{"product_id":"active-value-investing-9780470053157","title":"Active Value Investing","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eA strategy to profit when markets are range boundwhich is half of the time  \u003cp\u003eOne 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 fram\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003eKatsenelson's is straightforward enough to keep a rookie investor engaged, and in-depth enough to retain the interest of old pros, which makes this a great book for those of all skill levels. He does a comprehensive job of reviewing the market's past, projecting its potential future, and developing a case for why value investing will shine as the market stagnates. He combines historical and financial analysis, along with engaging stories from his experience as a professional investment manager.--Chuck Saletta, Motley Fool  \u003c\/p\u003e\u003cp\u003eThis book should be considered a practical compendium of modern finance, leaving no stones unturned on your way to better investments. Katsenelson’s passionate, witty and accessible writing expertly takes the reader through his original framework for valuing stocks in range-bound markets. A student of history and an overzealous stock picker, the author entertainingly illustrates every concept with a collection of real-world examples, demonstrating an impressive breadth and depth of understanding of what makes stocks move!--J.P. Tremblay, CFA\u003c\/p\u003e \u003cp\u003e\"How to adapt value investing for \"range-bound\" markets.\" (\u003ci\u003eFinancial Times\u003c\/i\u003e, Tues 26th February 2008)\u003c\/p\u003e \u003cp\u003e\"The new Benjamin Graham is Vitaliy N. Katsenelson. I highly recommend Katsenelson's book, \u003ci\u003eActive Value Investing: Making Money in Range-Bound Markets\u003c\/i\u003e (Wiley, 2007). I like to think the old Ben Graham would have recommended it, too.\"--Forbes\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One What the Future Holds\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Introduction: Range-Bound Markets Happen 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFasten Your Seat Belts and Lower Your Expectations 3\u003c\/p\u003e \u003cp\u003eLet’s Identify the Animal 4\u003c\/p\u003e \u003cp\u003eSecular versus Cyclical 4\u003c\/p\u003e \u003cp\u003eDistinction between Secular Bull, Bear, and Range-Bound Markets 6\u003c\/p\u003e \u003cp\u003eIs 100 Years Long Enough? 7\u003c\/p\u003e \u003cp\u003eStocks Carried the Torch in the Long-Run Marathon 8\u003c\/p\u003e \u003cp\u003eInternational Stocks Were Bright Lights, Too 10\u003c\/p\u003e \u003cp\u003eWill Gold Shine Again? 11\u003c\/p\u003e \u003cp\u003eGold’s Recently Emerged Competition 13\u003c\/p\u003e \u003cp\u003eThe Deception of the Long Run (Marathon) 14\u003c\/p\u003e \u003cp\u003eRange-Bound Markets Erode Bull Market Returns 15\u003c\/p\u003e \u003cp\u003eThe Long Run for Us May Be Shorter Than We Think 17\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Emotions of Secular Bull, Bear, and Range-Bound Markets 23\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBull Market Euphoria 23\u003c\/p\u003e \u003cp\u003eBear Market Doldrums 25\u003c\/p\u003e \u003cp\u003eWhat Does a Secular Range-Bound Market Feel Like? 29\u003c\/p\u003e \u003cp\u003eVolatility of Bull and Range-Bound Markets 31\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Stock Market Math 37\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSources of Capital Appreciation: Earnings Growth 38\u003c\/p\u003e \u003cp\u003eSources of Capital Appreciation: Price to Earnings 48\u003c\/p\u003e \u003cp\u003eSources of Dividend Yield 57\u003c\/p\u003e \u003cp\u003eWhy Range-Bound Markets Follow Bull Markets 61\u003c\/p\u003e \u003cp\u003eIt Is Not Over Until It Is Over 62\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Bonds: A Viable Alternative? 67\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy Not Bonds? 67\u003c\/p\u003e \u003cp\u003eAsset Allocation Role Is Diminished in Range-Bound Markets 69\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two Active Value Investing \u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAnalytics\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIntroduction to Analytics: The Quality, Valuation, and Growth Framework 77\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 The ‘‘Q’’—Quality 79\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCompetitive Advantage 79\u003c\/p\u003e \u003cp\u003eManagement 82\u003c\/p\u003e \u003cp\u003ePredictable Earnings 89\u003c\/p\u003e \u003cp\u003eStrong Balance Sheet 91\u003c\/p\u003e \u003cp\u003eSignificance of Free Cash Flows 95\u003c\/p\u003e \u003cp\u003eHigh Return on Capital 102\u003c\/p\u003e \u003cp\u003eConclusion 102\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 The ‘‘G’’—Growth 103\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSources of Growth: Earnings Growth and Dividends 103\u003c\/p\u003e \u003cp\u003ePast Has Passed 111\u003c\/p\u003e \u003cp\u003eFuture Engines of Growth 112\u003c\/p\u003e \u003cp\u003eDividends 114\u003c\/p\u003e \u003cp\u003eGrowth Matters—A Lot! 117\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 The ‘‘V’’—Valuation 119\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTevye the Milkman’s Approach to Valuation 119\u003c\/p\u003e \u003cp\u003eReview of Relative Valuation Tools 