Index
- Academy Awards
- Accent, as communication barrier
- Accuracy:
- of consensus
- of crowd vs. experts
- and diversity of crowd
- domain-specific knowledge as condition of
- enhanced by research
- in estimating intrinsic value
- of evidence
- impact of bias on
- and independence of crowd
- of individuals vs. consensus
- of initial impressions
- of model, and diversity of crowd
- and precision
- reduced with precision
- risk reduced with
- of wisdom of crowds
- Ackman, Bill
- Acronyms, using
- Actual redemptions
- Actual return
- Actual risk
- Adequacy, of evidence
- Adoption, barriers to
- Advantage due to government policy
- Age bias
- Aggregation of information:
- about individual behavior
- and incorporation
- in information cascades
- and limits to incorporation
- and market efficiency
- private
- and systematic biases
- Aggressive portfolio managers
- Akerlof, George
- All available information
- for informational and analytical advantage
- required to estimate intrinsic value
- in variant perspectives
- Alpha:
- generating
- and market efficiency
- as zero-sum game
- Ambady, Nalini
- Analysts:
- capability/credibility of
- prime directive of
- roles of portfolio managers vs.
- Analytical advantage
- defined
- and informational advantage
- of research
- Anchoring bias
- Annual report, in pitch pack
- Anticipated redemptions
- Appearance, physical
- Appendix, pitch
- Apple, Inc.:
- earning estimates of
- liquidation value of
- price spread of
- Argument(s):
- attacks on, in Q&A period
- connection of evidence and
- constructing
- follow-up questions about
- presenting, in pitches
- in stress-testing of pitch
- in Toulmin model
- Argumentation, Toulmin model of
- Aristotle
- “The Arithmetic of Active Management” (Sharpe)
- Asking questions:
- to achieve perfect pitch
- identifying subjective criteria by
- Asness, Cliff
- Assets:
- cash flow generated by operating
- cash flow generated by selling
- discounted cash flow model and prices of
- Asset valuation
- cash flow
- factors influencing
- intrinsic value and method of
- time value of money
- uncertainty
- value of an asset
- Associated Capital
- Astrology, financial
- Asymmetric returns
- Asymmetry, information
- Attention, capturing and keeping portfolio managers’
- Attractiveness, hairstyle and
- Audience, for pitch
- Availability bias
- Available information:
- dissemination of
- and market efficiency
- systematic errors related to
- Average individual error:
- and diversity of crowd
- in diversity prediction theorem
- impact of bias on
- Backing for warrant:
- in stress-testing of pitch
- in Toulmin model of argumentation
- Balance sheet
- Balance sheet metrics
- Barron’s
- Behavior:
- collective
- crowd
- individual vs. crowd
- Behavioral finance
- biases
- crowd behavior and lack of diversity
- and efficient market hypothesis
- and evolution
- Fama and Shiller on
- individual vs. crowd behavior
- and information cascades
- irrationality in
- and limits to incorporation
- and market efficiency
- and movement of stock prices
- and Mr. Market
- Berkshire Hathaway Inc.
- Beta
- Bias(es):
- age
- anchoring
- availability
- in behavioral finance
- confirmation
- Eugene Fama on influence of
- fear and greed as cause of
- and independence of crowds
- representativeness
- skewness caused by
- systematic
- and wisdom of crowds
- Biased schemas
- Bilgi University
- Binary criteria, for investment
- Black, Fischer
- Bloomberg
- Body language, and emotions
- Bogen, Edmund
- Bonds:
- convertible
- perpetuities (perpetual bonds)
- “plain vanilla,”
- present value of
- Brands, as competitive advantage
- Brasserie
- Breakeven point, and time horizon
- Briefcases
- Bruce, Robert
- Bubbles:
- and efficient market hypothesis
- end of
- market
- role of greed in
- Robert Shiller’s definition of
- Buffett, Mary
- Buffett, Warren
- Burger King
- Business, fundamental criteria for evaluating
- Business valuation
- defining cash flow
- and discount rate
- present value of bonds
- present value of businesses
- present value of growing cash flow stream
- present value of perpetuities
- present value with discounted cash flow model
- and uncertainty
- Calinawan, Diego
- “Can Stock Market Forecasters Forecast?” (Cowles)
- Capability:
- assessing, in meetings
- defined
- and likability
- and microexpressions
- nonverbal communication to enhance
- in pitch delivery
- Capital, invested, see Invested capital
- Capital, permanent
- Capital asset pricing model (CAPM)
- Capital charges
- and excess returns
- with invested capital growth
- McCormick Inc.
