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Strategic Value Investing: Practical Techniques of Leading Value Investors (Englisch) Gebundene Ausgabe – 1. Januar 2014

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Über den Autor und weitere Mitwirkende

STEPHEN M. HORAN is managing director and co-lead of education activities at CFA Institute. Prior to joining CFA Institute, he was a principal of Alesco Advisors, LLC, and a professor of finance at St. Bonaventure University.
ROBERT R. JOHNSON is professor of finance in the Heider College of Business at Creighton University and also serves as a director of RS Investment Management. Prior to joining the faculty at Creighton, he was deputy CEO of CFA Institute, responsible for all aspects of the CFA program.
THOMAS R. ROBINSON is managing director of the Americas at CFA Institute. He joined CFA Institute as head of educational content in 2007 from the University of Miami, where he was an associate professor of accounting and director of the Master of Professional Accounting Program.

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Amazon.com: 4.6 von 5 Sternen 16 Rezensionen
15 von 17 Kunden fanden die folgende Rezension hilfreich
3.0 von 5 Sternen Very good book, ran out of gas in the end 5. Juni 2014
Von M S Sharma - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe Verifizierter Kauf
I like this excellent book that summarizes many investing techniques. I wish the authors devoted more pages to RIM and AEG models (Residual Income model and Abnormal Earnings Growth). Author does touch a lot on RIM model and has some reservations because it uses accounting numbers that is suspect. DDM -Dividend Discount model that has been touted by many academics (finance folks, not accounting folks) is completely outdated (Columbia Business School Professor Stephen Penman says so, I agree with him). The author tries to bring everything together in the end using examples from various third party screening tools (Guru Foucs, AAII SI Pro). In fact, author has a fabulous article on this very topic in AAII Journal. That article in AAII lays-out the framework in more detail that the book itself! In the end book ran out of gas. It connects the dots but in a hurried manner. I feel the application part this strategy is dealt in limited fashion, but could have been lot more exhaustive with lots of examples. Author has no backtest results of the strategies that is mentioned in the book (at least they could point to the write journal articles that show cash-flow yield works better than some other strategy etc.). This backtest will add value to their claim and also gives the investor more confidence (IMHO). Author also talks about "valuetrap" for value stocks. This is an excellent topic that needs to be addressed in more detail so that individual investor can benefit. My 2 cents on this topic is as follows:

For example: BGFV showed as value stock in Briefing.com's service sometime back. Actually it was a value trap based on SSS, value and working capital issues. AVD was touted as a growth stock recently by AAII stock-superstars service. It turned out to be a a big trap. A simple working capital analysis showed this and I bailed (hit the exit with 4% loss). Now COH is showing up as great value stock in Joel Greenblatt's magic screen. As I write this (June 5, 2014), it is another valuetrap, because the intrinsic value is close to $31 (according my analysis). More recently DAL (Delta Airlines) is touted as value stock (for some maybe growth stock, altough there is nothing like a value or growth stock according to Warren Buffett), but it is another valuetrap IMHO. Intrinsic value is $37 ($30 from forward earnings, $4 from 5 yrs of earnings and $3 from continuing value). Here I assume generous 10% earnings growth beyond 2 yrs and 10% cost of capital.

All these has taught me a big-lesson. Never trust the results of some stock screen blindly (or somebody who gives this screen, or sells a screen to you). Even if the stock idea comes from some famous person, flavor of the year or decade or academic who has done rigorous back testing etc.

IMHO author could have shown their backtest results (using COMPUSTAT data analysis) to make a case. Irrespective of this, do your "intrinsic" value analysis. Shun DDM model (old technology), use RIM or AEG or FCFE model. In fact the very same authors have another article in AAII that explains which valuation method to use under various circumstances. It is a good one.

If one does DDM method to value BA (Boeing) that authors do in AAII article its value is $71. A value investor of course would never buy at $71 or more. I think intrinsic value based on AEG or RIM (both are same according to accounting experts and can be shown using a equation), BA value is close to $130. Let me also make it clear that DDM uses a lot of assumptions about future, and FCFE uses even more assumptions on future. In fact FCFE numbers start with with sales grwoth and operating margin, tax rate etc. and this is no different in estimating ROE or EPS numbers for RIM and AEG models. So somehow this notion that RIM and AEG models are difficult is not correct (IMHO).

