Uncommon sense : investment wisdom since the stock market's dawn /
Question everything - and become a better investor in the process Uncommon Sense takes readers on a four-century journey; from the dawn of public share ownership (in 1602) right up to today. But this is not simply a history book. It's a book for serious investors. Along the way it reveals the f...
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| Main Author: | |
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| Format: | Electronic eBook |
| Language: | English |
| Published: |
Milton, Qld. :
John Wiley & Sons,
2015.
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| Subjects: | |
| Online Access: |
Full text (MFA users only) |
| ISBN: | 9780730324263 0730324265 9780730324256 0730324257 |
| Local Note: | ProQuest Ebook Central |
Table of Contents:
- Title page
- Copyright
- Dedication
- FOREWORD
- ABOUT THE AUTHOR
- ACKNOWLEDGEMENTS
- PART I: THE LIMITS OF REASON
- 0.9 START THINKING FOR YOURSELF
- 1 THE PIED PIPER
- WHY THE CONFIDENCE?
- DRAWING THE LINE OF CREDIBILITY
- 2 THE ART OF PREDICTION
- GAME THEORY
- ECONOMIC MODELLING
- UNLIMITED POSSIBILITIES
- 3 WHY ECONOMICS WILL NEVER BE A SCIENCE
- 'HYPOTHESIS NON FINGO'
- A SOCIAL SCIENCE
- NOTE
- 4 FORECASTING THE STOCK MARKET
- BABSON'S BREAK
- EVANGELINE ADAMS
- JESSE LIVERMORE
- NOTES
- 5 DOES THE STOCK MARKET FORECAST THE ECONOMY?
- NOTES
- 6 CAN CHARTS PREDICT?
- LOUIS BACHELIER
- ALFRED COWLES
- HOLBROOK WORKING
- RALPH ELLIOTT AND MAURICE KENDALL
- HARRY ROBERTS
- WHAT ABOUT BULL AND BEAR MARKETS?
- PUTTING RANDOMNESS INTO PERSPECTIVE
- NOTES
- 7 MARKET TIMING
- IS IT PREDICTION OR A STUDY OF CYCLES?
- DOW THEORY
- BEN GRAHAM AND THE COMMITTEE ON BANKING AND CURRENCY
- BOB SHILLER'S CAPE
- JAMES TOBIN'S 'Q'
- WARREN BUFFETT'S FAVOURITE METRIC
- THE COPPOCK INDICATOR
- MARKET TIMER OR STOCK PICKER?
- NOTES
- 8 ARE COMPUTERS THE ANSWER?
- ALGORITHMS
- HIGH FREQUENCY TRADING
- THOMAS PETERFFY
- THINGS HAVEN'T ALWAYS BEEN SO FAST
- HOW FAST CAN IT GET?
- THE TAKE-HOME MESSAGE
- NOTE
- 9 THE EFFICIENT MARKET HYPOTHESIS
- ORIGINS OF THE EMH
- EUGENE FAMA
- MAKING SENSE OF THE EMH
- NOTE
- 10 TRADER OR INVESTOR?
- JESSE LIVERMORE VS WARREN BUFFETT
- WHAT IS THE MARKET PRICE TELLING US?
- THE STOP LOSS ORDER
- THROWING CHARLES DOW INTO THE MIX
- NOTES
- 11 REALISTIC EXPECTATIONS OF RETURNS
- PART II: STOCK SCREENS AND VALUE METRICS
- 12 WHERE TO START: STOCK SCREEN OR TRIAD OF ANALYSIS?
- STOCK ANALYSIS AT THE ECONOMY LEVEL
- STOCK ANALYSIS AT THE BUSINESS SECTOR LEVEL
- FROM THE BOTTOM UP
- STOCK ANALYSIS AT THE COMPANY LEVEL
- STOCK SCREENS.
- 13 DON'T ACCEPT THE PE RATIO AT FACE VALUE
- WHAT'S WRONG WITH THE PE?
- USING THE PE TO SELECT STOCKS
- USING THE PE AS A SCREEN
- BOB SHILLER AGAIN
- USING THE PE TO CONSTRUCT A PORTFOLIO
- 14 EARNINGS GROWTH ISN'T ALWAYS A GOOD THING
- WHY MANAGEMENTS RETAIN PROFITS DESPITE DELIVERING A POOR ROE
- 15 WHY DO PRICE TO BOOK RATIOS VARY?