- with negative excess returns
- and nominal growth
- nominal present value of incremental growth
- and owner earnings
- present value of
- Capital efficiency, in competition
- Capital loss, risk of
- CAPM (capital asset pricing model)
- Cash flow:
- of a business
- in business valuation
- external factors affecting
- generated by operating assets
- generated by selling assets
- in intrinsic value
- of McCormick Inc.
- potential sources of
- present value of growing
- subcomponents of
- on summary data slide
- uncertainty in
- Cash flow estimates:
- forecasted range of
- range of
- single-point
- and uncertainty
- and variant perspective
- Catalysts
- for mispricing
- and research
- on variant perspective slide
- CEO(s):
- dressing like
- information from
- private information available to
- Challenges, to warrants
- Chemtura
- Churchill, Winston
- Cicero, Marco Tulio
- Clarence Walker (character)
- Clark, David
- Clothing, initial impressions based on
- Cognitive biases:
- in behavioral finance
- and initial impressions
- Cognitive load
- Collective behavior
- Collective process
- Columbia Business School
- Comfort, nonverbal communication to create
- Communication:
- nonverbal
- in pitch delivery
- pitfalls with
- Company overview, as slide content
- Competition:
- in business valuation
- and excess returns
- excess returns attracting
- and owner earnings
- Competitive advantage
- assessments of
- cash flow generated by operating assets in
- cash flow generated by selling assets in
- defining
- effects of valuation on
- excess returns attracting competition
- McCormick Inc.
- sources of
- sustaining
- value of
- Compounding
- Conclusion, warrant for
- Confidence:
- clothing and
- nonverbal communication to create
- and quantity of information in pitch
- Confirmation bias
- Conflicts, between investment criteria
- Conflicts of interest
- Consensus
- accuracy of individuals vs.
- and breakdown of independence
- collapse of
- errors in
- and lack of incorporation
- and skew
- in Steinhardt framework
- Tesla
- and variant perspective
- Constitution, U.S.
- Content, of pitches
- initial impressions that enhance
- minimizing factors that detract from
- Contests, stock pitching
- Control premium, in PMV
- Convertible bonds
- Cooperman, Leon
- Correct analysis, in Steinhardt framework
- Cost(s):
- opportunity
- search
- switching
- Cost advantage
- Cost of capital:
- in business evaluation
- in business valuation
- calculations of
- and excess returns
- return on invested capital declining to
- return on invested capital equal to
- return on invested capital greater than
- return on invested capital less than
- Cost of debt
- Cost of equity
- Counterarguments:
- preparing
- in stress-testing of pitch
- in Toulmin model of argumentation
- Cowles, Alfred, III
- Crashes:
- end of
- role of fear in
- Credibility:
- assessing, in meetings
- defined
- of evidence
- and likability
- and microexpressions
- nonverbal communication to enhance
- in pitch delivery
- rebuilding, with portfolio managers
- Critical mass, for crowd
- Crowd behavior:
- individual vs.
- and lack of diversity
- Crowd error:
- diversity of crowd and
- in diversity prediction theorem
- impact of bias on
- Crowding, by investors:
- and irrational behavior
- loss of diversity due to
- Customer captivity
- Customer-facing advantages
- Dalla, Nolan
- Davis, Thomas C.
- DCF, see Discounted cash flow model
- Dean Foods Company
- “Death spiral,” market
- Decision-making process:
- of individuals
- reverse engineering of portfolio manager’s
- Deep value investors
- De Inventione, I (Cicero)
- The Difference (Page)
- Discomfort, body language displaying
- Discounted cash flow model (DCF):
- asset prices based on
- calculations of present value with
- and competitive advantage
- two-stage
- Discount rate:
- and business valuation
- for future cash flows
- and intrinsic value
- in present value calculations
- Discount rate stack
- Discretionary trading
- Dissemination of information:
- defining
- errors in
- lack of, and market inefficiency
- and market efficiency
- as market efficiency rule
- and market price
- for material nonpublic information
- and mispricing
- and wisdom of crowds
- Distribution(s):
- of intrinsic values
- of potential cash flow estimates
- Distribution networks
- Diversity (of crowd):
- and accuracy of estimate
- and analytical advantage
- and diversity prediction theorem
- in diversity prediction theorem
- and impact of bias
- importance of
- independence vs.
