Pitch the Perfect Investment: The Essential Guide to Winning on Wall Street
by Paul Johnson, Paul D. Sonkin
Pitch the Perfect Investment
- Cover
- Preface
- Introduction
- PART I THE PERFECT INVESTMENT
- Chapter 1 How to Value an Asset
- Chapter 2 How to Value a Business
- Defining Cash Flow
- How to Calculate Present Value Using a Discounted Cash Flow Model
- Predicting the Future Is Not Easy
- How to Calculate the Present Value of a Bond
- How to Calculate the Present Value of a Perpetuity
- How to Calculate the Present Value of a Business
- How to Calculate the Present Value of a Growing Cash Flow Stream Using a Two-Stage DCF Model
- How to Think About the Discount Rate
- Gems
- Notes
- Chapter 3 How to Evaluate Competitive Advantage and Value Growth
- Chapter 4 How to Think About a Security’s Intrinsic Value
- Chapter 5 How to Think About Market Efficiency
- Market Efficiency Is More of a Concept Than a Law
- The Holy Grail of Money Management: Generating Alpha
- Generating Alpha Is a Zero-sum Game
- Defining Market Efficiency
- The Rules of Market Efficiency
- When the Rules of Market Efficiency Operate Flawlessly
- The Mechanism That Implements the Rules of Market Efficiency
- Gems
- Notes
- Chapter 6 How to Think About the Wisdom of Crowds
- “And the Oscar Goes to …”
- The Wisdom of Crowds Is Critical to Market Efficiency
- How the Wisdom of Crowds Implements the Rules of Market Efficiency
- Tenet 1—The Dissemination of Information
- Tenet 2—The Processing of Information
- Tenet 3—The Incorporation of Information
- Examples Illustrating How the Wisdom of Crowds Implements the Rules of the Efficient Market Hypothesis
- The Wisdom of Crowds Applied to the Stock Market
- The Crowd Is Smarter Than the Experts Most of the Time
- How the Crowd Can be Fooled
- Gems
- Notes
- Chapter 7 How to Think About Behavioral Finance
- The Moody Mr. Market
- When the Wisdom of Crowds Becomes the Madness of Crowds
- Is the Crowd’s Apparent Madness Irrational?
- How Can Fama and Shiller Both Be Right?
- The Magnetism of the Efficient Market Hypothesis
- Limits to Incorporation: When the Crowd Cannot Act
- The Efficient Market Hypothesis Remains “King of the Hill”
- Why Do We Care About Market Efficiency?
- Gems
- Notes
- Chapter 8 How to Add Value Through Research
- Chapter 9 How to Assess Risk
- The Difference Between Risk and Uncertainty
- Confusing Uncertainty and Risk Causes Mispricings
- How Confusion of Risk and Uncertainty Manifests in the Wisdom of Crowds Framework
- When Uncertainty Becomes Risk
- Margin of Safety Is Really All about Risk
- A More Certain Business Can Actually Be Riskier
- Time Matters . . . and Matters a Lot . . .
- How Increased Accuracy and Precision in Estimating Intrinsic Value Affects Risk
- How Increased Accuracy and Precision in Estimating Time Horizon Affects Risk
- Risk and Variant Perception—Skewing the Distribution in the Investor’s Favor
- The Risk of Underperforming
- Gems
- Notes
- PART II THE PERFECT PITCH
- Chapter 10 How to Select a Security
- The Importance of Matching a Portfolio Manager’s Schema
- Identifying a Manager’s Fundamental Criteria
- What Went Wrong?
- Identifying a Manager’s Valuation Criteria
- Other Barriers to Adoption
- Overcome Barriers by Learning How to Read a Portfolio Manager’s Mind
- Other Communication Pitfalls
- Gems
- Notes
- Chapter 11 How to Organize the Content of the Message
- Chapter 12 How to Deliver the Message
- The 30-Second Hook
- The Two-Minute Drill
- Make It Easy for Them
- Topography of a Simple Slide Deck
- How to Handle Q&A?
- Stock Pitching Contests
- Delivering the Message—You Are the Envelope
- Anatomy of a Meeting
- Other Not So Obvious Barriers to Communication
- How Do You Get to Carnegie Hall?
- Gems
- Notes
- Chapter 10 How to Select a Security
- Acknowledgments
- Art Acknowledgments
- About the Authors
- Index
- EULA
PS dedicates the book to the next generation—Zev, Zoe, and Paris.
PJ dedicates the book to his two near-perfect children, Charlotte and Henry.
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