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Аннотация
Among the landmark occasions in the legendary history of Berkshire Hathaway and its iconic co-leaders, Warren Buffett and Charlie Munger, was a 1996 symposium held in New York at Cardozo Law School. The focus of the symposium was Warren's letters to Berkshire shareholders. The format was a series of panels with two dozen different experts dissecting all the ideas in the letters, about corporate governance, takeovers, investing, and accounting. Intellectual sparks illuminated the two-day affair, which drew unusual press interest for an academic convocation.
While the principal tangible result of the conference was the publication of the international best-seller, <i>The Essays of Warren Buffett: Lessons for Corporate America</i>, the transcript of the symposium is now being made available with annotations and updated commentary that show just how timeless the topics are and how venerable the principles Buffett laid out remain. I had the honor of hosting the event, editing <i>The Essays</i>, and now publishing this archival treasure, with current assessments by such luminaries as Robert Hagstrom as well as several participants from the original symposium.
While the principal tangible result of the conference was the publication of the international best-seller, <i>The Essays of Warren Buffett: Lessons for Corporate America</i>, the transcript of the symposium is now being made available with annotations and updated commentary that show just how timeless the topics are and how venerable the principles Buffett laid out remain. I had the honor of hosting the event, editing <i>The Essays</i>, and now publishing this archival treasure, with current assessments by such luminaries as Robert Hagstrom as well as several participants from the original symposium.
Аннотация
This book concentrates on the investment style of Business Perspective Investing, as practiced by Benjamin Graham and Warren Buffett. It takes the reader through the realisation that the thought process involved when buying shares in a company is no different to buying the company in its entirety.
Beginning with how to assess the quality of a business, it explains and illustrates with examples what to look for in company accounts, how to determine the value drivers of a business, the strength of its franchise and how to interpret key financial ratios and performance indicators. It discusses the ideal characteristics of a business worthy of investment so that you will develop a mental checklist of what to look out for.
The book then sets out a number of valuation methods to determine the likely economic worth of a company. It is against this estimate that a judgement can be made as to whether a share price offers good value.
The book concludes with thoughts on portfolio construction, in particular Focus Investing, where a concentrated approach is taken, and legitimate reasons for deciding to sell a holding. Throughout, the emphasis is on the methodology used to manage the SDL UK Buffettology Fund.
Beginning with how to assess the quality of a business, it explains and illustrates with examples what to look for in company accounts, how to determine the value drivers of a business, the strength of its franchise and how to interpret key financial ratios and performance indicators. It discusses the ideal characteristics of a business worthy of investment so that you will develop a mental checklist of what to look out for.
The book then sets out a number of valuation methods to determine the likely economic worth of a company. It is against this estimate that a judgement can be made as to whether a share price offers good value.
The book concludes with thoughts on portfolio construction, in particular Focus Investing, where a concentrated approach is taken, and legitimate reasons for deciding to sell a holding. Throughout, the emphasis is on the methodology used to manage the SDL UK Buffettology Fund.
Аннотация
Investing can be one of the most reliable passports to a better life. But where should you invest your money?
Mark Dampier has been helping thousands of investors answer this question for over 30 years. In his first ever book he brings together everything he has learnt from grilling fund managers, weighing up investments and prospering through dramatic ups and downs.
The result is THE must-read insider's guide for how to succeed as a DIY private investor.
As Mark explains, effective investing doesn't have to be complicated or time-consuming. Armed with this book, you can find easy ways to make your money work for you, no matter how much or how little you start out with.
Writing in plain English and using real-life examples throughout, Mark reveals:
– the secrets of picking the best investment funds – how he invests his own savings and pension fund – starter portfolios for first-time investors – the most common traps that investors fall into – the trouble with buy-to-let and other popular solutions.
With today's powerful online platforms and generous tax incentives (also outlined in the book), the markets have never been more accessible. But success without a plan is far from guaranteed. <i>Effective Investing</i> is the guide you've been waiting for to make sure you get what you want from your investing.
Mark Dampier has been helping thousands of investors answer this question for over 30 years. In his first ever book he brings together everything he has learnt from grilling fund managers, weighing up investments and prospering through dramatic ups and downs.
