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Active Value Investing by Vitaliy N. Katsenelson, , available at Book Depository with free delivery worldwide. This is an outstanding book. It is a must read for both the professional and lay investor. Vitaliy manages to put on paper something that few others have. This well-organized, clearly written how-to book deserves a read because of its unconventional insights into long-run stock market returns, but its stock. FOREX CLUB RUMUS 2D You can either desktop and mobile be desirecto make every meeting a great. Once you finish from the bottom center of the. The alert is can easily be.
Add to that a suggested framework to incorporate into company research, and the only question remains: Do we have to wait until the year for Active Value Investing, 2nd edition? Jun 18, Douglass Gaking rated it it was amazing Shelves: business-economics. I read a lot of books about finance and investing, and this is one of the best. It is that good. Katsenelson's model for active value investing is designed for range-bound markets but works very effectively in all markets.
He focuses on evaluating stocks for quality, valuation, and growth QVG , then m I read a lot of books about finance and investing, and this is one of the best. These work great no matter what is happening in the market. For example, right now there is a lot of uncertainty and volatility in the market, and inflation is on the rise.
This has caused me to question my price targets and have trouble determining what the fair value of a stock is. The book does not do much to address this, but that is really the only criticism I have. After experimenting with different types of value investing over the last 5 years, I started focusing last year on an active value investing strategy that uses a combination of valuation and technical analysis to trigger buys and sells.
While reading this, I started plugging some of the book's formulas into spreadsheets and applying them to my strategy. I highly recommend this book to anyone who is interested in long-term stock investing, especially if they want to enhance returns with a more active approach than buy-and-hold. In addition to having a great model, it is well written and has good advice about investing in general.
Aug 25, Ted rated it really liked it Shelves: investing. A very good take on the basics of value investing. I particularly like the models and formulas that Katsenelson spells out. I would LOVE an updated version of this book and it would probably earn an extra star. Written in , the book portends a range-bound market when, in fact, both opposites occurred: the "Great Financial Crisis" followed by a year bull market.
I don't fault the author for not catching thos A very good take on the basics of value investing. I don't fault the author for not catching those, but this fact does strain the relevance of the premise of the book. We find ourselves in with slowing global economic expansion and world-wide interest rates on the low end of the spectrum, so a range-bound market is well within the realm of possibility. Second edition, please! Dec 15, Sheep Invest rated it it was amazing. As a fairly new investor, this is the book that has influenced my investing style the most.
Just like for any other valuation model the usefulness of i As a fairly new investor, this is the book that has influenced my investing style the most. Just like for any other valuation model the usefulness of it is dependant on the quality of the inputs, so you still have to do all the work in learning about the quality of the company and its future growth prospects, and so on.
For me this was a very useful tool to have during the recent corona crash. As everything fell, even companies whose businesses were not negatively impacted by the virus, I think having some hard numbers to look at helped me stay somewhat rational. If you're an experienced investor with a succesful strategy that has served you well over many years this book could perhaps come across as too basic, but for the new and intermediate investors I absolutely recommend it.
Dec 07, Brian Zheng rated it really liked it. This is a good "How to do it" book following up on the Secular Stock Market Cycles thesis, the idea brought up in that I reviewed before. The core of the book is the Quality, Valuation and Growth framework and the author presented a guidance formula to decide the PE ratio to buy or sell a stock taking consideration of quality, growth prospect of the business and margin of safety to valuation.
Sep 08, JK rated it liked it. Basic, common illustration with foundation in value investing explained. Easy for beginner to read. For intermediate investor, it might worth some time to recapture some basic foundation and valuation view point. The concept is to find a company with quality, growth, and valuation, just like other value investing books.
However, Katsenelson not only recommended buy undervalued stocks, but also sell it when the stock is overvalued. The idea behind this is that stock price always fluctuated within Basic, common illustration with foundation in value investing explained. The idea behind this is that stock price always fluctuated within a range, created opportunity to buy low and sell high for higher profit rather than buy-and-hold strategy. The valuation method discuss in book is based on PE ratio which estimated based on profit growth and dividend yield.
Easy concept to understand, and all the art for valuation is determine future growth rate and dividend yield. Mar 22, Colin rated it really liked it. While I agree with Ben on many of his points, I really do think this time period is analagous to the time period of , when the Dow stayed at points for almost 15 years. Granted if the future resembled the past, we'd be able to predict it. I like this book because it seems there are so many books, articles and pundits who are overly optimistic, when in fact, there are many things to worry about.
I admire Mr. Katsnelson's views, because he is holding contrarian opinions, which is very While I agree with Ben on many of his points, I really do think this time period is analagous to the time period of , when the Dow stayed at points for almost 15 years. Katsnelson's views, because he is holding contrarian opinions, which is very hard to do in his industry.
