Morningstar's 5 Principles for Successful Investing
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Description
Book Introduction
Morningstar, a world-renowned fund rating agency, wrote a book on stocks for individual investors.
However, as you read the book, you will find that Morningstar's stock analysis is just as reliable as its fund evaluations.
This book is structured using the same investment process that Morningstar recommends and uses itself.
First, develop investment principles, understand the company's competitive environment, analyze the company, and evaluate the stock's value.
But avoid common, big investment mistakes.
Through this process, readers will learn which companies are good investments and how to determine stock value.
Above all, the virtue of this book is that it is concrete and practical.
We approach difficult-to-understand topics for individual investors, such as financial statement analysis, corporate analysis, and stock valuation, with specific examples and easy-to-understand explanations.
It also faithfully fulfills the function of an investment introduction book for beginners, and organizes the content by including an investor checklist at the end of each chapter.
This book will provide experienced and skilled investors with an opportunity to review their investment methodology, while novice investors will find a guide to foolproof stock investing.
However, as you read the book, you will find that Morningstar's stock analysis is just as reliable as its fund evaluations.
This book is structured using the same investment process that Morningstar recommends and uses itself.
First, develop investment principles, understand the company's competitive environment, analyze the company, and evaluate the stock's value.
But avoid common, big investment mistakes.
Through this process, readers will learn which companies are good investments and how to determine stock value.
Above all, the virtue of this book is that it is concrete and practical.
We approach difficult-to-understand topics for individual investors, such as financial statement analysis, corporate analysis, and stock valuation, with specific examples and easy-to-understand explanations.
It also faithfully fulfills the function of an investment introduction book for beginners, and organizes the content by including an investor checklist at the end of each chapter.
This book will provide experienced and skilled investors with an opportunity to review their investment methodology, while novice investors will find a guide to foolproof stock investing.
- You can preview some of the book's contents.
Preview
index
Introduction: Picking Great Stocks is Hard
What matters is the business
Take a long-term approach
Take courage in our convictions
Get started
1. Five Principles for Successful Investing
Prepare thoroughly
Finding an economic moat
Provide a safety margin
Hold for a long time
Know when to sell
Investor's Checklist: 5 Tips for Successful Investing
2. 7 Mistakes to Avoid
Aim for a home run
I believe this time will be different
Fall in love with the product
When the market is down, people get scared.
Try to find the market timing
Ignore the valuation
Over-reliance on earnings per share
Investor Checklist: 7 Mistakes to Avoid
3. Economic moat
Evaluate profitability
Building an economic moat
How long will it last?
Industry Analysis
Investor's Checklist: Economic Moat
4. Investment Language
Basics
How does money flow?
Preparing financial statements
Investor's Checklist: Investment Language
5. Financial Statement Analysis
Balance sheet
Income statement
Cash flow statement
conclusion
Investor's Checklist: Financial Statement Analysis
6. Corporate Analysis - Basics
Growth potential
Profitability
Financial soundness
Negative possibilities
conclusion
Investor's Checklist: Company Analysis - Basics
7. Corporate Analysis - Management
repair
personality
Business operations
Investor's Checklist: Company Analysis - Management
8. Avoiding accounting manipulation
6 red flags
7 More Pitfalls to Watch Out For
Investor's Checklist: Avoiding Accounting Manipulation
.Valuation - Basics
Just because you're rising doesn't mean you're good at it
Wise Use of Stock Price Multipliers
Follow the yield
Investor's Checklist: Valuation - Basics
10. Valuation - Intrinsic Value
Cash flow, present value, discount rate
Present value calculation
Analyzing discount rates
Calculating perpetual value
safety margin
conclusion
Investor's Checklist: Valuation - Intrinsic Value
11. Applying the concept
AMD
Biomet
conclusion
12.10 minute test
Has the company met the minimum quality standards?
Is the company making an operating profit?
Does the company consistently generate cash flow from operating activities?
Is the return on equity consistently above 10% within a reasonable level of financial leverage?
