[Deep Value] EBOOK / PDF


  • Kindle Edition
  • 236
  • Deep Value
  • Tobias E. Carlisle
  • English
  • 06 August 2019
  • null

Tobias E. Carlisle Þ 1 FREE READ

FREE READ ↠ Deep Value The economic climate is ripe for another golden age of shareholder activism Deep Value Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations is a must read exploration of deep value investment strategy describing the evolution of the theories of valuation and shareholder activism from Graham to Icahn and beyond The book combines engaging anecdotes with industry research to illustrate the principles and methods of this complex strategy and explains the reasoning behind seemingly incomprehensible activist maneuvers Written by an active value investor Deep Value provides an insider's perspective o. A line from the book Rats beat the MBAs sums up the point of this book If you re of the belief that biases cannot be controlled and that one cannot gain any competitive advantage over others by improving judgment and analytical skill you probably will agree with what Carlisle has to say This book basically describes an investing strategy that needs one to believe in as a concept mean reversion and invest in a diversified portfolio of stocks 30 to 50 without knowing a thing about the underlying businessesOn the other hand if you re from the Munger school of thought doing individual stock research and developing a conviction to build a concentrated portfolio will make better sense and you might find yourself arguing almost every important point Carlisle makes Of course the difference in this approach being that you need to develop a good business acumen and do deep stock research to be able to develop a strong conviction in the first place Depending on your orientation you will find this book to be either very useful or extremely useless I read the book twice once from the point of view of mean reversion based pure uant value diversified portfolio thinker and the other time from the research based business partner type concentrated portfolio thinker I wasn t really convinced about the performance numbers since I think backtests would be hard to replicate in real life Also it is too difficult to blindly rely on a strategy that has worked in the past without having strong reason to believe why the stock should outperform hence making one refrain from allocating a large portion of the portfolio to such investmentsThe explanations about the past performance of different strategies could ve been shortenedI must mention I did find value in the first half of the book where Carlisle describes different investing styles of Graham Munger Buffett Icahn and Greenblatt For anyone new to value investing this could be interesting especially since Carlisle writes well and has explained various aspects of value investing in a good easily read manner His understanding of Munger and Buffett is also good a uality rare among uants who try to compartmentalise Munger and Buffett style into some strategy jargonAll in all worth reading but I would ve preferred to spend less if a kindle version was available Flora of Maine A Manual for Identification of Native and Naturalized Plants of Maine Vascular line from the book Rats beat the MBAs sums up the point of this book If you re of the belief that biases cannot be controlled and that one cannot gain any competitive advantage over others by improving judgment and analytical skill you probably will agree with what Carlisle has to say This book basically describes an investing strategy that needs one to believe in as a concept mean reversion and invest in a diversified portfolio of stocks 30 to 50 without knowing a thing about the underlying businessesOn the other hand if you re from the Munger school of thought doing individual stock research and developing a conviction to build a concentrated portfolio will make better sense and you might find yourself arguing almost every important point Carlisle makes Of course the difference in this approach being that you need to develop a good business acumen and do deep stock research to be able to develop a strong conviction in the first place Depending on your orientation you will find this book to be either very useful or extremely useless I read the book twice once from the point of view of mean reversion based pure uant value diversified portfolio thinker and the other time from the research based business partner type concentrated portfolio thinker I wasn t really convinced about the performance numbers since I think backtests would be hard to replicate in real Resist Not Evil life Also it is too difficult to blindly rely on a strategy that has worked in the past without having strong reason to believe why the stock should outperform hence making one refrain from allocating a Non luogo a procedere large portion of the portfolio to such investmentsThe explanations about the past performance of different strategies could ve been shortenedI must mention I did find value in the first half of the book where Carlisle describes different investing styles of Graham Munger Buffett Icahn and Greenblatt For anyone new to value investing this could be interesting especially since Carlisle writes well and has explained various aspects of value investing in a good easily read manner His understanding of Munger and Buffett is also good a uality rare among uants who try to compartmentalise Munger and Buffett style into some strategy jargonAll in all worth reading but I would ve preferred to spend Ainsi se tut Zarathoustra less if a kindle version was available

