The Theory of Investment Value

The Theory of Investment Value
  • Author : John Burr Williams
  • Publisher :
  • Pages : 613
  • Relase : 1964
  • ISBN : UVA:X006131894

The Theory of Investment Value Book Review:

The Theory of Investment Value

The Theory of Investment Value
  • Author : John Burr Williams
  • Publisher :
  • Pages : 652
  • Relase : 2012-06-22
  • ISBN : 1638233209

The Theory of Investment Value Book Review:

Why the book is interesting today is that it still is important and the most authoritative work on how to value financial assets. "Williams combined original theoretical concepts with enlightening and entertaining commentary based on his own experiences in the rough-and-tumble world of investment." Williams' discovery was to project an estimate that offers intrinsic value and it is called the 'Dividend Discount Model' which is still used today by professional investors on the institutional side of markets.

Quality Investing

Quality Investing
  • Author : Torkell T. Eide,Lawrence A. Cunningham,Patrick Hargreaves
  • Publisher : Harriman House Limited
  • Pages : 350
  • Relase : 2016-01-05
  • ISBN : 9780857195128

Quality Investing Book Review:

Quality. We all make judgments about it every day. Yet articulating a clear definition of quality in an investing context is challenging. This book addresses the challenge, and distills years of practical investing experience into a definitive account of this under-explored investment philosophy. Finance theory has it that abnormal outcomes do not persist, that exceptional performance will soon enough become average performance. Quality investing involves seeking companies with the right attributes to overcome these forces of mean reversion and, crucially, owning these outstanding companies for the long term. This book pinpoints and explains the characteristics that increase the probability of a company prospering over time - as well as those that hinder such chances. Throughout, a series of fascinating real-life case studies illustrate the traits that signify quality, as well as some that flatter to deceive. The authors' firm, AKO Capital, has a strong track record of finding and investing in quality companies - helping it deliver a compound annual growth rate more than double that of the market since inception. Quality Investing sheds light on the investment philosophy, processes and tough lessons that have contributed to this consistent outperformance.

A History of the Theory of Investments

A History of the Theory of Investments
  • Author : Mark Rubinstein
  • Publisher : John Wiley & Sons
  • Pages : 384
  • Relase : 2011-09-02
  • ISBN : 9781118161098

A History of the Theory of Investments Book Review:

"This exceptional book provides valuable insights into the evolution of financial economics from the perspective of a major player." -- Robert Litzenberger, Hopkinson Professor Emeritus of Investment Banking, Univ. of Pennsylvania; and retired partner, Goldman Sachs A History of the Theory of Investments is about ideas -- where they come from, how they evolve, and why they are instrumental in preparing the future for new ideas. Author Mark Rubinstein writes history by rewriting history. In unearthing long-forgotten books and journals, he corrects past oversights to assign credit where credit is due and assembles a remarkable history that is unquestionable in its accuracy and unprecedented in its power. Exploring key turning points in the development of investment theory, through the critical prism of award-winning investment theory and asset pricing expert Mark Rubinstein, this groundbreaking resource follows the chronological development of investment theory over centuries, exploring the inner workings of great theoretical breakthroughs while pointing out contributions made by often unsung contributors to some of investment's most influential ideas and models.

The Essays of Warren Buffett

The Essays of Warren Buffett
  • Author : Lawrence A. Cunningham,Warren E. Buffett
  • Publisher : Carolina Academic Press
  • Pages : 306
  • Relase : 2013-03-15
  • ISBN : 9781611634471

The Essays of Warren Buffett Book Review:

