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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 | |
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| Conclusion | |
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| Exercises | |
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| Upside, Downside: Understanding Risk | |
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| What Is Risk? | |
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| Equity Risk: Theory-Based Models | |
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| Assessing Conventional Risk and Return Models | |
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| Equity Risk: Alternative Measures | |
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| Equity Risk: Assessing the Field | |
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| Default Risk | |
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| Conclusion | |
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| Exercises | |
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| Numbers Don't 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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| Exercises | |
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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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| Exercises | |
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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 Nontraded Assets | |
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| Management of Trading Costs | |
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| Taxes | |
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| Conclusion | |
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| Exercises | |
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| Too Good to Be True? Testing Investment Strategies | |
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| Why Does Market Efficiency Matter? | |
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| Efficient Markets: Definition and Implications | |
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| Behavioral Finance: The Challenge to Efficient Markets | |
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| A Skeptic's Guide to Investment Strategies | |
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| Conclusion | |
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| Exercises | |
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| Smoke and Mirrors? Price Patterns, Volume Charts, and Technical Analysis | |
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| Random Walks and Price Patterns | |
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| Empirical Evidence | |
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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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| Exercises | |
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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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| Exercises | |
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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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| Exercises | |
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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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| Exercises | |
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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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| Exercises | |
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| The Impossible Dream? Timing the Market | |
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| Market Timing: Payoffs and Costs | |
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| Market Timing Approaches | |
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| The Evidence on Market Timing | |
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| Market Timing Strategies | |
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| Market Timing Instruments | |
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| Connecting Market Timing to Security Selection | |
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| Conclusion | |
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| Exercises | |
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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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| Exercises | |
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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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| The Right Investment Philosophy | |
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| Conclusion | |
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| Exercises | |
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| Index | |