First study of value investing
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Description
Book Introduction
"First Study": Value Investing Tailored to Young Adults
Learn everything about value investing, identifying corporate value and investing at a good price! Stock prices are soaring even after the COVID-19 pandemic. Despite recent concerns about a stock market bubble, the stock market continues its rally. It's unsettling not to do something when everyone else is doing it, there's no capital to jump into the already overheated real estate market, and savings with low interest rates in the 1% range are even less attractive. The second book in the "First Study" series, "First Study of Value Investment," has been published for beginners who have just started investing in stocks but are at a loss as to how to proceed. The most notable features are its friendly and detailed explanations tailored to beginners' level, and its inclusion of actual financial statements, business report data, and various charts, making it easy for anyone to quickly understand. For novice investors who have recently entered the market, this book is packed with the 'weapons' to help them survive in the stock market. You'll learn everything from how to identify good companies, how to read the numbers in financial statements, valuation tools and calculations, comparing valuation methods, reading business conditions and leading indicators, and risk management to understanding corporate value and investing at good prices. For beginner investors, "Value Investing: A Beginner's Guide" is a book that explains the basic concepts of value investing, the philosophies of value investing experts, and even financial statements and valuation methods in a way that's easy for beginners to understand. This book will help you take your first step toward successful investing. |
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index
Recommendation: A Guide to Wise Value Investing for Savvy Stock Investors
Author's Note: Value Investing! The Ultimate Essential Item for Beginners
Lesson 1: Let's Get Started with Value Investing! - The Definition of Value Investing
01 Stock Investment and Value Investment
① What exactly is stock investment?
② The constantly changing value of a company
02 Warm-up for Value Investing
① Is value investing really difficult?
② Value investing, which has various styles
③ The value of value investing obscured by misunderstandings and prejudices
④ Three important things when investing in value
[A valuable experience I want to share with readers] Life is about direction, not speed, and investing is also about direction, not speed!
2nd Period: How Are Stock Prices Created? - The Principle of Stock Price Creation
01 Stock prices predict economic conditions.
02 The Impact of Interest Rates and Liquidity on Stock Prices
① Four Seasons Model of the Stock Market
② Egg model
03 What is a business cycle?
① Four phases of the business cycle
② Various economic cycles
③ Contradictions in economic cycle theory
04 What is the relationship between exchange rates and stock prices?
05 Psychological Bubble Beyond Price Bubble
① Psychological bubble
② Valuation bubble
06 The investor's attitude is essential in the market, whether efficient or inefficient.
[summary]
[A Valuable Experience to Share with Readers] Lessons Learned from the Stock Market Bubble and Crash
3rd Period: What Makes a Good Company? - Understanding the Essence of Business
01 How to find a good company?
① Trends or paradigms that can grow in the future
② Profitability of a company that can avoid a crash
③ Stable financial structure
④ Steady investment and research and development
02 Is this a company that makes a lot of money?
03 Who are you selling what to?
04 How do you make money?
05 What are your competitive advantages?
06 Should I also know the management of the company I am investing in?
07 Consider the company's future 10 years from now.
[summary]
[A Valuable Experience to Share with Readers] The Indispensable Financial Supervisory Service Electronic Disclosure System
4th Period: How did the masters of value investing invest? - The investment principles of the masters
01 Benjamin Graham, the founder of securities analysis
02 Invest in Great Companies, Philip Fisher
03 The Sage of Omaha, Warren Buffett
04 Peter Lynch: Achieving FIRE Among the Investment Masters
05 John Templeton, the genius of contrarian investing
06 Monish Pabrai's Dagger Investment
[summary]
[A valuable experience to share with readers] Great investors have something in common!
5th Period: The Answer Is in the Numbers - Understanding and Fundamentals of Financial Statements
01 Why You Need to Know the Meaning of the Numbers in Financial Statements
① Investing in the dark is prohibited.
② Where can I find the financial statements?
