Ulteriori informazioni
The financial markets are incredibly noisy and full of opinions, innuendo, and misinformation. They overwhelm the senses, confuse, and disorient, inviting all kinds of deception. No lesson on investing is complete without accounting for the emotional and psychological biases that can lead investors astray and how to correct for those biases. Analytical techniques are useless if they are not integrated into a well-conceived decision framework that recognizes how we are wired to perceive the world around us. That is why Book of Value looks to philosophy and psychology to redefine modern portfolio theory for investors at all skill levels. Building off of the philosophy of Thomas Kuhn and Karl Popper, Anurag Sharma defines an "art of looking" that blocks out the din of the market and pinpoints deep value.
Sommario
Preface
Acknowledgments
Prologue: A Short History of Investing
Introduction: Noise
Part I: Illusion1 Opinions and Beliefs
2 Correlation of Errors
3 The Dark Arts
4 Purveyors of the Dark Arts
5 Victims of the Dark Arts
Part II: Verity6 Logic—Data—Doubt
7 Investing as a Negative Art
8 Shaping the Investment Thesis
9 How to Be a Wise Investor
10 The Art of Looking
Part III: Foundations11 Price and Value
12 How to Value a Business
13 Risk and Uncertainty
14 The Simple Math of Valuation
15 Yield—Stability—Strength
Part IV: Diligence16 Depth Analysis
17 Dive for Strength
18 Define Good Business
19 Watch the Game
20 Meet the Managers
Part V: Policy21 Diversification
22 Another Way to Portfolio
23 Core Holdings
24 Growth
25 The Buffett Portfolio
Conclusion: Noise Control
Notes
Bibliography
Index
Info autore
Anurag Sharma is Associate Professor of Management at the Eugene M. Isenberg School of Management, University of Massachusetts-Amherst. He is the author of Book of Value (Columbia University Press, 2016).
Riassunto
How value investors can build high-performance stock portfolios with the help of powerful ideas from philosophy and psychology.
Relazione
"Well organized and derived, Sharma provides strong coverage of the philosophical grounding for value investing, a subject area that doesn't lend itself to academic presentation." - David Nawrocki, Katherine M. Salisbury and Richard J. Salisbury, Jr. Endowed Professor of Finance, Villanova School of Business
