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This book should be considered a practical compendium of modern finance, leaving no stones unturned on your way to better investments. Katsenelson’s passionate, witty and accessible writing expertly takes the reader through his original framework for valuing stocks in range-bound markets. A student of history and an overzealous stock picker, the author entertainingly illustrates every concept with a collection of real-world examples, demonstrating an impressive breadth and depth of understanding of what makes stocks move!--J.P. Tremblay, CFA
"How to adapt value investing for "range-bound" markets." (Financial Times, Tues 26th February 2008)
"The new Benjamin Graham is Vitaliy N. Katsenelson. I highly recommend Katsenelson's book, Active Value Investing: Making Money in Range-Bound Markets (Wiley, 2007). I like to think the old Ben Graham would have recommended it, too."--Forbes
For the next dozen years or so, the U.S. stock market will be a wild roller-coaster ridesetting all-time highs and multi-year lows in the process. While the twists and turns of this ride are still to be written by history, the long-term, sideways "range-bound" trajectory has already been set by the eighteen-year bull market that ended in 2000. When the dust settles, only those who adapted their investment strategies to this range-bound market will have captured any meaningful profits.
Nobody understands this situation better than author, educator, and respected investment manager Vitaliy Katsenelson. And now, with Active Value Investing, he'll reveal how to achieve unparalleled success in these conditions by taking traditionally profitable and fundamentally driven strategiesdeveloped during the eighteen-year bull marketand modifying them for use in range-bound markets.
This is not just another value investing book. It is a practical guide that contains innovative insights and timely techniques that will improve your investment endeavors during a time when others will be paying with their returns, and with lost time, for the valuation excesses of prior bull markets.
In the first part of the book, Katsenelson examines the historical performance of U.S. markets over the past two centuries and discusses what has caused prolonged bull, bear, and range-bound markets. He then looks at the emotions that have dominated each of these markets, why there is a high probability that a range-bound market has descended on us, and what you can do to forecast how long this market will last.
Part Two of Active Value Investing addresses practical application of this concept. Here you'll become familiar with performing proper stock analysisfrom identifying what constitutes a good company to determining the stock price at which these companies become worth owningand implementing an active investing strategy during range- bound markets. You'll also be introduced to the Quality, Valuation, and Growth (QVG) framework, which lies at the core of this approach. Rounding out this section are detailed discussions of the buy/sell process as well as complete coverage of important risk and diversification issues.
Range-bound markets may be difficult to invest in, but with Active Value Investing as your guide, you'll quickly learn how to squeeze real profits out of a difficult market full of exhilarating highs and surprising lows.
Reading this book in 2007, it had an immense impact on my thinking. The gravitating pull from valuations in a range-bound market – one of the book’s core ideas – nicely interlinked... Read morePublished 13 months ago by investingbythebooks
I bought this book a few years ago and found it to be fairly simplistic, but easy to follow. If you're just starting out learning about investing, then there are definitely worse... Read morePublished on November 22, 2012 by Samuel Affolter
This books leaves much to debate on strategy and the measurement ( or illusion ) of results. Its equally likely to result in below average returns as it is above average, but one... Read morePublished on November 15, 2011 by Vik
This is an outstanding book. It is a must read for both the professional and lay investor. Vitaliy manages to put on paper something that few others have achieved, a... Read morePublished on September 1, 2011 by sj glass
From the description, I thought that Katsenelson had found an innovative new approach to investing. My mistake. Read morePublished on May 3, 2010 by J. Seidman
Reviews should be brief in this space. Thus: If you are of the opinion that the economic crisis here is awaiting its echo in an overleveraged, unsustainably growing China and if... Read morePublished on February 26, 2010 by Keine Ahnung Baby
The question he begins to answer in this book is "What the heck is the value of a stock anyway?" The last time I talked to my mutual fund adviser he showed me (again) a chart of... Read morePublished on March 15, 2009 by Corey F. Garber
This is a fine addition to any investor's bookshelf.
On first reading, I thought it decent, but a bit shallow. Read more
I ordered this book because it was recommended by John Mauldin in his newsletter "Outside The Box", which I highly recommend. The newsletter is free via email. Read morePublished on December 15, 2008 by J. Dunford