Active Value Investing
Making Money in Range-Bound Markets
(Sprache: Englisch)
Market pundits predict whether the stock market will go up or down but the reality is that it goes nowhere over 50% of the time. The challenge for active investors and traders is how to make money during these times when the market is range bound.
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Market pundits predict whether the stock market will go up or down but the reality is that it goes nowhere over 50% of the time. The challenge for active investors and traders is how to make money during these times when the market is range bound.
Klappentext zu „Active Value Investing “
Praise for Active Value Investing"This book reads like a conversation with Vitaliy: deep, insightful, inquisitive, and civilized."
--Nassim Nicholas Taleb, author of The Black Swan
"Vitaliy Katsenelson walks you through his thought processes in constructing an active value portfolio. There is not enough discussion in value investing circles about when to sell stocks, and this book advances that subject. A good balance between theoretical discussion, real anecdotes, and commonsense observations."
--David Einhorn
"Active Value Investing clearly highlights that the stock market is not a smooth trend; rather, it has periods of surge and stall. Katsenelson explains range-bound markets and emphasizes that 'valuation matters'--the valuation paid for stocks impacts the ultimate return. Range-bound markets especially require an unconstrained process of analysis to identify undervalued securities, and Katsenelson delivers a much-needed framework to achieve superior returns."
--Ed Easterling, President, Crestmont Research, author of Unexpected Returns: Understanding Secular Stock Market Cycles
"A delightfully documented and detailed deconstruction of buy-and-hold dogma. A must-read for any open-minded, thinking investor--professional or individual."
--Donald Cassidy, President, Retirement Investing Institute, and author of It's When You Sell That Counts
"Active Value Investing offers a rare combination of focus on value of underlying companies with appreciation for the effect of market dynamics on portfolio performance. Investors who understand both have the flexibility to succeed in a variety of markets. Katsenelson has the gift of packaging expert financial insight in an entertaining and educational package."
--Aaron Brown, Executive Director in Risk Methodology at Morgan Stanley author of The Poker Face of Wall Street
"Vitaliy has crafted a valuable assimilation of the primary market metrics that will benefit the
... mehr
active trader and long-term investor alike."
--Todd Harrison, founder and CEO, Minyanville Publishing & Multimedia, LLC
"Active Value Investing has the hallmarks of all great investing books--easy to read, humorous at times, and, most of all, it demonstrates Vitaliy's investing process in terms accessible to the novice and expert alike. Despite its title, this is a book for bull, bear, or range-bound markets and will be highly recommended to our newsletter subscribers."
--Philip Durell, advisor, The Motley Fool Inside Value
--Todd Harrison, founder and CEO, Minyanville Publishing & Multimedia, LLC
"Active Value Investing has the hallmarks of all great investing books--easy to read, humorous at times, and, most of all, it demonstrates Vitaliy's investing process in terms accessible to the novice and expert alike. Despite its title, this is a book for bull, bear, or range-bound markets and will be highly recommended to our newsletter subscribers."
