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You Say Tomayto

Autor Alastair Mundy
en Limba Engleză Hardback – 16 oct 2012

Although many people consider bloody-mindedness and stubbornness as being perfect qualifications for a contrarian investor, the approach is in fact a little different than that. Yes, it requires one to act against the crowd. However, it is futile to do so without good reason. A naiÌ?ve contrarian investor pops into a pub looking for a fight and is delighted if his first opponent is Lennox Lewis. A more seasoned contrarian looks to fight only little old ladies. But looking for the right opponent in a local pub is far from straightforward - little old ladies can sometimes be veteran jujitsu champions - and detecting the easier battles in the stock market is similarly challenging. At first blush, many stocks are attractive and other appealing stocks may initially look like dogs.

There is no trustworthy shortcut to separate the dogs from the delightful. The long cut is the implementation of much hard work. Hard work as in understanding a company's business model, why other investors hate it, what positive factors they might have missed, how its balance sheet and cash flow interact, and whether its valuation is sufficiently attractive. None of that is rocket science perhaps, but that does not make it easy. The bull arguments are often well hidden and can only be discovered through meticulous work, a sceptical mindset, and deep thought.

In this collection of his writings, top fund manager Alastair Mundy takes a contrarian look at a host of topics and issues, providing a range of ideas and approaches and encouraging investors to think hard about their approach to investment. This book should be essential reading for any investor - contrarian or otherwise.

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Specificații

ISBN-13: 9780857192561
ISBN-10: 0857192566
Pagini: 212
Dimensiuni: 156 x 234 x 13 mm
Greutate: 0.46 kg
Editura: HARRIMAN HOUSE LTD

Notă biografică

Alastair Mundy

Cuprins

Acknowledgements About the Author Introduction 1. You Say Tomayto: Beneath the Skin of Contrarian Investing You say tomayto Too scared to watch? Portfolio concentration - separating the good from the great The risks of structural decline - a requiem to fondue sets Mean reversion - whatever goes up probably comes down Tesco - every little helps margins revert Risk management - dinner party do's and don'ts Stretching the analogy Navel gazing Contrarian investing - cycling through the haze 2. Circles of Competence: Expertise, Luck, or Sheer Bloody-Mindedness? Circles of competence - Tony the Cabbie Expertise - keep practising Intuition - I knew that was going to happen Luck - an unlucky general Scepticism - 'Gullible? Me?' Patience - as long as it takes Errors - check the checklist 3. Fancy a Crunchie? The Relentless Quest for Value Fancy a Crunchie? Not at that price The perfect stock Falling knives I - have you lost your nerve? Falling knives II - dealing with the losers What's the catalyst? Are shorters evil? Correlations - not so simple Large cap investing - does size matter? Investing in IPOs - what's not to like? 4. A Psycho in the Boardroom? Quizzing Company Management A psycho in the boardroom? When chaff looks like wheat Accounting tricks - where's the potato? Remuneration - when's enough, enough? Cost-cutting - too good to be true? 5. Chancellor for a Day: The Perils of Economic Forecasting Chancellor for a day Economic forecasting I - what's the point? Economic forecasting II - sure thing? Deeply double dippy 6. A Night on the Town: 'Out with the Crowd' on Behavioural Finance Behavioural finance - a night on the town Framing - the benefit of the doubt? Nostalgia bias - Nostalgia's not what it used to be How many spectators does it take to trigger a Mexican Wave? Being Wrong - did I really say that? Overconfidence? No, I'm just right, I'm sure Availability bias - Thinking, Fast and Slow Risk aversion - the attraction of the uninvestable 7. Meet the Monkeys: Fund Management and Mismanagement Star fund managers - meet the monkeys Organogram chaos - specialists versus generalists Mis-selling - snake oil everywhere? Marketing - weasel words I Marketing - weasel words II Surveys - 9 out of 10 Cats 8. Colin the Contrarian: Tall Tales and Other Confessions Colin the Contrarian - a cautionary tale The 12 myths of investment - a presentation Original thinking Bye, bye Paddy Can't give up the girl Packing her in for good It's just not cricket! Kissing frogs, and five other things Postscript The Audience Fights Back Further Reading - Build Your Own Book Mountain Glossary