- lack of
- and market efficiency
- and processing of information
- relationship of independence and
- and systematic error
- Diversity prediction theorem
- and accuracy of experts vs. crowd
- and bias
- Dodd, David
- “Does Past Performance Matter?” (Soe)
- Dollar General
- Domain-specific knowledge:
- and accuracy of consensus estimated
- aggregation of
- in diversity prediction theorem
- in estimation of intrinsic value
- to identify mispricings
- influence of individuals without
- and information processing model
- portfolio manager’s schema shaped by
- private knowledge as
- processing of
- systematic errors related to
- “Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends?” (Shiller)
- Downside, on variant perspective slide
- Dreifus, Charlie
- Dress codes
- Dress for Success (Molloy)
- Drogen, Leigh
- Duff, Pat
- Duration, in cash flow
- Earnings release, in pitch pack
- EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization)
- EBITDA multiple
- Economies of scale or scope
- Efficiency, of pitch delivery
- Efficiency advantage
- “Efficient Capital Markets II” (Fama)
- Efficient market hypothesis:
- and behavioral finance
- as best model available
- and bubbles
- dissemination of information in
- and fear/greed
- incorporation of information in
- influence of biases on
- and intrinsic value
- and processing of information
- and systematic error
- wisdom of crowds and implementation of
- Efficient stock price:
- diversity of models for
- wisdom of crowd in production of
- from wisdom of crowds
- Electromagnets
- Elkind v. Liggett & Myers, Inc.,
- Emergent behavior
- Emotions:
- biases caused by
- as communication obstacle
- as driver of asset prices
- of investors, stock prices and
- microexpressions conveying
- nonverbal signals of
- Energy, conservation of
- Enterprise value
- Error(s):
- average individual
- in consensus
- crowd
- in dissemination of information
- in estimating intrinsic value
- in estimating time horizon
- in incorporation of information
- pricing
- in processing of information
- systematic
- Estimated value, of an asset
- Estimize.com
- Evidence:
- for arguments in pitch
- connection of argument and
- quality of
- in support of argument
- in Toulmin model of argumentation
- Evolution, and behavioral finance
- Excess returns:
- attracting competition
- and capital charges
- and competition
- and competitive advantage
- lack of
- of McCormick Inc.
- nominal present value of incremental growth
- in nominal vs. real growth
- and owner earnings
- present value of
- and return on invested capital
- sources of
- to suppliers of unique resources
- Expectations, investors
- Expected rate of return
- Expected returns:
- Herbalife
- and margin of safety
- Tesla
- Experience, and age bias
- Experience curve, as efficiency advantage
- Experiences, updating schemas based on
- Experts. wisdom of crowds vs.
- “Explaining the Wisdom of Crowds” (Mauboussin)
- Explicit criteria
- Explicit forecast period
- Expression of information:
- and incorporation
- in information cascades
- and limits to incorporation
- and market efficiency
- and systematic biases
- External stimuli
- Extraneous factors, in pitches
- Extraordinary Popular Delusions and the Madness of Crowds (Mackay)
- Eyeglasses, initial impressions based on
- Eye movement
- Facial expression
- Facial features, initial impressions based on
- Facial hair, subconscious judgment about
- Fama, Eugene
- Fear:
- cognitive biases related to
- and efficient market hypothesis
- mispricing due to
- Feedback loops
- Feelings, categories of
- Ferguson, Adam
- Feynman, Richard
- The Feynman Lectures on Physics (Feynman)
- Fields, Anna
- Financial astrology
- Financial buyers
- Financial crisis of 2008
- “The Financial Page” (magazine column)
- Financial professionals, accuracy of crowd vs.
- Fireman’s Fund
- First glance stage (meeting)
- First Manhattan
- Five-sided die
- Flexibility, clothing and
- Flynn, Chris
- FOIA (Freedom of Information Act)
- “Following the leader,”
- Follow-up questions, in pitch
- Forecasted range, of cash flow estimates
- Four key questions (of portfolio managers)
- and impression of your capability/credibility
- in Q&A period of pitch
- and variant perspective slide
- Fourth Amendment
- Frank, Milo
- Free cash flow
- Freedom of Information Act (FOIA)
- FRP Holdings
- Fundamental criteria:
- as basis for schema
- for choosing a house
- identifying manager’s
- objective and subjective
- quantitative and qualitative
- stated and unstated
- and valuation criteria
- Fundamental investors
- Future value
- Gabelli, Mario
- Gabelli Funds
- Gallagher, Jacob
- Galton, Francis
- GARP (growth at a reasonable price) investors
- Gleason, Dana
- Going concern, businesses as
- Goodbyes stage (meeting)
- Good capital allocation, as subjective criteria
- Gotham Partners
- Gottesman, Sandy
- Graham, Benjamin
- Graham and Dodd breakfast (2012)
- Great Britain, currency system of
- Greed:
