Good Stocks Cheap: Value Investing with Confidence for a Lifetime of Stock Market Outperformance

by Kenneth Jeffrey Marshall

Overview

Power through the ups and downs of the market with the Value Investing Model.

Stock prices fluctuate unpredictably. But company values stay relatively steady. This insight is the basis of value investing, the capital management strategy that performs best over the long term.

With Good Stocks Cheap, you can get started in value investing right now. Longtime outperforming value investor, professor, and international speaker Kenneth Jeffrey Marshall provides step-by-step guidance for creating your own value investing success story. You’ll learn how to:

•Master any company with fundamental analysis
•Distinguish between a company’s stock price from its worth
•Measure your own investment performance honestly
•Identify the right price at which to buy stock in a winning company
•Hold quality stocks fearlessly during market swings
•Secure the fortitude necessary to make the right choices and take the right actions

Marshall leaves no stone unturned. He covers all the fundamental terms, concepts, and skills that make value investing so effective. He does so in a way that’s modern and engaging, making the strategy accessible to any motivated person regardless of education, experience, or profession. His plain explanations and simple examples welcome both investing newcomers and veterans.

Good Stocks Cheap is your way forward because the Value Investing Model turns market gyrations into opportunities. It works in bubbles by showing which companies are likely to excel over time, and in downturns by revealing which of these leading businesses are the most underpriced.

Build a powerful portfolio poised to deliver outstanding outcomes over a lifetime. Put the strength of value investing to work for you with Good Stocks Cheap.

Product Details

ISBN-13:	9781259836077
Publisher:	McGraw-Hill Professional Publishing
Publication date:	06/23/2017
Pages:	240
Sales rank:	301,170
Product dimensions:	5.80(w) x 9.00(h) x 1.20(d)

About the Author

Kenneth Jeffrey Marshall teaches value investing in the Masters in Finance program at the Stockholm School of Economics in Sweden, and at Stanford University. He also teaches asset management in the MBA program at the Haas School of Business at the University of California, Berkeley. Marshall is a past member of the Stanford Institute for Economic Policy Research; he taught Stanford's first-ever online value investing course in 2015. He earned his MBA at Harvard Business School.

Table of Contents

Preface vii

Acknowledgments xiii

Introduction xv

Part I Foundations

Chapter 1 The Quiet Outperformer 3

Chapter 2 Why Stocks? 7

Chapter 3 Price and Value Are Different 15

Chapter 4 Measuring Performance 19

Part II The Value Investing Model

Chapter 5 Understanding the Business 29

Chapter 6 Accounting Is a Language 39

Chapter 7 Capital Employed 51

Chapter 8 Operating Income 65

Chapter 9 Free Cash Flow 71

Chapter 10 Book Values and Shares 79

Chapter 11 Past Performance 85

Chapter 12 Future Performance 97

Chapter 13 Shareholder-Friendliness 115

Chapter 14 Inexpensiveness 129

Chapter 15 Price Drives Risk 147

Chapter 16 Misjudgment and Misaction 151

Part III Maintenance

Chapter 17 Portfolios and Selling 165

Chapter 18 Endurance 173

Chapter 19 Generating Ideas 175

Chapter 20 Differences Among Value Investors 183

Chapter 21 Preservation 187

Glossary 191

Bibliography 207

Notes 209

Index 215