Five Rules for Successful Stock Investing Morningstar's Guide to Building Wealth and Winning in the Market

ISBN-10: 0471686174
ISBN-13: 9780471686170
Edition: 2004
List price: $24.95 Buy it from $3.94
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Description: The number-one source of information for today's smart stock investor Based on the philosophy that 'investing should be fun, but not a game,' this book provides readers with the type of quality guidance that only Morningstar can offer. This  More...

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Book details

List price: $24.95
Copyright year: 2004
Publisher: John Wiley & Sons, Incorporated
Publication date: 12/29/2004
Binding: Paperback
Pages: 384
Size: 6.25" wide x 9.25" long x 1.00" tall
Weight: 0.902
Language: English

The number-one source of information for today's smart stock investor Based on the philosophy that 'investing should be fun, but not a game,' this book provides readers with the type of quality guidance that only Morningstar can offer. This comprehensive guide gives readers the information they need to make intelligent choices when looking to invest in stocks-all in the independent and easy-to-understand style that has made Morningstar the most trusted and respected name in the investment research industry. Morningstar's Pat Dorsey shows readers how to find great companies, pick the right stocks, avoid paying too much for their investments, and much more. Pat Dorsey (Chicago, IL) is an acknowledged national expert on stock investing. He is Director of Stock Analysis for Morningstar, Inc., where he directs a staff of more than 75 stock analysts. He appears weekly on Fox News Channel's Bulls and Bears financial show and can be seen on NBC Nightly News, CNBC, and CNN.

Pat Dorsey has been a fly-fishing guide for 20 years and is Southwest Field Editor for Fly Fisherman. Pat travels the country speaking to local, Trout Unlimited, and Federation of Fly Fishers clubs and conducts seminars at trade shows throughout the country. He lives in Parker, Colorado.

PAT DORSEY, CFA, is the Director of Stock Analysis for Morningstar, Inc. He writes regularly for Morningstar.com and heads Morningstar's team of equity analysts. He was instrumental in developing the Morningstar Rating for stocks and played a key role in building Morningstar's stock coverage. Dorsey is widely quoted in the media, including USA Today, U.S. News & World Report, NBC Nightly News, CNBC, and CNN. He also appears weekly on the Bulls and Bears financial show on Fox News Channel.MORNINGSTAR, INC. is a Chicago-based global investment research firm. Morningstar is known for its independent research and analysis of stocks, mutual funds, exchange-traded funds, closed-end funds, and more. Morningstar is a trusted source for individuals, financial advisors, and financial institutions.