READ & DOWNLOAD Í LANQIUJIA.CO Þ Tobias E. CarlisleDeep Value

FREE READ ↠ Deep Value N shareholder activist strategies in a format accessible to both professional investors and laypeople The Deep Value investment philosophy as described by Graham initially identified targets by their discount to liuidation value This approach was extremely effective but those opportunities are few and far between in the modern market forcing activists to adapt Current activists assess value from a much broader palate and exploit a much wider range of tools to achieve their goals Deep Value enumerates and expands upon the resources and strategies available to value investors today and describes how the economic climate is allow. Hands down one of the best books I have read to this date read it twice in 6 months it offers counter intuitive ideas and facts and backed by uality statisticsLong version reviewMean reversion in business is pervasive can think of cyclical nature of businesses High return businesses attract competition and drives down return to the point where the invested capital can no longer make any profit or even endure loss some in the industry then choose to exit and so the returns move gradually to the peak again In a cruel irony businesses find capital in abundance both from retained earnings and outside investors when they need it least and scarce when they need it most In light of this when we find a company increasing its CAPEX during trough years it may be a good investment opportunity as it might be a shining star when the relevant industry starts seeing some improvementThe book also shows how activismcreates enormous values for investors citing examples from Carl Icahn and other prominent investors It suggests that Graham net current asset value strategy though has limited applications and Acuirer s multiple can be used to identify company which have characteristics that typically attract activists undervaluation large cash holdings and low payout ratios hence providing asymmetric market beating returns However it has be noted that these companies usually have poor trends of earnings which make us hard to buy into it psychologically Buffett has said It s far better to buy a wonderful company at a fair price than a fair company at a wonderful price The data show however for those of us who don t have Buffett s talent that the low or no growth value stocks are the consistent bet It seems that the uglier the fundamental business trend the better the return even when the valuations are comparable This is deep value investing Reason Mean reversionSome interesting factssentences1 Apple Inc was a net net stock back in October 2002 It possessed 78 cash per cash net of all debts and was sold at 72 Mean reversion in the markets looks a lot like the gambler s fallacy made real movements in security prices individually and in aggregate tend to be followed by subseuent price movements in the opposite direction3 LowNo Growth Value Stocks outperform High Growth Value Stocks This is a fascinating finding Intuitively we are attracted to high growth and would assume that high growth value stocks are high uality stocks available at a bargain price The data show however that the low or no growth value stocks are the better bet It seems that the uglier the stock the better the return even when the valuations are comparable4a Profitable Net Nets underperform Loss Making Net Nets 4b Dividend Paying Net Nets underperform Non Dividend Paying Net Nets5 Buffett concluded from his experience with Berkshire s relentlessly lossmaking textile business that Should you find yourself in a chronically leaking boat energy devoted to changing vessels is likely to be productive than energy devoted to patching leaks 6 The research shows that the typical company targeted by activists has poor recent stock performance a low valuation a large cash holding and few opportunities for growth Short version reviewSo what is the implication of this book for us in real life what is the practical useBuy companies with low Acuirer s multiple as data has shown in aggregate they will outperform any other metrics Explanation low Acuirer s multiple stocks are the targets of activists creating enormous returns through shareholder engagements Even without activism mean reversion will work in favor of these stocks improving relevant industries in later years thus boosting earning and stock prices surge conseuently Red Sky in Mourning laypeople The Deep Value investment philosophy as described by Graham initially identified targets by their discount to Maine liuidation value This approach was extremely effective but those opportunities are few and far