128\u003c\/p\u003e \u003cp\u003eAbsolute Valuation Tools—Discounted Cash Flow Analysis 132\u003c\/p\u003e \u003cp\u003eRelative versus Absolute Tools 134\u003c\/p\u003e \u003cp\u003eAbsolute Models Overview 136\u003c\/p\u003e \u003cp\u003eThe False Precision of Math 137\u003c\/p\u003e \u003cp\u003eAbsolute P\/E Model 139\u003c\/p\u003e \u003cp\u003eDiscount Rate Model 148\u003c\/p\u003e \u003cp\u003eMargin of Safety Model 151\u003c\/p\u003e \u003cp\u003eThe Marriage of Absolute P\/E and Margin of Safety 155\u003c\/p\u003e \u003cp\u003eBring Out the Toolbox 155\u003c\/p\u003e \u003cp\u003eThe P\/E Compression and How to Deal with It 157\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Let’s Put It All Together 165\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Added Clarity 165\u003c\/p\u003e \u003cp\u003eOne Out of Three Is Not Enough 165\u003c\/p\u003e \u003cp\u003eTwo Out of Three Is Better, But Is It Enough? 167\u003c\/p\u003e \u003cp\u003eConclusion 174\u003c\/p\u003e \u003cp\u003e\u003cb\u003eStrategy\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIntroduction to Strategy: The Value of Process and Discipline 177\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Buy Process—Fine-Tuning 179\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Value of the Process and Discipline 179\u003c\/p\u003e \u003cp\u003eThink Long-Term, Act Short-Term 181\u003c\/p\u003e \u003cp\u003eMeet Your New Best Friend—Volatility 182\u003c\/p\u003e \u003cp\u003eTime Stocks, Not the Market 183\u003c\/p\u003e \u003cp\u003eCash Is King 185\u003c\/p\u003e \u003cp\u003eBe Ready to Strike When the Time Comes 186\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Buy Process—Contrarian Investing 187\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eContrarian Is the Name of the Game 187\u003c\/p\u003e \u003cp\u003eYou Don’t Have to Own It 189\u003c\/p\u003e \u003cp\u003eBe a Myth Buster 190\u003c\/p\u003e \u003cp\u003eQuantify Everything and Be a Contrarian Headline Investor 191\u003c\/p\u003e \u003cp\u003eTime Arbitrage 192\u003c\/p\u003e \u003cp\u003eFinding New Ideas 193\u003c\/p\u003e \u003cp\u003eDo In-Depth Primary (Your Own) Research and Document It 200\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Buy Process—International Investing 201\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe World Has Flattened: Hola, Bonjour, Guten Tag, Buon Giorno to the Rest of the World 201\u003c\/p\u003e \u003cp\u003eSame Difference 202\u003c\/p\u003e \u003cp\u003eLocation of Corporate Headquarters Abroad May Not Constitute a Foreign Company 203\u003c\/p\u003e \u003cp\u003eYou Are Exposed to More Foreign Political Risk Than You Realize 204\u003c\/p\u003e \u003cp\u003eWhat About the United States? 205\u003c\/p\u003e \u003cp\u003ePick Your Comfort Zone and Go from There 206\u003c\/p\u003e \u003cp\u003eDon’t Confuse a Fast-Growing Economy and a Good Investment 207\u003c\/p\u003e \u003cp\u003eCurrency Risk 207\u003c\/p\u003e \u003cp\u003eHow Much Is Too Much? 208\u003c\/p\u003e \u003cp\u003eConclusion 209\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Sell Process—Make Darwin Proud 211\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSelling When Stock Price Has Gone Up 212\u003c\/p\u003e \u003cp\u003eSelling When Fundamentals Have Deteriorated 215\u003c\/p\u003e \u003cp\u003eConclusion 221\u003c\/p\u003e \u003cp\u003e\u003cb\u003eRisk and Diversification\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIntroduction to Risk and Diversification 225\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 A Different View of Risk 227\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Is Risk? 227\u003c\/p\u003e \u003cp\u003eProperties of Randomness 228\u003c\/p\u003e \u003cp\u003eThe Crocodile Hunter, Randomness, and Investing 229\u003c\/p\u003e \u003cp\u003eUnderstand the Linkage Between and Inside QVG Dimensions 234\u003c\/p\u003e \u003cp\u003eIdentify Impact of Randomness on Value Creators 235\u003c\/p\u003e \u003cp\u003eThe Cost of Being Wrong 238\u003c\/p\u003e \u003cp\u003eConclusion 239\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 A Different View of Diversification 241\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDon’t Bet the Farm! 242\u003c\/p\u003e \u003cp\u003eToo Many Eggs or Too Many Baskets 243\u003c\/p\u003e \u003cp\u003eMental Accounting and Diversification 244\u003c\/p\u003e \u003cp\u003eMental Accounting and Randomness in a Stock Portfolio 246\u003c\/p\u003e \u003cp\u003eRandomness Could Be Your Friend 248\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15 Conclusion and Implication 251\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eI Could Be Wrong, But I Doubt It 251\u003c\/p\u003e \u003cp\u003eBull Markets 252\u003c\/p\u003e \u003cp\u003eBear and Range-Bound Markets 253\u003c\/p\u003e \u003cp\u003eBonds? 255\u003c\/p\u003e \u003cp\u003eNo, I Am Not Wrong 256\u003c\/p\u003e \u003cp\u003eAppendix—Years to Bull Market 257\u003c\/p\u003e \u003cp\u003eAcknowledgments 267\u003c\/p\u003e \u003cp\u003eNotes 273\u003c\/p\u003e \u003cp\u003eIndex 275\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":48864622444887,"sku":"9780470053157","price":36.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780470053157.jpg?v=1722272772","url":"https:\/\/bookcurl.com\/products\/active-value-investing-9780470053157","provider":"Book Curl","version":"1.0","type":"link"}