The stock market is a wild and scary roller coaster ride that investors have tried to tame with superficially appealing but ultimately flawed strategies―technical analysis, modern portfolio theory, CAPM, factor models, and algos. Many have simply given up and settled for indexing. This book explains the fundamental flaws that make so many strategies hazardous to our wealth.
There is a better way―what the authors call Investing 6.0―that is simple enough for anyone to use. No fancy math, complicated computer algorithms, or long days are required. This book offers a strategy with a few key principles that all investors and the financial advisors and planners who serve them can use with ease

lgli/2320.pdf

lgrsnf/2320.pdf

zlib/Business & Economics/Investing/Gary Smith, Margaret Smith/The Power of Modern Value Investing: Beyond Indexing, Algos, and Alpha_27439386.pdf

Margaret Smith, Gary Smith

Springer International Publishing

Springer Nature Switzerland AG

Springer Nature, Cham, 2023

Switzerland, Switzerland

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Contents
List of Figures
List of Tables
Preface
Introduction
Name Your Favorite Investment
A Benevolent Casino
The Importance of Financial Markets
Stock Exchanges
The Stock Market Is the Main Show
1 Investing 1.0—Blind Faith and Speculation
The South Sea Bubble
Hoping for Greater Fools
The Building of a Bubble
Tulipmania
The British Bicycle Bubble
The Roaring Twenties
Ponzi Schemes
Market Manipulation
The Crash
The Aftermath
References
2 Investing 2.0—The Birth of Value Investing
The Intrinsic Value of an Investment
The Present Value of Dividends
Consols
Valuing Growth
Growth Matters (A Lot)
Are Stocks a Ponzi Scheme? Nope
The Dividend Yield
Other Income Measures
The Earnings Yield
Shiller’s Cyclically Adjusted Earnings
An S&P 500 Valuation
What About Risk?
References
3 Investing 3.0—(Mis)measuring Risk
Mean–Variance Analysis
The Markowitz Frontier
Tobin’s Separation Theorem
Some Problems with Mean–Variance Analysis
Stock Returns Are Not Normally Distributed
The Past Is Not a Reliable Guide to the Future
The Yale Model
A Myopic Focus on Short-Term Volatility
Deferring Gains and Harvesting Losses
Untenable Independence
Stock Returns Are Not Random
Yes, You Can Be Too Conservative
A Return to Investing 1.0
References
4 Investing 4.0—Efficient Markets and Value-Agnostic Indexing
Random Walks and $100 Bills on the Sidewalk
Thinking Clearly
The Delusion of Crowds
The Dot-Com Bubble
The Cryptocurrency Bubble(s)
The Performance of Professionals
Indexing
Value-Agnostic Investing
References
5 Investing 5.0—Factor Models, Algorithms, and Chasing Alpha
The Capital Asset Pricing Model (CAPM)
Betting with Betas
Chasing Alpha
Multiple-Factor Models
Anomalies
The Fama–French Three-Factor Model
Dimensional Fund Advisors (DFA)
Factors, Factors, Everywhere
More Historical Data Will Not Help
Plundering Data
Mindless Algorithms
Once Again, Mismeasuring Risk and Creating Opportunities
References
6 Investing 6.0—Modern Value Investing
A Better Measure of Risk
Diversification with a Value Surplus Approach
Implications of a Value Surplus Approach
A Prevent Defense Is Seldom a Good Investment Strategy
Leave Your Options Open
Details, Details
7 A Case Study—Stocks
An Investing 1.0 Approach
An Investing 3.0 Approach
The Collapse of SVB
An Investing 4.0 Approach
An Investing 5.0 Approach
A Modern Value-Investing Approach
Gauging Uncertainty
An Efficient Frontier
8 A Case Study—Homes
Recognizing Bubbles
The Intrinsic Value of Homes
A Home in Fishers, Indiana
The Chinese Housing Bubble
Granny Flats
References
9 The 9 Pitfalls of Investing
Our Don’t Do List
Don’t Follow the Crowd or Chase Prices
Don’t Be Seduced by Fads, Follies, and Hot Tips
Don’t Try to Time the Market’s Zigs and Zags
Don’t Measure Risk by Price Volatility
Don’t Be Bedazzled by Math
Don’t Be Duped by AI
Don’t Be Convinced by Backtesting
Wealthfront
Don’t Torture Data
Don’t Be Fooled by Things Too Good to Be True
The Grand Takeaway
References
Index

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Erscheinungsdatum: 13.01.2024

2024-01-15