- Tapa dura: 704 páginas
- Editor: McGraw-Hill Education; Edición: 4 (16 de diciembre de 2011)
- Colección: General Finance & Investing
- Idioma: Inglés
- ISBN-10: 0071625763
- ISBN-13: 978-0071625760
- Valoración media de los clientes: 3 opiniones de clientes
- Clasificación en los más vendidos de Amazon: nº45.036 en Libros en idiomas extranjeros (Ver el Top 100 en Libros en idiomas extranjeros)
What Works on Wall Street, Fourth Edition: The Classic Guide to the Best-Performing Investment Strategies of All Time (General Finance & Investing) (Inglés) Tapa dura – 16 dic 2011
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Reseña del editor
Historically tested long-term strategies that always outperform the market
“O’Shaughnessy’s conclusion that some strategies do produce consistently strong results while others underperform could shake up the investment business.”
“What Works on Wall Street is indisputably a major contribution to empirical research on the behavior of common stocks in the United States. . . . Conceivably, the influence of What Works on Wall Street will prove immense.”
―The Financial Analysts’ Journal
“O’Shaughnessy’s latest, What Works on Wall Street, is a serious inquiry into the investment strategies that stand up under long-term scrutiny and is refreshing research for every investor.”
―Stocks and Commodities
“A bible for investment strategies. . .”
About the Book:
Recent history has witnessed one of the worst stock market beatings ever. As a result, abysmal returns are being called “the new normal,” financial “experts” are ringing the death knell of buy-and-hold, and investors’ faith in equities has hit an all-time low. You have two choices. You can abandon the stock market based on what is happening today. Or you can invest today based on what will happen in the future.
Containing all new data, What Works on Wall Street, Fourth Edition, is the only investing guide that lets you see today’s market in its proper context― as part of the historical ebb and flow of the stock market. And when you see the data, you’ll see there is no argument: Stocks work.
Now in its second decade of helping investors succeed with stocks, What Works on Wall Street continues to provide the most effective investing strategies, presenting incontrovertible data on what works and what doesn’t. Updated with current statistics and brand-new features, What Works on Wall Street offers data on almost 90 years of market performance, including:
- Stocks ranked by market capitalization
- Price-to-earnings ratios
- EBITDA to enterprise value
- Price-to-cash flow, -sales, and -book ratios
- Dividend, buyback, and shareholder yields
- One-year earnings-per-share percentage changes
Providing you with unparalleled insights into stock performance going back to 1926, What Works on Wall Street is a refreshingly calming, objective view of a subject that is usually wrapped in drama, hyperbole, and opinions that are plain wrong.
This comprehensive guide provides the objective facts and winning strategies you need; all you have to do is make the decision to ignore the so-called market experts and rely on the long-proven approach that has made What Works on Wall Street an investing classic.
Biografía del autor
James P. O’Shaughnessy is chairman and CEO of O’Shaughnessy Asset Management. He previously served as portfolio manager, director of systematic equity, and senior managing director for Bear Stearns. O’Shaughnessy is the author of the bestsellers What Works on Wall Street, How to Retire Rich, Invest Like the Best, and Predicting the Markets of Tomorrow: A Contrarian Investment Strategy for the Next Twenty Years.
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Principales opiniones de clientes
I highly recommend for everyone who may pretend to invest in the stock market, even if your approach is through technical analysis, bearing in mind that the stock screening is a good basis for applying the technical knowledge.
I have enjoyed reading it.
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This is very thorough look at the many different investment strategies in stocks that one can use. It shows what the actual returns have been from the mid 20's to current time. It is very eye-opening on What Works. The study points out that no one strategy will work best and there are times that fad investing will outperform the S. and P 500. But when the fad ends, the losses can happen quickly and can be quite painful. Witness the dot com boom and bust in the late 1990's. If you want to be the next Benjamin Graham, Warren Buffet or Peter Lynch this would be a very useful read.
Today stocks are being avoided as a very risky low return investment. Bonds are still the choice of safety and return. But every dog has his day and stocks have had a good run and may continue on that path for some time as there are not many competitive choices to equity ownership. The problem with owning a volatile investment class is monthly swings and this leads the investors with the desire to sell in a down market to cut losses. Now the popular investment strategy is to trade in and out of the market to reduce losses, but many are missing the upside because of this strategy. Being out of the market for a day, week, or month each year (when markets are going up) can greatly reduce one's return. Therefore understanding one's risk tolerance is the most important strategy and how much you can afford to loss will lead to a more successful long term chance for happy results.
Investing in all classes of assets and giving value the biggest weight seems to be the best long term strategy. First start with how much money you realistically see lost on your monthly statement before feeling the urge to sell and run to the hills. So your portfolio should be a balance of risk free investments and longer term risk assets. Think in terms of percentages and not dollars . Keep rebalancing at least once a year. A quarterly rebalancing would even be better.
Understanding why you are investing and what the portfolio you are creating will be used for in the future is helpful. It will lead you to different portfolio strategies. The biggest use of funds will be retirement and there is a growing debate on how much you will need in retirement. This has lead to trying to simplify a complex calculation to a couple of data points. It is complicated but there are many worksheets that can help get to a number that one would need. If you do the numbers, it may show that you need more juice out of your investments or more savings. In either case this book can be great tool in getting your portfolio working harder
The keys are thinking long term and searching for value investments. If everyone is talking about how well a company is doing , it may be fully valued.
In this book, there are a few opinions. Thankfully, these opinions will not negatively impact the reader as they generally relate in the first part of the book to the author's belief in evolution. Later on, his opinions reflect what he believes the data shows and that's not really so bad as the data really speaks for itself. I hardly ever take the time to read those parts of the book that are written in paragraphs and instead concentrate on the tables, which, other than in the first part of the book, make up most of the important information that the reader should know.
What this book does is shows people how concentrating on the data achieves greater returns than the market achieves in general. It also shows that by doing this the chances of you beating the market improve the longer you trade this way. If I had to place themes on this book I would say that they are profitability, safety, and predictability. Much of what is in the book relates to one of these three themes. People should understand that there are ways to make bigger overall returns while achieving more safety and having a less bumpy ride in the stock market. People seem to think that risk is equal to reward. However, this book shows that to simply be untrue.
Since purchasing the book, I have collected several sets of stock market data. Using the data in the book, I have created several portfolios that have beat all the indexes that I have compared them to. The person that reads this book and immediately applies their new understanding will indeed be able to create portfolios that beat the market (if they have access to value investing market data). However, I heavily recommend that people read those tables of information again and again. There is information there that can be seen and yet sometimes it is not said so directly that the reader will achieve a full understanding of what the information means when you are referencing multiple tables at the same time. Looking at all the data, I have improved my own system that was built entirely upon what was in this book several times.
Readers will have a general understanding of the book the first time they read it. However, that understanding will be shallow. Yes, they can and will achieve good results if they consistently apply that data to long-term investing. However, gaining a deeper understanding of what the book is showing will enable the reader to create even better portfolios.