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Investment Philosophies: Successful Strategies and the Investors Who Made Them Work / Edition 1

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Overview

"Damodaran is a well-informed scholar with a gift for organized, clearly written syntheses of complex topics in modern finance. With Investment Philosophies he provides the uncensored facts about winning in the market place. If you are a fund manager, an investor, or simply a student of finance, you will want to read this book."
-Tom Copeland Managing Director of Corporate Finance, Monitor Group

"Professor Damodaran has zeroed in on the most important missing element of many investment management processes: a clearly defined investment philosophy which can serve as a beacon in difficult markets. He offers a cornucopia of philosophies and strategies that have worked for many of the most successful investors, and which have stood the test of time."
-Rob Arnott Chairman, First Quadrant, LP; Editor, Financial Analysts Journal

"As an investor, I always have to look back to my philosophy and strategy for taking risk and making money. This book is an invaluable aid for 'taking stock' before buying stock. It lays out the concepts and tools for understanding the basics of risk and return in the stock market, and presents a framework for any investor to construct his or her own investment philosophy."
-Mitch Julis Managing Partner, Canyon Capital Advisors

Choosing an investment philosophy is the heart of successful investing. To make the choice, though, you need to look within before you look outside. In Investment Philosophies: Successful Strategies and the Investors Who Made Them Work, Aswath Damodaran will help you do this by going beyond the simple explanations of traditional and alternative investment strategies, to discuss the individual underlying philosophies that support these techniques.

Investment Philosophies explores many of the time-tested strategies that have allowed investors to reap rewards over the years, including value investing, growth investing, technical analysis, market timing, arbitrage, and indexing.

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Editorial Reviews

From the Publisher
“…a complete guide to the approaches that is needed for those whose dream is to be rewarded vast wealth…”(Portfolio International, May 2003)
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Product Details

  • ISBN-13: 9780471345039
  • Publisher: Wiley, John & Sons, Incorporated
  • Publication date: 1/20/2003
  • Series: Wiley Finance Series , #185
  • Edition description: First Edition
  • Edition number: 1
  • Pages: 512
  • Product dimensions: 6.00 (w) x 9.00 (h) x 1.31 (d)

Meet the Author

ASWATH DAMODARAN is Professor of Finance at New York University's Leonard N. Stern School of Business. He has been the recipient of numerous awards for outstanding teaching, including the NYU university-wide Distinguished Teaching Award, and was named one of the nation's top business school teachers by BusinessWeek in 1994. In addition, Damodaran teaches training courses in corporate finance and valuation at many leading investment banks. He is the author of Investment Valuation, Corporate Finance, Investment Management, and Applied Corporate Finance, all published by Wiley, as well as The Dark Side of Valuation.

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Table of Contents

CHAPTER 1: Introduction.

What Is an Investment Philosophy?

Why Do You Need an Investment Philosophy?

The Big Picture of Investing.

Categorizing Investment Philosophies.

Developing an Investment Philosophy: The Step.

Conclusion.

CHAPTER 2: Upside, Downside: Understanding Risk.

What Is Risk?

Equity Risk and Expected Return.

A Comparative Analysis of Risk and Return Models.

Models of Default Risk.

Conclusion.

CHAPTER 3: Numbers Do Not Lie—or Do They?.

The Basic Accounting Statements.

Asset Measurement and Valuation.

Measuring Financing Mix.

Measuring Earnings and Profitability.

Measuring Risk.

Differences in Accounting Standards and Practices.

Conclusion.

CHAPTER 4: Show Me the Money: The Basics of Valuation.

Intrinsic Value.

Relative Valuation.

Valuing an Asset with Contingent Cash Flows (Options).

Conclusion.

CHAPTER 5: Many a Slip: Trading, Execution, and Taxes.

The Trading Cost Drag.

The Components of Trading Costs: Traded Financial Assets.

Trading Costs with Non-Traded Assets.

The Management of Trading Costs.

Taxes.

Conclusion.

CHAPTER 6: Too Good to Be True? Testing Investment Strategies.

Market Efficiency and Investment Philosophies.

Market Efficiency: Definition and Implications.

Closing Thoughts.

Conclusion.

CHAPTER 7: Smoke and Mirrors? Charting and Technical Analysis.

Random Walks and Price Patterns.

Investor Irrationality.

The Foundations of Technical Analysis.

Technical Indicators and Charting Patterns.

Conclusion.

CHAPTER 8: Graham’s Disciples: Value Investing.

Who Is a Value Investor?

The Passive Screener.

The Contrarian Value Investor.

Activist Value Investing.

Conclusion.

CHAPTER 9: The Allure of Growth: Small Cap and Growth Investing.

Who Is a Growth Investor?

Passive Growth Investing.

Activist Growth Investing.

Conclusion.

CHAPTER 10: Information Pays: Trading on News.

Information and Prices.

Trading on Private Information.

Trading on Public Information.

Implementing an Information-Based Investment Strategy.

Conclusion.

CHAPTER 11: A Sure Profit: The Essence of Arbitrage.

Pure Arbitrage.

Near Arbitrage.

Speculative Arbitrage.

Long Short Strategies—Hedge Funds.

Conclusion.

CHAPTER 12: The Impossible Dream? Timing the Market.

Market Timing: Payoff and Costs.

Market Timing Approaches.

The Evidence for Market Timing.

Market Timing Strategies.

Connecting Market Timing to Security Selection.

Conclusion.

CHAPTER 13: Ready to Give Up? The Allure of Indexing.

The Mechanics of Indexing.

A History of Indexing.

The Case for Indexing.

Why Do Active Investors not Perform Better?

Alternative Paths to Indexing.

Conclusion.

CHAPTER 14: A Road Map to Choosing an Investment Philosophy.

A Self-Assessment.

Finding an Investment Philosophy.

Conclusion.

REFERENCES.

INDEX.

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  • Anonymous

    Posted June 8, 2004

    A Good Read!

    ¿Just a spoonful of color would have made the investment philosophies go down, in the most delightful way.¿ To paraphrase nanny Mary Poppins¿ advice to add honey to nasty-tasting medicine, you may wish that this informative tome was more colorfully written, but you could not wish for a more solid dose of information. Aswath Damodaran backs up his explanations of investing philosophies with ample studies, detailed graphics and a website, even if you need to absorb the dense, detailed data in 15 minute chunks. This well-researched, solid book will be useful to individual investors, investment managers and anyone who wonders why various investment philosophies succeed and how (and at what risk) portfolio gains are made. The index investing chapter and the final summary are required reading for investors wondering how huge portfolios crashed after U.S. equities collapsed. We recommend this soup-to-nuts introduction to sophisticated investing. Your financial security could hinge on a good grasp of the issues it covers.

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  • Anonymous

    Posted August 22, 2010

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