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ID:34435521
大小:9.13 MB
页数:258页
时间:2019-03-06
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1、MARGINOFSAFETYRisk-AverseValueInvestingStrategiesfortheThoughtfulInvestorSethA.KlarmanHarperBusiness•ADIvIsIOnofHarperCollinsPublishenContentsAcknowledgmentsixIntroductionxiiiIWhereMostInvestorsStumble11SpeculatorsandUnsuccessfulInvestors32TheNatureofWallStreetWorksAgainstInvestors193TheInstituti
2、onalPerformanceDerby:TheClientIstheLoser354DelusionsofValue:TheMythsandMisconceptionsofJunkBondsinthe1980s55IIAValue-InvestmentPhilosophy795DefiningYourInvestmentGoals816ValueInvesting:TheImportanceofaMarginofSafety877AttheRootofaValue-InvestmentPhilosophy1058TheArtofBusinessValuation118IIITheVal
3、ue-InvestmentProcess1499InvestmentResearch:TheChallengeofFindingAttractiveInvestments15110AreasofOpportunityforValueInvestors:Catalysts,MarketInefficiencies,andInstitutionalConstraints16211InvestinginThriftConversions18212InvestinginFinanciallyDistressedandBankruptSecurities18913PortfolioManageme
4、ntandTrading20914InvestmentAlternativesfortheIndividualInvestor222Glossary229BIbliography241Index243AcknowledgmentsWhilealwaysinterestedintheworkingsofWallStreet,IwasextremelyfortunateinmyfirstrealjobtohavetheopportunitytoworkalongsideMichaelPriceandthelateMaxL.HeineatMutualSharesCorporation(nowM
5、utualSeriesFund,Inc.).MyunclePaulFriedmanalwaysencouragedmyinterestininvest•ingandhelpedmelandthatjob.IlookbackonmyexperienceatMutualSharesveryfondly.MylearninginthetwoyearsworkingwithMaxandMikeprobablyeclipsedwhatIlearnedinthesubsequenttwoyearsatHarvardBusinessSchool.ItistoMax'smemorythatIdedica
6、tethisbook.AfterearningmyMBAatHarvard,Iwasfacedwithseveralexcitingcareerchoices.Theunconventionaloffertojoinastart•upinvestment-managementfirminCambridge,Massachusetts,presentedtheopportunitytobeginbuildinganinvestmenttrackrecordearlyinmycareer.AndsoitwasthatIjoinedBillPoorvu,IsaacAuerbach,Jordan
7、Baruch,HowardStevenson,andJo-AnBosworthinformingtheBaupostGroup.Eachofmycolleagues-Howardinparticular-wentoutonalong,thinlimbtobetonmeandmyabilities,notonlytomanagetheirownmoneybutalsothatoftheirfamiliesandclosefriends
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