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The Little Book of Sideways Markets
How to Make Money in Markets that Go Nowhere
Vitaliy N. Katsenelson (Author)
9780470932933, Wiley
Hardback, published 11 January 2011
256 pages, Exhibits: 14 B&W, 0 Color
17.8 x 13.2 x 2.8 cm, 0.295 kg
"This is a book you can understand and have fun with no matter what level of experience you have. Even advanced investors have to refresh themselves in the basics once in awhile. Read it...." (Financial Tides and Seeking Alpha) "This book isn't about market timing. It's about winning in a flat market — the sort of knowledge that can make you a lot of money. In his book, Katsenelson reminds us that investing returns come in three ways: more earnings, more dividends, or a higher price-to-earnings ratio. I'm a dividend guy, so Katsenelson had me when he declared that 'the importance of dividends quadruples in sideways markets, where they historically represent more than 90% of total return.' Amen, brother! There are a lot of 'little books' out there, but The Little Book of Sideways Markets offers excellent advice, reads easily, and will help you sidestep a potentially frustrating market."(Motley Fool) "Offers guidance on the discipline of selecting stocks, as well as wisdom on the challenges of knowing when to sell. Does a masterful job of taking a highly technical subject and explaining it in easily understood terms. His explanation of discounted cash flow analysis to determine the right price for buying an asset is the best, and the most entertaining." (NAPFA Advisor) "Thoroughly enjoyable. . . for the thoughtful and often entertaining way in which it is delivered. . . Katsenelson takes his reader step by step into the mind of the value investor by relating, in a fictional addendum to Fiddler on the Roof, the story of Tevye's purchase of Golde, the cow. He also describes his own big-time gambling evening (he was willing to lose a maximum of $40) and that of a half-drunken, rowdy fellow blackjack player to stress the importance of process. He then moves on to the fundamental principles of active value investing. What differentiates this book from so many others on value investing is that it describes, sometimes through the use of case studies, the thinking of a value investor. Not just his models or his metrics but his assessments. Katsenelson is an empiricist who weighs facts, looks for contraindications, and makes decisions. He makes value investing come alive. This may be a little book, but it's packed with insights for both novices and experienced investors. And it is a delight to read." (Seeking Alpha) "... thoroughly enjoyable, easy-to-read ... makes value investing come alive...packed with insights for both novices and experienced investors...a delight to read." (UK-Analyst.com) "A thoroughly enjoyable read.... Useful to everyone." (Bullfax.com)
"It's hard to talk clearly about investing and make sense to ordinary readers at the same time. Katsenelson gives a lucid explanation of today's markets with sound advice about how to make money while avoiding the traps that the market sets for exuberant bulls and frightened bears alike." "A thoroughly enjoyable read. Provides a clear framework for equity investing in today's ‘sideways' and volatile markets useful to everyone. Clear thinking and clear writing are not often paired - well done!" "The bible for how to invest in the most tumultuous financial market environment since the Great Depression. A true guidebook for how to build wealth prudently." "A wonderful, grounded read for new and seasoned investors alike, Katsenelson explains in plain English why volatility and sideways markets are a stock picker's best friend." Praise for Active Value Investing "This book reads like a conversation with Vitaliy: deep, insightful, inquisitive, and civilized." "Thoroughly enjoyable. . . for the thoughtful and often entertaining way in which it is delivered. . . Katsenelson takes his reader step by step into the mind of the value investor by relating, in a fictional addendum to Fiddler on the Roof, the story of Tevye's purchase of Golde, the cow. He also describes his own big-time gambling evening (he was willing to lose a maximum of $40) and that of a half-drunken, rowdy fellow blackjack player to stress the importance of process. He then moves on to the fundamental principles of active value investing. What differentiates this book from so many others on value investing is that it describes, sometimes through the use of case studies, the thinking of a value investor. Not just his models or his metrics but his assessments. Katsenelson is an empiricist who weighs facts, looks for contraindications, and makes decisions. He makes value investing come alive. This may be a little book, but it's packed with insights for both novices and experienced investors. And it is a delight to read."
—Thomas G. Donlan, Barron's
—Dick Weil, CEO, Janus Capital Group
—David Rosenberg, Chief Economist & Strategist, Gluskin Sheff + Associates Inc.
—The Motley Fool, www.Fool.com
—Nassim Nicholas Taleb, author of The Black Swan
—Seeking Alpha
Foreword xi Acknowledgments xxii Introduction xxiii Chapter One Fasten Your Seat Belt 1 Chapter Two A Sideways View of the World 9 Chapter Three Don’t Shoot the Messenger 23 Chapter Four Tevye Was a Rich Man 41 Chapter Five What We Can Learn from Gamblers 59 Chapter Six Brought to You by the Letter “Q” (for Quality) 65 Chapter Seven Brought to You by the Letter “G” (for Growth) 87 Chapter Eight Brought to You by the Letter “V”(for Valuation) 105 Chapter Nine Add It Up 117 Chapter Ten Nip/Tuck 133 Chapter Eleven The Born-Again Value Investor 143 Chapter Twelve Applying Darwinism to the Sales Process 161 Chapter Thirteen You Are Not As Dumb—or Smart—As You Think 175 Chapter Fourteen On a Scavenger Hunt for Stocks 181 Chapter Fifteen Farewell, Blissful Ignorance 189 Chapter Sixteen Think Different 211 Chapter Seventeen I Could Be Wrong, but I Doubt It 223
Subject Areas: Finance & accounting [KF]
