Investment Philosophies: Successful Investment Philosophies and the Greatest Investors Who Made Them Work

Book Description

The philosophy behind the best investment strategies of all time
Investment philosophies are as unique as the individuals who practice them. In his latest endeavor, investment expert and NYU Stern School of Business professor Aswath Damodaran goes beyond investment strategies and looks at the individual underlying philosophies that support these techniques. He explores all of the time-tested investment philosophies that have worked over the long run, and discusses the greatest investors who made these philosophies so famous. Investment Philosophies will expose readers to a wide range of investment philosophies so as to give them a sense of what drives investors in each philosophy, how they attempt to put these philosophies into practice, and what determines ultimate success. In doing this, Damodaran provides an unbiased forum for the presentation of different investment philosophies, while supplying the tools-the definition and measurement of risk, the notion of market efficiency and how to test for inefficiencies, and the components and determinants of trading costs-and the empirical evidence for readers to make their own judgments on the investment philosophy that fits their specific investment goals and views of how markets work. Filled with valuable insights and expert advice, this book reveals various investment philosophies to a general audience of investors, not purely to professional investors.
Aswath Damodaran (New York, NY) is Professor of Finance at New York University's Leonard N. Stern School of Business. He is the author of Applied Corporate Finance (Wiley: 0-471-33042-6) and Investment Valuation (Wiley: 0-471-41488-3).

Customer Reviews:

Misleading title, at best a beginner's book........2007-03-10

I felt a bit ripped off by this book because it only superficially covers the investor's whose pictures grace the cover. In fact, it's an ambitiously massive survey of conventional finance theory related to picking stocks. However, as a professional investor, I've read everything it covers in better detail elsewhere. As a gift for someone new to investing I'd recommend Browne's Little Book Of Value Investing because it is more accessable and entertaining. For more seasoned readers I'd recommend David Dreman's Contrarian Investment Strategy because it uses numerous empirical studies.

Great book!.......2006-12-11

This book porvides a great combination of scientific research and practical tips for any serious investor who cares himself for his personal investments in any asset class. Because all available investment styles (timing, wealth investor, index tracking, ...) are explored in terms of risk and return and when combining this information with your personal attributes (age, goals of investing, risk aversion, ...) you can find your own serious investment principles. A must have for any serious private investor.

A Comparison of Alternative Investment Strategies.......2006-07-05

Investment Philosophies by Aswath Damodaran presents a balanced survey of the different approaches to investment, points out the strengths and weaknesses of each, and presents the results of numerous analyses that have been conducted to test the merits of the various approaches. The book is easy to read and far less mathematical than the author's magnum opus, Investment Valuation. The only flaw I can cite is the need for a more careful editing to remove several typographical errors.

Professor Damodaran starts Investment Philosophies with a brief overview of the concept of risk, valuation techniques, the impact of transaction costs and taxes, and the efficient market hypothesis. After presenting these background topics, the addresses the various philosophies individually:

1. Technical Analysis: Selection of investments based on their prior price patterns.
2. Value Investing: Identifying investments whose current price is low relative either to their intrinsic values or to similar investment opportunities.
3. Growth Investing: Identifying investments whose value is likely to grow more rapidly than alternatives.
4. Trading on News: Closely monitoring corporate announcements and attempting to react rapidly to take advantage of new information.
5. Arbitrage: Attempting to minimize risk by hedging one investment against another in a manner that leaves a small but highly probable profit.
6. Market Timing: Seeking to recognize when the market is overvalued or undervalued and moving one's investments accordingly.
7. Indexing: Concluding that none of the above techniques is likely to produce results that consistently beat such market indices as the S&P500 which can be tracked by numerous Index Funds.

One tidbit of wisdom that I especially appreciated was an explanation of how to evaluate return on equity (ROE) for companies with very little equity. In these cases, any positive return can result in an astronomical ROE. Professor Damodaran's solution is to use the ratio of (Price-to-Bookvalue) to ROE.