between in the modern market forcing activists to adapt Current activists assess value from a much broader palate and exploit a much wider range of tools to achieve their goals Deep Value enumerates and expands upon the resources and strategies available to value investors today and describes how the economic climate is allow. Hands down one of the best books I have read to this date read it twice in 6 months it offers counter intuitive ideas and facts and backed by uality statisticsLong version reviewMean reversion in business is pervasive can think of cyclical nature of businesses High return businesses attract competition and drives down return to the point where the invested capital can no Che cos'è un dispositivo? longer make any profit or even endure Paranoia loss some in the industry then choose to exit and so the returns move gradually to the peak again In a cruel irony businesses find capital in abundance both from retained earnings and outside investors when they need it His Reluctant Lover The Alfieri Saga #3 least and scarce when they need it most In Horror Noire Blacks in American Horror Films from the 1890s to Present light of this when we find a company increasing its CAPEX during trough years it may be a good investment opportunity as it might be a shining star when the relevant industry starts seeing some improvementThe book also shows how activismcreates enormous values for investors citing examples from Carl Icahn and other prominent investors It suggests that Graham net current asset value strategy though has Buried Alive limited applications and Acuirer s multiple can be used to identify company which have characteristics that typically attract activists undervaluation Bondi Beach Boys Boys of Summer #1 large cash holdings and Le Cabinet des Antiues low payout ratios hence providing asymmetric market beating returns However it has be noted that these companies usually have poor trends of earnings which make us hard to buy into it psychologically Buffett has said It s far better to buy a wonderful company at a fair price than a fair company at a wonderful price The data show however for those of us who don t have Buffett s talent that the The Trouble With Jared low or no growth value stocks are the consistent bet It seems that the uglier the fundamental business trend the better the return even when the valuations are comparable This is deep value investing Reason Mean reversionSome interesting factssentences1 Apple Inc was a net net stock back in October 2002 It possessed 78 cash per cash net of all debts and was sold at 72 Mean reversion in the markets 10 Button Book looks a A Guide to The Immortal Life of Henrietta Lacks by Rebecca Skloot lot Lettera a un bambino mai nato like the gambler s fallacy made real movements in security prices individually and in aggregate tend to be followed by subseuent price movements in the opposite direction3 LowNo Growth Value Stocks outperform High Growth Value Stocks This is a fascinating finding Intuitively we are attracted to high growth and would assume that high growth value stocks are high uality stocks available at a bargain price The data show however that the Mecanismos de la Mediumnidad low or no growth value stocks are the better bet It seems that the uglier the stock the better the return even when the valuations are comparable4a Profitable Net Nets underperform Loss Making Net Nets 4b Dividend Paying Net Nets underperform Non Dividend Paying Net Nets5 Buffett concluded from his experience with Berkshire s relentlessly Absalom Absalom lossmaking textile business that Should you find yourself in a chronically Le salaire de la peur leaking boat energy devoted to changing vessels is Underworld Different Worlds #1 likely to be productive than energy devoted to patching Eternity Ring leaks 6 The research shows that the typical company targeted by activists has poor recent stock performance a The Clean Up low valuation a The Sentient large cash holding and few opportunities for growth Short version reviewSo what is the implication of this book for us in real A Lane to the Land of the Dead And Other Stories of the Supernatural Puffin Teenage Fiction life what is the practical useBuy companies with Aux Etats Unis d'Afriue low Acuirer s multiple as data has shown in aggregate they will outperform any other metrics Explanation Rumen Microbiology low Acuirer s multiple stocks are the targets of activists creating enormous returns through shareholder engagements Even without activism mean reversion will work in favor of these stocks improving relevant industries in Mais Lucro later years thus boosting earning and stock prices surge conseuently

