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The New Value Investing

How to Apply Behavioral Finance to Stock Valuation Techniques and Build a Winning Portfolio

By C. Thomas Howard

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About the Author

C. Thomas Howard

Dr. Howard is co-founder of AthenaInvest, a Greenwood Village-based SEC Registered Investment Advisor. He led the research project that resulted in Strategy Based Investing, the methodology which underlies AthenaInvest's investment approach. He oversees Athena's ongoing research, which has led to a number of industry publications and conference presentations. Dr. Howard currently serves as CEO, ... Read more on C. Thomas Howard

Contents Listing

Chapter 1: The Investing Landscape
A Smorgasbord of Value Investing Techniques
A Bit About Me
Unlocking the Secrets of Value Investing

Chapter 2: Portfolio Management 101
A. Sound Portfolio Decisions
B. Company and Industry Diversification
C. International Diversification
D. Managing Your Portfolio over Time
E. Measuring Portfolio Performance

Chapter 3: The Broad Currents Sweeping the Market
A. The Time Structure of Market Returns
B. Are Stocks Ever Mispriced?
C. Catching the Trade Winds of the Market

Chapter 4: Where do You Get Your Ideas?
A. The Universe of Ideas
B. What Screens Should You Use?
C. The Mechanics of Screening

Chapter 5: What Valuation Investing is All About
A. Identifying Under Valued Stocks
B. Estimating A Value Range
C. The Art of Selling
D. Patience and Humility: the Watch Words of Valuation Investing

Chapter 6: Making Sense of the Economy and the Markets
A. The Relationship Between the Market and the Economy
B. The Business Cycle
C. The Federal Deficit and Money: Do They Matter?
D. Market-wide Valuations

Chapter 7: Untangling Financial Statements
A. Flows: Dividends, Earnings, and Cash
B. Levels: Assets, Liabilities and Equity
C. Interpreting the Numbers
D. Accounting Changes and Other Disturbances
E. Constructing Financial Ratios
F. Identifying the Best Athletes
G. In Search of the Dirty Laundry: Financial Statement Footnotes

Chapter 8: In Search of Value
A. Price Doesn't Always equal Value
B. Simple Valuation Examples
C. Dividend Valuation
D. Variable Growth Valuation
E. Earnings Valuation
F. Other Benchmarks
G. Value Ranges

Chapter 9: Valuation Analysis: the Details
A. Dividend Valuation
B. The Importance of Growth
C. Expected and Sustainable Growth
D. Variable Growth
E. Earnings Valuation
F. Qualitative Considerations

Chapter 10: A Closer Look at Earnings and Cash Flow
A. What are We Trying to Measure Anyway?
B. Accounting Changes
C. Restructuring and Writedowns
D. Acquisitions and Mergers
E. Divestitures and Spin-offs
F. Foreign Currency Risk
G. Economic Variation
H. Transforming Earnings to Cash Flows
I. A Little Help From our Friends
J. A Modified Valuation Range

Chapter 11: Some Final Thoughts
A. Stick With Your Technique
B. How I have implement my Valuation Strategy
Chapter 1: The Investing Landscape
A Smorgasbord of Value Investing Techniques
A Bit About Me
Unlocking the Secrets of Value Investing

Chapter 2: Portfolio Management 101
A. Sound Portfolio Decisions
B. Company and Industry Diversification
C. International Diversification
D. Managing Your Portfolio over Time
E. Measuring Portfolio Performance

Chapter 3: The Broad Currents Sweeping the Market
A. ...

Jacket Text

The aim of value investing is to identify stocks that are undervalued and which can be expected to produce an above average return in the future. And the message from the history of investing is clear: if you successfully pursue a value investing strategy over the long term, you will earn an above average return on your portfolio. The goal of The New Value Investing is to help you identify undervalued stocks and teach you how to build your own successful value investing portfolio.

Added to this, it is important to understand that value investing is inextricably linked with behavioral finance, and research advances in this area in recent years strengthen the case for value investing. The author explains how stock prices are determined by emotional crowds, how this leads to mispriced stocks and opportunities for the value investor, and how you can harness the insights of behavioral finance to improve your value investing approach.

As you work through this book, the author shows how to follow the path from analysis of the economy, to the industry, to company financial statements, to creating a value range for a company's stock. You will learn:

- How to remove emotion from your investment process.
- The essential elements of portfolio construction.
- What a value investor should observe in the wider economy and the market.
- Where to find investment ideas.
- How to read a company's financial statements from a value investing perspective.
- Dividend valuation, earnings valuation and other valuation techniques.
- How to undertake a full valuation analysis, with two complete worked examples of stock valuation for real-life companies.
- What professional value investors at investment funds analyse and how they make their decisions.

Value investing is within everyone's reach, so why doesn't everyone use it? The key is patience. The approach works over the long term if you stick with it and the result could be extra hundreds, thousands or millions in your portfolio at the end of your investment horizon.

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