How Not to Invest: The Ideas, Numbers, and Behaviors That Destroy Wealth--And How to Avoid Them (Paperback)

Investing in America (Hardcover)

Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger (Paperback)

Investment Wisdom For Our Friends And Loved Ones : Timeless lessons from today's top finance experts (Paperback)

Weiss Ratings Investment Research Guide to Exchange-Traded Funds, Fall 2026: 0 (Paperback)

Weiss Ratings Investment Research Guide to Exchange-Traded Funds, Summer 2026: 0 (Paperback)

Weiss Ratings Investment Research Guide to Exchange-Traded Funds, Spring 2026: 0 (Paperback)

Weiss Ratings Investment Research Guide to Exchange-Traded Funds, Winter 25/26: 0 (Paperback)

Weiss Ratings Investment Research Guide to Stocks, Fall 2026: 0 (Paperback)

Weiss Ratings Investment Research Guide to Stocks, Summer 2026: 0 (Paperback)

Weiss Ratings Investment Research Guide to Stocks, Spring 2026: 0 (Paperback)

Weiss Ratings Investment Research Guide to Stocks, Winter 25/26: 0 (Paperback)

Stop Making Stupid Investments: 7 Rules to Avoid the Hype and Build Real Wealth (Hardcover)

The New Money Strategy: The Modern Guide to Rational, Long-Term Investing (Hardcover)

Why Moats Matter (Paperback)

Preface ix

Acknowledgments xi

Chapter 1 Guiding Principles of Morningstar’s Equity Research 1

Question 1: How Can We Identify Which Businesses Are Great? 2

Question 2: When Is the Best Time to Invest in Great Businesses? 6

Chapter 2 What Makes a Moat? 11

Moat Sources 13

Notes 33

Chapter 3 Why Moat Trends Matter 35
Contributed by Stephen Ellis, a member of Morningstar’s Economic Moat Committee and head of Financial Services equity research at Morningstar

Moat Trends and Fundamental Performance 37

Five Key Considerations for Moat Trends 38

Intangibles 41

Cost Advantage 44

Switching Costs 47

Network Effect 51

Efficient Scale 54

Best Practices for Moat Trend Analysis 57

Chapter 4 How Stewardship Affects Economic Moats 61
Contributed by Todd Wenning, who oversees Morningstar’s equity stewardship methodology

Meet Our Stewardship Methodology 62

Drilling Down 63

Chapter 5 Applying Moats to Dividend Investing 81
Contributed by Josh Peters, director of equity-income strategy for Morningstar and editor of the Morningstar® DividendInvestorSM newsletter

Why Dividends Matter 83

Which Dividends? 87

Chapter 6 The Importance of Valuation 93
Contributed by Joel Bloomer, Matt Coffina, and Gareth James, members of Morningstar’s Moat Committee and contributors to Morningstar’s valuation methodology

Valuation Concepts 95

Cost of Capital and Returns on Capital 96

Morningstar’s Valuation Approach 97

Example: Calculating ROIC 99

Forecasting Future Free Cash Flows 102

The Morningstar RatingTM for Stocks 106

Fair Value Uncertainty and Cost of Equity 107

Notes 111

Chapter 7 Do Moat Ratings Predict Stock Returns? 113
Contributed by Warren Mille...


외국도서 > 경제경영 > 투자/증권 > 주식

Wired on Wall Street: The Rise and Fall of Tipper X, One of the Fbi's Most Prolific Informants (Hardcover)

Introduction to Stock Portfolio Management (Hardcover)

INTRODUCTION
Basics and Tips
Financial markets and financial principles
Principle of financial decision making under an uncertain universe
Theoretical and practical meaning of a portfolio
Quantitative Management
Managing a portfolio
The three ways of managing a portfolio
The three classic phases of portfolio management
Introducing the Economic Theory of Choice
The two phases of the economic theory of choice (under a certain universe)
Notions of indifference curves, or equivalently, investors' preferences
Exercises
Solving exercises with Excel
STOCK SELECTION AND PORTFOLIO EVALUATION
Stock Selection
Propel1ies and stylized facts of stocks (e.g. importance of inflation, calendar anomalies, stock classification)
Market efficiency: the three forms of efficiency (weak, semi-strong, strong)
Stock eligibility: selection criteria and stock valuation (Dividend Discount Models
and comparative approach)
Importance of earnings
Markowitz Model
Measuring stock returns (one·period rctul'l1s)
The risk/return universe in finance (selecting a risk measure: volatility. Or equivalently standard deviation)
Selection criteria for portfolio optimization
Efficient frontier with and without risk free asset
Exercises
Solving exercises with Excel
PORTFOLIO SELECTION: OPTIMALITY CRITERIA
Expected Utility Theory
Investor preferences and properties of utility functions
Risk aversion
Investment horizon
Other Optimization Criteria
Maximizing a portfolio's average geometric return
Stochastic dominance
Quantile criteria: 'Value-at-Risk' and 'Safety firsf principles
Impact of skewness on asset returns (Jnvalidate Gallssian assumption)
Exercises
Solving exercises with Excel
PORTFOLIO SELECTION: PERFORMANCE
One-Index Models: CAPM (Sharpe 1964)


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