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The Little Book of Investing Like the Pros : Five Steps for Picking Stocks
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Description
Valuation is the key to smart investing this book shows you how The Little Book of Investing Like the Pros gives individual investors a crash course in the tools and techniques used on Wall Street. Written by two expert practitioners at UBS, this book provides real, effective, practical guidance that allows investors to take a hands-on approach to the market. Readers will learn the four mission-critical valuation methods that professionals lean on, empowering them with the skills and understanding to take on the challenge of choosing the best stocks, armed with the same insights as Wall Street's smartest analysts. Valuation ratios say a lot about an investment's potential, and this book explains how individuals can put expert techniques to work for themselves. A total return approach to investing is about both the return of money, and the return on money. Proper valuation is the driver of all great investments, and the pros on Wall Street do it every day. The Little Book of Investing Like the Pros puts expert tools in the hands of individuals, helping them understand and effectively use the same techniques that give the pros a decided edge.
* Discover the importance of valuation before investment * Learn the essential methods and techniques used every day on Wall Street * Understand the critical metrics, and in which situations they apply * Become familiar with the tools and resources that can streamline due diligence Wall Street pros need to know what a company is worth before they can decide whether the stock price represents a good value. This book reveals their methods, and helps individuals apply the same techniques to their own investment strategy. For individual investors looking to take their portfolio into their own hands, The Little Book of Investing Like the Pros is a complete, hands-on resource.
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* Discover the importance of valuation before investment * Learn the essential methods and techniques used every day on Wall Street * Understand the critical metrics, and in which situations they apply * Become familiar with the tools and resources that can streamline due diligence Wall Street pros need to know what a company is worth before they can decide whether the stock price represents a good value. This book reveals their methods, and helps individuals apply the same techniques to their own investment strategy. For individual investors looking to take their portfolio into their own hands, The Little Book of Investing Like the Pros is a complete, hands-on resource.
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Product details
- Hardback | 336 pages
- 138 x 247 x 20mm | 412g
- 24 May 2020
- John Wiley & Sons Inc
- New York, United States
- English
- 1118281403
- 9781118281406
- 118,277
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As you have probably noticed, there are quite a few investing books out there. Many of them were written by some of the world's greatest investors. So, why should you read our book?
Stock investing is more prevalent than ever, whether directly or indirectly through brokerage accounts, exchange-traded funds, mutual funds, or retirement plans. Despite this, the vast majority of individual investors have no training on how to pick stocks. And, until now, there hasn't been a truly accessible, easy-to-understand resource available to help them. The Little Book of Investing Like the Pros was written to fill this void.
We believe the simplicity and accessibility of our stock picking framework is truly unique. Using real-world examples and actual Wall Street models used by the pros, we teach you how to pick stocks in a highly accessible, step-by-step manner. Our goal is straightforward--to impart the skills necessary for finding high-quality stocks while protecting your portfolio with risk management best practices.
Our practical approach is designed to help demystify the investing process, which can be intimidating. This training will help set you apart from others who are largely flying blind.
Pilots require extensive training before receiving a license. Doctors must graduate medical school, followed by a multi-year residency. Even those providing professional investment advice require certification. But, anyone can buy a stock without any training whatsoever. While buying stocks on a hunch and a prayer may not endanger your life, it can certainly put your finances at risk.
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Stock investing is more prevalent than ever, whether directly or indirectly through brokerage accounts, exchange-traded funds, mutual funds, or retirement plans. Despite this, the vast majority of individual investors have no training on how to pick stocks. And, until now, there hasn't been a truly accessible, easy-to-understand resource available to help them. The Little Book of Investing Like the Pros was written to fill this void.
We believe the simplicity and accessibility of our stock picking framework is truly unique. Using real-world examples and actual Wall Street models used by the pros, we teach you how to pick stocks in a highly accessible, step-by-step manner. Our goal is straightforward--to impart the skills necessary for finding high-quality stocks while protecting your portfolio with risk management best practices.
Our practical approach is designed to help demystify the investing process, which can be intimidating. This training will help set you apart from others who are largely flying blind.
Pilots require extensive training before receiving a license. Doctors must graduate medical school, followed by a multi-year residency. Even those providing professional investment advice require certification. But, anyone can buy a stock without any training whatsoever. While buying stocks on a hunch and a prayer may not endanger your life, it can certainly put your finances at risk.
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Back cover copy
PRAISE FOR THE LITTLE BOOK OF INVESTING LIKE THE PROS
"Contrary to what many believe, investing need not be a random walk. For would-be stock pickers who want to beat the market, The Little Book of Investing Like the Pros articulates a process which will greatly assist them in achieving that goal."
--Stanley Druckenmiller, Founder & CIO, Duquesne Family Office
"Pearl and Rosenbaum have written a book that any serious investor, or anyone aspiring to be one, will want to read. Investing in stocks sounds easy. It's not. Emotion surrounding equities and money too often impedes clear and methodical thinking, which is the key to long-term success in the stock market. This volume provides a framework that will help you stay on track."
--David Abrams, Founder, Abrams Capital Management
"The two Joshes have produced a succinct investment guide. They have distilled some of the most complex investing concepts into an easily digestible and accessible framework."
--Nelson Peltz, CEO & Founding Partner, Trian Fund Management, L.P.
"This book is a valuable guide for investors learning to select securities and build portfolios in a thoughtful, professional manner. The authors provide an easy-to-follow approach which begins with idea generation and moves through the critical steps for analyzing company performance, security valuation, and potential risks."