In the third edition of this international best seller, Lawrence Cunningham brings you the latest wisdom from Warren Buffett’s annual letters to Berkshire Hathaway shareholders. New material addresses: the financial crisis and its continuing implications for investors, managers and society; the housing bubble at the bottom of that crisis; the debt and derivatives excesses that fueled the crisis and how to deal with them; controlling risk and protecting reputation in corporate governance; Berkshire’s acquisition and operation of Burlington Northern Santa Fe; the role of oversight in heavily regulated industries; investment possibilities today; and weaknesses of popular option valuation models. Some other material has been rearranged to deepen the themes and lessons that the collection has always produced: Buffett’s “owner-related business principles” are in the prologue as a separate subject and valuation and accounting topics are spread over four instead of two sections and reordered to sharpen their payoff. Media coverage is available at the following links: Interviews/Podcasts: Motley Fool, click here. Money, Riches and Wealth, click here. Manual of Ideas, click here. Corporate Counsel, click here. Reviews: William J. Taylor, ABA Banking Journal, click here. Bob Morris, Blogging on Business, click here. Pamela Holmes, Saturday Evening Post, click here. Kevin M. LaCroix, D&O Diary, click here. Blog Posts: On Finance issues (Columbia University), click here. On Berkshire post-Buffett (Manual of Ideas), click here. On Publishing the book (Value Walk), click here. On Governance issues (Harvard University blog), click here. Featured Stories/Recommended Reading: Motley Fool, click here. Stock Market Blog, click here. Motley Fool Interviews with LAC at Berkshire's 2013 Annual Meeting Berkshire Businesses: Vastly Different, Same DNA, click here. Is Berkshire's Fat Wallet an Enemy to Its Success?, click here. Post-Buffett Berkshire: Same Question, Same Answer, click here. How a Disciplined Value Approach Works Across the Decades, click here. Through the Years: Constant Themes in Buffett's Letters, click here. Buffett's Single Greatest Accomplishment, click here. Where Buffett Is Finding Moats These Days, click here. How Buffett Has Changed Through the Years, click here. Speculating on Buffett's Next Acquisition, click here. Buffett Says “Chief Risk Officers” Are a Terrible Mistake, click here. Berkshire Without Buffett, click here.

Value Investing

Value Investing
  • Author : Bruce C. Greenwald,Judd Kahn,Paul D. Sonkin,Michael van Biema
  • Publisher : John Wiley & Sons
  • Pages : 320
  • Relase : 2004-01-26
  • ISBN : 0471463396

Value Investing Book Review:

From the "guru to Wall Street's gurus" comes the fundamental techniques of value investing and their applications Bruce Greenwald is one of the leading authorities on value investing. Some of the savviest people on Wall Street have taken his Columbia Business School executive education course on the subject. Now this dynamic and popular teacher, with some colleagues, reveals the fundamental principles of value investing, the one investment technique that has proven itself consistently over time. After covering general techniques of value investing, the book proceeds to illustrate their applications through profiles of Warren Buffett, Michael Price, Mario Gabellio, and other successful value investors. A number of case studies highlight the techniques in practice. Bruce C. N. Greenwald (New York, NY) is the Robert Heilbrunn Professor of Finance and Asset Management at Columbia University. Judd Kahn, PhD (New York, NY), is a member of Morningside Value Investors. Paul D. Sonkin (New York, NY) is the investment manager of the Hummingbird Value Fund. Michael van Biema (New York, NY) is an Assistant Professor at the Graduate School of Business, Columbia University.

Moving Beyond Modern Portfolio Theory

Moving Beyond Modern Portfolio Theory
  • Author : Jon Lukomnik,James P. Hawley
  • Publisher : Routledge
  • Pages : 144
  • Relase : 2021-05-03
  • ISBN : 9781000376159

Moving Beyond Modern Portfolio Theory Book Review:

Moving Beyond Modern Portfolio Theory: Investing That Matters tells the story of how Modern Portfolio Theory (MPT) revolutionized the investing world and the real economy, but is now showing its age. MPT has no mechanism to understand its impacts on the environmental, social and financial systems, nor any tools for investors to mitigate the havoc that systemic risks can wreck on their portfolios. It’s time for MPT to evolve. The authors propose a new imperative to improve finance’s ability to fulfil its twin main purposes: providing adequate returns to individuals and directing capital to where it is needed in the economy. They show how some of the largest investors in the world focus not on picking stocks, but on mitigating systemic risks, such as climate change and a lack of gender diversity, so as to improve the risk/return of the market as a whole, despite current theory saying that should be impossible. "Moving beyond MPT" recognizes the complex relations between investing and the systems on which capital markets rely, "Investing that matters" embraces MPT’s focus on diversification and risk adjusted return, but understands them in the context of the real economy and the total return needs of investors. Whether an investor, an MBA student, a Finance Professor or a sustainability professional, Moving Beyond Modern Portfolio Theory: Investing That Matters is thought-provoking and relevant. Its bold critique shows how the real world already is moving beyond investing orthodoxy.