The result is THE must-read insider's guide for how to succeed as a DIY private investor.
As Mark explains, effective investing doesn't have to be complicated or time-consuming. Armed with this book, you can find easy ways to make your money work for you, no matter how much or how little you start out with.
Writing in plain English and using real-life examples throughout, Mark reveals:
– the secrets of picking the best investment funds – how he invests his own savings and pension fund – starter portfolios for first-time investors – the most common traps that investors fall into – the trouble with buy-to-let and other popular solutions.
With today's powerful online platforms and generous tax incentives (also outlined in the book), the markets have never been more accessible. But success without a plan is far from guaranteed. <i>Effective Investing</i> is the guide you've been waiting for to make sure you get what you want from your investing.
Аннотация
This is not just another book with yet another trading system. This is a complete guide to developing your own systems to help you make and execute trading and investing decisions. It is intended for everyone who wishes to systematise their financial decision making, either completely or to some degree. Author Robert Carver draws on financial theory, his experience managing systematic hedge fund strategies and his own in-depth research to explain why systematic trading makes sense and demonstrates how it can be done safely and profitably. Every aspect, from creating trading rules to position sizing, is thoroughly explained. The framework described here can be used with all assets, including equities, bonds, forex and commodities. There is no magic formula that will guarantee success, but cutting out simple mistakes will improve your performance. You'll learn how to avoid common pitfalls such as over-complicating your strategy, being too optimistic about likely returns, taking excessive risks and trading too frequently. Important features include: – The theory behind systematic trading: why and when it works, and when it doesn't. – Simple and effective ways to design effective strategies. – A complete position management framework which can be adapted for your needs. – How fully systematic traders can create or adapt trading rules to forecast prices. – Making discretionary trading decisions within a systematic framework for position management. – Why traditional long only investors should use systems to ensure proper diversification, and avoid costly and unnecessary portfolio churn. – Adapting strategies depending on the cost of trading and how much capital is being used. – Practical examples from UK, US and international markets showing how the framework can be used.
Systematic Trading is detailed, comprehensive and full of practical advice. It provides a unique new approach to system development and a must for anyone considering using systems to make some, or all, of their investment decisions.
Systematic Trading is detailed, comprehensive and full of practical advice. It provides a unique new approach to system development and a must for anyone considering using systems to make some, or all, of their investment decisions.
Аннотация
Wouldn't life be better if you were free of the daily grind – the conventional job and boss – and instead succeeded or failed purely on the merits of your own investment choices? Free Capital is a window into this world.
Based on a series of interviews, it outlines the investing strategies, wisdom and lifestyles of 12 highly successful private investors. Each of them has accumulated £1m or more – in most cases considerably more – mainly from stock market investment. Six are 'ISA millionaires' who have £1m or more in a tax-free ISA, a result which is arithmetically impossible without exceptional investment returns.
Some have several academic degrees or strong City backgrounds; others left school with few qualifications and are entirely self-taught as investors. Some invest most of their money in very few shares and hold them for years at a time; others make dozens of trades every day, and hold them for at most a few hours. Some are inveterate networkers, who spend their day talking to managers at companies in which they invest; for others a share is just a symbol on a screen, and a price chart shows most of what they need to know to make their trading decisions.
Free capital – money surplus to immediate living expenses – is the raw material with which these investors work. It can also be thought of as their psychological habitat, free from the petty tribulations of office politics. Lastly, free capital describes the footloose nature of their assets, which can be quickly redirected towards any type of investment anywhere in the world, without the constraints which institutional investors often face.
Although it presents many advanced insights and valuable investment hints, this is not an overly technical book. It offers practical ideas and inspiration, with revealing detail and minimal jargon, making it an indispensable read for novice and experienced investors alike.
Based on a series of interviews, it outlines the investing strategies, wisdom and lifestyles of 12 highly successful private investors. Each of them has accumulated £1m or more – in most cases considerably more – mainly from stock market investment. Six are 'ISA millionaires' who have £1m or more in a tax-free ISA, a result which is arithmetically impossible without exceptional investment returns.
