内容简介
$ Y$ P) {; a; ] f! J# c Y) w The 52-Week Low Formula is all about looking at companies to invest in and asking the following questions:Do they have a durable competitive advantage? Are the kind of company that is hard to compete with either because they have cornered a difficult market or because competing with them would require an unreasonably high investment by others? What is the purchase value of the company? If someone were to come in and buy everything, would they inherit debt greater than revenue? And, if you were to buy the company, would it be worth it? Would you make more money that you would simply investing in 10-year Treasury bonds? Whats the Return on Invested Capital of the company? Is it using its money well to create returns or is it taking on bad investments that dont pay off? Can it pay its debt off quickly? There are a lot of companies out there that are making a lot of money, but can they, should all revenue activities cease and all debt come due, remain in the black? Finally, is it trading lower than it has in a year?The 52-Week Low formula is based on the idea that even the best companies go through a skid, a downturn in stock value. If a company answers the above four questions well, you want to know if its going through a rough patch. This is the filter that requires discipline because common investors often overlook good companies when they are on the skids. But good companies always find a way to come back. Thats what makes them good companies, what makes them the right companies to invest in, what makes investing in them worthwhile. In this book, readers will:examine the principles that go into selecting the 25 companies Wiley invests in every six months - what he looks for, what requirements he has and how those came to be. examine case studies of companies that have proven time and again that they can overcome obstacles and provide consistent growth for the long-term. show the results of a disciplined approach to investing over an emotional one and the mistakes investors make when they invest out of fear instead of a solid strategic approach. cover the evolution of the 52-Week Low, how the philosophy developed and became strategy and pitfalls hes experienced along the way.- ] O, l+ `; O3 m: x
作者简介
/ j( y q6 y# r1 [ Luke L. Wiley, CRPC, is the First Vice President of Wiley Wealth Management. In more than 15 years in the Financial Services industry, he has been recognized as a thought leader and key strategist by clients, coworkers and industry leaders. He is among the top 0.1% of the 7,000 UBS financial managers in client retention and acquisition and has been called upon to provide strategic guidance for other wealth managers, financial planners and investment managers by UBS management. He and his team manage over $270,000,000 in client assets and help oversee an additional $50,000,000 in retirement assets. His teams assets have increased from $133,000,000 at the end of 2009 to $270,000,000 as of April, 2013.' d' t# D- J O9 H# T5 e& S' x
目录
) }% Y6 b: J. x+ V0 I8 Y4 F2 I The 52-Week Low Formula% M1 k4 X% w; T" N' L
Cover, }2 K0 k J, o1 H* F' Y
Contents
; T- m4 F; w) e1 u5 v! _9 H Title
! t, ?8 D5 j7 H& d H Copyright
# ^! p2 z! p( g( ~ t Dedication9 z- D2 K+ @6 N2 q6 d4 H$ ]( V0 l
Introduction
% V9 s0 H6 g+ c4 F Foreword" U5 O& J% r4 I# B! p
Acknowledgments8 V0 x" _. Y7 J
Chapter 1: The 52-Week Formula- A- X5 V- a- y- S
The Birth of The 52-Week Low from a $1,400 BookChapter 2: Herding and the Bandwagon EffectChapter 3: Filter 1: Competitive AdvantageThe Five Competitive Forces! [' t6 `1 q# r7 E8 U7 i/ g# v
Barriers to Entry* F$ j5 B: t, M* y
Network Effect% k6 v) q/ G; ]2 O
Switching Cost1 |" M( u. o- z0 u- G! X; G7 c
Powerful Suppliers
/ C1 z+ [! u3 ^# o2 N Substitute Offerings' r4 K6 X2 W2 X3 \- p6 F
What to Look For M$ @: ^. S: K% u3 i
Summing It Up
0 ?+ K" z {4 s6 x0 E4 I4 n Chapter 4: Five Common Mistakes Investors MakeMistake 1: Trusting Your Emotions Instead of Engaging the MindMistake 2: Lack of Discipline and What is the Ulysses Contract?
( S. @* T* {! \2 U Mistake 3: Apathy the Halo Effect' O' B& w" G( T f! B
Mistake 4: Information Overload
l! O4 l# _. B0 C Mistake 5: Mistaking Value and the Risk of FamiliarityChapter 5: Filter 2: Free Cash Flow YieldChapter 6: The Power of Fear and Decision FatigueChapter 7: Filter 3: Return on Invested CapitalA Complicated Measurement0 M* x9 k# i+ \" C9 J- d
Turning Back the Clock
- Z5 B2 f: x& ?6 q. W Chapter 8: This Time Is Never Different# i8 i0 @5 h9 W z$ ^
Chapter 9: Filter 4: Long-Term Debt to Free Cash Flow RatioCalculating Long-Term Debt to Free Cash FlowA Few Notes about Debt$ a. q3 D) x4 `+ G
Long-Term Debt to Free Cash Flow: Head-to-HeadSumming It Up
; L: B- N' ?9 B" B Chapter 10: The Sunk-Cost Bias and Pride and RegretChapter 11: Filter 5: The 52-Week Low Formula and My Journey Trying to Disprove ItA Matter of Timing9 V& z$ P( C0 l4 {3 G4 F4 P$ t+ l
My Journey of Skepticism
- E: R) }! d3 G: N! z7 h Chapter 12: The Importance of Embracing a Trailing 12-Month Return of ?25 PercentChapter 13: The Problem with Selective Perception and Confirmation BasisChapter 14: Putting It All Together
: f$ h6 n/ A: X3 O Reviewing the Filters% z n0 F* ~% M5 |, G$ E1 l( F
Your Part to Play
( t- c5 |( s4 E Afterword
+ ?( m* b6 R& A" P& C About the Companion Website: e! @. D1 y, S9 a" J1 A
About the Author
# U$ {2 A. m/ b7 q Index
: W- s7 c; f" r End User License Agreement
: W% _0 ?- D/ Q; u' e/ G
+ L% o h$ g0 _1 U3 V- Z
8 d- k" J4 m& R52周低点公式The 52-Week Low Formula A Contrarian Strategy that Lowers Risk PDF7 ~) ?! ?) X, X6 v! n
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52周低点公式The 52-Week Low Formula A Contrarian Strategy that Lowers Risk EPUB8 K4 F, n% v5 L, \2 a B2 D2 v1 N
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