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This book shares his short-selling framework, built on themes common to falling stocks and the market's endemic strengths and cycles. Including key case studies and exclusive interviews with successful fund managers Bill Ackman (Pershing Square Capital Management) and Mark Roberts (Off Wall Street Consulting Group), this volume shows investors how to avoid traps and profit from well-researched short ideas. Investors may not always act on short ideas, but they can still avoid losses by using Kumar's framework to identify stocks that are overvalued. Everyone from professionals to amateur investors can adopt his fundamental research approach, which transforms short selling into a long-term strategy.
List of contents
Preface
Acknowledgments
Part I: Framework to Finding Short Ideas1. Due Diligence in Short Selling
2. Leveraged Businesses: The Upside and Downside
3. Structural Issues in Industries
4. Recipes for Cooked Books: Accounting Misstatements and Shenanigans
5. The World Is Going to End
Part II: How Successful Investors and Analysts Think6. Value Investing
7. Activist Investing
8. Papa Bear: Coattailing Marquee Investors or Betting Against Them?
9. Off Wall Street: Two Decades of Successful Shorting
Part III: Risks and Mechanics of Short Selling10. When to Hold, When to Fold
11. The Mechanics of Short Selling
Glossary
Notes
Index
About the author
Amit Kumar is a senior analyst at Columbia Threadneedle Investments. He has spent nine years in equity investments and, before that, another nine years in senior roles in the technology industry. He is also an adjunct professor of finance at Rutgers Business School.
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"Short Selling keeps the reader's attention through the real firm examples, cases and interview with investment professionals. It's very sound and accurate, and ideal for the not only academics and professional, but also anyone who has an interest in the various strategies, risk, actual case studies, and mechanics of selling short. I know of no other text like it." Glen Larsen, Kelly School of Business
