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Record Nr. |
UNINA9910800119203321 |
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Autore |
Smith Gary <1942-> |
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Titolo |
The Power of Modern Value Investing : Beyond Indexing, Algos, and Alpha / / Gary Smith and Margaret Smith |
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Pubbl/distr/stampa |
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Cham, Switzerland : , : Macmillan Palgrave, , [2023] |
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©2023 |
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ISBN |
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Edizione |
[First edition.] |
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Descrizione fisica |
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1 online resource (195 pages) |
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Disciplina |
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Soggetti |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Nota di bibliografia |
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Includes bibliographical references and index. |
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Nota di contenuto |
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Intro -- Contents -- List of Figures -- List of Tables -- Preface -- Introduction -- Name Your Favorite Investment -- A Benevolent Casino -- The Importance of Financial Markets -- Stock Exchanges -- The Stock Market Is the Main Show -- 1 Investing 1.0-Blind Faith and Speculation -- The South Sea Bubble -- Hoping for Greater Fools -- The Building of a Bubble -- Tulipmania -- The British Bicycle Bubble -- The Roaring Twenties -- Ponzi Schemes -- Market Manipulation -- The Crash -- The Aftermath -- References -- 2 Investing 2.0-The Birth of Value Investing -- The Intrinsic Value of an Investment -- The Present Value of Dividends -- Consols -- Valuing Growth -- Growth Matters (A Lot) -- Are Stocks a Ponzi Scheme? Nope -- The Dividend Yield -- Other Income Measures -- The Earnings Yield -- Shiller's Cyclically Adjusted Earnings -- An S& -- P 500 Valuation -- What About Risk? -- References -- 3 Investing 3.0-(Mis)measuring Risk -- Mean-Variance Analysis -- The Markowitz Frontier -- Tobin's Separation Theorem -- Some Problems with Mean-Variance Analysis -- Stock Returns Are Not Normally Distributed -- The Past Is Not a Reliable Guide to the Future -- The Yale Model -- A Myopic Focus on Short-Term Volatility -- Deferring Gains and Harvesting Losses -- Untenable Independence -- Stock Returns Are Not Random -- Yes, You Can Be Too Conservative -- A Return to Investing 1.0 -- References -- 4 Investing 4.0-Efficient Markets and Value-Agnostic Indexing -- Random Walks and 100 Bills on the Sidewalk -- Thinking Clearly -- The |
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Delusion of Crowds -- The Dot-Com Bubble -- The Cryptocurrency Bubble(s) -- The Performance of Professionals -- Indexing -- Value-Agnostic Investing -- References -- 5 Investing 5.0-Factor Models, Algorithms, and Chasing Alpha -- The Capital Asset Pricing Model (CAPM) -- Betting with Betas -- Chasing Alpha -- Multiple-Factor Models. |
Anomalies -- The Fama-French Three-Factor Model -- Dimensional Fund Advisors (DFA) -- Factors, Factors, Everywhere -- More Historical Data Will Not Help -- Plundering Data -- Mindless Algorithms -- Once Again, Mismeasuring Risk and Creating Opportunities -- References -- 6 Investing 6.0-Modern Value Investing -- A Better Measure of Risk -- Diversification with a Value Surplus Approach -- Implications of a Value Surplus Approach -- A Prevent Defense Is Seldom a Good Investment Strategy -- Leave Your Options Open -- Details, Details -- 7 A Case Study-Stocks -- An Investing 1.0 Approach -- An Investing 3.0 Approach -- The Collapse of SVB -- An Investing 4.0 Approach -- An Investing 5.0 Approach -- A Modern Value-Investing Approach -- Gauging Uncertainty -- An Efficient Frontier -- 8 A Case Study-Homes -- Recognizing Bubbles -- The Intrinsic Value of Homes -- A Home in Fishers, Indiana -- The Chinese Housing Bubble -- Granny Flats -- References -- 9 The 9 Pitfalls of Investing -- Our Don't Do List -- Don't Follow the Crowd or Chase Prices -- Don't Be Seduced by Fads, Follies, and Hot Tips -- Don't Try to Time the Market's Zigs and Zags -- Don't Measure Risk by Price Volatility -- Don't Be Bedazzled by Math -- Don't Be Duped by AI -- Don't Be Convinced by Backtesting -- Wealthfront -- Don't Torture Data -- Don't Be Fooled by Things Too Good to Be True -- The Grand Takeaway -- References -- Index. |
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