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END USER LICENSE AGREEMENT
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END USER LICENSE AGREEMENT
by Andrew Cornell, Shaun Cornell, Bradford Cornell
The Conceptual Foundations of Investing
COVER
PREFACE
1 RETURNS
STOCKS, BONDS, AND BILLS
RETURN MATHEMATICS
VOLATILITY
AVERAGE RETURNS
USING RETURNS TO TEST INVESTMENT THEORIES
RETURNS AND STOCK MARKET HISTORY
CONCEPTUAL FOUNDATION 1
NOTES
2 THE ECONOMIC STRUCTURE OF INVESTMENT MARKETS
THE ARITHMETIC OF FINANCIAL MARKETS
THE EFFICIENT MARKET HYPOTHESIS
INFORMATIONAL VERSUS FUNDAMENTAL MARKET EFFICIENCY
THE EFFICIENT MARKET HYPOTHESIS AND SHARPE'S ARITHMETIC
WHO ARE YOUR COUNTERPARTIES?
ENOUGH OF THE THEORY, WHAT ABOUT RESULTS?
CONCEPTUAL FOUNDATION 2
NOTES
3 BONDS AND INFLATION
TREASURY BILLS AND TREASURY BONDS
INTEREST RATES AND INFLATION
BOND YIELDS AND BOND RETURNS
TREASURY INFLATION PROTECTED SECURITIES (TIPS)
CORPORATE BONDS AND CREDIT RISK
PROMISED YIELDS VERSUS EXPECTED YIELDS
THE ROLE OF DIVERSIFICATION IN BOND INVESTING
SUPERIOR RETURNS FROM LOW-GRADE BOND INVESTING
CONCEPTUAL FOUNDATION 3
NOTES
4 RISK AND RETURN
RISK AVERSION AND RISK PREMIUMS
THE EQUITY MARKET RISK PREMIUM
APPLYING THE CAPM
APPLYING THE CAPM TO SECURITIES OTHER THAN STOCKS
DISCOUNT RATES FOR EQUITY CASH FLOWS
LIQUIDITY AND EXPECTED RETURNS
CONCEPTUAL FOUNDATION 4
NOTES
5 FUNDAMENTAL ANALYSIS AND VALUATION
BUBBLES
FUNDAMENTAL VALUATION
FREE OR “DIVIDENDABLE” CASH FLOW
THE CONSTANT GROWTH MODEL
A MORE REALISTIC MODEL
WARREN BUFFETT'S “SECRET” TO INVESTING
A DETAILED EXAMPLE: TESLA
HOW THE MARKET SETS STOCK PRICES
FUNDAMENTAL INVESTING AND DIVERSIFICATION
FINDING MISPRICED STOCKS
WHAT TO DO IF MISPRICING GETS “WORSE”
HOW DO YOU TELL IF THE MARKET IS “EXPENSIVE?”
THE SOCIAL BENEFITS OF FUNDAMENTAL INVESTMENT ANALYSIS
CONCEPTUAL FOUNDATION 5
NOTES
6 TRANSACTION COSTS, FEES, AND TAXES
TRANSACTION COSTS
MANAGED INVESTMENT FUNDS AND FEES
TAXES
CONCEPTUAL FOUNDATION 6
NOTES
7 CAN HISTORY BE TRUSTED?
DATA MINING
NON-STATIONARITY
MODEL SPECIFICATION
INTERACTION
SMART BETA AND FACTOR PREMIUMS
ASSESSING INVESTMENT MANAGEMENT PERFORMANCE
PRESIDENTIAL POLITICS AND THE STOCK MARKET
CONCEPTUAL FOUNDATION 7
NOTES
8 CAN BEHAVIORAL ANOMALIES BE EXPLOITED?
A TAXONOMY OF POTENTIAL INVESTOR BIASES
COGNITIVE ERRORS
EMOTIONAL BIASES
BEHAVIORAL FINANCE AND MARKET PRICING
INDIVIDUALS VERSUS ORGANIZATIONS
DOES IT MATTER WHY SECURITIES ARE MISPRICED?
THE ROLE OF BEHAVIORAL BIASES IN AN EFFICIENT MARKET
CONCEPTUAL FOUNDATION 8
9 ALTERNATIVE INVESTMENTS
LIQUIDITY
INFORMATION
PROPERTY RIGHTS
NECESSARY MANAGEMENT
MEASURING RISK AND RETURN
REITs
DEVELOPING COUNTRY FUNDS
PRIVATE EQUITY FIRMS
FUNDS THAT MATCH COMMODITY AND OTHER INDEXES
DERIVATIVES
THE EXOTICS
CONCEPTUAL FOUNDATION 9
NOTES
10 INVESTMENT SUGGESTIONS AND POSTSCRIPT
A DIVERSIFIED PASSIVE STRATEGY
AN ACTIVE STRATEGY
USING ACTIVE INVESTMENT MANAGERS
AN “ENHANCED” PASSIVE STRATEGY
CONCLUSION
POSTSCRIPT FEBRUARY 2018
INDEX
END USER LICENSE AGREEMENT
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