Pitch the Perfect Investment · The Essential Guide to Winning on Wall Street by Sonkin, Paul D. -- Read -- Imperial Library of Trantor

Index

Cover Title Page Copyright Dedication Preface

Notes

Introduction

Notes

PART I THE PERFECT INVESTMENT

Chapter 1 How to Value an Asset

Three Primary Components of Value Gems Notes

Chapter 2 How to Value a Business

Defining Cash Flow How to Calculate Present Value Using a Discounted Cash Flow Model Predicting the Future Is Not Easy How to Calculate the Present Value of a Bond How to Calculate the Present Value of a Perpetuity How to Calculate the Present Value of a Business How to Calculate the Present Value of a Growing Cash Flow Stream Using a Two-Stage DCF Model How to Think About the Discount Rate Gems Notes

Chapter 3 How to Evaluate Competitive Advantage and Value Growth

Cash Flow Generated by Selling Assets Cash Flow Generated by Operating the Assets: Return on Invested Capital, Cost of Capital, and Excess Returns Gems Notes

Chapter 4 How to Think About a Security’s Intrinsic Value

What is “Intrinsic Value”? Thinking of Intrinsic Value as a Range of Values Gems Notes

Chapter 5 How to Think About Market Efficiency

Market Efficiency Is More of a Concept Than a Law The Holy Grail of Money Management: Generating Alpha Generating Alpha Is a Zero-sum Game Defining Market Efficiency The Rules of Market Efficiency When the Rules of Market Efficiency Operate Flawlessly The Mechanism That Implements the Rules of Market Efficiency Gems Notes

Chapter 6 How to Think About the Wisdom of Crowds

“And the Oscar Goes to …” The Wisdom of Crowds Is Critical to Market Efficiency How the Wisdom of Crowds Implements the Rules of Market Efficiency Tenet 1—The Dissemination of Information Tenet 2—The Processing of Information Tenet 3—The Incorporation of Information Examples Illustrating How the Wisdom of Crowds Implements the Rules of the Efficient Market Hypothesis The Wisdom of Crowds Applied to the Stock Market The Crowd Is Smarter Than the Experts Most of the Time How the Crowd Can be Fooled Gems Notes

Chapter 7 How to Think About Behavioral Finance

The Moody Mr. Market When the Wisdom of Crowds Becomes the Madness of Crowds Is the Crowd’s Apparent Madness Irrational? How Can Fama and Shiller Both Be Right? The Magnetism of the Efficient Market Hypothesis Limits to Incorporation: When the Crowd Cannot Act The Efficient Market Hypothesis Remains “King of the Hill” Why Do We Care About Market Efficiency? Gems Notes

Chapter 8 How to Add Value Through Research

Informational Advantage Analytical Advantage Informational + Analytical Advantage Trading Advantage Catalysts Gems Notes

Chapter 9 How to Assess Risk

PART II THE PERFECT PITCH

Chapter 10 How to Select a Security

The Importance of Matching a Portfolio Manager’s Schema Identifying a Manager’s Fundamental Criteria What Went Wrong? Identifying a Manager’s Valuation Criteria Other Barriers to Adoption Overcome Barriers by Learning How to Read a Portfolio Manager’s Mind Other Communication Pitfalls Gems Notes

Chapter 11 How to Organize the Content of the Message

How to Capture and Keep a Portfolio Manager’s Attention Constructing a Formidable Argument Using the Toulmin Model The Stress-Tested Argument Gems Notes

Chapter 12 How to Deliver the Message

The 30-Second Hook The Two-Minute Drill Make It Easy for Them Topography of a Simple Slide Deck How to Handle Q&A? Stock Pitching Contests Delivering the Message—You Are the Envelope Anatomy of a Meeting Other Not So Obvious Barriers to Communication How Do You Get to Carnegie Hall? Gems Notes

Acknowledgments

Notes

Art Acknowledgments About the Authors Index EULA