Fr. 34.50

Uncommon Sense

English · Paperback / Softback

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> ROBERT P. MILES
author of The Warren Buffett CEO 'There are many outstanding Australian value investors. Michael Kemp is one of the best.'
ROBERT P. MILES, author of The Warren Buffett CEO 'This book will ensure that you'll never look at charting, market timing or stock valuation the same way again.'
SCOTT PAPE, author of The Barefoot Investor 'Michael Kemp is one of Australia's most talented and insightful investment authors.'
TONY FEATHERSTONE, former managing editor of BRW and Shares magazines Demystify the complex world of investments and make your own investment calls. Author Michael Kemp takes readers on a journey through four centuries of the stock market. He explores how the world's greatest investors have achieved their success and demonstrates a set of reasoned investment principles that will allow you to successfully interact with the market. This must-have guide to savvy investing helps you discover how to:

  • interact with the stock market in an informed way
  • challenge the word of so-called investment experts
  • learn from the great investors of the past
  • perform your own stock valuations
  • develop the knowledge and skill to make your own investment calls.
Uncommon Sense offers a logical approach to the complex investment marketplace and empowers investors to create their own investment strategies.

List of contents










Foreword ix About the author xi
Acknowledgements xiii
Part I: The limits of reason 1
0.9 Start thinking for yourself 3
1. The Pied Piper 9
2. The art of prediction 21
3. Why economics will never be a science 29
4. Forecasting the stock market 35
5. Does the stock market forecast the economy? 49
6. Can charts predict? 55
7. Market timing 65
8. Are computers the answer? 85
9. The efficient market hypothesis 97
10. Trader or investor? 107
11. Realistic expectations of returns 119
Part II: Stock screens and value metrics 125
12. Where to start: stock screen or triad of analysis? 127
13. Don't accept the PE ratio at face value 135
14. Earnings growth isn't always a good thing 145
15. Why do price to book ratios vary? 153
16. Selecting stocks by dividend yield 159
Part III: The genesis of stock valuation 167
17. It all started in Europe 169
18. Time to cross the Atlantic 185
19. The adoption of financial reporting 199
20. The modern era 209
Part IV: 'Calculating' value 215
21. Intrinsic value and market price 217
22. Earnings and earnings growth 231
23. The discount rate 245
24. The formulae 265
Part V: Beating the stock market 277
25. The Durant-Dort Carriage Company 279
26. Searching for numeric constants 283
27. The human constant 291
28. Coin-flipping orang-utans (my first trips to Omaha) 297
Appendix A: Why book value differs from economic value 309
Appendix B: Debt analysis 311
Glossary 317
References 321
Bibliography 331
Index 337


About the author










MICHAEL KEMP has worked as a corporate financier in Australia and overseas. He is the author of Creating Real Wealth.

Product details

Authors Kemp, M. Kemp, Michael Kemp
Publisher Wiley, John and Sons Ltd
 
Languages English
Product format Paperback / Softback
Released 31.03.2016
 
EAN 9780730324249
ISBN 978-0-7303-2424-9
No. of pages 368
Subjects Guides > Law, job, finance > Money, bank, stock market
Social sciences, law, business > Business > Business administration

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