Value Trap: Theory of Universal Valuation PDF Download

Author: Brian M. Nelson
Publisher:
ISBN: 9780998038483
Category : Business & Economics
Languages : en
Pages : 428

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Book Description
With an added Appendix and 40+ page Prologue, the second edition of the 2019 Best Indie Book Award (BIBA) winner for the category of Business takes readers through the COVID-19 crisis, building on the key tenets of the first edition. Value Trap received acclaim from the prestigious Next Generation Indie Book Awards, a Finalist in the category of Business. The text was also a Blue Ink Notable Book as well as a Readers' Favorite 5 Stars, named Honorable Mention in the Non-Fiction - General genre. More detail and new commentary, the second edition of Value Trap is a must read for any serious investor. Brian Michael Nelson, CFA, delivers again.From the back cover: "Nelson's career ranges from his beginnings as an analyst at Driehaus Capital Management to his career as director of global equity and credit research at Morningstar, to the recent establishment of his own investment publishing research firm, Valuentum Securities. Here, the equity-markets veteran explores his analytical framework for evaluating stocks, cautioning against investors getting lured into "value traps," scenarios where seemingly inexpensive stocks attract bargain hunters but continue to decline. Nelson maintains that shortcomings in prevalent financial analysis and investing include misguided focus on historical data, misinterpretation of common metrics, overreliance on indexing, and myopic pursuit of dividend-paying stocks. Instead, he believes enterprise valuation, which considers cash-based sources of intrinsic value of a company, should prevail. Well-researched and organized, the book offers a compelling wealth of information and serious discussion of market theory. It will likely overwhelm all but the most seasoned investors, and cynics may see it as a device to recruit readers to the author's business. Nonetheless, it stands on its considerable merits as a well-written and cogent articulation of a distinct perspective on equity analysis." - BlueInk Review of the first edition as published in the June 2019 spread of Booklist Magazine

Author: Melissa Perri
Publisher: O'Reilly Media
ISBN: 1491973765
Category : Business & Economics
Languages : en
Pages : 200

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Book Description
To stay competitive in today’s market, organizations need to adopt a culture of customer-centric practices that focus on outcomes rather than outputs. Companies that live and die by outputs often fall into the "build trap," cranking out features to meet their schedule rather than the customer’s needs. In this book, Melissa Perri explains how laying the foundation for great product management can help companies solve real customer problems while achieving business goals. By understanding how to communicate and collaborate within a company structure, you can create a product culture that benefits both the business and the customer. You’ll learn product management principles that can be applied to any organization, big or small. In five parts, this book explores: Why organizations ship features rather than cultivate the value those features represent How to set up a product organization that scales How product strategy connects a company’s vision and economic outcomes back to the product activities How to identify and pursue the right opportunities for producing value through an iterative product framework How to build a culture focused on successful outcomes over outputs

Author: Stephen Penman
Publisher: Columbia University Press
ISBN: 0231521855
Category : Business & Economics
Languages : en
Pages : 265

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Book Description
Accounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments. The book's novel approach shows that valuation and accounting are much the same: valuation is actually a matter of accounting for value. Laying aside many of the tools of modern finance the cost-of-capital, the CAPM, and discounted cash flow analysis Stephen Penman returns to the common-sense principles that have long guided fundamental investing: price is what you pay but value is what you get; the risk in investing is the risk of paying too much; anchor on what you know rather than speculation; and beware of paying too much for speculative growth. Penman puts these ideas in touch with the quantification supplied by accounting, producing practical tools for the intelligent investor. Accounting for value provides protection from paying too much for a stock and clues the investor in to the likely return from buying growth. Strikingly, the analysis finesses the need to calculate a "cost-of-capital," which often frustrates the application of modern valuation techniques. Accounting for value recasts "value" versus "growth" investing and explains such curiosities as why earnings-to-price and book-to-price ratios predict stock returns. By the end of the book, Penman has the intelligent investor thinking like an intelligent accountant, better equipped to handle the bubbles and crashes of our time. For accounting regulators, Penman also prescribes a formula for intelligent accounting reform, engaging with such controversial issues as fair value accounting.

Author: Mark Shonka
Publisher: Kaplan Test Prep
ISBN: 9780793154708
Category : Business & Economics
Languages : en
Pages : 308

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Book Description
How to sell value, increase margins, make price irrelevant, win executive-level credibility, and create competitive immunity. Selling value is taking on a whole new meaning for sales professionals. Here's a proven process pros can use to address their customer's pressing business issues, position themselves as strategic partners, and recommend solutions that improve the way their customers do business. In Beyond Selling Value, top sales consultants Mark Shonka and Dan Kosch share their proven process for becoming a critical partner in their customers' success. From targeting the most promising prospects, to bypassing the gatekeepers, to reaching the decision makers who are empowered to buy, and to closing the deal with a powerful presentation, the authors impart their battle tested secrets to forging long term business relationships. For sales professionals tired of being beaten up on price, here is a new way to leverage their strengths, elevate their sales game, and establish relationships with those who appreciate their value. Selling Power magazine calls it "a detailed, street smart roadmap".

