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基本説明
Updates to this edition include chapters on the psychology of investing and corporate governance.
Full Description
This book includes classic strategies for finding investment gems, updated to address the realities of today's markets. Legendary investment pioneer Benjamin Graham called it his "margin of safety." Warren Buffett used its principles to make millions for patient investors, and amass one of the largest personal investment fortunes in history. It is value investing, and its simple principles of success have allowed investors for nearly a century to buy companies whose stocks were underpriced, then reap the rewards as those companies' true value was recognized and rewarded by the marketplace.First published in 1989, "Value Investing Today" has since become a staple of modern value investing. Now in its revised and updated third edition to reflect today's broad advances in behavioral finance, technology, communications, and productivity, let it provide you with: new chapters on the psychology of investing and the investor-driven focus on corporate governance; updated information on why value investing continues to work across all industries and market environments; and, fresh strategies designed to protect investors from severe loss and preserve the long term value of their portfolios.While the investment landscape has changed dramatically in the past decade, the tenets of value investing have continued to help millions of investors create and preserve wealth.Discover how to make those tenets work for you - today, tomorrow, and into the future - in "Value Investing Today". 'Achieving better-than-average returns depends upon thinking and acting differently than the average market participant' - From the Introduction. Value investing isn't about excitement, or headline-making discoveries, or any of the other things that light up journalists' eyes and stockbrokers' phones. Value investing is instead about companies with solid business fundamentals that, for whatever reason, have a current stock price that is less than their intrinsic value. It is about looking under the hood, kicking the tires, and buying the stock in those companies for seventy cents on the dollar or less."Value Investing Today, Third Edition", is written for investors who understand the importance of knowing what they buy, and who have learned - often through hard, costly experience - that quick fixes more often than not just as quickly fail.This hands-on value investing guidebook will show you how to: identify value companies ahead of the crowd - what to look for, what to avoid, when to buy, when to sell; create an objective investment process to identify - and overcome - the pressures of today's marketplace; think globally, and extend the application of value investing principles to companies in newer or less well-known markets; learn and implement the skills necessary to build and maintain a portfolio of value stocks; and, establish and adhere to a dispassionate, often contrarian investment philosophy and process.Most traders and investors want excitement in their stocks, news events that will propel stock prices into the stratosphere regardless of their true worth. Value investors, on the other hand, want stocks that are unnoticed by the crowd and, most important, selling for less than they are worth. They believe, and history has shown, that these solid companies will continue to perform well, and the gap between their market price and fair value will eventually close.If you're looking for a stock poised to take the world by storm, a quick "ten-bagger," you should probably move on to more adventurous trading how-tos. If however, you are one of those serious investors willing to trade the dazzle of bright lights for the stability of substance and true worth, "Value Investing Today" is destined to show you how to construct a portfolio poised to stand the test of time, and get you to the finish line far.
Contents
Author's NotesPART I - WHY VALUE INVESTING?1 Here We Go Again 32 Fundamentals: What Is Value Investing? 183 The Value Pedigree and the Rewards of Value Investing 284 Behavioral Biases: Why Value Investing Works 415 The Search for Value 556 By the Numbers 677 Why Go Overseas? 828 Searching for Value in a Volatile and Dynamic Global Arena 929 Analysis and Action 107PART III - LESSONS LEARNED AND PRINCIPLES APPLIED10 Staying Committed: Mr. Market Takes Value to Task-Part 1 12711 Staying Committed: Mr. Market Takes Value to Task-Part 2 14212 Staying on Target: Investigating Investor Behavior 15413 Staying Focused: Everything Old Is New Again 16314 Staying Active: The Stock Picker's Edge in a Passive World 17315 Are Stocks an Intelligent Investment? 18516 Value Investing in the Bond World 19517 Managing Risk and Diversifying a Portfolio 20618 Which Way to the Market? 21819 Staying the Course 230Notes 237Acknowledgments 243Index 245NER(01): WOW
