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Active Value Investing: Making Money in Range-Bound Markets (Wiley Finance) Hardcover – September 28, 2007
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Katsenelson's is straightforward enough to keep a rookie investor engaged, and in-depth enough to retain the interest of old pros, which makes this a great book for those of all skill levels. He does a comprehensive job of reviewing the market's past, projecting its potential future, and developing a case for why value investing will shine as the market stagnates. He combines historical and financial analysis, along with engaging stories from his experience as a professional investment manager.--Chuck Saletta, Motley Fool
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
From the Inside Flap
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.
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Top customer reviews
I did not like his introductionary remarks why I should buy his book (those remarks almost held me back into buying it).
The book could be a bit more structured.
I understand that some people do not like his style too much but after having had the opportunity to see him, I see where he is coming from. This is a person completely down to earth and maybe a bit too quick in reasoning from some of us to follow him.
I would have liked if he would have gone more into details about his models but I assume there's always something on the recipe one does not want to share :)
I would say this book is written for a more professional audience which is aware of the usual discussions on EMTH, etc. But it is written in very easy English.
On first reading, I thought it decent, but a bit shallow. But it has one of the best, and most accessible, discussions of how to value a business I've ever read. Many times I've used similar "thought experiments", attempting to reduce the complexities of publicly traded companies' financials to simple, but realistic examples, like Vitaliy does with "Tevye the Milkman" and his cows.
It was sometime after that initial read, and while I was re-reading selected sections that I realized this is a VERY GOOD book. And now, in that way we all have of simplifying concepts, when people ask me about my investment perspective, I kind of just point to Vitaliy. "He says it best." I counter that deification by keeping the book on top of the toilet.
Aside from the character Tevye, the main take away for me is about when, and why, to sell. Vitaliy makes a convincing case that we are destined to spend decades in range-bound markets, especially after long bull runs like the end of the 20th century. But from the inside, the ranges are large enough that we don't really see it, but instead experience it as separate bull and bear markets. The difference is that by the end of the long range period, there has been no net progress. Knowing that in advance, being able to see "outside the range", seeing the box we're in for what it is - that's what this book is about.
Vitaliy Katsenelson's use of eye-opening charts, hard-core data, and clever real world examples makes this a great read. The book is long and packed with information, but it is worth it. I gained a lot of insight into today's volatile markets. I put it right up there with other great finance titles like "Fooled by Randomness" and "Liar's Poker"!
The author rigorously examines and compares the many ratios traditionally used to value stocks (and proffers his preferences). There is some light math in a couple of chapters, but a non-math geek can still profit from this book. It is especially timely given current market conditions.
An excellent gift for yourself or favorite investor (other than yourself!).
No breakthrough insights or revelations will be found within the pages. Basic gist, buy low P/E companies because they weather storms better, but sell them when they're no longer low P/E. Some basics of discounted cash flow. Other than that not much going on...