- cognitive biases related to
- and efficient market hypothesis
- mispricing due to
- 30-second hook and
- Greenblatt, Joel
- Greenwald, Brucen
- Griffin, Ken
- Grooming, initial impressions based on
- Groupthink
- Growth:
- in cash flow
- incremental, see Incremental growth
- market implied value of
- nominal
- real
- value, see Value growth
- Growth at a reasonable price (GARP) investors
- Growth investors
- Habit-based purchases
- Hairstyle, initial impressions based on
- Hamot, Seth
- Hansen, Lars Peter
- “Has Poker Become Unbeatable?” (Dalla)
- Haver Analytics
- Heitzman, Shane
- Heller, Jodi
- Herbalife
- Herding, by investors:
- and irrational behavior
- loss of diversity due to
- Herjavec, Robert
- Heuristics
- The History of Civil Society (Ferguson)
- Holdings, identifying subjective and unstated criteria from
- Homo sapiens,
- How much can I lose? question
- How much can I make? question
- How to Get Your Point Across in 30 Seconds or Less (Frank)
- How will the next guy figure it out? question
- Hummingbird Value Fund
- Hunter-gatherers, cognitive load for
- Icahn, Carl
- Icahn Enterprises
- I don’t know, in pitches
- IEH Corporation
- Illiquid securities
- Image, importance of
- Implied risk
- Incentives:
- and accuracy of consensus
- and incorporation of information
- systematic errors related to
- Income metrics, on summary data slide
- Income statement
- Incorporation of estimates
- Incorporation of information:
- and accuracy of consensus
- errors in
- and information cascades
- limits on
- and market efficiency
- as market efficiency rule
- and market price
- and wisdom of crowds
- Incremental growth:
- investment required to fund
- nominal present value of
- Incremental value, and value growth
- Independence (of crowd):
- and average individual error
- defining
- diversity vs.
- and impact of bias on accuracy
- importance of
- and market efficiency
- and processing of information
- relationship of diversity and
- of sell-side analysts
- and systematic error
- and wisdom of crowds
- Independence breakdown:
- crowd behavior after
- with herding/crowding
- with information cascades
- systematic errors related to
- Individual behavior, crowd vs.
- Individual process, of market efficiency
- Inflection, in communication
- Information:
- aggregation of, see Aggregation of information
- all available, see All available information
- available, see Available information
- from CEOs
- defining
- dissemination of, see Dissemination of information
- expression of, see Expression of information
- incorporation of, see Incorporation of information
- as market equalizer
- material, nonpublic, see Material, nonpublic information
- materiality of
- missing, in Steinhardt framework
- non-material, nonpublic information, see Non-material, nonpublic information
- observed, see Observed information
- private, see Private information
- processing of, see Processing of information
- public
- quasi-public
- selection of, for pitch
- on slides
- Informational advantage
- and analytical advantage
- defined
- and mispricing
- from non-material, nonpublic information
- and quality of private information
- of research
- Information asymmetry
- Information cascades
- in Herbalife example
- with loss of independence
- Information overload
- Information processing model
- Informed party:
- private information available to investor as
- seller as
- Initial assumptions
- Initial impressions
- in meetings
- nonverbal communication in
- of pitch delivery
- schema in formation of
- subconscious judgments of
- In-person meeting, stages of
- Insider trading
- Institutional constraints
- Intelligence:
- eyeglasses and
- facial features that communicate
- hairstyle and
- The Intelligent Investor (Graham)
- Internet bubble of 2000
- Interruptions, by portfolio managers
- Intrinsic value
- defining
- determining
- and efficient market hypothesis
- errors in estimating
- estimating
- estimating, with research
- as range of values
- range of values for
- in risk assessment
- single-point estimates for
- and stock prices
- and time horizon
- and variant perspective
- Invested capital:
- in business valuation
- and capital charges
- defining
- Investment, valuation criteria for evaluating
- Investment criteria of portfolio managers
- conflicts between
- fundamental
- and security selection
- subjective and unstated
- vague
- valuation
- Investment edge
- Investors:
- deep value
- emotions of
- expectations of
- fundamental
- GARP
- growth
- neglect
- private equity
- professional
- quantitative
- unbiased, pricing corrections by
- value
- Investor performance
- Involuntary reactions, microexpressions as
- Irrationality:
- in behavioral finance
- of markets
- Is the idea too good to be true? question
- Jargon
- Job interviews
- Judgments:
- schemas in formation of
- subconscious
- “Judgment Under Uncertainty” (Kahneman & Tversky)
- Kahn, Judd
- Kahneman, Daniel
- Keynes, John Maynard
- Klarman, Seth
- Klien, Gary A.
