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Informationen zum Autor DAVID T. LARRABEE, CFA, is director of member and corporate products at CFA Institute, where he also serves as a content director in the areas of portfolio management and equity investments. Prior to joining CFA Institute, Mr. Larrabee spent two decades in the asset management industry as a portfolio manager and analyst. He earned a BA in economics from Colgate University and an MBA in finance from Fordham University. JASON A. VOSS, CFA, is a content director at CFA Institute, where he focuses on fixed income, behavioral finance, and corporate finance. He is the author of The Intuitive Investor , and he also authored the What My Intuition Tells Me Now investment blog. Previously, he was a portfolio manager at Davis Selected Advisers, L.P., where he built an impressive track record co-managing the Davis Appreciation and Income Fund. Mr. Voss earned a BA in economics and an MBA in finance and accounting from the University of Colorado. Klappentext Analysis and insights from top thought leaders on a pivotal topic in investing and asset managementValuation is the cornerstone for investment analysis, and a thorough understanding and correct application of valuation methodologies are critical for long-term investing success. Edited by two leading valuation experts from CFA Institute, this book brings together the insights and expertise of some of the most astute and successful investment minds of the past 50 years. From Benjamin Graham, the "father of value investing," to Aswath Damodaran, you'll learn what these investment luminaries have to say about investment valuation techniques, including earnings and cash flow analysis.* Features the best thinking on valuation from the industry's masters on the topic, supplemented with dozens of fascinating and instructive real-world examples* Comprehensively discusses special valuation situations, such as real options, employee stock options, highly leveraged firms, corporate takeovers, and more* Supplies you with the tools you need to successfully navigate and thrive in the ever-changing financial markets* Is being produced with the full support and input of CFA Institute, the world's leading association of investment professionals Zusammenfassung Analysis and insights from top thought leaders on a pivotal topic in investing and asset management Valuation is the cornerstone for investment analysis, and a thorough understanding and correct application of valuation methodologies are critical for long-term investing success. Inhaltsverzeichnis Foreword ix Introduction 1 PART I: VALUATION PERSPECTIVES: THEN AND NOW 3 CHAPTER 1 Two Illustrative Approaches to Formula Valuations of Common Stocks 5 Benjamin Graham Reprinted from the Financial Analysts Journal (November 1957):1115. CHAPTER 2 Seeking a Margin of Safety and Valuation 17 Matthew B. McLennan, CFA Reprinted from CFA Institute Conference Proceedings Quarterly (June 2011): 2734. PART II: VALUATION METHODOLOGIES 29 CHAPTER 3 Company Performance and Measures of Value Added 31 Pamela P. Peterson, CFA, and David R. Peterson Reprinted from the Research Foundation of CFA Institute (December 1996). CHAPTER 4 The Affordable Dividend Approach to Equity Valuation 93 Alfred Rappaport Reprinted from the Financial Analysts Journal (July/August 1986):5258. CHAPTER 5 Discounted-Cash-Flow Approach to Valuation 105 Gregory A. Gilbert, CFA Reprinted from ICFA Continuing Education Series (1990):2330. CHAPTER 6 Equity Securities Analysis Case Study: Merck & Company 115 Randall S. Billingsley, CFA Reprinted from AIMR Conference Proceedings: Equity Securities Analysis and Evaluation (December 1993):6395. CHAPTER 7 Traditional Equity Valuation Methods 155<...