Valuation Approaches and Metrics

Valuation Approaches and Metrics
  • Author : Aswath Damodaran
  • Publisher : Now Publishers Inc
  • Pages : 92
  • Relase : 2007-04-02
  • ISBN : 9781601980144

Valuation Approaches and Metrics Book Review:

Valuation lies at the heart of much of what we do in finance, whether it is the study of market efficiency and questions about corporate governance or the comparison of different investment decision rules in capital budgeting. In this paper, we consider the theory and evidence on valuation approaches. We begin by surveying the literature on discounted cash flow valuation models, ranging from the first mentions of the dividend discount model to value stocks to the use of excess return models in more recent years. In the second part of the paper, we examine relative valuation models and, in particular, the use of multiples and comparables in valuation and evaluate whether relative valuation models yield more or less precise estimates of value than discounted cash flow models. In the final part of the paper, we set the stage for further research in valuation by noting the estimation challenges we face as companies globalize and become exposed to risk in multiple countries.

Common Stocks As Long Term Investments

Common Stocks As Long Term Investments
  • Author : Edgar Lawrence Smith
  • Publisher : Pickle Partners Publishing
  • Pages : 101
  • Relase : 2015-11-06
  • ISBN : 9781786256294

Common Stocks As Long Term Investments Book Review:

Edgar Lawrence Smith, (1882-1971) was an economist, investment manager and author of the influential book “Common Stocks as Long Term Investments”, which promoted the then-surprising idea that stocks excel bonds in long-term yield. . He worked in banking and other financial endeavors in the years after college, then signed on in 1922 as an adviser to the brokerage firm Low, Dixon & Company. While there, he later recounted in his Harvard class’s 50th reunion yearbook, “I tried to write a pamphlet on why bonds were the best form of long term investment. But supporting evidence for this thesis could not be found.” This discovery led to the 1924 publication of “Common Stocks as Long Term Investments.” The book was widely reviewed and praised, and became a key intellectual support for the 1920s stock market boom. Its success enabled Smith to launch a mutual fund firm, “Investment Managers Company.” It also garnered him an invitation from the economist John Maynard Keynes, who had favorably reviewed the book in “The Nation”, to join the Royal Economic Society. The Wall Street Crash of 1929 brought a turn in Smith’s fortunes.—Print Ed.

The theory of investment value

The theory of investment value
  • Author : John Burr Williams
  • Publisher :
  • Pages : 613
  • Relase : 1964
  • ISBN : OCLC:468443713

The theory of investment value Book Review:

The Little Book of Valuation

The Little Book of Valuation
  • Author : Aswath Damodaran
  • Publisher : John Wiley & Sons
  • Pages : 256
  • Relase : 2011-03-29
  • ISBN : 1118064143

The Little Book of Valuation Book Review:

An accessible, and intuitive, guide to stock valuation Valuation is at the heart of any investment decision, whether that decision is to buy, sell, or hold. In The Little Book of Valuation, expert Aswath Damodaran explains the techniques in language that any investors can understand, so you can make better investment decisions when reviewing stock research reports and engaging in independent efforts to value and pick stocks. Page by page, Damodaran distills the fundamentals of valuation, without glossing over or ignoring key concepts, and develops models that you can easily understand and use. Along the way, he covers various valuation approaches from intrinsic or discounted cash flow valuation and multiples or relative valuation to some elements of real option valuation. Includes case studies and examples that will help build your valuation skills Written by Aswath Damodaran, one of today's most respected valuation experts Includes an accompanying iPhone application (iVal) that makes the lessons of the book immediately useable Written with the individual investor in mind, this reliable guide will not only help you value a company quickly, but will also help you make sense of valuations done by others or found in comprehensive equity research reports.

Discounted Cash Flow

Discounted Cash Flow
  • Author : Lutz Kruschwitz,Andreas Loeffler
  • Publisher : John Wiley & Sons
  • Pages : 178
  • Relase : 2006-02-03
  • ISBN : 9780470870457

Discounted Cash Flow Book Review:

