图书标签: 投资 价值投资 金融 证券 股票 value trading investing
发表于2024-12-23
Common Stocks and Common Sense pdf epub mobi txt 电子书 下载 2024
Common Stocks and Common Sense provides detailed insight into common stock investing, using a case-study approach based on real-world investments. Author Edgar Wachenheim is the 28-year CEO of Greenhaven Associates, boasting an average annual portfolio comparable to Warren Buffet's. In this book, he shares his knowledge and experiences by providing detailed analyses of actual investments made by himself and other investors. The discussion covers the entire investment process, including the softer, human side, with candid insight into the joys and frustrations, intensities and pressures, and risks and uncertainties. The unique emphasis on behavioral economics and real-world cases set this book apart from the herd—but it's Wachenheim himself and his deeply-examined perspective that elevates the book beyond a mere investing guide.
Between 1990 and 2014, a typical portfolio managed by Wachenheim enjoyed an average annual return in excess of 18%, achieved using relatively conservative stocks and no financial leverage. As a proponent of evidence and example, his analysis of real cases serve as a valuable education for anyone looking to improve their own investment practices.
Understand investment through the lens of a Wall Street leader
Dig into the details of real-world common stock investing
Learn how to invest creatively and minimize risk
Go beyond theory to study strategy on a case-by-case basis
Investment principles and strategies are easy to find—entire libraries have been written about theories and methods and what 'should' happen. But this book goes beyond the typical guide to show you how these ideas are applied in the real world—and what actually happened. Investors seeking real insight, real expertise, and a proven track record will find Common Stocks and Common Sense a uniquely useful resource.
Edgar Wachenheim purchased Greenhaven Associates in 1998 from the Gottesman family. Edgar Wachenheim is a value investor. Edgar Wachenheim manages a fairly small-scale operation at Greenhaven Associates considering the size of its assets under management: billions of dollars are capital are invested through the fund, but because of its long-term investing horizon and its tendency towards a concentrated portfolio only a small number of analysts are needed. Wachenheim also stands out as an investor who has groomed other fund managers; for example, Chieftain Capital and Brave Warrior Capital are both managed by Greenhaven alumni.
Read more at http://www.insidermonkey.com/hedge-fund/greenhaven+associates/385/#UWpyPvpJF0eujQic.99
A good book for value investors. common sense explained in clear examples.
评分作者也是格兰格林伯格和约翰夏普里奥的导师,88年到17年年化19%,尽管最近几年和所有价投一样被虐的不轻,AUM也从两年前的67亿降低到了如今的44亿。很多理念比较赞同,如不要对错误太耿耿于怀,放松和愉悦的投资心态对取得超额收益反而是好事。作者投资高盛的逻辑是:激增的资本要求导致盈利能力差的公司出清,从而减少竞争,且多德弗兰克法案等管制的高额合规成本导致进入壁垒的形成。投行和资管业务轻资产,而自营交易及投资则为重资产,服务类企业很容易改变资本投入的领域,并将资本从盈利能力差的板块转入盈利能力好的板块(与制造业形成鲜明对比)。投资联合太平洋铁路得益于油价高涨(铁路比卡车省油4倍),跨州饼业都得益于油价大跌(运费大减,盈利阶段大增并出售给管理层).第154页对航空业供需及利用率分析堪称经典。
评分作者也是格兰格林伯格和约翰夏普里奥的导师,88年到17年年化19%,尽管最近几年和所有价投一样被虐的不轻,AUM也从两年前的67亿降低到了如今的44亿。很多理念比较赞同,如不要对错误太耿耿于怀,放松和愉悦的投资心态对取得超额收益反而是好事。作者投资高盛的逻辑是:激增的资本要求导致盈利能力差的公司出清,从而减少竞争,且多德弗兰克法案等管制的高额合规成本导致进入壁垒的形成。投行和资管业务轻资产,而自营交易及投资则为重资产,服务类企业很容易改变资本投入的领域,并将资本从盈利能力差的板块转入盈利能力好的板块(与制造业形成鲜明对比)。投资联合太平洋铁路得益于油价高涨(铁路比卡车省油4倍),跨州饼业都得益于油价大跌(运费大减,盈利阶段大增并出售给管理层).第154页对航空业供需及利用率分析堪称经典。
评分A good book for value investors. common sense explained in clear examples.
评分近期看到的少有的价值投资顶级好书。
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Common Stocks and Common Sense pdf epub mobi txt 电子书 下载 2024