02 This is the number investors need to know.
① Financial statements
② Comprehensive income statement
③ Summary financial information
03 What to Look for in the Financial Statements
① Total assets, liabilities, and capital
② The era of mandatory consolidated financial statements
04 Understanding the Comprehensive Income Statement
① Sales, operating profit, net profit
② Two questions about the comprehensive income statement
05 What is the most important thing in the cash flow statement?
① Cash flow from operating activities
② Cash flow from investing activities
③ Cash flow from financing activities
06 Additional Reference Materials
① Secret menu where you can find hidden information
② Comprehensive income statement of a financial company
07 Looking Behind the Financial Statements
[summary]
[A Valuable Experience to Share with Readers] Memories and Tips from Attending the General Shareholders' Meeting
6th Period: The Key to Investing at a Good Price - Full-Scale Valuation
01 What is valuation?
02 Present Value vs. Future Value
03 Relative Value Measurement Method
① Basic investment indicators for value judgment: EPS, BPS, SPS, CPS
② Representative relative valuations: PER, PBR, PSR, PCR, EV/EBITDA
③ EV/EBITDA
04 Return on Equity
05 Super Simple Fair Stock Price 1-2-3
06 There is no absolute in valuation.
[summary]
[A Valuable Experience to Share with Readers] People Who Achieved Different Results with the Same Value Stocks
Period 7: Should I Start Value Investing Now? - In-Depth Value Investing Course
01 Should I invest in value or price?
02 Mr. Market is a fickle man
03 Safety net for investment, safety margin
[summary]
[A valuable experience to share with readers] Don't blindly believe in fair stock prices!
8th Period: Are There Factors That Shake a Company's Value? - External Factors to Check
01 Changes in multiples caused by business expectations
02 Business conditions, where and how to read them?
03 Understanding Cross-Industry Circulation
04 Leading indicators signaling industry turnarounds
[summary]
[A Valuable Experience to Share with Readers] Experience and Choice of Paid Capital Increase Rights Lock
9th Period: Fundamentals of Risk Management - Value Investment Systematization Tools
01 Principles and Effects of Portfolios
02 Diversification and Asset Allocation Strategy
① Method of diversifying investment, portfolio
② Asset allocation strategy and rebalancing
03 Diverse hedging assets to reduce risk
① Gift
② Option
③ Inverse ETF
④ Dollar
04 Implementing an Asset Allocation Strategy
[summary]
[A valuable experience to share with readers] If you practice an asset allocation strategy, the adjustment market is a chance to 'pick up'
10th Period: Final Tips for Practicing Value Investing
01 Establish your own investment principles
02 Once you establish your value investing principles, stick to them!
Appendix_Intermediate Value Investing - Three Methods for More Accurately Assessing Corporate Value
01 Absolute value measurement method
02 Excess Profit Evaluation Model
03 Economic Value Added Model
Author's Note: Value Investing! The Ultimate Essential Item for Beginners
Lesson 1: Let's Get Started with Value Investing! - The Definition of Value Investing
01 Stock Investment and Value Investment
① What exactly is stock investment?
② The constantly changing value of a company
02 Warm-up for Value Investing
① Is value investing really difficult?
② Value investing, which has various styles
③ The value of value investing obscured by misunderstandings and prejudices
④ Three important things when investing in value
[A valuable experience I want to share with readers] Life is about direction, not speed, and investing is also about direction, not speed!
2nd Period: How Are Stock Prices Created? - The Principle of Stock Price Creation
01 Stock prices predict economic conditions.
02 The Impact of Interest Rates and Liquidity on Stock Prices
① Four Seasons Model of the Stock Market
② Egg model
03 What is a business cycle?
① Four phases of the business cycle
② Various economic cycles
③ Contradictions in economic cycle theory
04 What is the relationship between exchange rates and stock prices?
05 Psychological Bubble Beyond Price Bubble
① Psychological bubble
② Valuation bubble
06 The investor's attitude is essential in the market, whether efficient or inefficient.
[summary]
[A Valuable Experience to Share with Readers] Lessons Learned from the Stock Market Bubble and Crash
3rd Period: What Makes a Good Company? - Understanding the Essence of Business
01 How to find a good company?
① Trends or paradigms that can grow in the future
② Profitability of a company that can avoid a crash
③ Stable financial structure
④ Steady investment and research and development
02 Is this a company that makes a lot of money?
03 Who are you selling what to?
04 How do you make money?
05 What are your competitive advantages?
06 Should I also know the management of the company I am investing in?
07 Consider the company's future 10 years from now.
[summary]
[A Valuable Experience to Share with Readers] The Indispensable Financial Supervisory Service Electronic Disclosure System
4th Period: How did the masters of value investing invest? - The investment principles of the masters
01 Benjamin Graham, the founder of securities analysis
02 Invest in Great Companies, Philip Fisher
03 The Sage of Omaha, Warren Buffett
04 Peter Lynch: Achieving FIRE Among the Investment Masters
05 John Templeton, the genius of contrarian investing
06 Monish Pabrai's Dagger Investment
[summary]
[A valuable experience to share with readers] Great investors have something in common!