Take another example such as PCLN Priceline -one can never value PCLN using DDM. RIM works well and also AEG models work superbly, same with GOOG. Would you buy google (GOOD) in 2004 thinking that PE is so high? NO. Value investor would not touch unless he can value the intrinsic worth. Starbucks in late 1990s, Home Depot, GE, Apple (AAPL) in mid 2000's had negative Free Cash Flow and if one used FCFE model, they would never buy such companies. A growing company uses lot of working capital and cash flow is negative. And if you "value" these companies using FCFE model, terminal value gives your about 70 to 80% of value (utterly unreliable long term forecast). Pick the right tool for the right job (right valuation model for the right company) is the message.

Overall I liked the book (cannot complain for $20). An excellent addition to your investing library.
7 von 8 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen comprehensive, well-writen addition to an investors library 20. Mai 2014
Von Jijnasu Forever - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe
In this remarkably thorough discussion, the authors explain the basis tenets of value investing, valuation approaches and a framework to build a portfolio based on "value investing". This is an excellent addition to what I consider the "essential library" for a value investor - (apart from the classics such as Security Analysis) The Manual of Ideas: The Proven Framework for Finding the Best Value Investments, The Art of Value Investing: How the World's Best Investors Beat the Market, The Five Rules for Successful Stock Investing: Morningstar's Guide to Building Wealth and Winning in the Market and Why Moats Matter: The Morningstar Approach to Stock Investing (watchlist). The books from Morningstar are a better choice for someone starting out, while Manual of Ideas and this book are better suited for a more experienced investor.

While the book's detailed treatment of the various valuation models may seem daunting, it is well-presented; a companion website with spreadsheets based on the chapters would have been of great value (though they are relatively easy to make and some are available readily online). This (and the above-cited books) book clearly drives home the point of needing patience, dedication and time for homework for being a successful value investor. As such some readers may be tempted to subscribe to recommendation sites/newsletters with a decidedly "value investing" bent or limiting to actively managed value funds or stick with an indexing approach. Some of those (Manual of Ideas, for example) cost close to $1000/year, while others like Morningstar's are more accessible. Whether one chooses to build their portfolio from scratch or use shortlisted ideas from sites/newsletters, it is critical to understand the approach, the assumptions inherent in valuation models, and associated risks. To that end, this book performs admirably. One wishes the authors had provided online versions of the screens/valuation models to allow for more experimentation. Nevertheless, a well-written, detailed treatment of value investing.
4 von 4 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen Based on sound theory, practical and easy to read. 27. Juli 2014
Von Jacques R. Gagne - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe
This book is written clearly and simply. Although there is a lot to learn in reading the book, the authors have made the learning process an enjoyable exercise.

In the first few chapters, "value investing" is presented within the context of investment in general. In those fifty pages (worth the price of the book just by themselves), the reader will be able to determine what type of investor he is and how deep he should go in value investing.

The core of the book describes the methods used to estimate the value of a stock; the ultimate objective is to identify those stocks worth buying, by comparing that estimated value to the price available on the market. This is where the author best demonstrate their teaching quality. Without over-symplifying, they use concrete examples to show which method should be used in which situation. They also insist that there is no single recipe and that judgment remains a necessary tool to the investor.

In the last part of the book, the authors have matched specific value styles to well known investors like Buffet, Graham, Neff, etc. In the conclusion, the authors propose to the reader different ways of applying value investing to the market: (i) doing all the work himself, (ii) trusting the approach used by some active value funds, or (iii) reverting to a broad ETF passive value fund with minimal fee. After reading the book, the investor will certainly detain valuable information to make the choice best adapted to his situation and behavior.
7 von 8 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen Grown up advice for investors 10. Februar 2014
Von J. Slezak - Veröffentlicht auf Amazon.com
Format: Kindle Edition
In a world where screaming out ideas on CNBC passes for in-depth analysis, it is refreshing to review all the old tried and true concepts in this well written book. The authors, all CFA's, walk you through the basic tenets of value investing, replete with real-world examples. If you want the latest "hot" stock, or if you are a sucker for "tips," this is not the read for you. If you are a serious-minded investor, SVI is a must for your library.

9 von 12 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen A Very Helpful Resource 17. Januar 2014
Von Weav - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe Verifizierter Kauf
Strategic Value Investing is written in three sections. The first section discusses the background of value investing, the second discusses a variety of ways to value securities, and the third discusses formulating a strategy for assembling a portfolio of quality value securities. Having read The Intelligent Investor and Security Analysis, I found the second and third sections of this book the most helpful.

The book is very clearly written, in plain English.

This will be a great addition to any investor's library.
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