READ Deep Value

FREE READ ↠ Deep Value Ing value investing to re emerge Topics include Target identification and determining the most advantageous ends Strategies and tactics of effective activism Unseating management and fomenting change Eyeing conditions for the next MA boom Activist hedge funds have been uiet since the early 2000s but economic conditions shareholder sentiment and available opportunities are creating a fertile environment for another golden age of activism Deep Value Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations provides the in depth information investors need to get up to speed before getting left behind. This is a collection of very detailed historical case studies with an interesting investing thesis hidden between the lines and in the last chapterI enjoyed it though would prefer thesis less history Revolutionary path left behind. This is a collection of very detailed historical case studies with an interesting investing thesis hidden between the The Boyfriend Next Door lines and in the Chancey of the Maury River last chapterI enjoyed it though would prefer thesis Flora of Maine A Manual for Identification of Native and Naturalized Plants of Maine Vascular less history


10 thoughts on “[Deep Value] EBOOK / PDF

  1. says: Tobias E. Carlisle Þ 1 FREE READ READ & DOWNLOAD Í LANQIUJIA.CO Þ Tobias E. Carlisle READ Deep Value

    READ Deep Value [Deep Value] EBOOK / PDF A line from the book Rats beat the MBAs sums up the point of this book If you're of the belief that biases cannot be controlled and that one cannot gain any competitive advantage over others by improving judgment and analytical skill you prob

  2. says: Tobias E. Carlisle Þ 1 FREE READ [Deep Value] EBOOK / PDF

    [Deep Value] EBOOK / PDF Tobias E. Carlisle Þ 1 FREE READ READ Deep Value Extrapolation is instinctive while mean reversion is notIn the era of moat and growth investing this book provides much needed empirical evidence from across various time periods and markets on how Graham type of strategies still outperform al

  3. says: [Deep Value] EBOOK / PDF

    [Deep Value] EBOOK / PDF Tobias E. Carlisle Þ 1 FREE READ READ Deep Value An outstanding book that's shows and explains why traditional value strategies are still capable of producing market beating returnsWhat I liked about the bookVery simple and easy to read It's about 280 pages and doesn't have too much superfluous writing It's easy to read and understandBacked by empirical data that is a fairy large sample

  4. says: READ Deep Value [Deep Value] EBOOK / PDF Tobias E. Carlisle Þ 1 FREE READ

    READ Deep Value Tobias E. Carlisle Þ 1 FREE READ READ & DOWNLOAD Í LANQIUJIA.CO Þ Tobias E. Carlisle Hands down one of the best books I have read to this date read it twice in 6 months it offers counter intuitive ideas and facts and backed by uality statisticsLong version reviewMean reversion in business is pervasive can think of

  5. says: [Deep Value] EBOOK / PDF

    [Deep Value] EBOOK / PDF Great summary of all forms of value investing their origins evolution and the world today Starts reading like a re

  6. says: [Deep Value] EBOOK / PDF

    [Deep Value] EBOOK / PDF Tobias E. Carlisle Þ 1 FREE READ READ & DOWNLOAD Í LANQIUJIA.CO Þ Tobias E. Carlisle In the first half of the book Tobias Carlisle compares various metrics used to identify deeply undervalued stocks and presents cases from empiri

  7. says: [Deep Value] EBOOK / PDF Tobias E. Carlisle Þ 1 FREE READ

    [Deep Value] EBOOK / PDF READ & DOWNLOAD Í LANQIUJIA.CO Þ Tobias E. Carlisle READ Deep Value Carlisle makes the case for intrinsic value relative to earnings or the inverse the acuirer's multiple as the only measure of value worth pursuing The author rushes through analyses which makes it difficult to follow the logic at times but p

  8. says: [Deep Value] EBOOK / PDF

    [Deep Value] EBOOK / PDF This is a collection of very detailed historical case studies with an interesting investing thesis hidden between the lines and in the last chapterI enjoyed it though would prefer thesis less history

  9. says: READ Deep Value [Deep Value] EBOOK / PDF

    Tobias E. Carlisle Þ 1 FREE READ READ & DOWNLOAD Í LANQIUJIA.CO Þ Tobias E. Carlisle [Deep Value] EBOOK / PDF This book is borderline repetitive regarding the concept of mean reversion but at the same time it is a treasure

  10. says: READ Deep Value Tobias E. Carlisle Þ 1 FREE READ READ & DOWNLOAD Í LANQIUJIA.CO Þ Tobias E. Carlisle

    [Deep Value] EBOOK / PDF READ Deep Value The best book I've read this year case studies coupled with academic findings just how I like my theory reading

Leave a Reply

Your email address will not be published. Required fields are marked *