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Quantitative Value : a Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors.

A must-read book on the quantitative value investment strategy Warren Buffett and Ed Thorp represent two spectrums of investing: one value driven, one quantitative. Where they align is in their belief that the market is beatable. This book seeks to take the best aspects of value investing and quanti...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Gray, Wesley R.
Otros Autores: Carlisle, Tobias E., 1979-
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Hoboken : Wiley, 2012.
Temas:
Acceso en línea:Texto completo
Tabla de Contenidos:
  • Quantitative Value; Contents; Preface; Acknowledgments; PART One The Foundation of Quantitative Value; CHAPTER 1 The Paradox of Dumb Money; VALUE STRATEGIES BEAT THE MARKET; Graham's Simple Quantitative Value Strategy; HOW QUANTITATIVE INVESTING PROTECTS AGAINST BEHAVIORAL ERRORS; Reason Is the Slave of the Passions; Even Experts Make Behavioral Errors; Value Investors Have Cognitive Biases, Too; THE POWER OF QUANTITATIVE VALUE INVESTING; NOTES; CHAPTER 2 A Blueprint to a Better Quantitative Value Strategy; GREENBLATT'S MAGIC FORMULA; A Wonderful Business; A Bargain Price.
  • Greenblatt's FindingsOur Examination of the Magic Formula; IT'S ALL ACADEMIC: IMPROVING QUALITY AND PRICE; Finding Quality, Academically; Finding Price, Academically; Book Smarts or Street Smarts?; STRATEGY IMPLEMENTATION: INVESTORS BEHAVING BADLY; The Case for a Checklist; NOTES; PART Two Margin of Safety-How to Avoid a Permanent Loss of Capital; CHAPTER 3 Hornswoggled! Eliminating Earnings Manipulators and Outright Frauds; ACCRUALS AND THE ART OF EARNINGS MANIPULATION; How to Detect Earnings Manipulation; PREDICTING PROBMs; Enron's PROBMs; NOTES.
  • CHAPTER 4 Measuring the Risk of Financial Distress: How to Avoid the Sick Men of the Stock MarketA BRIEF HISTORY OF BANKRUPTCY PREDICTION; IMPROVING BANKRUPTCY PREDICTION; HOW WE CALCULATE THE RISK OF FINANCIAL DISTRESS; SCRUBBING THE UNIVERSE; NOTES; PART Three Quality-How to Find a Wonderful Business; CHAPTER 5 Franchises-The Archetype of High Quality; THE CHAIRMAN'S SECRET RECIPE; HOW TO FIND A FRANCHISE; Economic Moats and Excess Returns; Pricing Power and Big, Stable Margins; NOTES; CHAPTER 6 Financial Strength: Foundations Built on Rock; THE PIOTROSKI FUNDAMENTAL SCORE (F_SCORE).
  • Analyzing the F_SCOREF_SCORE Formula and Interpretation; OUR FINANCIAL STRENGTH SCORE (FS_SCORE); FS_SCORE Formula and Interpretation; COMPARING THE PERFORMANCE OF PIOTROSKI'S F_SCOREAND OUR FS_SCORE; CASE STUDY: LUBRIZOL CORPORATION; NOTES; PART Four The Secret to Finding Bargain Prices; CHAPTER 7 Price Ratios: A Horse Race; THE HORSES IN THE RACE; Earnings Yield; Enterprise Yield (EBITDA and EBIT Variations); Free Cash Flow Yield; Gross Profi ts Yield; Book-to-Market; Forward Earnings Estimate; RULES OF THE RACE; THE RACE CALL; Value Premium and Spread; "Alpha" and Adjusted Performance.
  • Risk-Adjusted Performance and Absolute Measures of RiskA PRICE RATIO FOR ALL SEASONS; THE OFFICIAL WINNER; NOTES; CHAPTER 8 Alternative Price Measures-Normalized Earning Power and Composite Ratios; NORMALIZED EARNING POWER; Our Long-Term Price Ratio Study; COMPOUND PRICE RATIOS: IS THE WHOLE GREATER THAN THE SUM OF ITS PARTS; Analyzing Our Composite Price Ratio; NOTES; PART Five Corroborative Signals; CHAPTER 9 Blue Horseshoe Loves Anacott Steel: Follow the Signals from the Smart Money; STOCK BUYBACKS, ISSUANCE, AND ANNOUNCEMENTS; INSIDER TRADERS BEAT THE MARKET; ACTIVISM AND CLONING.