Author: Eswar S. Prasad
Publisher: Princeton University Press
ISBN: 0691168520
Category : Business & Economics
Languages : en
Pages : 438

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Book Description
Why the dollar is—and will remain—the dominant global currency The U.S. dollar's dominance seems under threat. The near collapse of the U.S. financial system in 2008–2009, political paralysis that has blocked effective policymaking, and emerging competitors such as the Chinese renminbi have heightened speculation about the dollar’s looming displacement as the main reserve currency. Yet, as The Dollar Trap powerfully argues, the financial crisis, a dysfunctional international monetary system, and U.S. policies have paradoxically strengthened the dollar’s importance. Eswar Prasad examines how the dollar came to have a central role in the world economy and demonstrates that it will remain the cornerstone of global finance for the foreseeable future. Marshaling a range of arguments and data, and drawing on the latest research, Prasad shows why it will be difficult to dislodge the dollar-centric system. With vast amounts of foreign financial capital locked up in dollar assets, including U.S. government securities, other countries now have a strong incentive to prevent a dollar crash. Prasad takes the reader through key contemporary issues in international finance—including the growing economic influence of emerging markets, the currency wars, the complexities of the China-U.S. relationship, and the role of institutions like the International Monetary Fund—and offers new ideas for fixing the flawed monetary system. Readers are also given a rare look into some of the intrigue and backdoor scheming in the corridors of international finance. The Dollar Trap offers a panoramic analysis of the fragile state of global finance and makes a compelling case that, despite all its flaws, the dollar will remain the ultimate safe-haven currency.

Author: Bartley Madden
Publisher: Elsevier
ISBN: 0080476422
Category : Business & Economics
Languages : en
Pages : 385

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Book Description
What generates shareholder value? How can it be evaluated? How can it influence investment decisions and corporate strategy? Cash Flow Return On Investment answers all these questions by detailing the pioneering financial research carried out by HOLT Value Associates, the leading consultancy in the field. Read this book if you want to find out what really drives the wealth generation in any business, allowing you to pick which equities will succeed and which strategic initiatives are destined for high returns. The CFROI model is an essential tool for professionals working in finance and corporate strategy. It clarifies how economic value is created in a firm and acts as a reliable guide to: * making investment decisions * taking key strategic decisions * understanding economic value Shows how to judge and compare individual equities across markets and company sectorsCutting edge theory and practiceThe leading book about shareholder value authored by one of the world's leading consultancies in the field

Author: Tobias E. Carlisle
Publisher: John Wiley & Sons
ISBN: 1118747968
Category : Business & Economics
Languages : en
Pages : 245

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Book Description
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 on 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 liquidation 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 allowing 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 M&A boom Activist hedge funds have been quiet 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.

Author: Dato' H.C. Eu
Publisher: H.C. Eu
ISBN:
Category : Business & Economics
Languages : en
Pages : 497

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Book Description
For the retail investor, the stock market is a zero-sum game. You make money at the expense of another. Yet you can be the winner and make money. You do this by developing your value investing skills through a combination of education, practice, and ongoing refinements. The book provides concepts, worked examples and links to free online resources to enable this. While there are many ways to develop your value investing skills, you should learn from this book if: a) You don't have the time to follow a formal course and want to self-study. b) You learn better through text rather than through other mediums. c) You want a cost-effective yet in-depth dive into the subject. This book is based on the author’s 2 decades experience of value investing, as well as running listed companies as the CEO. It differs from other value investing book by: • Sharing practical insights based on the author's investing experience. • Using lessons from the author's self-study journey to provide step-by-step guide to real life case studies. • Sharing company analysis insights based on the author's business experience. By the time you finish the book, you will be able to answer 4 key investing questions. • What to buy? • How much to buy? • When to buy or sell? • How to mitigate risks? The central tenet of the book is how to avoid permanent loss of capital, the value investor’s view of risk. The author shows how to pull the various learning lessons into a value investment process that avoids permanent loss of capital. It provides a comprehensive approach from determining how much of your net worth should be allocated for stocks to picking individual stocks for your stock portfolio.

Author: Bharat Anand
Publisher: Random House
ISBN: 0812995392
Category : Business & Economics
Languages : en
Pages : 464

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Book Description
“My favorite book of the year.”—Doug McMillon, CEO, Wal-Mart Stores Harvard Business School Professor of Strategy Bharat Anand presents an incisive new approach to digital transformation that favors fostering connectivity over focusing exclusively on content. NAMED ONE OF THE BEST BOOKS OF THE YEAR BY BLOOMBERG Companies everywhere face two major challenges today: getting noticed and getting paid. To confront these obstacles, Bharat Anand examines a range of businesses around the world, from The New York Times to The Economist, from Chinese Internet giant Tencent to Scandinavian digital trailblazer Schibsted, and from talent management to the future of education. Drawing on these stories and on the latest research in economics, strategy, and marketing, this refreshingly engaging book reveals important lessons, smashes celebrated myths, and reorients strategy. Success for flourishing companies comes not from making the best content but from recognizing how content enables customers’ connectivity; it comes not from protecting the value of content at all costs but from unearthing related opportunities close by; and it comes not from mimicking competitors’ best practices but from seeing choices as part of a connected whole. Digital change means that everyone today can reach and interact with others directly: We are all in the content business. But that comes with risks that Bharat Anand teaches us how to recognize and navigate. Filled with conversations with key players and in-depth dispatches from the front lines of digital change, The Content Trap is an essential new playbook for navigating the turbulent waters in which we find ourselves. Praise for The Content Trap “A masterful and thought-provoking book that has reshaped my understanding of content in the digital landscape.”—Ariel Emanuel, co-CEO, WME | IMG “The Content Trap is a book filled with stories of businesses, from music companies to magazine publishers, that missed connections and could never escape the narrow views that had brought them past success. But it is also filled with stories of those who made strategic choices to strengthen the links between content and returns in their new master plans. . . . The book is a call to clear thinking and reassessing why things are the way they are.”—The Wall Street Journal

Author: Gregory Arthur Baer
Publisher: Broadway
ISBN: 9780767910712
Category : Business & Economics
Languages : en
Pages : 335

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Book Description
Drawing on years of experience, two financial experts warn investors of the potential financial hazards of mutual funds, discussing the hidden costs of such funds, providing realistic insights into how such funds operate, and offering helpful advice on how to protect one's investments.