The title, Investment Philosophies, seems a bit too abstract to me and may put off some potential readers who would enjoy and benefit from reading it. The contents are sufficiently concrete to justify a title such as "A Comparison of Alternative Investment Strategies". If you are looking for an easy to read, non-mathematical approach to this subject, this book is definitely a five star selection. If you want a bit more technical depth, start with Investment Valuation, or use it as a reference while reading Investment Philosophies.

See also Professor Damodaran's website, damodaran.com, which contains a wealth of information from his books and classes at NYU.

3.5 Stars-Needs to differentiate risk from uncertainty(ambiguity).......2006-04-20

Damodaran has written a useful but incomplete overview of what factors different investment philosophies emphasize and/or deemphasize.An example would be to compare-contrast value investors like Graham,Buffett,and Keynes with a growth investor like Lynch.The author is certainly correct to observe that,given the extremely short run time horizons(short run and short sighted)of practically all stock markets,it will be extremely difficult to emulate Buffett(or Keynes,who averaged a 13.2% return from 1926-1946 on his portfolio).It is correct to say that Buffett is a follower of Graham.However,he is also a follower of Keynes's long run approach that emphasized obviously relevant factors like company morale and leadership,cash flow,liquidity,market leadership,and market fundamentals in generel.This approach works best when it is realized that decision making is occurring under conditions of risk AND ELLSBERGIAN AMBIGUITY(KEYNESIAN UNCERTAINTY).A major defect in this book is the author's failure to clearly differentiate between risk and ambiguity(uncertainty).The standard probability approach discussed by the author is the mean-variance -normal probability distribution approach,with covariation thrown in for purposes of comparing more than one stock at a time.This approach assumes continuity,independence,linearity,etc.Benoit Mancelbrot has demonstrated that these properties are not evident in stock market price data over time.Ellsberg and Keynes demonstated that the evidence is generally not going to support any tractable distribution.Mandelbrot has identified the Cauchy distribution as being or having approximately the best fit to much of the price data.This distribution is correctly described by Mandelbrot as wild risk as opposed to the mild risk of the normal distribution.Buffett's great intuition allowed him to concentrate on logical factors that would carry the most weight in a world of ambiguity and wild risk.The business and finance departments teach one how to invest in a world of no ambiguity and mild risk.Buffett correctly criticizes such an approach because it is contrary to the facts of observation.The author needs to revise his chapter on risk and devote an entire chapter to Buffett.He might also choose to add a chapter on H Ross Perot's approach that appears to be a blend of Buffett's and Lynch's approach.Nothing written by the author demonstrates that the value and growth approaches are inherently contradictory.Both acknowledge the existence of substantial ambiguity.Decision making under ambiguity(uncertainty) is very different from decision making under risk.

A Good Read!.......2004-06-09

"Just a spoonful of color would have made the investment philosophies go down, in the most delightful way." To paraphrase nanny Mary Poppins' advice to add honey to nasty-tasting medicine, you may wish that this informative tome was more colorfully written, but you could not wish for a more solid dose of information. Aswath Damodaran backs up his explanations of investing philosophies with ample studies, detailed graphics and a website, even if you need to absorb the dense, detailed data in 15 minute chunks. This well-researched, solid book will be useful to individual investors, investment managers and anyone who wonders why various investment philosophies succeed and how (and at what risk) portfolio gains are made. The index investing chapter and the final summary are required reading for investors wondering how huge portfolios crashed after U.S. equities collapsed. We recommend this soup-to-nuts introduction to sophisticated investing. Your financial security could hinge on a good grasp of the issues it covers.

Book Description

From the award winning seminar, Breaking The Money Barriers contains a simple, step-by-step wealth generating system created by Dr. Mike Duckett. Written in a simple-to-read format, this book will help the reader make instant changes in their finances. They will learn how the wealthy actually turn their thoughts into money. Thousands around the world have attended Dr. Duckett's seminars, and many people have become financially independent using this nuts-and-bolts information.

Customer Reviews:

A good book for beginers in financial literacy.......2005-10-07

This is a good book for people beginning their studies in gaining wealth. The concepts are simple to understand. This book gives a good, basic look at the principles of gaining wealth.