Some have several academic degrees or strong City backgrounds; others left school with few qualifications and are entirely self-taught as investors. Some invest most of their money in very few shares and hold them for years at a time; others make dozens of trades every day, and hold them for at most a few hours. Some are inveterate networkers, who spend their day talking to managers at companies in which they invest; for others a share is just a symbol on a screen, and a price chart shows most of what they need to know to make their trading decisions.
Free capital – money surplus to immediate living expenses – is the raw material with which these investors work. It can also be thought of as their psychological habitat, free from the petty tribulations of office politics. Lastly, free capital describes the footloose nature of their assets, which can be quickly redirected towards any type of investment anywhere in the world, without the constraints which institutional investors often face.
Although it presents many advanced insights and valuable investment hints, this is not an overly technical book. It offers practical ideas and inspiration, with revealing detail and minimal jargon, making it an indispensable read for novice and experienced investors alike.
Аннотация
In Designing Stock Market Trading Systems Bruce Vanstone and Tobias Hahn guide you through their tried and tested methodology for building rule-based stock market trading systems using both fundamental and technical data. This book shows the steps required to design and test a trading system until a trading edge is found, how to use artificial neural networks and soft computing to discover an edge and exploit it fully.
Learn how to build trading systems with greater insight and dependability than ever before
Most trading systems today fail to incorporate data from existing research into their operation. This is where Vanstone and Hahn's methodology is unique. Designed to integrate the best of past research on the workings of financial markets into the building of new trading systems, this synthesis helps produce stock market trading systems with unrivalled depth and accuracy.
This book therefore includes a detailed review of key academic research, showing how to test existing research, how to take advantage of it by developing it into a rule-based trading system, and how to improve it with artificial intelligence techniques.
The ideas and methods described in this book have been tried and tested in the heat of the market. They have been used by hedge funds to build their trading systems. Now you can use them too.
Learn how to build trading systems with greater insight and dependability than ever before
Most trading systems today fail to incorporate data from existing research into their operation. This is where Vanstone and Hahn's methodology is unique. Designed to integrate the best of past research on the workings of financial markets into the building of new trading systems, this synthesis helps produce stock market trading systems with unrivalled depth and accuracy.
This book therefore includes a detailed review of key academic research, showing how to test existing research, how to take advantage of it by developing it into a rule-based trading system, and how to improve it with artificial intelligence techniques.
The ideas and methods described in this book have been tried and tested in the heat of the market. They have been used by hedge funds to build their trading systems. Now you can use them too.
Аннотация
How do we know where we are in the current stock market cycle? Are we in the midst of a new long term bull market or a market rally within an ongoing bear market?
The answers to the above questions are critical to forming an appropriate investment strategy to plan for the future. The difference between anticipating the end of a secular (or cyclical) bull market and reacting to the significant crash that follows will have a big impact on anyone's investment returns and retirement plans.
This book is concerned with cycles. A cycle is a sequence of events that repeat over time. The outcome won't necessarily be the same each time, but the underlying characteristics are the same. A good example is the seasonal cycle. Each year we have spring, summer, autumn and winter, and after winter we have spring again. But the weather can, and does, vary a great deal from one year to another. And so it is with the stock market.
Kerry Balenthiran has studied stock market data going back 100 years and discovered a regular 17.6 year stock market cycle consisting of increments of 2.2 years. He has also extrapolated the cycle forwards to provide investors with a market roadmap stretching out to 2053. He describes this in detail and outlines the changing character of the stock market through the different phases of the 17.6 year stock market cycle.
Whether you are an investment professional or private investor, this book provides a fascinating insight into the cyclical nature of the stock market and enables you to ensure that you have the right strategy for the prevailing stock market conditions.
The answers to the above questions are critical to forming an appropriate investment strategy to plan for the future. The difference between anticipating the end of a secular (or cyclical) bull market and reacting to the significant crash that follows will have a big impact on anyone's investment returns and retirement plans.