Firm valuation is currently a very exciting topic. It is interesting for those economists engaged in either practice or theory, particularly for those in finance. The literature on firm valuation recommends logical, quantitative methods, which deal with establishing today's value of future free cash flows. In this respect firm valuation is identical with the calculation of the discounted cash flow, DCF. There are, however, different coexistent versions, which seem to compete against each other. Entity approach and equity approach are thus differentiated. Acronyms are often used, such as APV (adjusted present value) or WACC (weighted average cost of capital), whereby these two concepts are classified under entity approach. Why are there several procedures and not just one? Do they all lead to the same result? If not, where do the economic differences lie? If so, for what purpose are different methods needed? And further: do the known procedures suffice? Or are there situations where none of the concepts developed up to now delivers the correct value of the firm? If so, how is the appropriate valuation formula to be found? These questions are not just interesting for theoreticians; even the practitioner who is confronted with the task of marketing his or her results has to deal with it. The authors systematically clarify the way in which these different variations of the DCF concept are related throughout the book ENDORSEMENTS FOR LÖFFLER: DISCOUNTED 0-470-87044-3 "Compared with the huge number of books on pragmatic approaches to discounted cash flow valuation, there are remarkably few that lay out the theoretical underpinnings of this technique. Kruschwitz and Löffler bring together the theory in this area in a consistent and rigorous way that should be useful for all serious students of the topic." --Ian Cooper, London Business School "This treatise on the market valuation of corporate cash flows offers the first reconciliation of conventional cost-of-capital valuation models from the corporate finance literature with state-pricing (or 'risk-neutral' pricing) models subsequently developed on the basis of multi-period no-arbitrage theories. Using an entertaining style, Kruschwitz and Löffler develop a precise and theoretically consistent definition of 'cost of capital', and provoke readers to drop vague or contradictory alternatives." --Darrell Duffie, Stanford University "Handling firm and personal income taxes properly in valuation involves complex considerations. This book offers a new, precise, clear and concise theoretical path that is pleasant to read. Now it is the practitioners task to translate this approach into real-world applications!" --Wolfgang Wagner, PricewaterhouseCoopers "It is an interesting book, which has some new results and it fills a gap in the literature between the usual undergraduate material and the very abstract PhD material in such books as that of Duffie (Dynamic Asset Pricing Theory). The style is very engaging, which is rare in books pitched at this level." --Martin Lally, University of Wellington

The Theory of Investment Value

The Theory of Investment Value
  • Author : Anonim
  • Publisher :
  • Pages :
  • Relase : 1965
  • ISBN : OCLC:930474432

The Theory of Investment Value Book Review:

Investment Philosophies

Investment Philosophies
  • Author : Aswath Damodaran
  • Publisher : John Wiley & Sons
  • Pages : 608
  • Relase : 2012-06-22
  • ISBN : 9781118235614

Investment Philosophies Book Review:

The guide for investors who want a better understanding ofinvestment strategies that have stood the test of time This thoroughly revised and updated edition of InvestmentPhilosophies covers different investment philosophies andreveal the beliefs that underlie each one, the evidence on whetherthe strategies that arise from the philosophy actually produceresults, and what an investor needs to bring to the table to makethe 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 moreinvestment philosophies. Presents the tools needed to understand portfolio managementand the variety of strategies available to achieve investmentsuccess Explores the process of creating and managing a portfolio Shows readers how to profit like successful value growth indexinvestors Aswath Damodaran is a well-known academic and practitioner infinance who is an expert on different approaches to valuation andinvestment This vital resource examines various investing philosophies andprovides you with helpful online resources and tools to fullyinvestigate each investment philosophy and assess whether it is aphilosophy that is appropriate for you.

Rule #1

Rule #1
  • Author : Phil Town
  • Publisher : Currency
  • Pages : 320
  • Relase : 2006-03-21
  • ISBN : 9780307345752

Rule #1 Book Review:

#1 NEW YORK TIMES BESTSELLER • “The clearest and best book out there to get you on the path to riches. This one’s special!”—Jim Cramer, host of CNBC’s Mad Money “Great tools for anyone wanting to dabble in the stock market.”—USA Today Phil Town is a very wealthy man, but he wasn’t always. In fact, he was living on a salary of $4,000 a year when some well-timed advice launched him down a highway of investing self-education that revealed what the true “rules” are and how to make them work in one’s favor. Chief among them, of course, is Rule #1: “Don’t lose money.” In this updated edition to the #1 national bestseller, you’ll learn more of Phil’s fresh, think-outside-the-box rules, including: • Don’t diversify • Only buy a stock when it’s on sale • Think long term—but act short term to maximize your return • And most of all, beat the big investors at their own game by using the tools designed for them! As Phil demonstrates in these pages, giant mutual funds can’t help but regress to the mean—and as we’ve all learned in recent years, that mean could be very disappointing indeed. Fortunately, Rule #1 takes readers step-by-step through a do-it-yourself process, equipping even the biggest investing-phobes with the tools they need to make quantum leaps toward financial security—regardless of where the market is headed.

