Investment Philosophies

Aswath Damodaran 지음

Wiley 2012년 06월 22일 출간

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The guide for investors who want a better understanding of investment strategies that have stood the test of timeThis thoroughly revised and updated edition of Investment Philosophies covers different investment philosophies and reveal the beliefs that underlie each one, the evidence on whether the strategies that arise from the philosophy actually produce results, and what an investor needs to bring to the table to make the philosophy work.The book covers a wealth of strategies including indexing, passive and activist value investing, growth investing, chart/technical analysis, market timing, arbitrage, and many more investment philosophies.Presents the tools needed to understand portfolio management and the variety of strategies available to achieve investment successExplores the process of creating and managing a portfolioShows readers how to profit like successful value growth index investorsAswath Damodaran is a well-known academic and practitioner in finance who is an expert on different approaches to valuation and investmentThis vital resource examines various investing philosophies and provides you with helpful online resources and tools to fully investigate each investment philosophy and assess whether it is a philosophy that is appropriate for you.

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CHAPTER 1 Introduction 1What Is an Investment Philosophy? 2Why Do You Need an Investment Philosophy? 3The Big Picture of Investing 4Categorizing Investment Philosophies 7Developing an Investment Philosophy 10Conclusion 12Exercises 13CHAPTER 2 Upside, Downside: Understanding Risk 15What Is Risk? 16Equity Risk: Theory-Based Models 16Assessing Conventional Risk and Return Models 32Equity Risk: Alternative Measures 34Equity Risk: Assessing the Field 45Default Risk 46Conclusion 50Exercises 51CHAPTER 3 Numbers Don&'t Lie&m-Or Do They? 53The Basic Accounting Statements 53Asset Measurement and Valuation 55Measuring Financing Mix 62Measuring Earnings and Profitability 69Measuring Risk 75Differences in Accounting Standards and Practices 82Conclusion 82Exercises 85CHAPTER 4 Show Me the Money: The Basics of Valuation 87Intrinsic Value 87Relative Valuation 110Valuing an Asset with Contingent Cash Flows (Options) 119Conclusion 121Exercises 122CHAPTER 5 Many a Slip: Trading, Execution, and Taxes 125The Trading Cost Drag 125The Components of Trading Costs: Traded Financial Assets 127Trading Costs with Nontraded Assets 146Management of Trading Costs 148Taxes 150Conclusion 159Exercises 160CHAPTER 6 Too Good to Be True? Testing Investment Strategies 163Why Does Market Efficiency Matter? 163Efficient Markets: Definition and Implications 164Behavioral Finance: The Challenge to Efficient Markets 170A Skeptic&'s Guide to Investment Strategies 204Conclusion 206Exercises 207CHAPTER 7 Smoke and Mirrors? Price Patterns, Volume Charts, and Technical Analysis 209Random Walks and Price Patterns 209

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저자(글) Aswath Damodaran

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ASWATH DAMODARAN is Professor of Finance at New York University#39;s Leonard N. Stern School of Business. He has been the recipient of numerous awards for outstanding teaching, including the NYU university#45;wide Distinguished Teaching Award, and was named one of the nation#39;s top business school teachers by BusinessWeek in 1994. In addition, Damodaran teaches training courses in corporate finance and valuation at many leading investment banks. His publications include Investment Valuation (now in its third edition), Damodaran on Valuation: Security Analysis for Investment and Corporate Finance; Corporate Finance; Investment Management; and Applied Corporate Finance, all published by Wiley, and The Dark Side of Valuation.

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