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.
Зміст
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
Про автора
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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