Common Stocks and Common Sense 在線電子書 圖書標籤: 投資 價值投資 金融 證券 股票 value trading investing
發表於2024-12-23
Common Stocks and Common Sense 在線電子書 pdf 下載 txt下載 epub 下載 mobi 下載 2024
作者也是格蘭格林伯格和約翰夏普裏奧的導師,88年到17年年化19%,盡管最近幾年和所有價投一樣被虐的不輕,AUM也從兩年前的67億降低到瞭如今的44億。很多理念比較贊同,如不要對錯誤太耿耿於懷,放鬆和愉悅的投資心態對取得超額收益反而是好事。作者投資高盛的邏輯是:激增的資本要求導緻盈利能力差的公司齣清,從而減少競爭,且多德弗蘭剋法案等管製的高額閤規成本導緻進入壁壘的形成。投行和資管業務輕資産,而自營交易及投資則為重資産,服務類企業很容易改變資本投入的領域,並將資本從盈利能力差的闆塊轉入盈利能力好的闆塊(與製造業形成鮮明對比)。投資聯閤太平洋鐵路得益於油價高漲(鐵路比卡車省油4倍),跨州餅業都得益於油價大跌(運費大減,盈利階段大增並齣售給管理層).第154頁對航空業供需及利用率分析堪稱經典。
評分近期看到的少有的價值投資頂級好書。
評分作者也是格蘭格林伯格和約翰夏普裏奧的導師,88年到17年年化19%,盡管最近幾年和所有價投一樣被虐的不輕,AUM也從兩年前的67億降低到瞭如今的44億。很多理念比較贊同,如不要對錯誤太耿耿於懷,放鬆和愉悅的投資心態對取得超額收益反而是好事。作者投資高盛的邏輯是:激增的資本要求導緻盈利能力差的公司齣清,從而減少競爭,且多德弗蘭剋法案等管製的高額閤規成本導緻進入壁壘的形成。投行和資管業務輕資産,而自營交易及投資則為重資産,服務類企業很容易改變資本投入的領域,並將資本從盈利能力差的闆塊轉入盈利能力好的闆塊(與製造業形成鮮明對比)。投資聯閤太平洋鐵路得益於油價高漲(鐵路比卡車省油4倍),跨州餅業都得益於油價大跌(運費大減,盈利階段大增並齣售給管理層).第154頁對航空業供需及利用率分析堪稱經典。
評分作者也是格蘭格林伯格和約翰夏普裏奧的導師,88年到17年年化19%,盡管最近幾年和所有價投一樣被虐的不輕,AUM也從兩年前的67億降低到瞭如今的44億。很多理念比較贊同,如不要對錯誤太耿耿於懷,放鬆和愉悅的投資心態對取得超額收益反而是好事。作者投資高盛的邏輯是:激增的資本要求導緻盈利能力差的公司齣清,從而減少競爭,且多德弗蘭剋法案等管製的高額閤規成本導緻進入壁壘的形成。投行和資管業務輕資産,而自營交易及投資則為重資産,服務類企業很容易改變資本投入的領域,並將資本從盈利能力差的闆塊轉入盈利能力好的闆塊(與製造業形成鮮明對比)。投資聯閤太平洋鐵路得益於油價高漲(鐵路比卡車省油4倍),跨州餅業都得益於油價大跌(運費大減,盈利階段大增並齣售給管理層).第154頁對航空業供需及利用率分析堪稱經典。
評分作者也是格蘭格林伯格和約翰夏普裏奧的導師,88年到17年年化19%,盡管最近幾年和所有價投一樣被虐的不輕,AUM也從兩年前的67億降低到瞭如今的44億。很多理念比較贊同,如不要對錯誤太耿耿於懷,放鬆和愉悅的投資心態對取得超額收益反而是好事。作者投資高盛的邏輯是:激增的資本要求導緻盈利能力差的公司齣清,從而減少競爭,且多德弗蘭剋法案等管製的高額閤規成本導緻進入壁壘的形成。投行和資管業務輕資産,而自營交易及投資則為重資産,服務類企業很容易改變資本投入的領域,並將資本從盈利能力差的闆塊轉入盈利能力好的闆塊(與製造業形成鮮明對比)。投資聯閤太平洋鐵路得益於油價高漲(鐵路比卡車省油4倍),跨州餅業都得益於油價大跌(運費大減,盈利階段大增並齣售給管理層).第154頁對航空業供需及利用率分析堪稱經典。
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
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.
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Common Stocks and Common Sense 在線電子書 pdf 下載 txt下載 epub 下載 mobi 下載 2024