Pilots require extensive training before receiving a license. Doctors must graduate medical school, followed by a multi-year residency. Even those providing professional investment advice require certification. But, anyone can buy a stock without any training whatsoever. While buying stocks on a hunch and a prayer may not endanger your life, it can certainly put your finances at risk.
Uneconomic Economics and the Crisis of the Model World. What has gone wrong with economics? Economists now routinely devise highly sophisticated abstract models that score top marks for theoretical rigour but are clearly divorced from observable activities in the current economy. This creates an 'uneconomic economics', where models explain relationships in blackboard rather than real-life markets.
Managing Equity Portfolios. A groundbreaking framework for improving portfolio performance that goes beyond traditional analytics, offering new ways to understand investment skills, process, and behaviors. Portfolio management is a tough business. Each day, managers face the challenges of an ever-changing and unforgiving market, where strategies and processes that worked yesterday may not work today, or tomorrow.
The usual advice for improving portfolio performance—refining your strategy, staying within your style, doing better research, trading more efficiently—is important, but doesn't seem to affect outcomes sufficiently. This book, by an experienced advisor to institutional money managers, goes beyond conventional thinking to offer a new analytic framework that enables investors to improve their performance confidently, deliberately, and simply, by applying the principles of behavioral finance.
Edwards Deming observed that you can't improve what you don't measure. Active portfolio management lacks methods for measuring key inputs to management success like skills, process, and behavioral tendencies. Michael Ervolini offers a conceptually straightforward and well-tested framework that does just that, with evidence of how it helps managers enhance self-awareness and become better investors.
In a series of short, accessible chapters, Ervolini investigates a range of topics from psychology and neuroscience, describing their relevance to the challenges of portfolio management.
Finally, Ervolini offers seven ideas for improving. Best Practice For Equity Research. Investment Banking. The No. Until the welcomed arrival of authors Josh Rosenbaum and Josh Pearl, no one had taken the time to properly codify the lifeblood of the corporate financier's work-namely, valuation, through all of the essential lenses of an investment banker.
The Second Edition includes both the technical valuation fundamentals as well as practical judgment skills and perspective to help guide the science. This book focuses on the primary valuation methodologies currently used on Wall Street: comparable companies analysis, precedent transactions analysis, discounted cash flow analysis, and leveraged buyout analysis. With the new fully revised edition, they have added the most comprehensive, rigorous set of intuition-building and problem-solving ancillaries anywhere all of which promised to become essential, knowledge enhancing tools for professionals, and professors and students.
For those who purchase this edition of the book, there are options to purchase the Valuation Models separately , and to also consider purchase of the Investing Banking Workbook and Investment Banking Focus Notes for further self-study. A practical guide to proactive investor relations IR Investor relations IR has traditionally been an administrative function within corporate communications, responsible for disseminating public information and answering investor and media questions.
Using Investor Relations to Maximize Equity Valuation challenges this approach, by arguing that IR has been underutilized and then illustrating how it should be elevated to lead a strategic communications effort to preserve or enhance corporate value and lower a company's cost of capital. Divided into four comprehensive parts, this book clearly describes capital markets strategies and tactical operations that these former, senior-level equity analysts and portfolio managers employ.
Chad A. The Essential CFO. Discover the power of the CFO's role in delivering shareholder value During the past decade, the CFO role has expanded dramatically in its breadth, complexity, and criticality. This paper investigates how sell-side analysts build and sustain their client networks; the economic gains to successfully managing this challenge; and the metrics through which these incentives are … Expand.
View 1 excerpt. Subordinate analysts working for higher quality DORs provide superior earnings forecasts that elicit stronger market reactions, … Expand. View 1 excerpt, cites background. We examine professional connections among executives and analysts formed through overlapping historical employment.
Analysts with professional connections to coverage firms have more accurate … Expand. View 3 excerpts, cites background. In traditional markets, the price mechanism directs the flow of resources and governs the process through which supply and demand are brought into equilibrium.
In the investment-research industry, … Expand. We examine the effectiveness of corporate governance in monitoring private in-house meetings between management and investors. All trademarks are trademarks of their respective owners.
Rather than put a trademark symbol after every occurrence of a trademarked name, we use names in an editorial fashion only, and to the benefit of the trademark owner, with no intention of infringement of the trademark. Equity research has remained an area of great interest for investors and analysts alike, and much has been written about what should and should not guide an investor in his or her decisions. While the perception of an average investor toward the markets might keep changing with every bear and bull run, but the significance of equity research remains largely undisputed.
It is true that this field has undergone a sea change in the last few decades; however, a number of age-old fundamental concepts remain equally valid to date. An indispensable guide for aspiring equity research analysts that discusses the fundamentals and helps a beginner successfully navigate the complex web of concepts and methodologies employed in the field.
Drawing on his decades of experience, the author shares a wealth of information on how to succeed as an equity research analyst. Among other things, the author delves at length on methods identifying critical factors and information sources that can help with better forecasting, advanced valuation and stock-picking techniques, and how to address ethical concerns in the professional practice.
Goodreads helps you keep track of books you want to read. Want to Read saving…. Want to Read Currently Reading Read. Other editions. Enlarge cover. By chance, does anyone have a pdf ofthis book? Valentine Author. Unfortunately, I only have the hardback version.
Its an excellent and comprehensive read.
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