- Knowledge, in information cascades
- Krueger, Dan
- Krusell, Per
- LaFrance, Marianne
- Language, as communication barrier
- Laws of mass
- Learning curve, as efficiency advantage
- Lehman Brothers bonds
- Liberman, Daniel
- Likability:
- assessing, in meetings
- and capability/credibility
- and microexpressions
- nonverbal communication to enhance
- Likely, as qualifier
- Limits, on incorporation of information
- Liquidation value:
- calculating
- and cash flow
- intrinsic value from
- loss of diversity with
- Liquidity constraints:
- as limit to incorporation
- and trading advantage
- Liquid securities
- Listening:
- to manager’s investment criteria
- to pitch, barriers to
- Litner, John
- Loeb, Dan
- Lower costs of inputs
- Mackay, Charles
- Macro behavioral finance
- Macroeconomics
- Magnitude, in cash flow
- Mansfield, Walter Roe
- Marcin, Barbara
- Margin of safety
- Margin of Safety (Klarman)
- Market efficiency
- as concept vs. law
- defining
- Fama and Shiller’s views of
- flawless operation of
- importance of
- individual process of
- and poker
- and pricing of stock
- rules of
- in stock pricing
- and wisdom of crowds
- and zero-sum game
- “The Market for Lemons” (Akerof)
- Market-implied risk
- Market implied value of growth
- Market price
- Mass, laws of
- Material, nonpublic information
- deciding materiality of
- defining
- dissemination of
- as informational advantage
- and insider trading
- Materiality, of information
- Mauboussin, Michael
- McCormick Inc.:
- competitive advantage and value growth
- intrinsic value
- and Tesla
- Meetings, stages of
- Mehrabian, Alfred
- Meltdown (television program)
- Men:
- clothing for
- emotionality of
- facial hair for
- hairstyles for
- Mental checklist, for evaluating people
- Mental model:
- and domain-specific information
- merged theory of behavioral finance and efficient market hypothesis as
- schema as
- Merged theory of behavioral finance and efficient market hypothesis
- MFP Investors
- Micro behavioral finance
- Microeconomics
- Microexpressions:
- in meetings
- in pitch delivery
- Mispricing:
- behavioral finance as cause of
- caused by risk and uncertainty
- demonstrating, in pitch preparation
- due to errors in incorporation
- due to market inefficiency
- and failure in wisdom of crowd
- illiquidity and investor neglect as cause of
- independence breakdown as cause of
- informational advantage with
- insufficient dissemination as cause of
- investor emotions as cause of
- and lack of diversity
- lack of diversity as cause of
- lack of domain-specific knowledge as cause of
- lack of incorporation as cause of
- and loss of crowd diversity
- and market efficiency
- reasons for, in pitch
- on variant perspective slide
- wisdom of crowds as cause of
- Missing information, in Steinhardt framework
- Mr. Market (concept)
- Mity-Lite
- MKS Instruments
- Molloy, John T.
- Monkees
- Monopoly, in business valuation
- Mosaic theory
- Munger, Charlie
- Murray, Roger
- “The Musty Smell of Success” (Gallagher)
- Mystery Ranch
- National Geographic
- Navy SEALS
- Needs, and feelings
- Negative excess returns
- Negative space, identifying subjective criteria from
- Negative-sum game
- Neglect, investor
- Net income
- Net operating profit less adjusted taxes (NOPLAT)
- Network effects, as efficiency advantage
- Newport Corporation
- News and information media:
- influence on stock market of
- systematic influence of
- Nice, as subjective criteria
- “No,” as default response to pitch
- Nobel Prize in Economic Sciences
- No Bull (Steinhardt)
- Noise:
- as communication barrier
- false market signals as
- “Noise” (Black)
- Noise traders
- Nominal growth
- Nominal present value, of incremental growth
- Nominal speeds
- Non-material, nonpublic information
- collected, in research
- and quasi-public information
- Nonverbal communication:
- in meeting stages
- with microexpressions
- in pitch delivery
- NOPLAT (net operating profit less adjusted taxes)
- Normal distribution
- Normal distributions
- Numerical data, for quantitative criteria
- Objective criteria
- and barriers to listening to pitch
- failure to communicate
- identifying portfolio managers’
- for investment
- and pitch preparation
- as qualitative criteria
- subjective vs.
