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Valuing and Investing in Equities
CROCI: Cash Return on Capital Investment
Describes an holistic approach to value investing in securities that encompasses market microstructure, valuation analysis, and portfolio construction
Francesco Curto (Author)
9780323899246, Elsevier Science
Paperback / softback, published 19 November 2020
228 pages
22.9 x 15.1 x 1.6 cm, 0.36 kg
"Francesco Curto makes an incredibly compelling case for CROCI. Anyone interested in stock analysis, fundamental valuation or investing in equities should find a great deal to learn from this book." --Amit Seru, The Steven and Roberta Denning Professor of Finance, Stanford Graduate School of Business "Valuing and Investing in Equities: CROCI is an essential read for anyone evaluating investment targets worldwide. It’s easy-to-understand presentation guides investors in deciphering complex financial statements, normalizing between companies, and discerning an accurate picture of their financial health." --Randy Brown, CIO Sun Life and Head of Insurance Asset Management for SLC Management
Valuing and Investing in Equities: CROCI: Cash Return on Capital Investment develops a common-sense framework for value investors. By distinguishing investors from speculators, it acknowledges the variety of styles and goals in the financial markets. After explaining the intuition behind due diligence, portfolio construction, and stock picking, it shows the reader how to perform these steps and how to evaluate their results. Francesco Curto illuminates the costs and opportunities afforded by valuation strategies, inflation, and bubbles, emphasizing their effects on each other within the CROCI framework. Balancing analytics with an engaging clarity, the book neatly describes a comprehensive, time-tested approach to investing. Annual returns from this investment approach demand everyone’s attention.
1. Investment and valuation Section 1 CROCI on valuation 2. Valuing non-financial companies 3. The analytical idiosyncrasies of banks 4. Stock picking based on economic fundamentals Section 2 CROCI on investing 5. The performance of economic value 6. Value investing and dividends 7. Diversified investments: CROCI real earnings weighted 8. Thematic investments < CROCI intellectual capital Section 3 Through the looking glass 9. Equities, inflation and valuation 10. Bubbles in equities 11. Odysseus on valuing and investing in equities
Subject Areas: Personal finance [VSB], Business strategy [KJC], Stocks & shares [KFFM2], Investment & securities [KFFM], Econometrics [KCH]
