BIG SECRET FOR THE SMALL INVES(ISBN=9780385525077) fb2 免费 lrf 下载 kindle azw3 pdf 阿里云

When it comes to investing in the stock market,

investors have plenty of options:

1. They can do it themselves. Trillions of dollars are

invested this way.

(Of course, the only problem here is that most people have no idea

how to analyze and choose individual stocks. Well, not really

the only problem. Most investors have no idea how to

construct a stock portfolio, most have no idea when to buy and

sell, and most have no idea how much to invest in the first

place.)

2. They can give it to professionals to invest.

Trillions of dollars are invested this way.

(Unfortunately most professionals actually underperform

the market averages over time. In fact,it may be even harder

to pick good professional managers than it is to pick good

individual stocks.)

3. They can invest in traditional index funds.

Trillions of dollars are also invested this way.(The problem is

that investing this way is seriously flawed--and almost a guarantee

of subpar investment returns over time.)

4. They can read The Big Secret for the Small Investor

and do something else. Not much is invested this

way. Yet...

Let top hedge fund manager, Columbia business school professor,

former Fortune 500 chairman and New York Times

bestselling author, Joel Greenblatt, take you on a journey that

will reveal the Big Secret for both individual and

professional investors. Based on path-breaking new

research, find out how anyone can beat the market, the index funds

and the experts by following a new approach that relies on the

principles of value investing, common sense and quantitative

discipline. Along the way, learn where "value" comes

from, how markets work, and what really happens on Wall

Street. By journey's end, small investors (and even

not-so-small investors) will have found their way to some excellent

new investment choices.

Introduction. Chapter One. Chapter Two. Chapter Three. Chapter

Four. Chapter Five. Chapter Six. Chapter Seven. Chapter Eight.

Chapter Nine. Appendix. Ac knowledgments.

JOEL GREENBLATT is the founder of Gotham Capital, an investment

partnership that achieved 40 percent annualized returns for the

twenty years after its founding in 1985. He is a professor on the

adjunct faculty of Columbia Business School, a managing principal

and co-CIO of Gotham Asset Management, the former chairman of the

board of a Fortune 500 company, and the author of You Can Be a

Stock Market Genius and The Little Book That Beats the

Market. Greenblatt holds a BS and MBA from the Wharton School

at the University of Pennsylvania.

valueweightedindex.com

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According to finance theory and logic, the value of a business should equal the sum of all of the earnings that we expect to collect from that business over its lifetime. In reality, we should look for how much cash we receive from the business over its lifetime.

There are also a number of what are known as fundamentally weighted index strategies that have some definite advantages over simply equally weighting all stocks. For these strategies, instead of using market capitalization to decide how much to buy of each stock in the index, other measures of economic size are used.

Essentially, a business needs two things in order to operate: working capital and fixed asset.

There are other well-established measures of cheapness that have a good historical record and could be used to create alternative value-weighted indexes. They could be variants of price-to-earnings, price-to-cash-flow, price-to-dividends, price-to-book, price-to-sales.

The small-cap effect would largely disappear in the real world due to the lack of liquidity and high trading costs for these smaller companies.

The main point is to have the right general principles and the character to stick to them...To try to buy groups of stocks that meet some simple criterion for being undervalued - regardless of the industry and with very little attention to the individual company...But I can tell you after 60 years of experience, it seems to stand up under any of tests that I would make up.

书籍介绍

When it comes to investing in the stock market, investors have plenty of options:

1. They can do it themselves. Trillions of dollars are invested this way.

(Of course, the only problem here is that most people have no idea how to analyze and choose individual stocks. Well, not really the only problem. Most investors have no idea how to construct a stock portfolio, most have no idea when to buy and sell, and most have no idea how much to invest in the first place.)

2. They can give it to professionals to invest. Trillions of dollars are invested this way.

(Unfortunately most professionals actually underperform the market averages over time. In fact,it may be even harder to pick good professional managers than it is to pick good individual stocks.)

3. They can invest in traditional index funds. Trillions of dollars are also invested this way.(The problem is that investing this way is seriously flawed--and almost a guarantee of subpar investment returns over time.)

4. They can read The Big Secret for the Small Investor and do something else. Not much is invested this way. Yet...

Let top hedge fund manager, Columbia business school professor, former Fortune 500 chairman and New York Times bestselling author, Joel Greenblatt, take you on a journey that will reveal the Big Secret for both individual and professional investors. Based on path-breaking new research, find out how anyone can beat the market, the index funds and the experts by following a new approach that relies on the principles of value investing, common sense and quantitative discipline. Along the way, learn where "value" comes from, how markets work, and what really happens on Wall Street. By journey's end, small investors (and even not-so-small investors) will have found their way to some excellent new investment choices.