安全边际——有思想投资者的价值投资避险策略

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1、MARGINOFSAFETYRisk-AverseValueInvestingStrategiesfortheThoughtfulInvestorSethA.Klarman....HarperBusinessiiiADivisionofHarperColl;l'IsP~bli$hmContentsAcknowledgmentsixIntroductionxiiiIWhereMostInvestorsStumble11SpeculatorsandUnsuccessfulInvestors32TheNatureofWallStreetWorksAgainst

2、Investors193TheInstitutionalPerformanceDerby:TheClientIstheLoser3S4DelusionsofValue:TheMythsandMisconceptionsofJunkBondsinthe1980s55IIAValue-InvestmentPhilosophy795DefiningYourInvestmentGoals816ValueInvesting:TheImportanceofaMarginofSafety877AttheRootofaValue-InvestmentPhilosophy

3、1058TheArtofBusinessValuation118IIITheValue-InvestmentProcess1499InvestmentResearch:TheChallengeofFindingAttractiveInvestments15110AreasofOpportunityforValueInvestors:Catalysts,MarketInefficiencies,andInstitutionalConstraints16211InvestinginThriftConversions18212InvestinginFinanc

4、iallyDistressedandBankruptSecurities18913PortfolioManagementandTrading20914InvestmentAlternativesfortheIndividualInvestor222Glossary229Bibliography241Index243AcknowledgmentsWhilealwaysinterestedintheworkingsofWallStreet,Iwasextremelyfortunateinmyfirstrealjobtohavetheopportunityto

5、workalongsideMichaelPriceandthelateMaxL.HeineatMutualSharesCorporation(nowMutualSeriesFund,Inc.).MyunclePaulFriedmanalwaysencouragedmyinterestininvest•ingandhelpedmelandthatjob.IlookbackonmyexperienceatMutualSharesveryfondly.MylearninginthetwoyearsworkingwithMaxandMikeprobablyecl

6、ipsedwhatIlearnedinthesubsequenttwoyearsatHarvardBusinessSchool.ItistoMax'smemorythatIdedicatethisbook.AfterearningmyMBAatHarvard,Iwasfacedwithseveralexcitingcareerchoices.Theunconventionaloffertojoinastart•upinvestment-managementfirminCambridge,Massachusetts,presentedtheopportun

7、itytobeginbuildinganinvestmenttrackrecordearlyinmycareer.AndsoitwasthatIjoinedBillPoorvu,IsaacAuerbach,JordanBaruch,HowardStevenson,andJo-AnBosworthinformingtheBaupostGroup.Eachofmycolleagues-Howardinparticular-wentoutonalong,thinlimbtobetonmeandmyabilities,notonlytomanagetheirow

8、nmoneybutalsothatoftheirfamiliesandclose