- unstated criteria as
- valuation criteria as
- Objective measures, for quantitative criteria
- Observed information:
- dissemination of
- in information cascade
- systematic errors related to
- The Official List of Section 13(f) Securities (SEC)
- Operating assets:
- cash flow generated by
- determining intrinsic value byn
- Operation Red Wings
- Opportunity cost
- Oscars
- Outperforming markets, difficulties in
- Overreactions, by crowds lacking diversity
- Owner earnings:
- in business evaluation
- and capital charges
- and capital charges plus excess returns
- and cash flow
- and competition
- and competitive advantage
- and excess returns
- with no excess returns
- present value of
- Owner’s Manual (Buffett)
- Pacifying behaviors
- Page, Scottn
- Panic(s):
- end of
- role of fear in
- Paradox of skill
- “Patience factor,” in PMV
- Pattern recognition, in security selection
- Patterson, Scott
- Pearson, Karl
- Pepsi
- P/E (price/earnings) ratio
- Perceptions, about analyst capability and credibility
- Perfect market efficiency
- Performance:
- difficulties in outperforming markets
- investment
- investor
- relative
- risk of underperformance
- Permanent capital
- Perpetuities (perpetual bonds)
- Pershing Square Challenge
- Pershing Square Holdings
- Physical appearance
- Pictures, on pitch slides
- Pitch delivery
- communication barriers in
- credibility and capability judged in
- efficiency of
- and initial impressions
- and manager’s biased schema
- microexpressions in
- nonverbal signals in
- and physical appearance
- pitch pack
- practicing
- Q&A
- slide deck
- and stages of meetings
- stock pitching contests
- structure of
- 30 second hook
- two-minute drill
- Pitch pack
- Pitch preparation
- selection of information for
- Steinhardt framework in
- stress-testing of pitch
- Toulmin model of argumentation in
- “Plain vanilla” bonds, valuing
- Plotkin, Jeffrey
- PMV, see Private Market Value
- Poker, as zero-sum game
- PokerNews,
- Portfolio manager(s):
- aggressive
- as audience for pitch
- biased schema of
- capturing and keeping attention of
- criteria of
- decision-making process of
- emotions of
- four key questions of
- fundamental criteria of
- investment questions of
- organization of information for
- with permanent capital
- in Q&A period
- responsibilities of, for communicating criteria
- roles of analysts and
- schema of
- selection criteria of
- subjective and unstated criteria of
- subjective criteria of seasoned
- use of discounted cash flows by
- valuation criteria of
- Possibly, as qualifier
- Posture, in pitch
- Practicing, pitch delivery
- Precision:
- and accuracy
- in estimating intrinsic value
- risk reduced with
- Prejudices
- Present value (PV)
- of bonds
- of a business
- of businesses
- calculations of
- calculations of, with discounted cash flow model
- of capital charge
- defined
- of excess returns
- of growing cash flow stream
- of owner earnings
- of perpetuities
- real
- and value per share
- Previdi, Lindsay
- Price, Michael
- Price advantage
- Price/earnings (P/E) ratio
- Price targets
- Pricing:
- efficiency in
- of stock
- Pricing alternatives
- Pricing errors
- Principal/agent problem
- Private equity investors
- Private information:
- aggregation of
- and domain-specific knowledge
- information asymmetry due to
- in information cascade
- maximizing value of
- Private Market Value (PMV)
- and cash flow
- and discounted cash flow model
- intrinsic value from
- loss of diversity with
- Probably, as qualifier
- Processing of information:
- errors in
- as market efficiency rule
- and market price
- and wisdom of crowds
- Production advantages
- Professional investors
- Profitability metrics, on summary data slide
- Proprietary production technology
- “Prospect Theory” (Kahneman & Tversky)
- Public information
- PV, see Present value
- Q&A period
- delivery
- as meeting stage
- in pitch
- preparing for
- for stock pitching contests
- Qualifier(s):
- overuse of
- in stress-testing of pitch
- in Toulmin model of argumentation
- Qualitative criteria:
- evaluating
- for investments
- quantitative vs.
- valuation criteria as
- Quant Crisis (2007)
- Quantitative criteria:
- evaluating
- for investment
- qualitative vs.
- valuation criteria as
- Quantitative investors
- The Quants (Patterson)
- Quasi-public information
- Randomness
- Rate of return
- Rational-agent model
- Rational investor model
- Real growth
- Real present value
- Real speeds
- Rebuttal:
- in Q&A period
- in stress-testing of pitch
- in Toulmin model of argumentation
- Receptivity to ideas
- Receptivity to ideas, likability and
- “Recognition-Primed Decision-Making,”
- Redemptions:
- actual and anticipated
- and limits to incorporation
- Reflexes
- Regression to the mean
- Regulation FD
- Rehearsal, of pitch
- Rejected ideas, identifying subjective criteria from
- Relative performance
- Relevance, of evidence
- Representativeness, of evidence
- Representativeness bias
- Repricing, of stock
- Research
- accuracy enhanced by
- analytical advantage
- and catalysts
- informational advantage
- informational plus analytical advantage
- precision enhanced with
- process of
- trading advantage
- and variant perspective
- Returns:
- actual
- asymmetric
- excess, see Excess returns
- expected, see Expected returns
- Return on invested capital (ROIC)
- for a business
- and competitive advantage
- declining to cost of capital
- equal to cost of capital
- greater than the cost of capital
- less than cost of capital
- McCormick Inc.
