The Large-Cap Portfolio : Value Investing and the Hidden Opportunity in Big Company Stocks.


Thomas. Villalta
Bok Engelsk 2001 · Electronic books.
Annen tittel
Utgitt
Hoboken, N.J. : Wiley , c2001
Omfang
1 online resource (306 pages)
Utgave
1st ed.
Opplysninger
Intro -- The Large-Cap Portfolio: Value Investing and the Hidden Opportunity in Big Company Stocks -- Contents -- Acknowledgments -- Preface -- Parts of This Book -- Notes -- Part I: The Large-Cap Opportunity and Challenge -- Chapter 1: Trends in Large-Cap Investing and the Opportunities They Present -- Defining a Large-Cap Stock -- Understanding the S&amp -- P 500 Index -- Examining the Growth of Indexed Equities -- Defining Active Management -- So What Does This Mean for Investors? -- Two Additional Considerations -- Finally, Something Timely -- Conclusions -- Notes -- Chapter 2: Risk and Uncertainty -- Financial Measures of Risk -- Accounting Measures of Risk -- Differentiating between Certain and Uncertain Cash Flows -- Conclusions -- Notes -- Part II: Market Inefficiency -- Chapter 3: An Introduction to Market Efficiency -- The Basis for Market Efficiency -- Efficient Markets Hypothesis -- Empirical Support for the Efficiency of Markets -- Conclusions -- Notes -- Chapter 4: Evidence of Inefficiency in Investor Behavior and Market Behavior -- Closed-End Fund Discounts and Premiums -- Market Bubbles and Market Crashes -- Investors vs. Their Investment . . . or Investors vs. Themselves -- Book-to-Market Effects and Other Value Criteria -- Conclusions -- Notes -- Chapter 5: Individual Decision Making -- That Thing about Our Being Rational . . . -- Bayesian, Non-Bayesian-What Does This Mean? -- Great Companies Always Make Great Stocks -- Representative Sequences -- Now That You Put It That Way . . . -- Dropping an Anchor in a Sea of Information -- Conclusions -- Appendix: Utility Theory and Prospect Theory -- Utility Theory and Rationality -- Prospect Theory -- Conclusions -- Notes -- Chapter 6: Correlated Mistakes and the Failure of Arbitrage -- Herding and Why We're Predisposed to Correlated Mistakes.. - Chapter 11: The Challenges of Managing Large-Cap Common Stock Portfolios -- Understand Your Universe and Benchmark -- Off-Benchmark Securities -- Position Sizes -- Turnover -- Commodity-Oriented Holdings in the Large-Cap Portfolio -- Macroeconomics and Portfolio Management -- Conclusions -- Notes -- What's on the Companion Website -- About the Author -- Index.. - Evidence of Herding in Securities Markets and in the Analysis of Common Stocks -- Feedback Mechanisms and Mood Contagions -- Smart Arbitrageurs Will Save Us! Won't They? -- Some Related Considerations in Approaching the Active Management of Investments -- Conclusions -- Notes -- Chapter 7: Conventional Views on Sources of Market Inefficiencies -- Structural Impediments to Market Efficiency -- Pertinence to Large-Cap Universe -- Conclusions -- Appendix: Underexplained Market Phenomena -- Notes -- Part III: Research and Portfolio Management -- Chapter 8: Identifying Large-Cap Stock Opportunities and Optimizing Research Processes -- Identifying Large-Cap Stock Opportunities -- Filters and Relative Assessments of Value -- Subjective Identification of Overoptimism and Overpessimism -- Overconfidence, Information Overload, and the Structure of Investment Firms -- Conclusions -- Notes -- Chapter 9: Approaching Growth in Large-Cap Stock Research -- Are We Good at Predicting Growth? -- Equity Valuation Basics -- Limitations to Estimating Long-Term Growth Rates -- Abnormal Growth Magnitude and Abnormal Growth Duration -- Traditional Methods for Determining Growth -- Perversions of Growth Estimates in Large-Cap Stocks -- Recognizing that Markets Are Efficient over the Long Term: A Refresher on Microeconomic Theory -- Some Further Considerations When Predicting Growth Rates -- Solutions -- Conclusions -- Notes -- Chapter 10: Hewlett-Packard Company Case Study -- A Look at HPQ's Historical Performance and Operations -- Behavioral Biases and Evidence of Analyst Overreaction -- Evaluating the Market's Assessment of HPQ's Growth Prospects -- Pulling It All Together -- Appendix: Calculating Underlying Assumptions Relevant to the Valuation of HPQ -- Calculation of Beta -- Discount Rates -- Notes.. - praise for The Large-Cap Portfolio "Tom Villalta has crafted a thoughtful must-read for anyone who's a stock picker, anyone looking to step up their game in investing returns, or even the casual reader interested in how markets work. The book not only offers insightful tips from a seasoned pro, but also a spirited defense of the passion for picking stocks in an age when many are content to let the machines take over investing."-Tiernan Ray, Senior Editor, Barron's magazine "Most investors hold large-cap stocks in their portfolios but don't really understand why. In The Large-Cap Portfolio, fund manager Thomas Villalta offers a clear explanation as to the importance of owning large-caps and why this asset class should not be taken for granted. He also offers a compelling case for actively managed strategies as opposed to indexes or 'closet-indexes.' All in all, it's an interesting, detailed look at an often overlooked sector of the market."-Gregg Greenberg, Mutual Funds Reporter, TheStreet.com.
Emner
Sjanger
Dewey
ISBN
0471381985. - 0471463396

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