity in Underfollowed Small- and Micro-Caps The Approach: Why It Works Sources of Inefficiency in Small-cap Investing Steering a Speedboat Rather Than a Cruise Ship The Numbers Dont Lie: Small is Beautiful Uses and Misuses of Investing in Small Companies The Underfollowed-equals-inefficient Fallacy A Chance to Know What You Own If You Might Need the Money, Mind the Liquidity Screening for Promising Small- and Micro-Caps Removing the Chaff with a Basic Investability Screen Zeroing In On 'Investable' Companies Meeting Specific Criteria Sample Stock Screen: Deep Value Sample Stock Screen: Activist Targets Sample Stock Screen: Margin Upside Potential Sample Stock Screen: Growth At a Reasonable Price Beyond Screening: Other Ways of Finding Compelling Small- and Micro-Cap Ideas Big to Small, Small to Small, or Small to Big: Where Is This Company Going? Hidden Inflection Points, and How to Uncover Them PT Indosat Case Study: Hitting a Mobile Penetration Inflection Point Meadow Valley Case Study: Growth Business Masked by Legacy Losses Asking the Right Questions of Small-Cap Prospects Did a Company Pass the Right Screen for the Wrong Reason? Do the Financial Statements Raise Any Red Flags? Who Has Been Buying and Selling the Shares? What is Managements Attitude Toward Outside Shareholders? Where Are the Shares Relative to Their Historical Range? Moving On to the Subjective Qualities of a Business Key Takeaways Notes Chapter 8: Special Situations Uncovering Opportunity in Event-Driven Investments The Approach: Why It Works The Rewards of Obscurity Informational and Analytical Inefficiencies Uses and Misuses of Investing in Special Situations The Danger of Robotic Analysis Timing As a Driver of Annualized Returns Positive Spillover Effects Uncovering Special Situations 'Hacking' Traditional Screeners to Identify Special Opportunities Other Ways of Building a Pipeline of Event-driven Ideas A Step Ahead: Uncovering Equities That May Become Special Situations Asking the Right Questions of Special Situations What Is the Source of Potential Inefficiency? What Is the Margin of Safety? What Is the Path to Value Creation? Key Takeaways Notes Chapter 9: Equity Stubs Investing (or Speculating?) in Leveraged Companies The Approach: Why It Works Uses and Misuses of Investing in Equity Stubs Avoiding Biases Who Owns the Debt? When the Stars Align Screening for Equity Stubs Private Equity in Public Markets Distressed Equities Beyond Screening: An Ambulance-chasing Approach Asking the Right Questions of Equity Stubs How Vested Is Management in the Common Stock? Are Business Fundamentals Improving or Getting Worse? What Is the Nature of the Leverage? Key Takeaways Notes Chapter 10: International Value Investments Searching for Value Beyond Home Country Borders The Approach: Why It Works A Different Animal The Value of Choice Uses and Misuses of Investing in International Equities Dont Assume You Know Who You Are Dealing With The Pitfalls of Chasing Growth in Emerging Markets Making Money Amid Challenging Demographic Conditions Practical Trading Considerations Clarity Through 'Extremist' Thinking Screening for International Equities Go Anywhere or Stick to 'Investable' Markets? Beyond Screening: Riding the Coattails of Regional Experts Asking the Right Questions of International Equities A Question for Europe: How Global Is the Business? A Question for India: Whats the Right Concentration? A Question for Japan: Whats an ROE? Key Takeaways Notes References About the Author Index. 

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Economía / Importados

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