Value Investing
内容简介
From the "guru to Wall Street's gurus" comes the fundamental techniques of value investing and their applications
Bruce Greenwald is one of the leading authorities on value investing. Some of the savviest people on Wall Street have taken his Columbia Business School executive education course on the subject. Now this dynamic and popular teacher, with some colleagues, reveals the fundamental principles of value investing, the one investment technique that has proven itself consistently over time. After covering general techniques of value investing, the book proceeds to illustrate their applications through profiles of Warren Buffett, Michael Price, Mario Gabellio, and other successful value investors. A number of case studies highlight the techniques in practice.
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作者简介
Bruce C. N. Greenwald (New York, NY) is the Robert Heilbrunn Professor of Finance and Asset Management at Columbia University. Judd Kahn, PhD (New York, NY), is a member of Morningside Value Investors. Paul D. Sonkin (New York, NY) is the investment manager of the Hummingbird Value Fund. Michael van Biema (New York, NY) is an Assistant Professor at the Graduate School of Business, Columbia University.
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目录
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读书文摘
这个故事能给我们很多启示。正如人们可能预料的那样，价值技资者任往会过早卖出。他们的估值是基于资产及当前的盈利能力做出的，他们对于有利回可图的增长潜力持怀疑态度。，当股票的价格上涨至接近全部资产或者盈利能力价值时，价值投资者就要套现了。安全边际不仅是购买股票时的要求，而且也是持有股票的要求。当安全边际消失时，价值投资者也就退出了。
无追索权（边际）负债将风险推到了令人无法接受的水平，因为它使失去耐心。一个与风险有关的考虑应该比其他的考虑更为重要，每晚都能睡好觉，无论明天如何，相信自己的金融头寸是安全的。
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