Sustainable Investing

Sustainable Investing
  • Author : Cary Krosinsky,Sophie Purdom
  • Publisher : Taylor & Francis
  • Pages : 322
  • Relase : 2016-12-08
  • ISBN : 9781317192855

Sustainable Investing Book Review:

A seminal shift has taken place in the world of investing. A clear and overarching reality has emerged which must be solved: financial considerations must factor in sustainability considerations for ongoing societal success, while sustainability issues equally need to be driven by a business case. As a result, investment practices are evolving, especially towards more positive philosophies and frameworks. Sustainable Investing brings the reader up to speed on trends playing out in each region and asset class, drawing on contributions from leading practitioners across the globe. Implications abound for financial professionals and other interested investors, as well as corporations seeking to understand future investment trends that will affect their shareholders’ thinking. Policymakers and other stakeholders also need to be aware of what is happening in order to understand how they can be most effective at helping implement and enable the changes arguably now required for economic and financial success. Sustainable Investing represents an essential overview of sustainable investment practices that will be a valuable resource for students and scholars of sustainable banking and finance, as well as professionals and policymakers with an interest in this fast-moving field.

Interest, Growth, and Inflation, Or, The Contractual Savings Theory of Interest

Interest, Growth, and Inflation, Or, The Contractual Savings Theory of Interest
  • Author : John Burr Williams
  • Publisher : Fraser Publishing Company
  • Pages : 240
  • Relase : 1998
  • ISBN : 0870341316

Interest, Growth, and Inflation, Or, The Contractual Savings Theory of Interest Book Review:

The author develops a macroeconomic theory of the market economy based on an empirical description and financial analysis at the microeconomic level. He describes various classes of borrowers, lenders, and market mediators and the special characteristics of each that influence the demand and supply for loans.

Security Analysis: The Classic 1934 Edition

Security Analysis: The Classic 1934 Edition
  • Author : Benjamin Graham,David Dodd,David Le Fevre Dodd
  • Publisher : McGraw Hill Professional
  • Pages : 725
  • Relase : 1934
  • ISBN : 0070244960

Security Analysis: The Classic 1934 Edition Book Review:

Explains financial analysis techniques, shows how to interpret financial statements, and discusses the analysis of fixed-income securities and the valuation of stocks

Free Cash Flow and Shareholder Yield

Free Cash Flow and Shareholder Yield
  • Author : William W. Priest,Lindsay H. McClelland
  • Publisher : John Wiley & Sons
  • Pages : 192
  • Relase : 2011-01-07
  • ISBN : 1118045076

Free Cash Flow and Shareholder Yield Book Review:

Praise for Free Cash Flow and Shareholder Yield "Free Cash Flow and Shareholder Yield provides a provocative solution to the profound paradigm shift now redefining valuation standards for markets around the globe. In commonsense terms, it defines how the investment community has begun the journey of shifting to the more dependable, robust metric of free cash flow." —Rob Brown, Chief Investment Officer, Genworth Financial Asset Management, Inc. This graph tells a singularly compelling story of the changing order of the drivers of total equity returns. In Free Cash Flow and Shareholder Yield, you will learn how this story is the key to informed investing in an evolving global marketplace.

The General Theory of Employment, Interest, and Money

The General Theory of Employment, Interest, and Money
  • Author : John Maynard Keynes,General Press
  • Publisher : GENERAL PRESS
  • Pages : 380
  • Relase : 2019-10-05
  • ISBN : 9789389440621

The General Theory of Employment, Interest, and Money Book Review:

The General Theory of Employment, Interest, and Money, written by legendary author John Maynard Keynes is widely considered to be one of the top 100 greatest books of all time. This masterpiece was published right after the Great Depression. It sought to bring about a revolution, commonly referred to as the ‘Keynesian Revolution’, in the way economists thought—especially challenging the proposition that a market economy tends naturally to restore itself to full employment on its own. Regarded widely as the cornerstone of Keynesian thought, this book challenged the established classical economics and introduced new concepts. ‘The General Theory of Employment, Interest, and Money’ transformed economics and changed the face of modern macroeconomics. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. It gave way to an entirely new approach where employment, inflation and the market economy are concerned.