5th Period: The Answer Is in the Numbers - Understanding and Fundamentals of Financial Statements
01 Why You Need to Know the Meaning of the Numbers in Financial Statements
① Investing in the dark is prohibited.
② Where can I find the financial statements?
02 This is the number investors need to know.
① Financial statements
② Comprehensive income statement
③ Summary financial information
03 What to Look for in the Financial Statements
① Total assets, liabilities, and capital
② The era of mandatory consolidated financial statements
04 Understanding the Comprehensive Income Statement
① Sales, operating profit, net profit
② Two questions about the comprehensive income statement
05 What is the most important thing in the cash flow statement?
① Cash flow from operating activities
② Cash flow from investing activities
③ Cash flow from financing activities
06 Additional Reference Materials
① Secret menu where you can find hidden information
② Comprehensive income statement of a financial company
07 Looking Behind the Financial Statements
[summary]
[A Valuable Experience to Share with Readers] Memories and Tips from Attending the General Shareholders' Meeting
6th Period: The Key to Investing at a Good Price - Full-Scale Valuation
01 What is valuation?
02 Present Value vs. Future Value
03 Relative Value Measurement Method
① Basic investment indicators for value judgment: EPS, BPS, SPS, CPS
② Representative relative valuations: PER, PBR, PSR, PCR, EV/EBITDA
③ EV/EBITDA
04 Return on Equity
05 Super Simple Fair Stock Price 1-2-3
06 There is no absolute in valuation.
[summary]
[A Valuable Experience to Share with Readers] People Who Achieved Different Results with the Same Value Stocks
Period 7: Should I Start Value Investing Now? - In-Depth Value Investing Course
01 Should I invest in value or price?
02 Mr. Market is a fickle man
03 Safety net for investment, safety margin
[summary]
[A valuable experience to share with readers] Don't blindly believe in fair stock prices!
8th Period: Are There Factors That Shake a Company's Value? - External Factors to Check
01 Changes in multiples caused by business expectations
02 Business conditions, where and how to read them?
03 Understanding Cross-Industry Circulation
04 Leading indicators signaling industry turnarounds
[summary]
[A Valuable Experience to Share with Readers] Experience and Choice of Paid Capital Increase Rights Lock
9th Period: Fundamentals of Risk Management - Value Investment Systematization Tools
01 Principles and Effects of Portfolios
02 Diversification and Asset Allocation Strategy
① Method of diversifying investment, portfolio
② Asset allocation strategy and rebalancing
03 Diverse hedging assets to reduce risk
① Gift
② Option
③ Inverse ETF
④ Dollar
04 Implementing an Asset Allocation Strategy
[summary]
[A valuable experience to share with readers] If you practice an asset allocation strategy, the adjustment market is a chance to 'pick up'
10th Period: Final Tips for Practicing Value Investing
01 Establish your own investment principles
02 Once you establish your value investing principles, stick to them!
Appendix_Intermediate Value Investing - Three Methods for More Accurately Assessing Corporate Value
01 Absolute value measurement method
02 Excess Profit Evaluation Model
03 Economic Value Added Model
Detailed image
Into the book
In the bull market that has continued since March 2020, almost anyone has been able to profit, and this has been touted as a heroic feat.
However, the stock market is not an easy place, filled with foreign investors, institutions, and even smart individual investors armed with massive amounts of capital and information.
Can an unprepared beginner continue to make profits and survive in the stock market? At least one weapon is needed to survive in the market and achieve desired results over the long term.
That's exactly why I wrote the book.
--- From [Author's Note]
The most representative example is the stereotype that 'value investing is always a long-term investment for several years.'
Of course, holding good stocks and stocks with long-term growth potential is also a key value investing strategy.
In value investing, a style investment strategy that rotates stocks periodically every three, six, or even one year is also being used. Another method is to use a fair price model to set a target price and realize profits sooner than expected.
In other words, there is more fun to be had in value investing than individual investors might expect.
--- [Chapter 1.
Let's start by learning about value investing! - Definition of Value Investing]
Understanding these stock price formation principles will help you understand how to maximize your returns as a value investor.
If we establish reasonable investment criteria, we can turn irrational stock prices or stocks at abnormal price ranges into opportunities.
Of course, the frequency and expected returns have decreased compared to the past, but at least looking at the stock market before and after the COVID-19 shock in March 2020, I realized that the market, while pretending to be efficient, was very clearly showing inefficiency.
--- [Chapter 2.
