Katsenelson, Vitaliy N. Wiley Finance Editions. Cover. 1. Edition October Pages, Hardcover General Reading. ISBN: 14, Klarman, Seth A. Margin of Safety: Risk-Averse Value Investing Strategies , Katsenelson, Vitaliy K. Active Value Investing: Making Money in Range. Active value investing: making money in range bound markets. by: Katsenelson, Vitaliy. Publication date: RACECLUBS BETTING ODDS
The "V" - Valuation. Chapter 8. Let's Put It All Together. Chapter 9. Buy Process - Fine Tuning. Chapter Buy Process - Contrarian Investing. Buy Process - International Investing. Risk and Diversification. Introduction to Risk and Diversification. A Different View of Risk. A Different View of Diversification. Conclusion and Implication. Appendix A.
Years to Bull Market. Katsenelson'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.
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!
Tremblay, CFA "How to adapt value investing for "range-bound" markets. I like to think old Ben Graham would have recommended it, too. 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. The Added Clarity. Chapter 9: Buy Process-Fine-Tuning.
The Value of the Process and Discipline. Time Stocks, Not the Market. Cash Is King. Chapter Buy Process-Contrarian Investing. Contrarian Is the Name of the Game. You Don't Have to Own It.
BOOZING BETTING AND BRAWLING
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! However, following the advice requires great expertise and a great deal of time so I feel it is appropriate for only professional investors such as the author. Ok if you have the time and expertise I think this book does a great job of making the case for the author's approach for reliable returns, with honesty about how it compares to other approaches under different market conditions. 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. 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.
Easy for beginner to read. 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. 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. He is a portfolio manager with Investment Management Associates, where he comanages institutional and personal assets utilizing fundamental analysis.
Katsenelson received both his bachelor of science and his master of science in finance from the University of Colorado at Denver, where he graduated cum laude.
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