--Abby Joseph Cohen, CFA, Advisory Director & Senior Investment Strategist, Goldman Sachs
"Josh was among the first investors outside of the cable universe to understand and believe in what we could do with Charter. The tools and techniques contained in this book were crucial in uncovering this story, which continues to unfold."
--Thomas Rutledge, Chairman & CEO, Charter Communications
"When we did our roadshow, many investors felt our story was too good to be true. Those that didn't invest missed out on a tremendous ride. This book may have helped them make a different decision."
--Rodney O'Neal, Retired President & CEO, Delphi Automotive
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"Contrary to what many believe, investing need not be a random walk. For would-be stock pickers who want to beat the market, The Little Book of Investing Like the Pros articulates a process which will greatly assist them in achieving that goal."
--Stanley Druckenmiller, Founder & CIO, Duquesne Family Office
"Pearl and Rosenbaum have written a book that any serious investor, or anyone aspiring to be one, will want to read. Investing in stocks sounds easy. It's not. Emotion surrounding equities and money too often impedes clear and methodical thinking, which is the key to long-term success in the stock market. This volume provides a framework that will help you stay on track."
--David Abrams, Founder, Abrams Capital Management
"The two Joshes have produced a succinct investment guide. They have distilled some of the most complex investing concepts into an easily digestible and accessible framework."
--Nelson Peltz, CEO & Founding Partner, Trian Fund Management, L.P.
"This book is a valuable guide for investors learning to select securities and build portfolios in a thoughtful, professional manner. The authors provide an easy-to-follow approach which begins with idea generation and moves through the critical steps for analyzing company performance, security valuation, and potential risks."
--Abby Joseph Cohen, CFA, Advisory Director & Senior Investment Strategist, Goldman Sachs
"Josh was among the first investors outside of the cable universe to understand and believe in what we could do with Charter. The tools and techniques contained in this book were crucial in uncovering this story, which continues to unfold."
--Thomas Rutledge, Chairman & CEO, Charter Communications
"When we did our roadshow, many investors felt our story was too good to be true. Those that didn't invest missed out on a tremendous ride. This book may have helped them make a different decision."
--Rodney O'Neal, Retired President & CEO, Delphi Automotive
show more
Table of contents
About the Authors ix
Foreword by Howard Marks xv
Acknowledgments xix
Disclaimer xxv
Introduction 1
Chapter One Step I: Idea Generation 19
Screens 22
Bottom-Up Approach 24
Top-Down Approach 59
Chapter Two Step II: Identifying the Best Ideas 71
Idea Review Framework 73
Investment Thesis 77
Business Overview 82
Management 91
Risks & Considerations 96
Financials & Valuation 99
Chapter Three Step III: Business & Financial Due Diligence 121
Business Due Diligence 123
Financial Due Diligence 148
Chapter Four Step IV: Valuation & Catalysts 171
Valuation 173
Market and Intrinsic Valuation 174
Buyout Valuation 194
Catalysts 206
Setting the Price Target 227
Chapter Five Step V: Investment Decision & Portfolio Management 233
Making the Investment Decision 236
Monitor the Investment 243
Portfolio Construction 250
Portfolio & Risk Management 263
Post-Mortem: Delphi Automotive 279
Bibliography & Recommended Reading 289
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Foreword by Howard Marks xv
Acknowledgments xix
Disclaimer xxv
Introduction 1
Chapter One Step I: Idea Generation 19
Screens 22
Bottom-Up Approach 24
Top-Down Approach 59
Chapter Two Step II: Identifying the Best Ideas 71
Idea Review Framework 73
Investment Thesis 77
Business Overview 82
Management 91
Risks & Considerations 96
Financials & Valuation 99
Chapter Three Step III: Business & Financial Due Diligence 121
Business Due Diligence 123
Financial Due Diligence 148
Chapter Four Step IV: Valuation & Catalysts 171
Valuation 173
Market and Intrinsic Valuation 174
Buyout Valuation 194
Catalysts 206
Setting the Price Target 227
Chapter Five Step V: Investment Decision & Portfolio Management 233
Making the Investment Decision 236
Monitor the Investment 243
Portfolio Construction 250
Portfolio & Risk Management 263
Post-Mortem: Delphi Automotive 279
Bibliography & Recommended Reading 289
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About Joshua Pearl
JOSHUA PEARL has served as a Managing Director at Brahman Capital, a long/short equity asset manager. He focuses on public equity investments and special situations utilizing a fundamentals-based approach. Previously, he structured high yield financings, leveraged buyouts, and restructurings as a Director at UBS Investment Bank. Prior to UBS, he worked at Moelis & Company and Deutsche Bank. He received his BS in Business from Indiana University's Kelley School of Business. He is also the co-author of Investment Banking: Valuation, LBOs, M&A, and IPOs.
JOSHUA ROSENBAUM is a Managing Director and Head of the Industrials & Diversified Services Group at RBC Capital Markets. He originates, structures, and advises on M&A, corporate finance, and capital markets transactions. Previously, he worked at UBS Investment Bank and the International Finance Corporation, the direct investment division of the World Bank. He received his AB from Harvard and his MBA with Baker Scholar honors from Harvard Business School. He is also the co-author of Investment Banking: Valuation, LBOs, M&A, and IPOs.
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JOSHUA ROSENBAUM is a Managing Director and Head of the Industrials & Diversified Services Group at RBC Capital Markets. He originates, structures, and advises on M&A, corporate finance, and capital markets transactions. Previously, he worked at UBS Investment Bank and the International Finance Corporation, the direct investment division of the World Bank. He received his AB from Harvard and his MBA with Baker Scholar honors from Harvard Business School. He is also the co-author of Investment Banking: Valuation, LBOs, M&A, and IPOs.
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