Dr. Duckett offers the opportunity to receive a free Personality Profile Test via email. If you would like to take the free Personality Profile Test then write to ICS Research (icsresearch@cs.com) to request a Success Personality Profile test and mention the name Terry Holt.

MORE THAN JUST MOTIVATION--I made over $50,000 in 90 days.......2004-06-01

I almost didn't buy "Breaking The Money Barriers" based on a few bad reviews. After reading the book and applying the clear and easy to understand steps, I made over $50,000 in 90 days. I continue to use Dr. Duckett's easy to understand system of wealth accumulation and plan to retire within the next few years. Before reading this book, all I could hope to do was receive Social Security someday. Now, I'll have all the money I need for the rest of my life.

I have read numerous motivational books and financial books. I have been a motivational seminar junkie but this information is waaaaaay beyond hype or motivation. Using Dr. Duckett's simple to apply formulas, I have increased my income SUBSTANTIALLY and increased my overall happiness in life. TO THOSE WHO HAD SOMETHING NEGATIVE TO SAY ABOUT THE SECTION ON FEAR--I HAVE ONE THING TO SAY, "Reread that section. It has helped me to overcome some of my fears I've been dealing with for almost 60 years.

The only reason someone would have anything bad to say about this book would be if that person was atheist. Dr. Duckett does mention God in it and some people are very offended these days by a person being brave enough to express their spirituality.

Do youreself a favor. Buy this book and reread it to your loved ones. It will help to create a brighter financial future and happier life for anyone who is exposed to this unusual approach to wealth accumulation.

I don't know this Dr. Duckett but I sure would like to meet him one day. Until that day comes all I can say is thank you God for this information--just in the nick-of-time.

THE GREATEST BOOK ON MONEY ACCUMULATION I'VE EVER READ!!.......2003-04-06

I've read many books over the years on wealth accumulation, financial planning, money management, and a number of other topics pertaining to money. I'VE NEVER READ ANYTHING SO POWERFUL AS "BREAKING THE MONEY BARRIERS" IN MY LIFE!!! I almost didn't buy it based on a couple of negative reviews, but a friend of mine told me this book is a "must read". Well, I read it and it has changed my life and finances. When the other books gave me a direction, "Breaking The Money Barriers" filled in all the pieces for me. I would strongly urge everyone to read and benefit from the wealth of knowledge this author has to share.

Not worth it.......2003-01-11

This book is all over the map, alternating between motivational gibberish ("Don't EVER give up!"), basic financial theory ("Spend less than you earn") and dangerous advice ("Make your money grow at least 20% monthly"). Read "The Richest Man in Babylon" instead. It's cheaper and it has better advice.

**Awesome Clarity** for Life & Finances.......2002-12-07

What a find! I was overwhelmed with the 1000s of books out there about success. Thank God I found this one. Duckett lays out the path for finding your life purpose in 4 easy steps, how to put it into action, how to create the finances to live it, how to balance your life and build wealth, have fun along the way, and so much more. Packed with testimonies, and simple, fun, and easy-to-implement ideas for creating what you want in life. WOW!

Breaking the 20/80 barrier: Designed to change the fact that "20% of the people in most churches do 80% of the ministry and give 80% of the money"

Average customer rating:

Breaking the 20/80 barrier: Designed to change the fact that "20% of the people in most churches do 80% of the ministry and give 80% of the money"
Frank R Tillapaugh
Manufacturer: [Frank R. Tillapaugh]
ProductGroup: Book
Binding: Unknown Binding
ASIN: B0006RQ89E

Milk, maize and money: Breaking barriers through co-management of natural resources in northern Tanzania : a case study of community-based natural resource ... and Simanjiro districts (TRI working paper)

Average customer rating:

Milk, maize and money: Breaking barriers through co-management of natural resources in northern Tanzania : a case study of community-based natural resource ... and Simanjiro districts (TRI working paper)
Benjamin Gardner
Manufacturer: Yale School of Forestry and Environmental Studies, Tropical Resources Institute
ProductGroup: Book
Binding: Unknown Binding

General | Popular Economics | Business & Investing | Subjects | Books
ASIN: B0006RVDSK

Book Description

This text compares the corporate governance structures of the US quoted company and its European equivalent and the role which employees as non-shareholding stakeholders hold within those structures. It focuses on the incidents of ownership normally exercised by stakeholders and raises questions regarding different responses to the issue of mandated labour market regulation on both sides of the Atlantic.