This book is concerned with cycles. A cycle is a sequence of events that repeat over time. The outcome won't necessarily be the same each time, but the underlying characteristics are the same. A good example is the seasonal cycle. Each year we have spring, summer, autumn and winter, and after winter we have spring again. But the weather can, and does, vary a great deal from one year to another. And so it is with the stock market.
Kerry Balenthiran has studied stock market data going back 100 years and discovered a regular 17.6 year stock market cycle consisting of increments of 2.2 years. He has also extrapolated the cycle forwards to provide investors with a market roadmap stretching out to 2053. He describes this in detail and outlines the changing character of the stock market through the different phases of the 17.6 year stock market cycle.
Whether you are an investment professional or private investor, this book provides a fascinating insight into the cyclical nature of the stock market and enables you to ensure that you have the right strategy for the prevailing stock market conditions.
Аннотация
The early 21st century has been a period of extreme fear and greed in the world's financial markets. Vast sums of wealth have been lost by some, but also made by others. Faith in the investment industry is now at its lowest-ever ebb, and the crisis remains far from resolution.
Fear and Greed aims to prepare investors for the financial challenges and opportunities of the next few years. Having successfully guided his firm's investors through the turmoil since 2007, leading investment manager Nicolas Sarkis draws upon the lessons of history in order to illuminate the way ahead.
In particular, Sarkis explores the plight of equities in the developed world since the millennium and considers when they might finally recover, as well as the likely effects of reducing government indebtedness upon markets. He also offers his insights into the outlook for stocks in emerging nations, for gold and for the single European currency.
In addition to the prospects for the leading asset classes, Fear and Greed examines some of the biggest issues confronting the financial world as a whole. Sarkis focuses on the behaviour of central banks, regulators, and financial wrongdoers, especially in relation to their contribution to the current crisis.
In this lively and engaging book, Sarkis offers a clear vision of the coming years and plenty of inspiration for investors.
Fear and Greed aims to prepare investors for the financial challenges and opportunities of the next few years. Having successfully guided his firm's investors through the turmoil since 2007, leading investment manager Nicolas Sarkis draws upon the lessons of history in order to illuminate the way ahead.
In particular, Sarkis explores the plight of equities in the developed world since the millennium and considers when they might finally recover, as well as the likely effects of reducing government indebtedness upon markets. He also offers his insights into the outlook for stocks in emerging nations, for gold and for the single European currency.
In addition to the prospects for the leading asset classes, Fear and Greed examines some of the biggest issues confronting the financial world as a whole. Sarkis focuses on the behaviour of central banks, regulators, and financial wrongdoers, especially in relation to their contribution to the current crisis.
In this lively and engaging book, Sarkis offers a clear vision of the coming years and plenty of inspiration for investors.
Real Estate Investor's Guide: Using Facebook to Generate Leads, Flip Properties & Make Money - Matt Andrews
Аннотация
A message from the author: <br>These are methods that I am using right now to find qualified buyer leads for investment real estate. This blueprint is easy to understand & implement. It can be used by real estate investors, Realtors, property managers and anyone else looking to make money in real estate.<br><br>If you are a Real Estate Professional who needs more buyer & seller leads, this report will teach you how to use the newest social media technology to achieve that goal. So buy this book and get started – It's almost free!!
Real Estate Investor's Guide to Flipping Bank-Owned Properties: How to Wholesale REOs for Maximum Profit - Matt Andrews
Аннотация
Want to make money in real estate with no money and no experience? <br><br>This book is designed to show you how to build wealth and freedom through real estate; how to take advantage of the best real estate market that we will see in our lifetime; how to use real estate to create the life of your dreams. <br><br>Learn how to: <br><br>–buy bank owned property then quickly sell for a profit with little or no money<br>–identify the best properties in a given area and buy them for pennies on the dollar<br>–assess the value of a property in seconds<br>–create solid relationships with REO brokers, banks, and lending institutions that will bring you killer deals on an ongoing basis<br>–write contracts and make offers the right way<br>perform a "double-close"<br>–create a loyal list of buyers that will crave your properties<br>–quit your job and become a full-time Real Estate investing entrepreneur in weeks (not years!)