Читать книгу Active Investing in the Age of Disruption - Evan L. Jones - Страница 19

Understand the business and its future potential, but then understand the effect of the point in time that your investment is made and the valuation you choose to pay. An investor's valuation entry point and future additions and sales of the investment are paramount to the final return outcome. I have avoided the term value investing, because it can be defined by some as buying cheap stocks, which is simplistic and will not create superior returns (although it is better than simplistically buying expensive stocks). Part II will develop how to think about the predictive power of valuation and the importance of multiples and cash flow yields in creating superior returns.