Book Description

The Late Devonian and Permian-Triassic intervals are among the most dynamic episodes of Earth history, marked by large secular changes in continental ecosystems, dramatic fluctuations in ocean oxygenation, major phases of biotic turnover, volcanism, bolide impact events, and rapid fluctuations in stable isotope systems and sea level. This volume highlights contributions from a broad range of geological sub-disciplines currently striving to understand these critical intervals of geologically rapid, global-scale changes.

* Provides updated, current models for the mid-Late Devonian and Permian-Triassic mass extinction episodes
* Highlights several new analytical approaches for developing quantitative
datasets
* Takes an integrated approach presenting datasets from a broad range of sub-disciplines

Book Description

Although individual orbits of chaotic dynamical systems are by definition unpredictable, the average behavior of typical trajectories can often be given a precise statistical description. Indeed, there often exist ergodic invariant measures with special additional features. For a given invariant measure, and a class of observables, the correlation functions tell whether (and how fast) the system "mixes", i.e. "forgets" its initial conditions.

This book, addressed to mathematicians and mathematical (or mathematically inclined) physicists, shows how the powerful technology of transfer operators, imported from statistical physics, has been used recently to construct relevant invariant measures, and to study the speed of decay of their correlation functions, for many chaotic systems. Links with dynamical zeta functions are explained.

The book is intended for graduate students or researchers entering the field, and the technical prerequisites have been kept to a minimum.

Customer Reviews:

An operator with nine lives........2002-07-28

The "transfer operator" has many incarnations (and many names). It has emerged and re-emerged, over the years, in a rich variety of applications. The basic idea behind it is in fact quite
clear from the familiar and classical Perron-Frobenius theorem for positive matrices. But Baladi's lovely book deals with the infinite-dimensional case, where the applications are, if possible--, even more striking. The starting point there was the powerful use David Ruelle first made of it in the sixties in his study of phase-transition problems in quantum statistical mechanics. The work leading to the Perron-Frobenius-Ruelle theorem!-- Since then, it has re-emerged in a rich variety of applications in dynamics; both continuous and discrete;-- both experimental and symbolic;-- being central in our (limited) understanding of attractors! It is used both in applications (wavelets, fractals, ...),and in pure math (Zeta functions, and trace formulas, to mention only a few such examples). It is all clearly and wonderfully presented in Baladi's book, which now serves as a lucid introduction to a rich and exciting set of new trends in the research literature.

Book Description

When the going gets tough, the tough . . . go fishing.

The daily grind of working for a living starts to wear on Dallas cop Sammy Kidman, so he and wife Marni accept her parents' invitation to spend a week fishing with them and their pastor on Lake Texoma. But when a runaway hiding in their cabin draws the ire of the county sheriff, Sammy resorts to posing as a Hollywood documentary producer come to film the residents of Bastion, Oklahoma.

Just when he thinks everything is under control, a member of his party falls seriously ill and he takes up a bedside vigil in the local hospital. But the sheriff's bent on petty revenge, so Sammy's back in the fray.

Customer Reviews:

Another wonderrful visit.......2005-10-13

I love every one of Robin Hardy's books that I have read. It amazes me how relevant this book was to me. I mean I'm from New Orleans and I've lost everything material I've owned, including my city. Sammy gets first hand experience on the things you love most and what is more valuable. It was a reat book for me to read and a great one for anyone to read.
I highly recommend it and any other Robin Hardy book to anyone who's a Christian but sure Christian Fiction is not for them. I also recommend it to any non-christian person who thinks Christian Fiction is strictly aimed at converting you.