- Richards, Daniel
- Risk
- actual
- estimates of
- implied
- market-implied
- reduced with accuracy
- reduced with precision
- of Tesla stock
- uncertainty vs.
- of underperformance
- Risk assessment
- and beta
- intrinsic value in
- and margin of safety
- mispricings in
- risk vs. uncertainty
- time horizon in
- uncertainty and valuation
- variant perception in
- and wisdom of crowds
- Rogers, Jimmy
- ROIC, see Return on invested capital
- Rose, Charlie
- Rosenthal, Robert
- Royce, Chuck
- Royce Special Equity Fund
- Rubin’s vase (illusion)
- Rukeyser, Louis
- Salary, clothing as indicator of
- Samsung
- Samuelson, Paul
- Scale-based advantages
- Schema(s)
- biased
- communication about
- in decision-making process
- defined
- for evaluating people
- fundamental and valuation criteria as basis for
- and fundamental criteria
- learning and pitching to
- matching security to
- and questions in Q&A period
- updating/changing
- Seagram Building
- Search costs
- SEC (Securities and Exchange Commission):
- complaints of insider trading by
- filings with
- identifying subjective and unstated criteria from filings with
- Security Analysis (Graham and Dodd)
- Security analysis, efficient market hypothesis in
- Security selection
- barriers to adoption
- and choosing a house
- communication pitfalls in
- manager’s fundamental criteria in
- manager’s subjective and unstated criteria in
- manager’s valuation criteria in
- and matching manager’s schema
- Seeking Alpha
- Selerity
- Selling an asset:
- determining intrinsic value by
- generating cash flow with
- Sell side analysts
- Sensitivity analysis
- Sevcon, Inc.
- Shark Tank (television series)
- Sharpe, William
- Shiller, Robert
- “Shopping list” category, on matrix of fundamental and valuation criteria
- Shrugging shoulders
- Simons, James
- Simplicity, in slides
- Single-point estimates:
- of cash flow
- for intrinsic value
- Skewness:
- caused by consensus
- normal distributions vs.
- and wisdom of crowds
- Slide deck:
- pitch delivery with
- for stock pitching contest
- Slides, overcrowded
- Small talk stage (meeting)
- Soe, Aye M.
- Sonkin, Zev
- Sources of Power (Klien)
- S&P Dow Jones Indices
- Speeds, real and nominal
- SPIVA U.S. Scorecard
- Spoken form:
- of 30-second hook
- of two-minute drill
- Stated criteria
- for investment
- subjective
- for summer house
- unstated vs.
- valuation criteria as
- Steinhardt, Michael
- Steinhardt framework
- and analyst capability/credibility
- for analytical advantage
- developing perfect pitch with
- for informational advantage
- for informational and analytical advantage
- for 30-second hook
- Stereotypes
- Stevens, Paul
- Stock:
- decline in individual ownership of
- pricing of
- repricing of, following information dissemination
- volatility of
- Stock chart, on summary data slide
- Stock market, wisdom of crowds applied to
- Stock pitching contests
- Stock prices:
- and behavioral finance
- effect of market efficiency on
- and emotions of investors
- maximizing private information without moving
- Strategic buyers
- Stress-testing:
- of arguments
- of pitch
- Strong hands (term)
- Structural cost advantage
- Subconscious judgments
- about clothing
- in meetings
- Subconscious reactions, microexpressions as
- Subjective criteria
- and barriers to adoption
- evaluating
- identifying portfolio managers’
- for investment
- objective vs.
- and pitch preparation
- as qualitative criteria
- and questions in Q&A period
- of seasoned portfolio managers
- unstated criteria as
- valuation criteria as
- Success, clothing and
- Sufficient number of investors:
- with domain-specific information
- for market efficiency
- for wisdom of crowd
- Summary data, as slide content
- SumZero
- SUNY Albany
- Suppliers, of unique resources
- Suriowiecki, Jim
- Sustainable competitive advantage
- Switching costs
- Systematic bias:
- investor behavior as cause of
- from lack of diversity in crowds
- as lack of independence
- and market efficiency
- systematic error from
- Systematic errors:
- and analytical advantage
- due to lack of diversity
- and efficient market hypothesis
- from individual behavior
- and merged theory of behavioral finance/efficient market hypothesis
- and wisdom of crowds
- Systematic influence, of news and information media
- The Tao of Warren Buffett (Mary Buffett, Clark, and Fields)
- TED Talks
- 10Q analysis, in pitch pack
- Teodora
- Terminal value
- Tesla:
- intrinsic value of
- and McCormick Inc.
