Au A Modern Approach to Graham and Dodd Investing

1. Auflage 2004
ISBN: 978-0-471-65237-3
Verlag: John Wiley & Sons
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 352 Seiten, E-Book

Reihe: Wiley Finance Editions

An updated approach to classic security analysis
The principles of value investing outlined by Graham and Dodd inthe 1940s continues to be used today by individuals and companieswho face challenging investment decisions. A Modern Approach toGraham and Dodd Investing examines the classic Graham and Doddapproach to valuation and updates it for the twenty-first century.Thomas Au, a credentialed analyst with a leading insurance companyand an ex-Value Line analyst, reworks the basics of value investingfrom net present value, financial statement analysis, and return oncapital to return and leverage, asset allocation, anddiversification. Through case studies and real-time analysis, AModern Approach to Graham and Dodd Investing presents readers withexamples that will make analysis and portfolio theory more relevantand powerful.
Thomas P. Au (Hartford, CT) is a Vice President and PortfolioManager for the investment arm of a large insurance and healthcareprovider. His specialty is emerging and international markets. Hereceived his BA, cum laude, with a double major in economics andhistory, from Yale University, and an MBA in finance from New YorkUniversity.

Autoren/Hrsg.

Au, Thomas P.

Inhaltsverzeichnis

PREFACE xi
PART I Basic Concepts 1
CHAPTER 1 Introduction 3
CHAPTER 2 Investment Evaluations and Strategies 16
PART II Fixed-Income Evaluation 29
CHAPTER 3 Foundation of Fixed Income 31
CHAPTER 4 Fixed-Income Issues of Corporations 47
CHAPTER 5 Distressed Fixed Income 63
PART III Equity Evaluation 79
CHAPTER 6 Cash Flows and Capital Expenditures 81
CHAPTER 7 Analysis of Asset Value 96
CHAPTER 8 Some Observations on the Value of Dividends 112
CHAPTER 9 Some Warnings about the Use of Earnings in Valuation 127
CHAPTER 10 Sales Analysis 143
PART IV Special Vehicles for Investment 157
CHAPTER 11 A Graham and Dodd Approach to Mutual Funds 159
CHAPTER 12 A Graham and Dodd Approach to International Investing 174
CHAPTER 13 A Graham and Dodd View of Real Estate 187
PART V Portfolio Management 203
CHAPTER 14 The Question of Asset Allocation 205
CHAPTER 15 The Concepts of Graham and Dodd versus Modern Theories and Practices 220
CHAPTER 16 Case Studies in Graham and Dodd Investing 234
CHAPTER 17 A Real-Time Experiment 257
PART VI Some Contemporary Issues 271
CHAPTER 18 A Historical View of the Dow and the "Market" 273
CHAPTER 19 Some Disquieting Thoughts on Excessive Credit Creation 292
CHAPTER 20 Generational Cycles in the American Stock Market 306
ENDNOTES 321
BIBLIOGRAPHY 327
INDEX 329

Über Autor(innen)

THOMAS P. AU is a Vice President and Portfolio Manager for the investment arm of a large insurance and healthcare provider. His specialty is emerging and international markets. He has also worked for Unifund, an emerging markets firm in Geneva, Switzerland. Previously, he was an analyst for Value Line, an investment information company in New York City, serving in various capacities from 1983 to 1994. Mr. Au has received his BA, cum laude, with a double major in economics and history, from Yale University, and an MBA in finance from New York University.