How are stock prices created? - From [The Principle of Stock Price Creation]
Even though a quick glance at the financial statements can tell you whether a stock is worth your while, the reality is that most investors ignore the most basic of things.
Investing without looking at the financial statements is like buying an appliance just because a friend recommended it or because you like the design.
Looking at the financial statements, you can see the company's history, see the company's current situation, and predict the company's future.
Avoiding something because it is difficult is just a 'cowardly excuse'.
--- [Chapter 5.
The answer is in the numbers - Understanding and basics of financial statements]
I explained that the financial statements are like a photograph at a specific point in time, and the consolidated income statement is like a video.
Cash is like blood, supplying nutrients and oxygen to a company, and the cash flow statement can be likened to a table that shows blood circulation.
The cash flow statement is an essential component of financial statements.
It explains how a company's cash circulates within the company over a certain period of time, divided into operating activities, investing activities, and financing activities, and ultimately, it tells you how much cash increased or decreased during the period and how much cash remains.
--- [Chapter 5.
The answer is in the numbers - Understanding and basics of financial statements]
Whether you use a relative or absolute valuation method, I recommend setting your standards as conservatively as possible.
When measuring corporate value, the fair stock price is often set high by measuring the company value at the most ideal maximum value.
In the relative valuation method, a company can be valued at an absurdly high value if it is evaluated by comparing it to an industry or stock with a severe bubble, and in the absolute valuation method, if future expectations are set excessively high or the required return on stocks is explained too low, the company can be valued at an absurdly high value.
--- [Chapter 6.
[The key to investing at a good price - a full-fledged valuation]
Occasionally, when Mr. Market fluctuates dramatically, the safety margin of all stocks increases dramatically.
In this situation, even if the stock price falls, it is likely to be limited, and rather, it is more likely to bounce back immediately due to the buffer called the safety margin.
The stock market crashes that occur roughly once every ten years are precisely the times when the margin of safety increases dramatically across all stocks.
However, the stock market is not an easy place, filled with foreign investors, institutions, and even smart individual investors armed with massive amounts of capital and information.
Can an unprepared beginner continue to make profits and survive in the stock market? At least one weapon is needed to survive in the market and achieve desired results over the long term.
That's exactly why I wrote the book.
--- From [Author's Note]
The most representative example is the stereotype that 'value investing is always a long-term investment for several years.'
Of course, holding good stocks and stocks with long-term growth potential is also a key value investing strategy.
In value investing, a style investment strategy that rotates stocks periodically every three, six, or even one year is also being used. Another method is to use a fair price model to set a target price and realize profits sooner than expected.
In other words, there is more fun to be had in value investing than individual investors might expect.
--- [Chapter 1.
Let's start by learning about value investing! - Definition of Value Investing]
Understanding these stock price formation principles will help you understand how to maximize your returns as a value investor.
If we establish reasonable investment criteria, we can turn irrational stock prices or stocks at abnormal price ranges into opportunities.
Of course, the frequency and expected returns have decreased compared to the past, but at least looking at the stock market before and after the COVID-19 shock in March 2020, I realized that the market, while pretending to be efficient, was very clearly showing inefficiency.
--- [Chapter 2.
How are stock prices created? - From [The Principle of Stock Price Creation]
Even though a quick glance at the financial statements can tell you whether a stock is worth your while, the reality is that most investors ignore the most basic of things.
Investing without looking at the financial statements is like buying an appliance just because a friend recommended it or because you like the design.
Looking at the financial statements, you can see the company's history, see the company's current situation, and predict the company's future.
Avoiding something because it is difficult is just a 'cowardly excuse'.
--- [Chapter 5.
The answer is in the numbers - Understanding and basics of financial statements]
I explained that the financial statements are like a photograph at a specific point in time, and the consolidated income statement is like a video.
Cash is like blood, supplying nutrients and oxygen to a company, and the cash flow statement can be likened to a table that shows blood circulation.
The cash flow statement is an essential component of financial statements.
It explains how a company's cash circulates within the company over a certain period of time, divided into operating activities, investing activities, and financing activities, and ultimately, it tells you how much cash increased or decreased during the period and how much cash remains.
--- [Chapter 5.
The answer is in the numbers - Understanding and basics of financial statements]
Whether you use a relative or absolute valuation method, I recommend setting your standards as conservatively as possible.
When measuring corporate value, the fair stock price is often set high by measuring the company value at the most ideal maximum value.
