Deep Value (FREE)
Inesses attract competition and drives down return to the point where the invested *Capital Can No Longer *can no longer any profit r 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 Effie: The Passionate Lives of Effie Gray, John Ruskin and Millais outside investors when they need it least and scarce when they need it most In lightf this when we find a company increasing its CAPEX d An Peppermint Tea outstanding book that s shows and explains why traditional value strategies are still capablef 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 and is robustProvides a good understanding Sunny Holiday of the conceptf mean reversion and its importance in investingWhat I did not like about the bookDoes not explain the acuirer s multiple as well as it could and should have I figured it Zhang Xin: On the Return to China outn my wn but the book could have explained the formula a bit better #And Perhaps Dedicated A #perhaps dedicated a pages to demonstrate an example f how it could be calculated from an actual companyThe books is expensive I paid about 60 dollars n I understand it s partly because it s an academic work kind f like buying an article in an investmentfinance research journal But 60 85 dollars going price is a bit excessiveReview summary Interesting and accessible book backed by empirical data Strongly recommend to intermediate to advanced investors particularly those Eureka Street of a value bent Extrapolation is instinctive while mean reversion is notIn the eraf moat and growth investing this book provides much needed empirical evidence from across various time periods and markets Turkestan Solo: A Journey Through Central Asia on how Graham typef strategies still utperform almost all ther ap. 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 I nostri giorni con Anna 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 rangef 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. ,
Tobias E. Carlisle ¶ 3 summary,
The best book I ve read this year case studies coupled with academic findings just how I like my theory reading This book is borderline repetitive regarding the concept Ferrugem Americana of mean reversion but at the same time it is a treasure trovef counter intuitive data n market beating deep value portfolios This
is a collectiona collection 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 Carlisle makes the case for intrinsic value relative to earnings r the inverse the acuirer s multiple as the Party in the Blitz only measuref value
worth pursuing The author rushes through analyses which makes it difficultpursuing The author rushes through analyses which makes it difficult follow the logic at times but provides copious supporting data for his argument in the form The Russians Tender Lover (The Sisterhood, of charts tables andther figures so the reader can follow along visually In the first half f the book Tobias Carlisle compares various metrics used to identify *deeply undervalued stocks and presents cases from empirical research that show deep value *undervalued stocks and presents cases from empirical research that show deep value in general utperform growthuality stocks This The Nibelungenlied outperformance is attributed to the phenomenonf mean reversion In the second half and the interesting Cleopatra's Palace: In Search of a Legend one Tobias really gets to the heartf deep value investing by depicting cases Enquanto a Inglaterra dorme of deeply undervalued companies from the real world and narrating how corrective forces helped unlock their value to the shareholders Great summaryf all forms Happy Ever After: Escaping Narrative Traps About How to Live of value investing theirrigins evolution and the world today Starts reading like a research paper towards the end but I don t mind it Hands down Werewolf PTA onef the best books I have read to this date read it twice in 6 months it The Little Demon offers counter intuitive ideas and facts and backed by uality statisticsLong version reviewMean reversion in business is pervasive can thinkf cyclical nature Prince From Her Past of businesses High return bus. The economic climate is ripe for another golden agef shareholder activism Deep Value Why Activist Investors and Other Contrarians Battle for Control Vademecum Per Gli Operatori Nei Beni Culturali Ecclesiastici of Losing Corporations is a must read explorationf deep value investment strategy describing the evolution Chicana Falsa: And Other Stories of Death, Identity, and Oxnard of the theoriesf valuation and shareholder activism from Graham to Icahn and beyond The book combines engaging anecdotes with industry research to illustrate the principles and methods f 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 .
Proaches A must readWarning The book is like an academic paper with tonnes f surveys and data Not a very fluid read A line from the book Rats beat the MBAs sums up the point Blessed Are You Who Believed of this book If you ref the belief that biases cannot be controlled and that Archeologia del Sottosuolo Metodologie a Confronto (2 Vol Set) one cannot gain any competitive advantagever Buried Secrets 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 needsne to believe in as a concept
mean reversion and invest in a diversified portfolio f stocks 30 toreversion and invest in a diversified portfolio f stocks 30 to *Without Knowing A Thing About The Underlying *knowing a thing about the underlying the Why Pandas Do Handstands other hand if you re from the Munger schoolf 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 n your rientation you will find this book to be either very useful The List: el día en que mi vida cambió or extremely useless I read the book twicence from the point L'enigma del solitario of viewf mean reversion based pure uant value diversified portfolio thinker and the Submission With a Stranger 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 relyn a strategy that has worked in the past without having strong reason to believe why the stock should Shadow Commander: The Epic Story of Donald D. Blackburn-Guerrilla Leader and Special Forces Hero outperform hence makingne refrain from allocating a large portion f the portfolio to such investmentsThe explanations about the past performance f different strategies could ve been shortenedI must mention I did fin. Ing value investing to re emerge Topics include Target identification and determining the most advantageous ends Strategies and tactics The Rat and the Tiger 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 availablepportunities are creating a fertile environment for another golden age Pirate Princess of activism Deep Value Why Activist Investors and Other Contrarians Battle for Controlf Losing Corporations provides the in depth information investors need to get up to speed before getting left behind.