Foreword
Introduction: Picking Great Stocks Is Tough
It's the Business that Matters
The Long-Term Approach
Having the Courage of Your Convictions
Let's Get Started
The Five Rules for Successful Stock Investing
Do Your Homework
Find Economic Moats
Have a Margin of Safety
Hold for the Long Haul
Know When to Sell
Investor's Checklist: The Five Rules for Successful Stock Investing
Seven Mistakes to Avoid
Swinging for the Fences
Believing that It's Different This Time
Falling in Love with Products
Panicking When the Market Is Down
Trying to Time the Market
Ignoring Valuation
Relying on Earnings for the Whole Story
Investor's Checklist: Seven Mistakes to Avoid
Economic Moats
Evaluating Profitability
Building an Economic Moat
How Long Will It Last?
Industry Analysis
Investor's Checklist: Economic Moats
The Language of Investing
The Basics
Where the Money Goes
Practical Financials--The Statements in Use
Investor's Checklist: The Language of Investing
Financial Statements Explained
The Balance Sheet
The Income Statement
The Statement of Cash Flows
Conclusion
Investor's Checklist: Financial Statements Explained
Analyzing a Company--The Basics
Growth
Profitability
Financial Health
The Bear Case
Conclusion
Investor's Checklist: Analyzing a Company--The Basics
Analyzing a Company--Management
Compensation
Character
Running the Business
Investor's Checklist: Analyzing a Company--Management
Avoiding Financial Fakery
Six Red Flags
Seven Other Pitfalls to Watch Out For
Investor's Checklist: Avoiding Financial Fakery
Valuation--The Basics
Paying Up Rarely Pays Off
Using Price Multiples Wisely
Say Yes to Yield
Investor's Checklist: Valuation--The Basics
Valuation--Intrinsic Value
Cash Flow, Present Value, and Discount Rates
Calculating Present Value
Fun With Discount Rates
Calculating Perpetuity Values
Margin of Safety
Conclusion
Investor's Checklist: Valuation--Intrinsic Value
Putting It All Together
Advanced Micro Devices
Biomet
Conclusion
The 10-Minute Test
Does the Firm Pass a Minimum Quality Hurdle?
Has the Company Ever Made an Operating Profit?
Does the Company Generate Consistent Cash Flow from Operations?
Are Returns on Equity Consistently above 10 Percent, with Reasonable Leverage?
Is Earnings Growth Consistent or Erratic?
How Clean Is the Balance Sheet?
Does the Firm Generate Free Cash Flow?
How Much "Other" Is There?
Has the Number of Shares Outstanding Increased Markedly over the Past Several Years?
Beyond the 10 Minutes
A Guided Tour of the Market
Where to Look
Conclusion
Health Care
Economic Moats in Health Care
Pharmaceuticals
Generic Drug Companies
Biotechnology
Medical Device Companies
Health Insurance/Managed Care
Investor's Checklist: Health Care
Consumer Services
Companies We See Every Day
Restaurants
Retail
Conclusion
Investor's Checklist: Consumer Services
Business Services
Outsourcing Trend
Economic Moats in Business Services
Technology-Based Businesses
People-Based Businesses
Hard-Asset-Based Businesses
Investor's Checklist: Business Services
Banks
It's All about Risk
Managing Credit Risk
Selling Liquidity
Managing Interest Rate Risk
Economic Moats in Banks
Hallmarks of Success for Banks
Investor's Checklist: Banks
Asset Management and Insurance
Asset Management
Life Insurance
Property/Casualty Insurance
Investor's Checklist: Asset Management and Insurance
Software
Segments of the Software Industry
Economic Moats in the Software Industry
Software Accounting 101
Red Flags
Hallmarks of Success for Software Companies
What's Not to Like about Software?
Conclusion
Investor's Checklist: Software
Hardware
What Drives the Hardware Industry
Hardware Industry Dynamics
Economic Moats in Hardware
Hallmarks of Success for Hardware Companies
Investor's Checklist: Hardware
Media
How Media Companies Make Money
Economic Moats in Media
Publishing Profits
Broadcasting and Cable
Investing in the Entertainment Industry
Hallmarks of Success in the Media Sector
Risks in the Media Sector
Investor's Checklist: Media
Telecom
Telecom Economics
Economic Moats in Telecom
Hallmarks of Success in Telecom
Conclusion
Investor's Checklist: Telecom
Consumer Goods
How Companies Make Money in Consumer Goods
Key Strategies for Growth
What's Not to Like in Consumer Products
Economic Moats in Consumer Goods
Hallmarks of Success in Consumer Goods
Conclusion
Investor's Checklist: Consumer Goods
Industrial Materials
The Problem with Cyclicality
Economic Moats in Basic Materials
Economic Moats in Industrial Materials
Hallmarks of Success in Industrial Materials
Red Flags
Finding Opportunities in Industrial Materials
Investor's Checklist: Industrial Materials
Energy
From the Ground
To the Pipelines
To the Refineries
To the Consumers
Providing the Services
The Impact of Commodity Prices
Economic Moats in Energy
Hallmarks of Success for Energy Companies
Risks in the Energy Sector
Conclusion
Investor's Checklist: Energy
Utilities
Electricity Primer
Regulation, Regulation, Regulation
Financial Characteristics of Utilities
Hallmarks of Success for Utility Companies
Risks in the Utilities Sector
The Big Picture
Investor's Checklist: Utilities
Appendix
Recommended Readings
Morningstar Resources
Index

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