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Choosing the right investment philosophy is the heart of successful investing. To make the choice, though, you need to look within before you look outside. In the Second Edition of Investment Philosophies, New York University Stern Business School Professor Aswath Damodaran will help you do this by going beyond the simple explanations of traditional and alternative investment strategies to discuss the individual underlying philosophies that support these techniques.
This reliable resource skillfully explores many of the time-tested investment philosophies that have allowed investors to reap financial rewards over the years, including value investing, growth investing, technical analysis, market timing, arbitrage, indexing, and more.
Along the way, it exposes you to a wide array of investment philosophies so as to give you a sense of what drives investors in each one, how they attempt to put these philosophies into practice, and what determines ultimate success. Author Aswath Damodaran also supplies you with the toolsthe definition and measurement of risk, the notion of market efficiency and how to test for inefficiencies, and the components and determinants of trading costsand empirical evidence for you to make your own judgments on the investment philosophy that fits your specific investment goals and views of how markets work.
Filled with valuable insights and useful formulas, this book provides you with the information you need to pick an investment philosophy that is right for you. With the Second Edition of Investment Philosophies as your guide, you can enter the markets with confidence and exit with profits.
Praise from the first edition of Investment Philosophies
"Damodaran is a well-informed scholar with a gift for organized, clearly written syntheses of complex topics in modern finance. With Investment Philosophies he provides the uncensored facts about winning in the marketplace. If you are a fund manager, an investor, or simply a student of finance, you will want to read this book."
Tom Copeland, Managing Director of Corporate Finance, Monitor
"Professor Damodaran has zeroed in on the most important missing element of many investment management processes: a clearly defined investment philosophy which can serve as a beacon in difficult markets. He offers a cornucopia of philosophies and strategies that have worked for many of the most successful investors, and which have stood the test of time."
Rob Arnott, Chairman, First Quadrant, LP; Editor, Financial Analysts Journal
"As an investor, I always have to look back to my philosophy and strategy for taking risk and making money. This book is an invaluable aid for 'taking stock' before buying stock. It lays out the concepts and tools for understanding the basics of risk and return in the stock market, and presents a framework for any investor to construct his or her own investment philosophy."
Mitch Julis, Managing Partner, Canyon Capital Advisors