Is the profit growth rate consistent or elastic?
How clean is your balance sheet?
Does the company generate free cash flow?
How many 'Other' items are there?
Has the number of shares in circulation increased significantly over the past several years?
After more than 10 minutes
13. Market Tour
Where to look
conclusion
14. Medical Industry
The economic moat of the medical industry
pharmaceutical industry
generic drug companies
biotechnology
medical equipment company
Health Insurance and Medical Care
15. Consumer Services
Companies we encounter every day
food service industry
retail
conclusion
Investor Checklist Consumer Services
Companies we encounter every day
16. Business Services
Outsourcing trends
Economic Moat of the Business Services Industry
Technology-based business services
People-based business services
Fixed asset-based business services
Investor Checklist Business Services
17. Bank
It all has to do with risk
Credit Risk Management
Liquidity sale
Managing interest rate risk
The economic moat of banking
A guarantee of success in banking
Investor's Checklist Bank
18. Asset management companies and insurance companies
Asset management
life insurance
Non-life insurance
Investor's Checklist: Asset Management Companies and Insurance Companies
19. Software
Various sectors of the software industry
The economic moat of the software industry
Software Accounting 101
red light
A Guarantee for Software Business Success
Disadvantages of the software industry
conclusion
Investor Checklist Software
20. Hardware
The driving force of the hardware industry
The dynamism of the hardware industry
Economic moat in the hardware sector
A guarantee of success for hardware companies
21. Media
How Media Companies Make Money
Economic Moat of the Media Sector
publishing
Broadcast and Cable
entertainment industry
A guarantee of success in the media sector
Risks in the Media Sector
Investor's Checklist Media
22. Communication
Economic characteristics of communications
The economic moat of communications
A guarantee of success in the telecommunications industry
conclusion
Investor Checklist Communication
23. Consumer Products
How Consumer Products Companies Make Money
Core Strategies for Growth
Disadvantages of the Consumer Products Sector
Economic ㅐ of consumer products companies
A Guarantee for Success for Consumer Products Companies
conclusion
Investor's Checklist Consumer Products
24. Industrial goods
The problem of business cycles
Economic moat of basic goods
Economic moat in the industrial goods sector
A guarantee of success in the industrial goods sector
red light
Finding Opportunities in the Industrial Goods Market
Investor's Checklist Industrial Goods
25. Energy
From the ground
By pipeline
To an oil company
To consumers
Service provision
The impact of crude oil prices
Economic moat in the energy sector
A Guarantee for Energy Company Success
Energy Sector Risks
conclusion
Investor's Checklist Energy
26. Utility
Electricity sector
Regulation, regulation, regulation
Financial Characteristics of the Utility Sector
A Guarantee for Utility Business Success
Risks in the Utility Sector
Overall outline
Investor's Checklist Utility
Recommended books
Morningstar data
Appendix: Morningstar Stock Ratings Methodology
What matters is the business
Take a long-term approach
Take courage in our convictions
Get started
1. Five Principles for Successful Investing
Prepare thoroughly
Finding an economic moat
Provide a safety margin
Hold for a long time
Know when to sell
Investor's Checklist: 5 Tips for Successful Investing
2. 7 Mistakes to Avoid
Aim for a home run
I believe this time will be different
Fall in love with the product
When the market is down, people get scared.
Try to find the market timing
Ignore the valuation
Over-reliance on earnings per share
Investor Checklist: 7 Mistakes to Avoid
3. Economic moat
Evaluate profitability
Building an economic moat
How long will it last?
Industry Analysis
Investor's Checklist: Economic Moat
4. Investment Language
Basics
How does money flow?
