√лавна€    Ex Libris     ниги    ∆урналы    —татьи    —ерии     аталог    Wanted    «агрузка    ’удЋит    —правка    ѕоиск по индексам    ѕоиск    ‘орум   
blank
јвторизаци€

       
blank
ѕоиск по указател€м

blank
blank
blank
 расота
blank
Dreman D. Ч Contrarian Investment Strategies in the Next Generation
Dreman D. Ч Contrarian Investment Strategies in the Next Generation

„итать книгу
бесплатно

—качать книгу с нашего сайта нельз€

ќбсудите книгу на научном форуме



Ќашли опечатку?
¬ыделите ее мышкой и нажмите Ctrl+Enter


Ќазвание: Contrarian Investment Strategies in the Next Generation

јвтор: Dreman D.

јннотаци€:

All stock-market investors embrace the motto "Buy low, sell high." Few act accordingly, however, for to do so would require that we go against the crowd, buying stocks that are out of favor and selling Wall Street's darlings. Powerful psychological forces prevent us from pursuing a contrarian investment strategy, although it consistently beats the market, according to David Dreman, a seasoned money manager and long-time columnist for Forbes magazine. One of the Street's best-known and most articulate contrarians, Dreman has updated his 1982 investment classic, Contrarian Investment Strategies, using recent research on investor psychology. His revised book combines proven techniques for selecting undervalued stocks with fresh insights on how to defy, and thereby profit from, the popular fears or enthusiasms of the moment.

Dreman pays only cursory attention to a company's business fundamentals in deciding whether to invest in it. Instead he looks for stocks trading at below-market multiples of per-share earnings, cash flow, book value, or dividend yield. Historically, Dreman claims, stocks that are cheap by any of these measures have tended to outperform the market average, although this is disputed by those who believe the stock market is efficient and therefore impossible to beat except by accident. Dreman devotes many pages to debunking their research. He offers a new refinement of his low-price strategy, which involves picking the cheapest stocks within industries, to create a diversified, contrarian portfolio.

Contrarian Investment Strategies: The Next Generation is full of practical and provocative advice, but some of its most interesting passages delve into the abstruse findings of cognitive psychology. This research has proven that we are woefully inadequate as intuitive statisticians. Interpreting data to make predictions about the probability of future events, we consistently make the same mistakes. For example, we exaggerate the likelihood that current trends will continue, even when they are historically exceptional. (Logic dictates that trends are more likely to regress toward the mean.) This fallacy explains why most Wall Street insiders were gloomiest about stocks in 1981, after six years of falling prices, just before the beginning of the greatest bull market ever. Is today's widespread optimism among investors a reason for caution? Dreman thinks so.

It seems our brains are hard-wired to underperform the market. That's why few investors can keep to a contrarian approach. Dreman recommends buying stocks when prices fall, the worse the panic the better. But that requires overriding powerful instincts.

Besides reflecting Dreman's wide reading in finance, psychology, and history, his book also displays his sometimes windy and self-important writing style. At 464 pages, the book is not a quick read. But its intellectual depth and thoroughly tested advice make many other investment books look paltry and superficial by comparison. Serious, independent investors will find it rewarding.