In the relative valuation method, a company can be valued at an absurdly high value if it is evaluated by comparing it to an industry or stock with a severe bubble, and in the absolute valuation method, if future expectations are set excessively high or the required return on stocks is explained too low, the company can be valued at an absurdly high value.
--- [Chapter 6.
[The key to investing at a good price - a full-fledged valuation]
Occasionally, when Mr. Market fluctuates dramatically, the safety margin of all stocks increases dramatically.
In this situation, even if the stock price falls, it is likely to be limited, and rather, it is more likely to bounce back immediately due to the buffer called the safety margin.
The stock market crashes that occur roughly once every ten years are precisely the times when the margin of safety increases dramatically across all stocks.
--- [Chapter 7.
Should I start value investing now? [In-depth study on value investing]
Should I start value investing now? [In-depth study on value investing]
Publisher's Review
A powerful weapon to survive and make profits in the stock market
All About Value Investing Strategies
The stock market is hot.
The KOSPI index has reached new highs since March 2020, and even beginners in the stock market have enjoyed profits of at least several tens of percent.
Seeing this, many people became anxious and jumped in late.
However, the stock market is a place where foreign investors, institutions, and smart individual investors armed with massive funds and information compete fiercely.
Can unprepared retail investors continue to profit and survive in the stock market, as they did in the second half of 2020? Wouldn't they need at least one weapon?
"Value Investing: A Beginner's Guide" is a powerful tool for beginning individual investors, written by a senior investor with over 20 years of investment experience and consistent profits.
This is because it contains everything from theories and concepts to specific investment strategies so that you can learn value investing step by step from the beginning.
The principles of stock price creation within economic and business cycles, corporate analysis methods that distinguish good from bad companies, reading financial statements essential to value investing, and even valuation calculation methods, the essence of value investing, are all easily understood through real-world examples and charts.
This book will always be the first reference for anyone, from beginners just starting out with investing to those who are already investing but feel overwhelmed when it comes to selecting stocks.
And for investors who pursue value investing, this book will be essential when they need to understand what value investing is all about.
Is value investing difficult? Does it yield low returns? Is it always a long-term investment?
Eliminating value investing bias and lowering the barrier to entry
When it comes to value investing, there are often preconceived notions such as, "You have to invest for the long term, there's a lot to learn, and the returns are low."
Is that really true? There was a small piece of news that made headlines in early 2021, along with the news of the KOSPI index hitting a new all-time high.
It was because of a broadcast in which talent Jeon Won-ju made 3 billion won from 5.5 million won through stock investment.
She didn't achieve that by accident.
He was a hidden expert who 'bought blue chip stocks, held them for a long time, and accumulated them steadily.'
Before investing, he said he always looked into the company, whether it had growth potential, and whether the CEO and employees were honest.
He showed his value investor side by saying that he had chosen good companies and had made hundreds of times more profit over time.
There are many investors around us who have quietly accumulated wealth, but they do not brag about it openly.
What do they have in common? Even though their methods may differ slightly, they all invested based on their belief in the company's value and growth potential.
That's value investing.
Even if you invest with the intention of value investing, if you trade repeatedly in a rushed manner or focus on one or two stocks, you are bound to end up with bad results.
This is the most common case seen among individual investors who have given up on value investing.
The author feels sorry for these individual investors and continues to emphasize the value investing philosophy in the book.
In particular, it contains the investment principles of masters such as Benjamin Graham, the founder of securities analysis, Philip Fisher, Warren Buffett, Peter Lynch, John Templeton, and Mohnish Pabrai.
Great investors have something in common.
By examining the principles of the masters that anyone looking to start value investing must know, you will gain direction on how to approach stock investing.
Study value investing in just one day!
A quick overview of various corporate cases, financial statements, and business report examples!
This book contains everything you need to know before starting value investing, including the mindset you need to have before starting value investing, the investment principles of value investing experts, various stock price creation principles such as interest rates, liquidity, exchange rates, economic cycles, and psychological bubbles, various ways to find good companies, the meaning of numbers in financial statements and how to interpret them, valuation methods for investing at good prices, valuation and margin of safety, external factors that shake the value of a company, and even portfolio, diversification, and hedging strategies.
As the author repeatedly urges, any investor who wants to achieve financial freedom by establishing their own standards, knowing their own valuation methods, and generating stable returns should definitely read this book.
Because it contains methods that, once learned, will become a weapon for life.
"Value Investing: A Beginner's Guide" will be a new must-read for value investing, providing a roadmap for beginners to understand at a glance, and allowing those with investment experience to self-reflect and discover new investment opportunities.
