Оглавление
Joshua Rosenbaum. The Little Book of Investing Like the Pros
Little Book Series
CONTENTS
List of Illustrations
Guide
Pages
About the Authors
Foreword
Acknowledgments
Disclaimer
Introduction Why is this book different from all other investing books?
Structure of the Book
5-Step Framework
Step I: Idea Generation
Step II: Identifying the Best Ideas
Step III: Business & Financial Due Diligence
Step IV: Valuation & Catalysts
Step V: Investment Decision & Portfolio Management
Notes
Chapter One Step I: Idea Generation How do you find investment ideas?
Screens
Bottom-Up Approach
Bottom-Up Approach
Valuation
Financial Performance
Mergers & Acquisitions
Transformational Deals
Sector Consolidation
Natural Targets
Proven Acquirers
Spin-offs & Divestitures
Restructurings & Turnarounds
Buybacks & Dividends
Initial Public Offerings
Insider Buying & Ownership
Tracking Successful Investors & Activists
Top-Down Approach
Top-Down Approach
Cycles, Booms & Busts
Economics & Geopolitics
Secular Shifts
Industry Inflections
Notes
Chapter Two Step II: Identifying the Best Ideas Now you have a list of ideas, what's next?
Idea Review Framework
Idea Review Framework
I. Investment Thesis
Investment Thesis Components
II. Business Overview
Business Overview
Company Description
Products & Services
Customers & End Markets
Competition
Geographic Exposure
III. Management
Management Assessment
Track Record
Compensation Structure
Reputation
IV. Risks & Considerations
V. Financials & Valuation
Financials & Valuation
Market Data
Financial Summary
Credit Statistics
Valuation & Returns
Valuation
Returns
Comparable Companies
Preliminary Assessment
Notes
Chapter Three Step III: Business & Financial Due Diligence Time to take a deeper dive on your best ideas
Business Due Diligence
Business Due Diligence Checklist
I. What does the company do?
II. How does it make money?
III. What is its moat & competitive position?
IV. How strong are customer & supplier relationships?
Customers
Suppliers
V. What are the primary risks to the business? Operational Risks
Non-operational Risks
Existential Risks
Financial Due Diligence
Financial Due Diligence Checklist
I. Where has the company been?
II. Where is it going?
III. Is the balance sheet healthy?
IV. Does it generate strong free cash flow?
V. How does management allocate capital?
Notes
Chapter Four Step IV: Valuation & Catalysts What's the stock worth?
Valuation
Valuation
Market and Intrinsic Valuation
Comparable Companies
Discounted Cash Flow
Putting It All Together
Sum-of-the-Parts
Net Asset Value
Buyout Valuation
Precedent Transactions
Key Transaction Multiples
Leveraged Buyout Analysis
How Do LBOs Generate Returns?
Accretion / (Dilution)
Catalysts
Catalysts
Earnings
Investor Days
Mergers & Acquisitions
Spin-offs & Divestitures
Restructurings & Turnarounds
Buybacks & Dividends
Refinancings
Management Changes
Shareholder Activism
New Products & Customers
Regulatory
How Catalysts Drove Delphi's Share Price
Setting the Price Target
Notes
Chapter Five Step V: Investment Decision & Portfolio Management Time to pull the trigger?
Making the Investment Decision
Buy
Short
Track
Pass
Monitor the Investment
Quarterly Earnings
Portfolio Construction
Portfolio Construction Considerations
Investment Goals
Risk Tolerance
Position Sizing
Sectors & Geographies
Investment Themes
Currencies
Commodities
Interest Rates
Leverage Levels
Portfolio Summary
Portfolio & Risk Management
Portfolio & Risk Management Tools
Exposure Caps
Loss Limits
Profit Taking
Rebalancing
Hedging
Pairing
Options
Stress Testing
Performance Evaluation
Notes
Post-Mortem: Delphi Automotive
Post-Spin, 2019 and Beyond … Sector
Aptiv (ParentCo)
Delphi Technologies (SpinCo)
Note
Bibliography & Recommended Reading
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