язык: en

–убрика: Ёкономика и финансы/

—татус предметного указател€: √отов указатель с номерами страниц

ed2k: ed2k stats

√од издани€: 1998

 оличество страниц: 464

ƒобавлена в каталог: 12.11.2006

ќперации: ѕоложить на полку | —копировать ссылку дл€ форума | —копировать ID
blank
ѕредметный указатель
"Barr's Bionic Betas"      299
"Big bath theory"      104
"Bubbles"      265Ч269 348Ч372 393
"Contrarian Investment, Extrapolation, and Risk" (Lakonishok, Shleifer andVishny)      153 154
"Dark Side of the Moon" study      253Ч255
"Higgledy Piggledy Growth" (Little)      103
"How to" investment books      186Ч187
"Margin of safety" principle      49 172 275 295
"Prudent man rule"      304
"Survivorship bias"      326 332 333
3Com      55 93
A-N Research Corporation      428n
Abarbanell, Jeffrey      131 391
accounting      50 51Ч52 79 104 141 170 267
Accustaff      366
acquisitions      385 390
Advantage, competitive      141Ч142
Alex Brown & Sons      364 367
Alice's Adventures in Wonderland (Carroll)      69
All-Star Research Team      88Ч89 105 107
Alpha      400n
Amati Communications      366
America Online      239 368
American Association of Individual Investors      203
American Depository Receipts (ADRs)      208Ч209
American International Group      194
American Stock Exchange (AMEX)      91 146 153 170 319 338 363
Analysis of variance (Anova)      77
Analysts, financial      67Ч136
Analysts, financial, "hit rate" of      108 109
Analysts, financial, bonuses for      104Ч105
Analysts, financial, buy recommendations of      106Ч107
Analysts, financial, institutional clients of      88Ч89 104Ч105
Analysts, financial, judgment of      78Ч79 107Ч109 113
Analysts, financial, on All Star team      88Ч89 105 107
Analysts, financial, overconfidence of      21 81Ч83 87 98Ч99 107Ч109 114Ч116 119 126 128Ч129 130 135 172 199 245 284
Analysts, financial, reputations of      67Ч68 88Ч89 104Ч107
Analysts, financial, research by      74Ч75 88 89 223Ч224 246 315
Analysts, financial, salaries of      89Ч90
Analysts, financial, sales force and      88Ч89 104Ч105
Analysts, financial, sell recommendations by      105Ч107
Analysts, financial, short-term record of      221Ч222 224 236
Analysts, financial, surveys of      90Ч100 102Ч103 see earnings
Anchoring bias      233Ч234
Antar, Eddie      51
Art collecting      237 242 279 282 315 370
Ascend Communications      55
Assets: allocation of      57 58
Assets: capital and      185 400Ч404 424n 442n
Assets: liabilities vs.      171
Assets: net      52Ч53 210
Assets: of mutual funds      30Ч31
Assets: productive      294
Assets: risk-free      401
Assets: underlying      53
Assets: value of      52 293
AST Research      141Ч142
Astrology      44Ч45 48 398
AT&T      207 340
Atkinson, T.R.      243
Atlas Tack      321
Auction houses      242 315
audits      343 344
Automobile industry      72 74 178Ч181
Availability heuristic      231Ч232
Averages, law of      224
Bachelier, Louis      46
Bane One      106
Bank Credit Analyst      72
Bankers Trust      63
Bankruptcy      51 319 325 353
Banks: capitalization of      266Ч267 278
Banks: crisis in (1990)      265Ч269 393
Banks: crisis investing and      265Ч269 271Ч272 273 276
Banks: industry for      106 182Ч183 184 304 326
Banks: loans by      266Ч267 272 277Ч278 351 354 440n
Banks: management of      266 267 269
Banks: regulation of      266 267
Banks: trust departments of      30 48 88 102 294
Banks: volatility of      302
Banks:real estate investments of      265 266Ч267 269 440n
Banz, Rolf      317Ч325 326 327 328 333
Barren's      203 204 205 315 396
Baruch, Bernard      71 355
Base rate      225Ч226 229Ч230 232Ч233 236 237
Baseline Data Service      366
Basu, Sanjoy      148Ч149 151 331
Behavioral Finance      158
Bell South      106
Bell, Alexander Graham      71
Berlin, Irving      70
Bernard, Victor      131 391
Berry, Michael      91 119 147n
Beta      145 151 153 297Ч301 352 381 383 395 396 400Ч401 442n
Biotechnology industry      55 200 362 364 365
Black, Fischer      385
Blue Chip Economic Indicators      72 73
Bogle, John C      31 155
Bonds: capital of      294
Bonds: compound interest on      304
Bonds: crisis investing for      273Ч275
Bonds: default rate for      243 244
Bonds: discounts on      273
Bonds: government      28Ч29 234 273 274Ч275 278 280Ч292 293 294 295 297 301 304 306Ч315 401 403 440n
Bonds: interest rates and      168 234 240
Bonds: junk      51 237 243Ч245 257 297
