Investment Checklist The Art of In-Depth Research

ISBN-10: 0470891858

ISBN-13: 9780470891858

Edition: 2012

Authors: Michael Shearn

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A practical guide to making more informed investment decisions Investors often buy or sell stocks too quickly. When you base your purchase decisions on isolated facts and don't take the time to thoroughly understand the businesses you are buying, stock-price swings and third-party opinion can lead to costly investment mistakes. Your decision making at this point becomes dangerous because it is dominated by emotions. The Investment Checklist has been designed to help you develop an in-depth research process, from generating and researching investment ideas to assessing the quality of a business and its management team. The purpose of The Investment Checklist is to help you implement a principled investing strategy through a series of checklists. In it, a thorough and comprehensive research process is made simpler through the use of straightforward checklists that will allow you to identify quality investment opportunities. Each chapter contains detailed demonstrations of how and where to find the information necessary to answer fundamental questions about investment opportunities. Real-world examples of how investment managers and CEOs apply these universal principles are also included and help bring the concepts to life. These checklists will help you consider a fuller range of possibilities in your investment strategy, enhance your ability to value your investments by giving you a holistic view of the business and each of its moving parts, identify the risks you are taking, and much more. Offers valuable insights into one of the most important aspects of successful investing, in-depth research Written in an accessible style that allows aspiring investors to easily understand and apply the concepts covered Discusses how to think through your investment decisions more carefully With The Investment Checklist, you'll quickly be able to ascertain how well you understand your investments by the questions you are able to answer, or not answer, without making the costly mistakes that usually hinder other investors.
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Book details

List price: $39.99
Copyright year: 2012
Publisher: John Wiley & Sons, Limited
Publication date: 12/16/2011
Binding: Hardcover
Pages: 384
Size: 6.50" wide x 9.50" long x 1.25" tall
Weight: 1.276
Language: English

How to Generate Investment Ideas
How Investment Opportunities Are Created
How to Filter Your Investment Ideas
Using a Spreadsheet to Track Potential and Existing Holdings
Understanding the Business-The Basics
Do I want to spend a lot of time learning about this business?
How would you evaluate this business if you were to become its CEO?
Can you describe how the business operates, in your own words?
How does the business make money?
How has the business evolved overtime?
In what foreign markets does the business operate, and what are the risks of operating in these countries?
Understanding the Business-from the Customer Perspective
Who is the core customer of the business?
Is the customer base concentrated or diversified?
Is it easy or difficult to convince customers to buy the products or services?
What is the customer retention rate for the business?
What are the signs a business is customer oriented?
What pain does the business alleviate for the customer?
To What degree is the customer dependent on the products or services from the business?
If the business disappeared tomorrow, what impact would this have on the customer base?
Evaluating the Strengths and Weaknesses of a Business and Industry
Does the business have a sustainable competitive advantage and what is its source?
Does the business possess the ability to raise prices without losing customers?
Does the business operate in a good or bad industry?
How has the industry evolved over time?
What is the competitive landscape, and how intense is the competition?
What type of relationship does the business have with its suppliers?
Measuring the Operating and Financial Health of the Business
What are the fundamentals of the business?
What are the operating metrics of the business that you need to monitor?
What are the key risks the business faces?
How does inflation affect the business?
Is the business's balance sheet strong or weak?
What is the return on invested capital for the business?
Evaluating the Distribution of Earnings (Cash Flows)
Are the accounting standards that management uses conservative or liberal?
Does the business generate revenues that are recurring or from one-off transactions?
To what degree is the business cyclical, countercyclical, or recession-resistant?
To what degree does operating leverage impact the earnings of the business?
How does working capital impact the cash flows of the business?
Does the business have high or low capital-expenditure requirements?
Assessing the Quality of Management-Background and Classification: Who Are They?
What type of manager is leading the company?
What are the effects on the business of bringing in outside management?
Is the manager a lion or a hyena?
How did the manager rise to lead the business?
How are senior managers compensated, and how did they gain their ownership interest?
Have the managers been buying or selling the stock?
Assessing the Quality of Management-Competence: How Management Operates the Business
Does the CEO manage the business to benefit all stakeholders?
Does the management team improve its operations day-to-day or does it use a strategic plan to conduct its business?
Do the CEO and CFO issue guidance regarding earnings?
Is the business managed in a centralized or decentralized way?
Does management value its employees?
Does the management team know how to hire well?
Does the management team focus on cutting unnecessary costs?
Are the CEO and CFO disciplined in making capita! allocation decisions?
Do the CEO and CFO buy back stock opportunistically?
Assessing the Quality of Management-Positive and Negative Traits
Does the CEO love the money or the business?
Can you identify a moment of integrity for the manager?
Are managers clear and consistent in their communications and actions with stakeholders?
Does management think independently and remain unswayed by what others in their industry are doing?
Is the CEO self-promoting?
Evaluating Growth Opportunities
Does the business grow through mergers and acquisitions, or does it grow organically?
What is the management team's motivation to grow the business?
Has historical growth been profitable and will it continue?
What are the future growth prospects for the business?
Is the management team growing the business too quickly or at a steady pace?
Evaluating Mergers & Acquisitions
How does management make M&A decisions?
Have past acquisitions been successful?
Building a Human Intelligence Network
Evaluating Information Sources
How to Locate Human Sources
How to Contact Human Sources-and Get the Information You Want
Create a Database of Your Interviews for Future Reference
How to Interview the Management Team
Ask Open-Ended Questions
Be Aware of the Danger of Face-to-Face Assessments of Managers
Your Investment Checklist
About the Author
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