- and uncertainty
- Thaler, Richard
- Third Point Re
- 13D filings
- 13F filings
- 13G filings:
- identifying subjective and unstated criteria from
- in information cascade
- 30-second hook
- adjusting, for stock pitching contests
- delivery of
- as meeting stage
- in pitch
- in pitch pack
- Steinhardt framework for developing
- stress-testing of
- Thorp, Edward O.
- Threshold dose
- Threshold of investors, for wisdom of crowds
- Time horizon:
- and breakeven point
- errors in estimating
- implied risk in
- as range of outcomes
- in risk assessment
- and variant perception
- Time value of money:
- in asset valuation
- and intrinsic value
- timing vs.
- Timing:
- in cash flow
- time value of money vs.
- Todorov, Alexander
- Tone, in communication
- Totes
- Toulmin, Stephen
- Toulmin model of argumentation
- argument in
- backing for warrant in
- developing two-minute hook with
- evidence in
- qualifier in
- rebuttal and counterarguments in
- warrant in
- Trading advantage
- defined
- research
- Treynor, Jack
- Trustworthiness:
- clothing and
- facial features that communicate
- Tversky, Amos
- Two-minute drill
- adjusting, for stock pitching contests
- delivery of
- as meeting stage
- in pitch
- stress-testing of
- Two-stage discounted cash flow model (DCF)
- Unbiased investors, pricing corrections by
- Uncertainty
- in asset valuation
- and business valuation
- in business valuation
- and cash flow estimates
- in cash flow estimates
- in discounted cash flow model
- and intrinsic value
- and investor expectations
- and pitch preparation
- and precision
- risk vs.
- of Tesla
- of Tesla stock
- and valuation
- Underperformance, risk of
- “Uniform” in investment banking
- Uninformed party:
- buyer as
- private information available to investor as
- Unique resources
- University of Hertfordshire
- Unlikely, as qualifier
- Unstated criteria
- identifying portfolio managers’
- for investment
- stated vs.
- vague criteria vs.
- U.S. Treasury Note
- Useful life, in intrinsic value
- The Uses of Argument (Toulmin)
- Utility, wealth and
- Vague criteria
- Valuation. See also Asset valuation; Business valuation
- effects of, on competitive advantage
- effects of, on value growth
- follow-up questions about
- and uncertainty
- Valuation criteria:
- as basis for schema
- and fundamental criteria
- of portfolio managers
- Valuation metrics, on summary data slide
- Value, on variant perspective slide
- Value growth
- calculations of
- effects of valuation on
- McCormick Inc.
- nominal growth
- present value of growing cash flow stream
- real growth
- Value investors
- Value Investors Club
- Value of an asset:
- components in
- defined
- Value of competitive advantage
- Value of incremental growth
- Value of invested capital
- Value per share
- Value sources
- Value traps
- Vanguard
- Variant perspective:
- and analytical advantages
- of business valuation
- and cash flow estimates
- and catalysts
- and consensus
- and informational and analytical advantage
- and intrinsic value
- lower risk due to
- and pitch preparation
- and research
- in risk assessment
- as slide content
- and time horizon
- in vetting of investments
- Vetting investments, pitching vs.
- Volatility, of stock
- Vox Populi (Galton)
- WACC, see Weighted Average Cost of Capital
- Wall Street (film)
- Wall $treet Week (television program)
- Walter, William
- Warrant:
- backing for
- in stress-testing of pitch
- in Toulmin model of argumentation
- Weak hands (term)
- Wealth, utility and
- Weasel words (weasel phrases)
- Weighted Average Cost of Capital (WACC)
- for Chemtura
- in nominal vs. real growth
- Weingarten, Henry
- West of England Fat Stock and Poultry Exhibition
- Why question, in pitches
- Williams-Sonoma
- Wisdom of crowds
- accuracy of
- applied to stock market
- and bias
- dissemination of information
- effect of fear/greed on
- Francis Galton example of
- incorporation of information
- individual private information aggregation with
- and market efficiency
- and Oscar voting example
- processing of information
- risk and uncertainty in
- and skew
- as smarter than experts
- tenets of
- The Wisdom of Crowds (Suriowiecki)
- Witmer, Meryl
- Women:
- clothing and grooming for
- emotionality of
- hairstyles for
- Word choice, for pitches
- Written form:
- of 30-second hook
- of two-minute drill
- Yahoo! Finance
- Zero-sum game
- Zocchi, Lou
..................Content has been hidden....................
You can't read the all page of ebook, please click here login for view all page.