Bonds: long-term      240 273 274Ч275 278 282 307
Bonds: market for      234Ч235 240
Bonds: municipal      247 273 404
Bonds: portfolio for      244
Bonds: return on      228 244 278 280Ч296 305Ч315
Bonds: risk of      305Ч315
Bonds: short-term      295
Bonds: stocks compared with      280Ч296 305Ч315
Bonds: taxation and      273 284 290Ч292 305Ч315 404
Bonds: trends in      72 223 234Ч235
Bonds: underwriting of      106
Bonds: volatility of      168Ч169
Bonds: war      288Ч289
Bonds: zero-coupon      273
Bonds:inflation and      273Ч274 280Ч290 291 292 294 295 304 305Ч315
Book value: price vs.      see price-to-book value ratio (P/BV)
Book value: relative      52Ч53
Boston Chicken      106 369 371
Brealey, Richard      103
Breen, William      432n
Buffett, Warren      54 56 84 382
Burns, Arthur      287
Business Week      72 228 368
businesses      see corporations
Canary Wharf Project      353
Capital Asset Pricing Model (CAPM)      400Ч404 424n 442n
Capital gains: as return      146 195 196
Capital gains: long-term      23
Capital gains: taxation of      186 187 196 403Ч404 441n
Capital Market Theory      149
Capital: appreciation of      23 146 161 162 164 166 169 195 196
Capital: assets and      185 400Ч404 424n 442n
Capital: bond      294
Capital: debt vs.      171 176 181 275 423n
Capital: erosion of      294 304 305Ч315
Capital: human      403
Capital: limited      186Ч190 213
Capital: markets for      149 399Ч404
Capital: preservation of      21 49 154 207 275 303Ч304 311 314
Capital: working      176
Carlyle, Thomas      322
Carroll, Lewis      69
Cascade Communications      93 233
Case rate      225Ч226 229Ч230 232Ч233 236 237
Cash flow: analysis of      50 53
Cash flow: forecasts of      101
Cash flow: growth in      248Ч255
Cash flow: one-time gains and      5
Cash flow: price vs.      see price-to-cash flow ratio (P/CF)
Cash flow: taxation and      50 53 163
Cash flow: value and      148
Cassidy, John      378
Center for Research in Security Prices (CRSP)      153 154 321n 323n
Cetus      362
Charts      42Ч43 45 84 217
Chrysler      170 172 340
Churchill, Winston S.      71 261
Citicorp      106
Clark, Jim      368
Clews, Henry      217
Cognitive biases      19 21 216Ч237 348 372
Cohen, Abby Joseph      16
collectibles      237 241Ч242 279 280 282 315
Columbia Savings and Loan      51
Columbia/HCA Healthcare Corporation      175
commissions      31 57 61 104Ч105 107 166 186 196 321 322 323 337Ч338
Common Stocks as Long-Term Investments (Smith)      283Ч284
Compaq      54 64 82 213
CompuServe      54 367
Compustat database      119 120 143Ч144 146 147Ч148 152 153 154 155Ч156 187 194 248 253Ч255 431n 432n
Computer industry      53 54Ч55 71 93 141Ч142 220 277 326 364
Computing and Tabulating Company      54
Conseco      106
Construction industry      110Ч111 351Ч352 353 358
Consumer Price Index      223
Contrarian investment strategy      149Ч159
Contrarian Investment Strategy (Dreman)      146 256 280 318 369
Contrarian investment strategy, absolute vs. relative      200 213
Contrarian investment strategy, academic research on      150 151Ч153
Contrarian investment strategy, acceptance of      17Ч19 24 149Ч159 397Ч398
Contrarian investment strategy, alternatives to      204Ч205
Contrarian investment strategy, by industry      193Ч213
Contrarian investment strategy, consistency of      190Ч192 193
Contrarian investment strategy, criticism of      23 149Ч159 318 325Ч327 328
Contrarian investment strategy, eclectic approach to      171Ч173 186 204 212
Contrarian investment strategy, efficient market hypothesis (EMH) vs.      140 150 151Ч153 154 178 374 376 384 385 396
Contrarian investment strategy, for crisis investing      261Ч278 374
Contrarian investment strategy, for portfolios      85n 160Ч192
Contrarian investment strategy, forecasts vs.      139 140Ч141
Contrarian investment strategy, interlinking components of      23
Contrarian investment strategy, investor psychology and      18Ч19 158Ч159 397Ч398
Contrarian investment strategy, market performance and      154Ч157 159
Contrarian investment strategy, methodology of      139Ч159 193
Contrarian investment strategy, price vs. value in      230Ч231 393Ч394 446n
Contrarian investment strategy, profit in      139 248Ч255
Contrarian investment strategy, risk and      145Ч149 151 153 268Ч269 275Ч278
Contrarian investment strategy, rules for      see rules contrarian
Contrarian investment strategy, statistical analysis of      150Ч157