Fishing for Trouble.......2005-09-22

Robin Hardy's smooth, relaxed style provides a pleasant and charming read. She weaves amiable characters into predicaments that face many Christians. Our hero, policeman Sammy Kidman has a flare for flirtation, mischief, and misfortune. He's a novice Christian trying to stave off the temptations of a sinful life. Even in the predicted calm of vacation, there's plenty temptation to go around.
Ms. Hardy relies heavily on scriptural truths to portray an allegory of New Testament hope. Fortunately for the reader, she accomplishes this without being unduly preachy. An example lies in pages 135 - 137, wherein a character plainly discusses supernatural encounters. He begins by acknowledging, "There's a lot we don't understand, and strange things happen on the threshold between life and death."
Like the Lystra series before it, the Sammy books provide high-quality, moral alternatives to mainstream romantic novels.

Just Sammy.......2005-07-26

Within a month I had read the book twice. I'm hoping as my girls get older they will enjoy the Sammy books. Sammy keeps growning up. Sammy: on vacation is a delightful read and the people he meets on his vacation are just luke the every day people you see in your own life. Imperfect Sammy puts his all into life again in this book. We need more guys like Sammy.

Sammy's vacation????.......2005-07-22

Wow! Another great adventure with Sammy & Crew. Even the short synopsis of past books gave me technicolor flashbacks of the movies I played in my head while reading the previous Sammy adventures. When author Robin Hardy summed up God's moving in a particular segment, I got blessed all over again. I was glad to see her address contemporary issues when Sammy was tempted with other women, cash and his behavior toward his wife. I found myself wishing more men read books for recreation instead of watching sports. What impact could this book have if men saw themselves in Sammy's situation and gained the courage/will/determination to make the right choice when they are in the hotspot?? And Robin even addressed the Church of Ichabod!! She well presented the truth that God is still working and available to the true seeker. I absolutely loved the comment Joe made to Sammy on pg. 74 "It appears to me, Sammy, that you're covered with grace. Flushed with it. Rolling in it." Dear God, it should be that way for all of us. The Lord confirmed it should be in Revelations 22:21 "The grace of our Lord Jesus Christ be with you all. Amen."

On Vacation with Sammy!.......2005-06-29

Sammy is a definite charmer and, if you got to know him in "Dallas Detective," you'll want to follow his latest exploits in "On Vacation." He's at his fast-talking, charming best pretending to be a Hollywood producer for the benefit of a small town sheriff on the take, but he has to deal with some serious issues, too. I can't wait for the next book. If you haven't met Sammy yet, you're missing out!

Average customer rating:

Inspiring readers young and old

Sammy's Summer Vacation
Julie Bracken-Murphy
Manufacturer: Outskirts Press
ProductGroup: Book
Binding: Paperback

General | Ages 4-8 | Children's Books | Subjects | Books

General | Literature | Children's Books | Subjects | Books
ASIN: 1432706152

Book Description

Sammy's Summer Adventures

Enjoy this sweet story of a little girl who sets out on her first adventutre, which is to enjoy her summer vacation.

Customer Reviews:

Inspiring readers young and old .......2007-09-05

Sammy's Summer Vacation is a book that can be shared with children of all ages. There is something enriching on each page whether it is shared with a child who can read or a child who is unable to read. The story focuses on values I find are important and that I would like to instill in the children that I am reading to. The book discusses the days of the week, and other important ideas such as; sharing feelings, staying active/healthy, creating bonds with family and friends and more. I enjoyed that the characters in the book were multi-cultural, there was a parent, grandparent, cousin, peers and pets. Readers who are art enthusiasts will be inspired by the illustrations. I enjoyed the book because it embodies the importance of the bonds we create with the people in our lives. In addition, I felt that there was so much to learn about in the book. This book was beautifully written and illustrated, I would love to share more of these adventure books with the children in my life. They loved the story and illustrations.

Summer vacation with Sammy Spaghetti and Becky Bread

Average customer rating:

Summer vacation with Sammy Spaghetti and Becky Bread
Julie Schaff Ellingson
Manufacturer: North Dakota Wheat Commission
ProductGroup: Book
Binding: Unknown Binding

Books:

Books Index

Books Home

Recommended Books