Investment PhilosophiesSuccessful Strategies and the Investors Who Made Them Work
Wiley Finance, Band 665 2. Aufl.
The guide for investors who want a better understanding of investment strategies that have stood the test of time This thoroughly revised and updated edition of Investment Philosophies covers different investment philosophies and reveal the beliefs that underlie each one, the evidence on whether the strategies that arise from the philosophy actually produce results, and what an investor needs to bring to the table to make the 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 more investment philosophies. Presents the tools needed to understand portfolio management and the variety of strategies available to achieve investment success Explores the process of creating and managing a portfolio Shows readers how to profit like successful value growth index investors Aswath Damodaran is a well-known academic and practitioner in finance who is an expert on different approaches to valuation and investment This vital resource examines various investing philosophies and provides you with helpful online resources and tools to fully investigate each investment philosophy and assess whether it is a philosophy that is appropriate for you.
CHAPTER 1 Introduction 1 What Is an Investment Philosophy? 2 Why Do You Need an Investment Philosophy? 3 The Big Picture of Investing 4 Categorizing Investment Philosophies 7 Developing an Investment Philosophy 10 Conclusion 12 Exercises 13 CHAPTER 2 Upside, Downside: Understanding Risk 15 What Is Risk? 16 Equity Risk: Theory-Based Models 16 Assessing Conventional Risk and Return Models 32 Equity Risk: Alternative Measures 34 Equity Risk: Assessing the Field 45 Default Risk 46 Conclusion 50 Exercises 51 CHAPTER 3 Numbers Don’t Lie—Or Do They? 53 The Basic Accounting Statements 53 Asset Measurement and Valuation 55 Measuring Financing Mix 62 Measuring Earnings and Profitability 69 Measuring Risk 75 Differences in Accounting Standards and Practices 82 Conclusion 82 Exercises 85 CHAPTER 4 Show Me the Money: The Basics of Valuation 87 Intrinsic Value 87 Relative Valuation 110 Valuing an Asset with Contingent Cash Flows (Options) 119 Conclusion 121 Exercises 122 CHAPTER 5 Many a Slip: Trading, Execution, and Taxes 125 The Trading Cost Drag 125 The Components of Trading Costs: Traded Financial Assets 127 Trading Costs with Nontraded Assets 146 Management of Trading Costs 148 Taxes 150 Conclusion 159 Exercises 160 CHAPTER 6 Too Good to Be True? Testing Investment Strategies 163 Why Does Market Efficiency Matter? 163 Efficient Markets: Definition and Implications 164 Behavioral Finance: The Challenge to Efficient Markets 170 A Skeptic’s Guide to Investment Strategies 204 Conclusion 206 Exercises 207 CHAPTER 7 Smoke and Mirrors? Price Patterns, Volume Charts, and Technical Analysis 209 Random Walks and Price Patterns 209 Empirical Evidence 211 The Foundations of Technical Analysis 239 Technical Indicators and Charting Patterns 240 Conclusion 255 Exercises 256 CHAPTER 8 Graham’s Disciples: Value Investing 259 Who Is a Value Investor? 259 The Passive Screener 260 The Contrarian Value Investor 284 Activist Value Investing 293 Conclusion 326 Exercises 326 CHAPTER 9 The Allure of Growth: Small Cap and Growth Investing 329 Who Is a Growth Investor? 329 Passive Growth Investing 330 Activist Growth Investing 365 Conclusion 372 Exercises 373 CHAPTER 10 Information Pays: Trading on News 375 Information and Prices 376 Trading on Private Information 378 Trading on Public Information 398 Implementing an Information-Based Investment Strategy 421 Conclusion 422 Exercises 423 CHAPTER 11 A Sure Profit: The Essence of Arbitrage 425 Pure Arbitrage 425 Near Arbitrage 450 Speculative Arbitrage 460 Long/Short Strategies—Hedge Funds 465 Conclusion 469 Exercises 470 CHAPTER 12 The Impossible Dream? Timing the Market 473 Market Timing: Payoffs and Costs 473 Market Timing Approaches 477 The Evidence on Market Timing 506 Market Timing Strategies 514 Market Timing Instruments 518 Connecting Market Timing to Security Selection 521 Conclusion 521 Exercises 522 CHAPTER 13 Ready to Give Up? The Allure of Indexing 525 The Mechanics of Indexing 525 A History of Indexing 527 The Case for Indexing 530 Why Do Active Investors Not Perform Better? 554 Alternative Paths to Indexing 562 Conclusion 571 Exercises 572 CHAPTER 14 A Road Map to Choosing an Investment Philosophy 575 A Self-Assessment 575 Finding an Investment Philosophy 579 The Right Investment Philosophy 581 Conclusion 583 Exercises 584 Index 585
ASWATH DAMODARAN is Professor of Finance at New York University's Leonard N. Stern School of Business. He has been the recipient of numerous awards for outstanding teaching, including the NYU university-wide Distinguished Teaching Award, and was named one of the nation's top business school teachers by BusinessWeek in 1994. In addition, Damodaran teaches training courses in corporate finance and valuation at many leading investment banks. His publications include Investment Valuation (now in its third edition), Damodaran on Valuation: Security Analysis for Investment and Corporate Finance; Corporate Finance; Investment Management; and Applied Corporate Finance, all published by Wiley, and The Dark Side of Valuation.
Choosing the right investment philosophy is the heart of successful investing. To make the choice, though, you need to look within before you look outside. In the Second Edition of Investment Philosophies, New York University Stern Business School Professor Aswath Damodaran will help you do this by going beyond the simple explanations of traditional and alternative investment strategies to discuss the individual underlying philosophies that support these techniques. This reliable resource skillfully explores many of the time-tested investment philosophies that have allowed investors to reap financial rewards over the years, including value investing, growth investing, technical analysis, market timing, arbitrage, indexing, and more. Along the way, it exposes you to a wide array of investment philosophies so as to give you a sense of what drives investors in each one, how they attempt to put these philosophies into practice, and what determines ultimate success. Author Aswath Damodaran also supplies you with the tools—the definition and measurement of risk, the notion of market efficiency and how to test for inefficiencies, and the components and determinants of trading costs—and empirical evidence for you to make your own judgments on the investment philosophy that fits your specific investment goals and views of how markets work. Filled with valuable insights and useful formulas, this book provides you with the information you need to pick an investment philosophy that is right for you. With the Second Edition of Investment Philosophies as your guide, you can enter the markets with confidence and exit with profits.
Praise from the first edition of Investment Philosophies "Damodaran is a well-informed scholar with a gift for organized, clearly written syntheses of complex topics in modern finance. With Investment Philosophies he provides the uncensored facts about winning in the marketplace. If you are a fund manager, an investor, or simply a student of finance, you will want to read this book." —Tom Copeland, Managing Director of Corporate Finance, Monitor "Professor Damodaran has zeroed in on the most important missing element of many investment management processes: a clearly defined investment philosophy which can serve as a beacon in difficult markets. He offers a cornucopia of philosophies and strategies that have worked for many of the most successful investors, and which have stood the test of time." —Rob Arnott, Chairman, First Quadrant, LP; Editor, Financial Analysts Journal "As an investor, I always have to look back to my philosophy and strategy for taking risk and making money. This book is an invaluable aid for 'taking stock' before buying stock. It lays out the concepts and tools for understanding the basics of risk and return in the stock market, and presents a framework for any investor to construct his or her own investment philosophy." —Mitch Julis, Managing Partner, Canyon Capital Advisors
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