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A Modern Approach to Graham and Dodd Investing
Thomas P. Au (Author)
9780471584155, Wiley
Hardback, published 20 April 2004
352 pages
23.8 x 15.9 x 3.1 cm, 0.572 kg
“A worthwhile read for investors interested in fundamental analysis following along upon the concepts of Benjamin Graham and David Dodd. The author remains true to the general principles and discipline of the two original fundamental investors when evaluating . . . more modern investments. Many readers may find these sections of particular interest. . . Mr. Au has attempted to extrapolate the thinking of two great investment authors of yesteryear. On balance, he has successfully completed the mission.”(Seeking Alpha)
An updated approach to classic security analysis
The principles of value investing outlined by Graham and Dodd in the 1940s continues to be used today by individuals and companies who face challenging investment decisions. A Modern Approach to Graham and Dodd Investing examines the classic Graham and Dodd approach to valuation and updates it for the twenty-first century. Thomas Au, a credentialed analyst with a leading insurance company and an ex-Value Line analyst, reworks the basics of value investing from net present value, financial statement analysis, and return on capital to return and leverage, asset allocation, and diversification. Through case studies and real-time analysis, A Modern Approach to Graham and Dodd Investing presents readers with examples that will make analysis and portfolio theory more relevant and powerful.
Thomas P. Au (Hartford, CT) is a Vice President and Portfolio Manager for the investment arm of a large insurance and healthcare provider. His specialty is emerging and international markets. He received his BA, cum laude, with a double major in economics and history, from Yale University, and an MBA in finance from New York University.
PREFACE xi PART I Basic Concepts 1 CHAPTER 1 Introduction 3 CHAPTER 2 Investment Evaluations and Strategies 16 PART II Fixed-Income Evaluation 29 CHAPTER 3 Foundation of Fixed Income 31 CHAPTER 4 Fixed-Income Issues of Corporations 47 CHAPTER 5 Distressed Fixed Income 63 PART III Equity Evaluation 79 CHAPTER 6 Cash Flows and Capital Expenditures 81 CHAPTER 7 Analysis of Asset Value 96 CHAPTER 8 Some Observations on the Value of Dividends 112 CHAPTER 9 Some Warnings about the Use of Earnings in Valuation 127 CHAPTER 10 Sales Analysis 143 PART IV Special Vehicles for Investment 157 CHAPTER 11 A Graham and Dodd Approach to Mutual Funds 159 CHAPTER 12 A Graham and Dodd Approach to International Investing 174 CHAPTER 13 A Graham and Dodd View of Real Estate 187 PART V Portfolio Management 203 CHAPTER 14 The Question of Asset Allocation 205 CHAPTER 15 The Concepts of Graham and Dodd versus Modern Theories and Practices 220 CHAPTER 16 Case Studies in Graham and Dodd Investing 234 CHAPTER 17 A Real-Time Experiment 257 PART VI Some Contemporary Issues 271 CHAPTER 18 A Historical View of the Dow and the “Market” 273 CHAPTER 19 Some Disquieting Thoughts on Excessive Credit Creation 292 CHAPTER 20 Generational Cycles in the American Stock Market 306 ENDNOTES 321 BIBLIOGRAPHY 327 INDEX 329
Subject Areas: Finance & accounting [KF]