Contrarian investment strategy, visibility and      141Ч145 158
Cooper, Gary      69
Corporations: failure rate for      170 367Ч369 370
Corporations: financial position of      171Ч173 174 275 276 298
Corporations: net worth of      49 51
Corporations: profits of      50 51 256Ч257 278
Corporations: startup      114Ч115 332 362 see
Correlations, statistical      84 380Ч381
Country funds      205Ч210 213
Cowles Commission      228
Crawford, Archibald A.H.      44Ч45
Crazy Eddie      51
credit cards      277Ч278
Crisis investing      261Ч278
Crisis investing, "margin of safety" in      275
Crisis investing, banks and      265Ч269 271Ч272 273 276
Crisis investing, bottoming out and      269 270
Crisis investing, buy-and-hold strategy for      263Ч264
Crisis investing, contrarian approach to      261Ч278 374
Crisis investing, credibility and      277Ч278
Crisis investing, dividends and      271Ч276
Crisis investing, essentials for      266Ч268
Crisis investing, event triggers and      261
Crisis investing, for bonds      273Ч275
Crisis investing, for panics      265Ч266 267 269Ч271
Crisis investing, for specific crises      262Ч266
Crisis investing, investor overreaction and      261Ч262 265 269Ч271 276Ч278
Crisis investing, market reaction in      261Ч264
Crisis investing, opportunities for      261 268 316Ч317
Crisis investing, pharmaceuticals and      272Ч273 274
Crisis investing, portfolios for      263Ч264 268Ч269 275 276 278
Crisis investing, price trends and      263
Crisis investing, price-earnings ratio (P/E) and      268 271 272Ч274 276
Crisis investing, price-to-book value ratio (P/BV) and      266Ч267 271 272 273 274 276
Crisis investing, price-to-cash flow ratio (P/CF) and      276
Crisis investing, probabilities and      266
Crisis investing, recovery and      263Ч264
Crisis investing, return on      261 263Ч264 278
Crisis investing, risk management in      268Ч269 275Ч278 298
Crisis investing, rules on      262 275
Crisis investing, self-confidence in      261 262
Crisis investing, sell mentality vs.      262
Crisis investing, value and      261Ч262 271Ч275 276
Crowd, The (Le Bon)      356Ч357
Culp, Michael      105
Cumulative average residuals      386n
Custer, George      68
Day of the Jackal, The (Forsyth)      69
Debentures      305
DeBondt, Werner      256
Debt: capital vs.      171 176 181 275 423n
Debt: credit card      277Ч278
Debt: defaults on      208 266Ч267 272 277Ч278 305 351 354 440n
Debt: financial instruments for      313Ч315
Debt: government      288Ч289 290
Debt: load of      51 298
Decca Recording Company      70
Decision-making: forecasts as basis of      74 79Ч80 84 113 115Ч116
Decision-making: information processing in      76Ч77
Decision-making: investment errors and      19 38 214Ч215 216 218 234Ч235 344
Decision-making: judgment and      19 22 38 193 215Ч216 344
Deep Blue      391 394
Deficits, budget      288Ч289
Deflation      282 287Ч288 295
Degeorge, Francois      104
Dell Computer      131 220
DFA Small Company Fund      328Ч329
Diagnosis      75Ч76 77 80 81 109 429n
diamonds      241Ч242 280
Diana Corporation      366
DiCarlo, Michael      366
Dickens, Charles      69
Digital Equipment Corporation (DEC)      71 220
Dimensional Fund Advisors      327Ч329
Dingle, John      36
Disciplined Investment Advisors      221
Dividends: by industries      194Ч203
Dividends: crisis investing and      271Ч276
Dividends: cuts in      267 305 391
Dividends: expected      52 53 79 101
Dividends: portfolios and      161Ч162 167Ч169 173 176 178 179 181 183Ч185 187 188
Dividends: price vs.      see price-to-dividend ratio (P/D)
Dividends: reinvestment of      167n 168 197
Dividends: yield of      53 118 146 154Ч158 161Ч169 178 181 183Ч185 194Ч203 228 252 267 271Ч276 327 331 386
Dodd, David      49Ч56 172 256 295 298 305Ч306
Dollar, strength of      207 209 280 281 282 287n 288Ч289 294 297 304 311
Dorfman, John      85 104
Dow Jones Industrial Average      15 17 62 144Ч145 228 239 242 262 263 339Ч400 349 381
Dreman Foundation      108n 281
Dreman Value Management L.L.C.      18
Drexel Burnham      244
Dulles, John Foster      68Ч69
Dun &Bradstreet      115
Duracell      132
Earnings: analysis of      50 51Ч52 60Ч61 76 256Ч257
Earnings: by industry      95Ч96 100 101 199Ч200
1 2 3 4 5
blank
–еклама
blank
blank
HR
@Mail.ru
       © Ёлектронна€ библиотека попечительского совета мехмата ћ√”, 2004-2017
Ёлектронна€ библиотека мехмата ћ√” | Valid HTML 4.01! | Valid CSS! ќ проекте