Joshua Rosenbaum - The Little Book of Investing Like the Pros
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- Название:The Little Book of Investing Like the Pros
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Stock investing is more prevalent than ever, whether directly or indirectly through brokerage accounts, exchange-traded funds, mutual funds, or retirement plans. Despite this, the vast majority of individual investors have no training on how to pick stocks. And, until now, there hasn't been a truly accessible, easy-to-understand resource available to help them.
was written to fill this void.
We believe the simplicity and accessibility of our stock picking framework is truly unique. Using real-world examples and actual Wall Street models used by the pros, we teach you how to pick stocks in a highly accessible, step-by-step manner. Our goal is straightforward—to impart the skills necessary for finding high-quality stocks while protecting your portfolio with risk management best practices.
Our practical approach is designed to help demystify the investing process, which can be intimidating. This training will help set you apart from others who are largely flying blind.
Pilots require extensive training before receiving a license. Doctors must graduate medical school, followed by a multi-year residency. Even those providing professional investment advice require certification. But, anyone can buy a stock without any training whatsoever. While buying stocks on a hunch and a prayer may not endanger your life, it can certainly put your finances at risk.
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4 Acknowledgments
5 Disclaimer
6 Introduction Structure of the Book Notes
7 Chapter One Step I: Idea Generation Screens Bottom-Up Approach Top-Down Approach Notes
8 Chapter Two Step II: Identifying the Best Ideas Idea Review Framework Investment Thesis Business Overview Management Risks & Considerations Financials & Valuation Notes
9 Chapter Three Step III: Business & Financial Due Diligence Business Due Diligence Financial Due Diligence Notes
10 Chapter Four Step IV: Valuation & Catalysts Valuation Market and Intrinsic Valuation Buyout Valuation Catalysts Setting the Price Target Notes
11 Chapter Five Step V: Investment Decision & Portfolio Management Making the Investment Decision Monitor the Investment Portfolio Construction Portfolio & Risk Management Notes
12 Post-Mortem: Delphi Automotive Note
13 Bibliography & Recommended Reading
14 End User License Agreement
List of Illustrations
1 Chapter One Exhibit 1.1 Screening Output—Buyback Authorizations >5% of Market Cap & Market Cap >$1 bill... Exhibit 1.2 Bottom-Up ApproachExhibit 1.3 Top-Down ApproachExhibit 1.4 N. American Auto Production vs. Vehicles ScrappedExhibit 1.5 Cable vs. Telco Share of Broadband Subscriber Adds
2 Chapter TwoExhibit 2.1 Idea Review FrameworkExhibit 2.2A Investment Write-up TemplateExhibit 2.2B Investment Write-up TemplateExhibit 2.3 Investment Thesis ComponentsExhibit 2.4 Business OverviewExhibit 2.5 Management AssessmentExhibit 2.6 Delphi TransformationExhibit 2.7 Financials & ValuationExhibit 2.8 Calculation of Market CapExhibit 2.9 Calculation of Enterprise ValueExhibit 2.10 Methods for Calculating Free Cash FlowExhibit 2.11 Leverage RatiosExhibit 2.12 Coverage RatiosExhibit 2.13 EV/EBITDAExhibit 2.14 P/EExhibit 2.15 P/FCF and FCF YieldExhibit 2.16 Selected Sector-Specific Valuation MultiplesExhibit 2.17 ROICExhibit 2.18 Dividend Yield
3 Chapter ThreeExhibit 3.1 Business Due Diligence ChecklistExhibit 3.2 Global Light Vehicle VolumesExhibit 3.3 Fuel Economy Standards by GeographyExhibit 3.4 Installation Rates of Embedded TelematicsExhibit 3.5 Competitors by SegmentExhibit 3.6 Delphi Customer ListExhibit 3.7 Risk Sensitivity AnalysisExhibit 3.8 Financial Due Diligence ChecklistExhibit 3.9 Delphi Five-Year Historical Financial Summary – Income Statement and Free Cash ...Exhibit 3.10 Summary Model AssumptionsExhibit 3.11 Delphi Five-Year Projected Financial Summary – Income Statement and Free Cash F...Exhibit 3.12 Delphi Five-Year Projected Financial Summary – Balance Sheet Summary
4 Chapter FourExhibit 4.1 ValuationExhibit 4.2 Benchmarking AnalysisExhibit 4.3 Comparable Companies Analysis—Trading Multiples Output PageExhibit 4.4 Delphi DCF Analysis Output PageExhibit 4.5 Exit Multiple MethodExhibit 4.6 Calculation of WACCExhibit 4.7 DCF Sensitivity AnalysisExhibit 4.8 Rockwood Sum-of-the-PartsExhibit 4.9 Liberty Media Net Asset ValueExhibit 4.10 Precedent Transactions Output PageExhibit 4.11 Synergies-Adjusted EV/EBITDA CalculationExhibit 4.12 How LBOs Generate ReturnsExhibit 4.13 Accretion / (Dilution) AnalysisExhibit 4.14 CatalystsExhibit 4.15 DLPH Annotated Share Price and Volume HistoryExhibit 4.16 Setting the Price Target
5 Chapter FiveExhibit 5.1 Tracking Sheet—Potential IdeasExhibit 5.2 Quarterly Earnings Comparison TemplateExhibit 5.3 Annual Earnings Comparison TemplateExhibit 5.4 Balance Sheet Comparison TemplateExhibit 5.5 Portfolio Construction ConsiderationsExhibit 5.6 Portfolio Snapshot TemplateExhibit 5.7 Portfolio & Risk Management ToolsExhibit 5.8 $1 Invested in TWX vs. VIAB in 2016Exhibit 5.9 Illustrative Historical Performance – Fund vs. S&P 500
6 Post-Mortem: Delphi AutomotiveExhibit PM.1 Delphi Share Price vs. Auto Suppliers & S&P 500Exhibit PM.2 Delphi Valuation Progression from IPO to Spin
Guide
1 Cover
2 Table of Contents
3 Foreword
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