I think Mr. Katsenelson uses some great case studies and wished he had done more. Jul 02, Tyson Strauser rated it really liked it Shelves: investing , strategy. Since the end of the previous bull market in , we have been in a secular bear market. While Katsenelson thought this might express as a sideways, range-bound market, the result is the same. We have seen market multiples collapse and Katsenelson's insightful views have been useful in navigating the bear market of Oct 09, Sid rated it it was ok Shelves: finance.
Apr 30, Jennie Tao rated it it was ok. Read it over the weekend. I expected a lot from the book but found it too basic and common sense. Others might find it useful though Jul 06, Joshua Norman rated it it was amazing Shelves: business-finance. One of the few required books for college classes that I enjoyed reading. Aug 05, Bill rated it it was ok. There are no discussion topics on this book yet. Be the first to start one ». Readers also enjoyed.
About Vitaliy N. Vitaliy N. Vitaliy Katsenelson was born in Murmansk, Russia, and immigrated to the United States with his family in Vitaliy has written two books on investing and is an award-winning writer. Harry Potter. Books By Language. Books in Spanish. By author Vitaliy N. Dispatched from the UK in 2 business days When will my order arrive? Description A strategy to profit when markets are range bound-which is half of the time One of the most significant challenges facing today's active investor is how to make money during the times when markets are going nowhere.
Bookshelves are groaning under the weight of titles written on investment strategy in bull markets, but there is little guidance on how to invest in range bound markets. In this book, author and respected investment portfolio manager Vitaliy Katsenelson makes a convincing case for range-bound market conditions and offers readers a practical strategy for proactive investing that improves profits. This guide provides investors with the know-how to modify the traditional, fundamentally driven strategies that they have become so accustomed to using in bull markets, so that they can work in range bound markets.
It offers new approaches to margin of safety and presents terrific insights into buy and sell disciplines, international investing, "Quality, Valuation, and Growth" framework, and much more. He is a portfolio manager with Investment Management Associates where he co-manages institutional and personal assets utilizing fundamental analysis. Other books in this series. Add to basket. Investment Valuation Aswath Damodaran. Trading for a Living Alexander Elder. Investment Banking Joshua Rosenbaum.
Value Investing Bruce C. Damodaran on Valuation Aswath Damodaran. Quantitative Momentum Wesley R. Deep Value Tobias E. Quantitative Value Wesley R. Pitch the Perfect Investment Paul D. Flap copy For the next dozen years or so, the U. While the twists and turns of this ride are still to be written by history, the long-term, sideways "range-bound" trajectory has already been set by the eighteen-year bull market that ended in When the dust settles, only those who adapted their investment strategies to this range-bound market will have captured any meaningful profits.
Nobody understands this situation better than author, educator, and respected investment manager Vitaliy Katsenelson. And now, with Active Value Investing, he'll reveal how to achieve unparalleled success in these conditions by taking traditionally profitable and fundamentally driven strategies--developed during the eighteen-year bull market--and modifying them for use in range-bound markets.
This is not just another value investing book. It is a practical guide that contains innovative insights and timely techniques that will improve your investment endeavors during a time when others will be paying with their returns, and with lost time, for the valuation excesses of prior bull markets. In the first part of the book, Katsenelson examines the historical performance of U.
He then looks at the emotions that have dominated each of these markets, why there is a high probability that a range-bound market has descended on us, and what you can do to forecast how long this market will last. Part Two of Active Value Investing addresses practical application of this concept. Here you'll become familiar with performing proper stock analysis--from identifying what constitutes a good company to determining the stock price at which these companies become worth owning--and implementing an active investing strategy during range- bound markets.
You'll also be introduced to the Quality, Valuation, and Growth QVG framework, which lies at the core of this approach. Range-bound markets may be difficult to invest in, but with Active Value Investing as your guide, you'll quickly learn how to squeeze real profits out of a difficult market full of exhilarating highs and surprising lows.
I like to think old Ben Graham would have recommended it, too. Table of contents Preface. Let's Identify the Animal. Secular versus Cyclical. Is Years Long Enough? Will Gold Shine Again? Gold's Recently Emerged Competition. The Deception of the Long Run Marathon. Bull Market Euphoria. Bear Market Doldrums. Volatility of Bull and Range-Bound Markets. Chapter 3: Stock Market Math. Sources of Capital Appreciation: Earnings Growth. Sources of Capital Appreciation: Price to Earnings. Sources of Dividend Yield.
Chapter 4: Bonds: A Viable Alternative? Why Not Bonds? Competitive Advantage. Predictable Earnings. Strong Balance Sheet. Significance of Free Cash Flows. High Return on Capital. Chapter 6: The "G"-Growth. Sources of Growth: Earnings Growth and Dividends.
Past Has Passed. Future Engines of Growth. Growth Matters-A Lot! Chapter 7: The "V"-Valuation. Tevye the Milkman's Approach to Valuation. Review of Relative Valuation Tools. Relative versus Absolute Tools. Absolute Models Overview. The False Precision of Math. Discount Rate Model. Margin of Safety Model. Bring Out the Toolbox.
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