--Philip Durell, advisor, The Motley Fool Inside Value
... weniger
Praise for Active Value Investing
"This book reads like a conversation with Vitaliy: deep, insightful, inquisitive, and civilized." - Nassim Nicholas Taleb, author of The Black Swan
"Vitaliy Katsenelson walks you through his thought processes in constructing an active value portfolio. There is not enough discussion in value investing circles about when to sell stocks, and this book advances that subject. A good balance between theoretical discussion, real anecdotes, and commonsense observations." - David Einhorn
"Active Value Investing clearly highlights that the stock market is not a smooth trend; rather, it has periods of surge and stall. Katsenelson explains range-bound markets and emphasizes that 'valuation matters'-the valuation paid for stocks impacts the ultimate return. Range-bound markets especially require an unconstrained process of analysis to identify undervalued securities, and Katsenelson delivers a much-needed framework to achieve superior returns." - Ed Easterling, President, Crestmont Research, author of Unexpected Returns: Understanding Secular Stock Market Cycles
"A delightfully documented and detailed deconstruction of buy-and-hold dogma. A must-read for any open-minded, thinking investor-professional or individual." - Donald Cassidy, President, Retirement Investing Institute, and author of It's When You Sell That Counts
"Active Value Investing offers a rare combination of focus on value of underlying companies with appreciation for the effect of market dynamics on portfolio performance. Investors who understand both have the flexibility to succeed in a variety of markets. Katsenelson has the gift of packaging expert financial insight in an entertaining and educational package." - Aaron Brown, Executive Director in Risk Methodology at Morgan Stanley author of The Poker Face of Wall Street,
"Vitaliy has crafted a valuable assimilation of the primary market metrics that will benefit the active trader and long-term investor alike." - Todd Harrison, founder and CEO, Minyanville Publishing & Multimedia, LLC
"Active Value Investing has the hallmarks of all great investing books-easy to read, humorous at times, and, most of all, it demonstrates Vitaliy's investing process in terms accessible to the novice and expert alike. Despite its title, this is a book for bull, bear, or range-bound markets and will be highly recommended to our newsletter subscribers." - Philip Durell, advisor, The Motley Fool Inside Value.
"This book reads like a conversation with Vitaliy: deep, insightful, inquisitive, and civilized." - Nassim Nicholas Taleb, author of The Black Swan
"Vitaliy Katsenelson walks you through his thought processes in constructing an active value portfolio. There is not enough discussion in value investing circles about when to sell stocks, and this book advances that subject. A good balance between theoretical discussion, real anecdotes, and commonsense observations." - David Einhorn
"Active Value Investing clearly highlights that the stock market is not a smooth trend; rather, it has periods of surge and stall. Katsenelson explains range-bound markets and emphasizes that 'valuation matters'-the valuation paid for stocks impacts the ultimate return. Range-bound markets especially require an unconstrained process of analysis to identify undervalued securities, and Katsenelson delivers a much-needed framework to achieve superior returns." - Ed Easterling, President, Crestmont Research, author of Unexpected Returns: Understanding Secular Stock Market Cycles
"A delightfully documented and detailed deconstruction of buy-and-hold dogma. A must-read for any open-minded, thinking investor-professional or individual." - Donald Cassidy, President, Retirement Investing Institute, and author of It's When You Sell That Counts
"Active Value Investing offers a rare combination of focus on value of underlying companies with appreciation for the effect of market dynamics on portfolio performance. Investors who understand both have the flexibility to succeed in a variety of markets. Katsenelson has the gift of packaging expert financial insight in an entertaining and educational package." - Aaron Brown, Executive Director in Risk Methodology at Morgan Stanley author of The Poker Face of Wall Street,
"Vitaliy has crafted a valuable assimilation of the primary market metrics that will benefit the active trader and long-term investor alike." - Todd Harrison, founder and CEO, Minyanville Publishing & Multimedia, LLC
"Active Value Investing has the hallmarks of all great investing books-easy to read, humorous at times, and, most of all, it demonstrates Vitaliy's investing process in terms accessible to the novice and expert alike. Despite its title, this is a book for bull, bear, or range-bound markets and will be highly recommended to our newsletter subscribers." - Philip Durell, advisor, The Motley Fool Inside Value.
Inhaltsverzeichnis zu „Active Value Investing “
Preface.Introduction.
Acknowledgments.
Part I. What the Future Holds.
Chapter 1. Introduction: Range-Bound Markets Happen.
Chapter 2. Emotions of Secular Bull, Bear and Range-Bound Markets.
Chapter 3. Stock Market Math.
Chapter 4. Bonds: A Viable Alternative?
Part II. Active Value Investing.
Analytics.
Introduction to Analytics: Quality, Valuation, Growth.
Chapter 5. The "Q" - Quality.
Chapter 6. The "G" - Growth.
