Investing for the Long Term.

Cover -- Title Page -- Copyright -- Contents -- Foreword -- Introduction -- Part One: The Backstory -- Chapter 1: A Bit About My Early Years -- Origins -- University -- First Jobs -- IESE -- Bestinver -- My Initial Analysis and Investments -- Chapter 2: Going Solo (1991-2002) -- 1991-1998: I Start Investing. Bull Market -- 1993-1994: Up and Down (or Up and Away...) -- 1995-1997: Euphoria Runs Wild -- 1998: The End of the Cycle -- Shadow Report on Endesa and its Subsidiaries -- Activism -- End of the Cycle -- 1998-2002: Downswing. Global Portfolio -- 1999: The Low Point -- 2000-2002: Back to Normality -- My Encounter with Hayek -- The Final Take–Off: 2000-2002 -- Chapter 3: Investing as a Team (2003-2014) -- 2003: A NEW MANAGER -- Bull Market: Bubbles -- 2004-2005: The Real–Estate Boom in Full Swing -- Going Short -- Global Portfolio -- 2006-2007: On the Brink... -- 2007 -- 2008: The Big Fall -- Liquidity -- 2008: Continuation -- The Financial Crisis -- Ciba: Salvation at the Darkest Hour -- 2009: Immediate Recovery -- The Quality of Companies -- 2010-2012: European and Spanish crisis -- 2013-2014: Over and Out -- Appendix -- Part Two: Theory: The Underpinnings of Investment -- Chapter 4: The Austrian School of Economics -- Brief History of the Austrian School -- Main Tenets of the Austrian School -- Applications to Investment -- Conclusion: Subjectivism and Objective Price -- Chapter 5: Investment -- Saving and Investment -- Real or Monetary Investment -- Which Type of Asset is More Attractive, Offering Higher Returns Over the Long Run? -- Historic Evidence -- Volatility (Not Risk) -- What is Risk? -- Why Do Equities Offer Both Greater Returns and Less Long-Term Risk? -- More on the Political Problem -- Conclusion -- Appendix A -- Appendix B -- Chapter 6: Passive and/or Active Management -- Passive Management -- Active Management -- Conclusion.

Appendix -- Chapter 7: Investing in Stocks (I): Foundations and Principles -- Foundations and Experience -- Settling on Quality -- Competitive Advantages -- The Possibility of Reinvesting -- Chapter 8: Investing in Stocks (II): Opportunities, Valuation, Management -- Finding the Right Opportunity -- Companies to Avoid -- Capital Allocation -- Valuation -- Normalised Earnings -- Indebtedness -- Market Recognition -- The Perfect Stock -- Portfolio Management -- Chapter 9: The Irrational Investor Lurking Within Us All -- Why Don't We Invest in Equities? Aversion to Volatility -- Why Don't We Invest Using Proven Strategies, or at Least in Cheap Stocks? -- The Endowment Effect -- Tendency to Confirm What We Already Know -- The Institutions -- Information Overload and Other Problems -- Conclusion -- Conclusions and Future -- Assetmanagement -- My Own Future -- Appendix I: 26 Small Ideas and One Guiding Principle -- Appendix II: Reading Material and Wealth Creation -- References -- Further Reading -- Index -- EULA.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.