Investors who wish to further study value investing will find this book to further clarify their perspectives and use it for further in-depth study.
It contains only the essential information so that you can immediately apply it to real-world investments.
As the author suggests, let's take it out and read it whenever we need to, and read it over and over again.
Before you know it, you will find yourself transformed into a value investor.
All About Value Investing Strategies
The stock market is hot.
The KOSPI index has reached new highs since March 2020, and even beginners in the stock market have enjoyed profits of at least several tens of percent.
Seeing this, many people became anxious and jumped in late.
However, the stock market is a place where foreign investors, institutions, and smart individual investors armed with massive funds and information compete fiercely.
Can unprepared retail investors continue to profit and survive in the stock market, as they did in the second half of 2020? Wouldn't they need at least one weapon?
"Value Investing: A Beginner's Guide" is a powerful tool for beginning individual investors, written by a senior investor with over 20 years of investment experience and consistent profits.
This is because it contains everything from theories and concepts to specific investment strategies so that you can learn value investing step by step from the beginning.
The principles of stock price creation within economic and business cycles, corporate analysis methods that distinguish good from bad companies, reading financial statements essential to value investing, and even valuation calculation methods, the essence of value investing, are all easily understood through real-world examples and charts.
This book will always be the first reference for anyone, from beginners just starting out with investing to those who are already investing but feel overwhelmed when it comes to selecting stocks.
And for investors who pursue value investing, this book will be essential when they need to understand what value investing is all about.
Is value investing difficult? Does it yield low returns? Is it always a long-term investment?
Eliminating value investing bias and lowering the barrier to entry
When it comes to value investing, there are often preconceived notions such as, "You have to invest for the long term, there's a lot to learn, and the returns are low."
Is that really true? There was a small piece of news that made headlines in early 2021, along with the news of the KOSPI index hitting a new all-time high.
It was because of a broadcast in which talent Jeon Won-ju made 3 billion won from 5.5 million won through stock investment.
She didn't achieve that by accident.
He was a hidden expert who 'bought blue chip stocks, held them for a long time, and accumulated them steadily.'
Before investing, he said he always looked into the company, whether it had growth potential, and whether the CEO and employees were honest.
He showed his value investor side by saying that he had chosen good companies and had made hundreds of times more profit over time.
There are many investors around us who have quietly accumulated wealth, but they do not brag about it openly.
What do they have in common? Even though their methods may differ slightly, they all invested based on their belief in the company's value and growth potential.
That's value investing.
Even if you invest with the intention of value investing, if you trade repeatedly in a rushed manner or focus on one or two stocks, you are bound to end up with bad results.
This is the most common case seen among individual investors who have given up on value investing.
The author feels sorry for these individual investors and continues to emphasize the value investing philosophy in the book.
In particular, it contains the investment principles of masters such as Benjamin Graham, the founder of securities analysis, Philip Fisher, Warren Buffett, Peter Lynch, John Templeton, and Mohnish Pabrai.
Great investors have something in common.
By examining the principles of the masters that anyone looking to start value investing must know, you will gain direction on how to approach stock investing.
Study value investing in just one day!
A quick overview of various corporate cases, financial statements, and business report examples!
This book contains everything you need to know before starting value investing, including the mindset you need to have before starting value investing, the investment principles of value investing experts, various stock price creation principles such as interest rates, liquidity, exchange rates, economic cycles, and psychological bubbles, various ways to find good companies, the meaning of numbers in financial statements and how to interpret them, valuation methods for investing at good prices, valuation and margin of safety, external factors that shake the value of a company, and even portfolio, diversification, and hedging strategies.
As the author repeatedly urges, any investor who wants to achieve financial freedom by establishing their own standards, knowing their own valuation methods, and generating stable returns should definitely read this book.
Because it contains methods that, once learned, will become a weapon for life.
"Value Investing: A Beginner's Guide" will be a new must-read for value investing, providing a roadmap for beginners to understand at a glance, and allowing those with investment experience to self-reflect and discover new investment opportunities.
Investors who wish to further study value investing will find this book to further clarify their perspectives and use it for further in-depth study.
It contains only the essential information so that you can immediately apply it to real-world investments.
As the author suggests, let's take it out and read it whenever we need to, and read it over and over again.
Before you know it, you will find yourself transformed into a value investor.
GOODS SPECIFICS
- Publication date: March 25, 2021
- Page count, weight, size: 452 pages | 960g | 170*235*23mm
- ISBN13: 9791191328066
- ISBN10: 1191328066
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