Chapter 7. The "V" - Valuation.
Chapter 8. Let's Put It All Together.
Strategy.
Introduction to Strategy: The Value of Process and Discipline.
Chapter 9. Buy Process - Fine Tuning.
Chapter 10. Buy Process - Contrarian Investing.
Chapter 11. Buy Process - International Investing.
Chapter 12. Sell Process - Darwin Would Be Proud.
Risk and Diversification.
Introduction to Risk and Diversification.
Chapter 13. A Different View of Risk.
Chapter 14. A Different View of Diversification.
Chapter 15. Conclusion and Implication.
Appendix A. Years to Bull Market.
Endnotes.
Autoren-Porträt von Vitaliy N. Katsenelson
VITALIY N. KATSENELSON, CFA, has been involved with the investment industry since 1994. He is a portfolio manager with Investment Management Associates, where he comanages institutional and personal assets utilizing fundamental analysis. He is also an adjunct faculty member at the University of Colorado at Denver, Graduate School of Business. Katsenelson is a regular contributor to the Financial Times, MarketWatch from Dow Jones, and Minyanville.com. He is a CFA charter holder, member of CFA Institute, has served on the boards of the CFA Society of Colorado, and is currently on the board of the Retirement Investment Institute. Katsenelson received both his bachelor of science and his master of science in finance from the University?of Colorado at Denver, where he graduated cum laude. To read articles Katsenelson has written over the years, please visit: ContrarianEdge.com or ActiveValueInvesting.com.
Bibliographische Angaben
- Autor: Vitaliy N. Katsenelson
- 2007, 1. Auflage, 304 Seiten, Maße: 15,7 x 23,5 cm, Gebunden, Englisch
- Verlag: Wiley & Sons
- ISBN-10: 0470053151
- ISBN-13: 9780470053157
- Erscheinungsdatum: 17.09.2007
Sprache:
Englisch
Rezension zu „Active Value Investing “
Katsenelson's style is straightforward enough to keep a rookie investor engaged, and in-depth enough to retain the interest of old pros, which makes this a great book for those of all skill levels. He does a comprehensive job of reviewing the market's past, projecting its potential future, and developing a case for why value investing will shine as the market stagnates. He combines historical and financial analysis, along with engaging stories from his experience as a professional investment manager.--Chuck Saletta, Motley FoolThis book should be considered a practical compendium of modern finance, leaving no stones unturned on your way to better investments. Katsenelson's passionate, witty and accessible writing expertly takes the reader through his original framework for valuing stocks in range-bound markets. A student of history and an overzealous stock picker, the author entertainingly illustrates every concept with a collection of real-world examples, demonstrating an impressive breadth and depth of understanding of what makes stocks move!--J.P. Tremblay, CFA
Pressezitat
Katsenelson's is straightforward enough to keep a rookie investor engaged, and in-depth enough to retain the interest of old pros, which makes this a great book for those of all skill levels. He does a comprehensive job of reviewing the market's past, projecting its potential future, and developing a case for why value investing will shine as the market stagnates. He combines historical and financial analysis, along with engaging stories from his experience as a professional investment manager.--Chuck Saletta, Motley FoolThis book should be considered a practical compendium of modern finance, leaving no stones unturned on your way to better investments. Katsenelson's passionate, witty and accessible writing expertly takes the reader through his original framework for valuing stocks in range-bound markets. A student of history and an overzealous stock picker, the author entertainingly illustrates every concept with a collection of real-world examples, demonstrating an impressive breadth and depth of understanding of what makes stocks move!--J.P. Tremblay, CFA
"How to adapt value investing for "range-bound" markets." (Financial Times, Tues 26th February 2008)
"The new Benjamin Graham is Vitaliy N. Katsenelson. I highly recommend Katsenelson's book, Active Value Investing: Making Money in Range-Bound Markets (Wiley, 2007). I like to think the old Ben Graham would have recommended it, too."--Forbes
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