- WHAT IS BOOK VALUE TELLING US?
- RELATING BOOK VALUE PER SHARE TO MARKET PRICE
- WHAT IS A LOW P/B RATIO TELLING US?
- NOTE
- 16 SELECTING STOCKS BY DIVIDEND YIELD
- DOGS OF THE DOW
- RECEIVING NO DIVIDEND IS OKAY
- SO WHICH METRICS SHOULD YOU USE?
- PART III: THE GENESIS OF STOCK VALUATION
- 17 IT ALL STARTED IN EUROPE
- LEONARDO PISANO
- JEAN TRENCHANT
- JOSEPH DE LA VEGA
- SIR JOSIAH CHILD AND THE 17TH-CENTURY BUFFETT
- THOMAS BASTON AND DANIEL DEFOE
- ARCHIBALD HUTCHESON
- THOMAS MORTIMER
- BEFORE CROSSING THE ATLANTIC
- NOTE
- 18 TIME TO CROSS THE ATLANTIC
- INVESTORS OR COWBOYS?
- CORNELIUS VANDERBILT
- JAY GOULD
- JAMES MEDBERY
- UNITED STATES STEEL
- CHARLES DOW
- VALUE INVESTING BEFORE BEN GRAHAM'S SECURITY ANALYSIS
- BUFFETT'S PITHY ONE-LINERS
- NOTE
- 19 THE ADOPTION OF FINANCIAL REPORTING
- THE MATCH KING
- POST-CRASH WALL STREET
- SHIFTING EMPHASIS ON THE MEANS OF VALUATION
- NOTES
- 20 THE MODERN ERA
- THE 1930S
- FROM THE SIXTIES TO TODAY
- PART IV: 'CALCULATING' VALUE
- 21 INTRINSIC VALUE AND MARKET PRICE
- WHAT'S A STOCK REALLY WORTH?
- CALCULATING INTRINSIC VALUE
- FROM CLICKS TO CHICKS
- SOLOMON ASCH AND SPINNING WHEELS
- WHAT IS MARKET PRICE?
- WHAT DRIVES MARKET PRICE?
- NOTE
- 22 EARNINGS AND EARNINGS GROWTH
- EARNINGS PER SHARE
- DIVIDENDS AS INPUTS
- GROWTH OF EARNINGS AND DIVIDENDS
- LINKING EARNINGS GROWTH TO RETENTION OF EARNINGS
- WHY COMPOUNDING IS FINITE
- NOTE
- 23 THE DISCOUNT RATE
- THE CAPITAL ASSET PRICING MODEL.
- BARR ROSENBERG'S BARRA
- SENSITIVITY OF THE DISCOUNT RATE
- MORE PRACTICAL MEASURES OF RETURN AND RISK
- THE RISK OF BEING HUMAN
- FURTHER INPUTS
- THE CO-STARS
- NOTE
- 24 THE FORMULAE
- THE POPULAR FORMULAE
- BEN GRAHAM'S FORMULA
- 'BUFFETTOLOGY'
- DEALING WITH UNCERTAINTY
- THE MARGIN OF SAFETY
- IT'S NOT THE MATHS THAT DELIVERS THE ANSWERS
- PART V: BEATING THE STOCK MARKET
- 25 THE DURANT-DORT CARRIAGE COMPANY
- 26 SEARCHING FOR NUMERIC CONSTANTS
- EXTRAPOLATING EARNINGS GROWTH
- THE 1929 BULL MARKET
- EXTRAPOLATING RETURN ON EQUITY
- A CASE STUDY: FORGE GROUP
- 27 THE HUMAN CONSTANT
- IT'S ALL ABOUT HOW YOU THINK, STUPID!
- NOTE
- 28 COIN-FLIPPING ORANG-UTANS (MY FIRST TRIPS TO OMAHA)
- HAS BUFFETT BEATEN THE MARKET THROUGH LUCK OR SKILL?
- NOTES
- APPENDIX A: WHY BOOK VALUE DIFFERS FROM ECONOMIC VALUE
- APPENDIX B: DEBT ANALYSIS
- GLOSSARY
- REFERENCES
- BIBLIOGRAPHY
- INDEX
- ADVERT
- EULA.