- Tapa dura: 262 páginas
- Editor: John Wiley & Sons Inc; Edición: 1 (12 de abril de 2002)
- Idioma: Inglés
- ISBN-10: 0471054909
- ISBN-13: 978-0471054900
- Valoración media de los clientes: Sé el primero en opinar sobre este producto
- Clasificación en los más vendidos de Amazon: nº723.069 en Libros en idiomas extranjeros (Ver el Top 100 en Libros en idiomas extranjeros)
- Ver el Índice completo
The Man Who Beats the S&P: Investing with Bill Miller (Inglés) Tapa dura – 12 abr 2002
Descripción del producto
Reseña del editor
Learn value investing through the strategies and techniques of the Investment Portfolio Manager of the decade. In the only value investing book focused on value investor Bill Miller, the manager of the $11.6 billion Legg Mason Value Trust, Janet Lowe examines the techniques that have earned Miller celebrity status among investors and his peers. By taking the classic concept of value investing and catapulting it into the twenty first century, Bill Miller has become a role model for those who wish to learn how to recognize value in today's new and emerging markets. Readers will be introduced to Miller's belief that "the value of any equity depends on the future, not the past." This idea has made him one of the most well regarded value investors in the mutual fund arena and the only manager of a diversified fund to beat the Standard & Poor's 500 for ten years in a row. Through this book, readers will come to understand America's new money master and his investing philosophy of looking beyond the obvious numbers. They will also learn Miller's computerized value matrix and other mathematical tools, while implementing the cutting edge approach he uses when value investing. Packed with insights and advice, this comprehensive guide to value investing is sure to fill the needs of many investors.
Nota de la solapa
Bill Miller has achieved celebrity status among investors and his peers by applying the classic concepts of value investing to the twenty-first century. Considered the premier mutual fund manager in America, Bill Miller has set one of the highest mutual fund performance records with Legg Mason's Value Trust. He outdistanced the S&P 500 eleven years and running with his innovative value approach to investing.
In The Man Who Beats the S&P: Investing with Bill Miller, business writer Janet Lowe examines the philosophy, analysis, and strategies that have fueled Miller's success through a market that was decidedly hostile to value fund managers. Lowe reveals how Miller keeps his decades-long investment success going.
By following Miller's remarkable track record as a money manager, The Man Who Beats the S&P not only illustrates how Miller picks undervalued stocks, but sets a framework for how you too can use value measures to find undervalued stocks and ride them to profits. This invaluable guide will help you understand Miller's cutting-edge approach to value investing by showing you how to:
* Identify value in the technology sector
* Think like Bill Miller and make successful investment decisions
* Become proficient at the art of new economy and old economy valuation
* Understand real-world stock scenarios
* Manage all aspects of a portfolio
Miller has seen the future, and he understands that value investing and the world of high-technology business have already overlapped and will continue to do so. In a time where there is intense focus on intellectual growth, intellectual accomplishments, and intellectual property, the Miller method is daring and brilliant. Today's investment challenges require a swifter and smarter approach to making investment decisions-that's why Bill Miller's "multi-factor" security analysis has proved so powerful.
Bill Miller's investment approach isn't for the faint of heart. It entails hard work, diligence, patience, and self-confidence. But his methods also have their rewards. If you love research and analysis, and have the desire to find a savvier approach to investing, pick up The Man Who Beats the S&P and watch your commitment pay off in dollars and sense.
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Opiniones de clientes más útiles en Amazon.com
If you're considering buying this book to gain some insight or understanding of how Bill Miller actually goes about picking his stocks, boy oh boy you're in for a HUGE DIASPOINTMENT! This book Adds absolutely no knowledge, it brings NOTHING to the table. You won't learn anything new or special. This woman (The Author) just put together a bunch of stuff, articles, quotes, and misserably tried to put them together in a very bad book that won't actually teach you a thing.
Also she keeps quoting Graham, Lynch and Buffett. And If you have already read their books as I have, and in the case of Buffett his letters to shareholders, then all she tells you in this book you already know it.
Spare the money and most importantly, your time. Go to google, type Bill Miller, search for the shareholder letters, try to find interviews online, and you'll learn exactly what's in this book, but you'll save your money and time.
To give you a flavor before you decide whether to buy the book, consider the following:
- The real text of the book is about 160 pages (not 262). Lowe wastes 50 pages highlighting two dozen stocks with outdated valuation numbers, a bare bones line chart with no volume, color, or an indication of where Miller's transactions took place, and a razor thin assessment from Miller which appears to be borrowed from his previous comments. Useless.
- Miller's approach to portfolio management isn't seriously discussed until p.79 (halfway into the book) and you don't get any serious stock analysis until p.112
- Lowe makes several erroneous statements, such as claiming that Microsoft Word is packaged free with most computers (news to me - and probably to Microsoft) and that AOL beat Prodigy by giving away its browser for free (uh, wasn't that Microsoft killing Netscape?). She also butchers the concept of "pro forma" earnings, even suggesting with one statement that fraudulently booking sales is simply dressing up the numbers.
Why give it two stars instead of one? Simply because I believe that any text you can get on Bill Miller is worth something. I had already read a lot about Miller and I understand new economy principles like "network effects" and "winner take most" markets. So, I found the book repetitive and would not have bought it knowing what I know now. If you've had less exposure to Bill Miller, then the book may still be worth reading. But keep your expectations low.