Preparing financial statements
Investor's Checklist: Investment Language
5. Financial Statement Analysis
Balance sheet
Income statement
Cash flow statement
conclusion
Investor's Checklist: Financial Statement Analysis
6. Corporate Analysis - Basics
Growth potential
Profitability
Financial soundness
Negative possibilities
conclusion
Investor's Checklist: Company Analysis - Basics
7. Corporate Analysis - Management
repair
personality
Business operations
Investor's Checklist: Company Analysis - Management
8. Avoiding accounting manipulation
6 red flags
7 More Pitfalls to Watch Out For
Investor's Checklist: Avoiding Accounting Manipulation
.Valuation - Basics
Just because you're rising doesn't mean you're good at it
Wise Use of Stock Price Multipliers
Follow the yield
Investor's Checklist: Valuation - Basics
10. Valuation - Intrinsic Value
Cash flow, present value, discount rate
Present value calculation
Analyzing discount rates
Calculating perpetual value
safety margin
conclusion
Investor's Checklist: Valuation - Intrinsic Value
11. Applying the concept
AMD
Biomet
conclusion
12.10 minute test
Has the company met the minimum quality standards?
Is the company making an operating profit?
Does the company consistently generate cash flow from operating activities?
Is the return on equity consistently above 10% within a reasonable level of financial leverage?
Is the profit growth rate consistent or elastic?
How clean is your balance sheet?
Does the company generate free cash flow?
How many 'Other' items are there?
Has the number of shares in circulation increased significantly over the past several years?
After more than 10 minutes
13. Market Tour
Where to look
conclusion
14. Medical Industry
The economic moat of the medical industry
pharmaceutical industry
generic drug companies
biotechnology
medical equipment company
Health Insurance and Medical Care
15. Consumer Services
Companies we encounter every day
food service industry
retail
conclusion
Investor Checklist Consumer Services
Companies we encounter every day
16. Business Services
Outsourcing trends
Economic Moat of the Business Services Industry
Technology-based business services
People-based business services
Fixed asset-based business services
Investor Checklist Business Services
17. Bank
It all has to do with risk
Credit Risk Management
Liquidity sale
Managing interest rate risk
The economic moat of banking
A guarantee of success in banking
Investor's Checklist Bank
18. Asset management companies and insurance companies
Asset management
life insurance
Non-life insurance
Investor's Checklist: Asset Management Companies and Insurance Companies
19. Software
Various sectors of the software industry
The economic moat of the software industry
Software Accounting 101
red light
A Guarantee for Software Business Success
Disadvantages of the software industry
conclusion
Investor Checklist Software
20. Hardware
The driving force of the hardware industry
The dynamism of the hardware industry
Economic moat in the hardware sector
A guarantee of success for hardware companies
21. Media
How Media Companies Make Money
Economic Moat of the Media Sector
publishing
Broadcast and Cable
entertainment industry
A guarantee of success in the media sector
Risks in the Media Sector
Investor's Checklist Media
22. Communication
Economic characteristics of communications
The economic moat of communications
A guarantee of success in the telecommunications industry
conclusion
Investor Checklist Communication
23. Consumer Products
How Consumer Products Companies Make Money
Core Strategies for Growth
Disadvantages of the Consumer Products Sector
Economic ㅐ of consumer products companies
A Guarantee for Success for Consumer Products Companies
conclusion
Investor's Checklist Consumer Products
24. Industrial goods
The problem of business cycles
Economic moat of basic goods
Economic moat in the industrial goods sector
A guarantee of success in the industrial goods sector
red light
Finding Opportunities in the Industrial Goods Market
Investor's Checklist Industrial Goods
25. Energy
From the ground
By pipeline
To an oil company
To consumers
Service provision
The impact of crude oil prices
Economic moat in the energy sector
A Guarantee for Energy Company Success
Energy Sector Risks
conclusion
Investor's Checklist Energy
26. Utility
Electricity sector
Regulation, regulation, regulation
Financial Characteristics of the Utility Sector
A Guarantee for Utility Business Success
Risks in the Utility Sector
Overall outline
Investor's Checklist Utility
Recommended books
Morningstar data
Appendix: Morningstar Stock Ratings Methodology
GOODS SPECIFICS
- Date of issue: May 25, 2006
- Page count, weight, size: 495 pages | 722g | 153*224*30mm
- ISBN13: 9788990831279
- ISBN10: 899083127x
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