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Introduction | |
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What Is an Investment Philosophy? | |
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Why Do You Need an Investment Philosophy? | |
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The Big Picture of Investing | |
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Categorizing Investment Philosophies | |
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Developing an Investment Philosophy: The Step | |
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Conclusion | |
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Upside, Downside: Understanding Risk | |
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What Is Risk? | |
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Equity Risk and Expected Return | |
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A Comparative Analysis of Risk and Return Models | |
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Models of Default Risk | |
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Conclusion | |
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Numbers Do Not Lie--or Do They? | |
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The Basic Accounting Statements | |
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Asset Measurement and Valuation | |
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Measuring Financing Mix | |
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Measuring Earnings and Profitability | |
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Measuring Risk | |
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Differences in Accounting Standards and Practices | |
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Conclusion | |
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Show Me the Money: The Basics of Valuation | |
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Intrinsic Value | |
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Relative Valuation | |
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Valuing an Asset with Contingent Cash Flows (Options) | |
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Conclusion | |
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Many a Slip: Trading, Execution, and Taxes | |
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The Trading Cost Drag | |
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The Components of Trading Costs: Traded Financial Assets | |
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Trading Costs with Non-Traded Assets | |
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The Management of Trading Costs | |
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Taxes | |
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Conclusion | |
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Too Good to Be True? Testing Investment Strategies | |
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Market Efficiency and Investment Philosophies | |
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Market Efficiency: Definition and Implications | |
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Closing Thoughts | |
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Conclusion | |
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Smoke and Mirrors? Charting and Technical Analysis | |
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Random Walks and Price Patterns | |
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Investor Irrationality | |
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The Foundations of Technical Analysis | |
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Technical Indicators and Charting Patterns | |
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Conclusion | |
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Graham's Disciples: Value Investing | |
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Who Is a Value Investor? | |
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The Passive Screener | |
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The Contrarian Value Investor | |
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Activist Value Investing | |
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Conclusion | |
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The Allure of Growth: Small Cap and Growth Investing | |
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Who Is a Growth Investor? | |
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Passive Growth Investing | |
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Activist Growth Investing | |
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Conclusion | |
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Information Pays: Trading on News | |
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Information and Prices | |
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Trading on Private Information | |
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Trading on Public Information | |
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Implementing an Information-Based Investment Strategy | |
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Conclusion | |
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A Sure Profit: The Essence of Arbitrage | |
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Pure Arbitrage | |
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Near Arbitrage | |
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Speculative Arbitrage | |
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Long Short Strategies--Hedge Funds | |
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Conclusion | |
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The Impossible Dream? Timing the Market | |
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Market Timing: Payoff and Costs | |
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Market Timing Approaches | |
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The Evidence for Market Timing | |
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Market Timing Strategies | |
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Connecting Market Timing to Security Selection | |
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Conclusion | |
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Ready to Give Up? The Allure of Indexing | |
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The Mechanics of Indexing | |
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A History of Indexing | |
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The Case for Indexing | |
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Why Do Active Investors not Perform Better? | |
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Alternative Paths to Indexing | |
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Conclusion | |
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A Road Map to Choosing an Investment Philosophy | |
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A Self-Assessment | |
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Finding an Investment Philosophy | |
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Conclusion | |
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References | |
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Index | |