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Détails
Type de document: | Livre |
---|---|
Tous les auteurs / collaborateurs: |
Seth A Klarman |
ISBN: | 9780887305108 0887305105 |
Numéro OCLC: | 24378512 |
Description: | xxi, 249 pages ; 24 cm |
Contenu: | Where most investors stumble. Speculators and unsuccessful investors -- The nature of Wall Street works against investors -- The institutional performance derby : the client is the loser -- Delusions of value : the myths and misconceptions of junk bonds in the 1980s -- A value-investment philosophy. Defining your investment goals -- Value investing : the importance of a margin of safety -- At the root of a value-investment philosophy -- The art of business valuation -- The value-investment process. Investment research : the challenge of finding attractive investments -- Areas of opportunity for value investors: catalysts, market inefficiencies, and institutional constraints -- Investing in thrift conversions -- Investing in financially distressed and bankrupt securities -- Portfolio management and trading -- Investment alternatives for the individual investor -- Glossary. |
Responsabilité: | Seth A. Klarman. |
Résumé:
Critiques
Critiques des utilisateurs de WorldCat (1)
The recipe of a successful value investor
Klarman today is acclaimed as a very successful fund manager. The company he manages, Baupost Group, has $22 billion of assets under management, making it one of the 10 largest hedge funds in the world in 2010.
Klarman's book was published in 1991 and has been out of print since then. Most...
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Klarman today is acclaimed as a very successful fund manager. The company he manages, Baupost Group, has $22 billion of assets under management, making it one of the 10 largest hedge funds in the world in 2010.
Klarman's book was published in 1991 and has been out of print since then. Most of the philosophy of Klarman is, I think, summed up in the subtitle of the book: "Risk-Averse Value Investing Strategies for the Thoughtful Investor".
The interest of the book is that Klarman shares his views of how the stock market works, investment management and valuation process as a value investor. Although written almost 20 years, his description remains quiet accurate today, especially in a time of volatile financial markets. He gives some clues of how he values securities in which he decides to invest - key metrics included NPV, liquidative value and stock market price (although the least useful according to the author).
I strongly recommend reading the book for anyone trying to understand Wall Street psychology, the limitations of the modern financial theory (market efficiency and CAPM models), all views expressed by one actor of the industry.
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