Market pundits predict whether the stock market will go up or down but the reality is that it goes nowhere over 50% of the time. The challenge for active investors and traders is how to make money during these times when the market is range bound.

Informationen zum Autor VITALIY N. KATSENELSON! CFA! has been involved with the investment industry since 1994. He is a portfolio manager with Investment Management Associates! where he comanages institutional and personal assets utilizing fundamental analysis. He is also an adjunct faculty member at the University of Colorado at Denver! Graduate School of Business. Katsenelson is a regular contributor to the Financial Times! MarketWatch from Dow Jones! and Minyanville.com. He is a CFA charter holder! member of CFA Institute! has served on the boards of the CFA Society of Colorado! and is currently on the board of the Retirement Investment Institute. Katsenelson received both his bachelor of science and his master of science in finance from the University?of Colorado at Denver! where he graduated cum laude. To read articles Katsenelson has written over the years! please visit: ContrarianEdge.com or ActiveValueInvesting.com. Klappentext Praise for Active Value Investing"This book reads like a conversation with Vitaliy: deep, insightful, inquisitive, and civilized."--Nassim Nicholas Taleb, author of The Black Swan"Vitaliy Katsenelson walks you through his thought processes in constructing an active value portfolio. There is not enough discussion in value investing circles about when to sell stocks, and this book advances that subject. A good balance between theoretical discussion, real anecdotes, and commonsense observations."--David Einhorn"Active Value Investing clearly highlights that the stock market is not a smooth trend; rather, it has periods of surge and stall. Katsenelson explains range-bound markets and emphasizes that 'valuation matters'--the valuation paid for stocks impacts the ultimate return. Range-bound markets especially require an unconstrained process of analysis to identify undervalued securities, and Katsenelson delivers a much-needed framework to achieve superior returns."--Ed Easterling, President, Crestmont Research, author of Unexpected Returns: Understanding Secular Stock Market Cycles"A delightfully documented and detailed deconstruction of buy-and-hold dogma. A must-read for any open-minded, thinking investor--professional or individual."--Donald Cassidy, President, Retirement Investing Institute, and author of It's When You Sell That Counts"Active Value Investing offers a rare combination of focus on value of underlying companies with appreciation for the effect of market dynamics on portfolio performance. Investors who understand both have the flexibility to succeed in a variety of markets. Katsenelson has the gift of packaging expert financial insight in an entertaining and educational package."--Aaron Brown, Executive Director in Risk Methodology at Morgan Stanley author of The Poker Face of Wall Street"Vitaliy has crafted a valuable assimilation of the primary market metrics that will benefit the active trader and long-term investor alike."--Todd Harrison, founder and CEO, Minyanville Publishing & Multimedia, LLC"Active Value Investing has the hallmarks of all great investing books--easy to read, humorous at times, and, most of all, it demonstrates Vitaliy's investing process in terms accessible to the novice and expert alike. Despite its title, this is a book for bull, bear, or range-bound markets and will be highly recommended to our newsletter subscribers."--Philip Durell, advisor, The Motley Fool Inside Value Zusammenfassung Market pundits predict whether the stock market will go up or down but the reality is that it goes nowhere over 50% of the time. The challenge for active investors and traders is how to make money during these times when the market is range bound. Inhaltsverzeichnis Preface.Introduction.Acknowledgments.Part I. What the Future Holds.Chapter 1. Introduction: Range-Bound Markets Happen.Chapter 2. Emotions of Secular Bull, Bear and Range-Bound Markets.Chapter 3. Stock Market Math.Chapter 4. Bon...

Autorentext

VITALIY N. KATSENELSON, CFA, has been involved with the investment industry since 1994. He is a portfolio manager with Investment Management Associates, where he comanages institutional and personal assets utilizing fundamental analysis. He is also an adjunct faculty member at the University of Colorado at Denver, Graduate School of Business. Katsenelson is a regular contributor to the Financial Times, MarketWatch from Dow Jones, and Minyanville.com. He is a CFA charter holder, member of CFA Institute, has served on the boards of the CFA Society of Colorado, and is currently on the board of the Retirement Investment Institute. Katsenelson received both his bachelor of science and his master of science in finance from the University of Colorado at Denver, where he graduated cum laude. To read articles Katsenelson has written over the years, please visit: ContrarianEdge.com or ActiveValueInvesting.com

Klappentext

Praise for Active Value Investing "This book reads like a conversation with Vitaliy: deep, insightful, inquisitive, and civilized." --Nassim Nicholas Taleb, author of The Black Swan "Vitaliy Katsenelson walks you through his thought processes in constructing an active value portfolio. There is not enough discussion in value investing circles about when to sell stocks, and this book advances that subject. A good balance between theoretical discussion, real anecdotes, and commonsense observations." --David Einhorn "Active Value Investing clearly highlights that the stock market is not a smooth trend; rather, it has periods of surge and stall. Katsenelson explains range-bound markets and emphasizes that 'valuation matters'--the valuation paid for stocks impacts the ultimate return. Range-bound markets especially require an unconstrained process of analysis to identify undervalued securities, and Katsenelson delivers a much-needed framework to achieve superior returns." --Ed Easterling, President, Crestmont Research, author of Unexpected Returns: Understanding Secular Stock Market Cycles "A delightfully documented and detailed deconstruction of buy-and-hold dogma. A must-read for any open-minded, thinking investor--professional or individual." --Donald Cassidy, President, Retirement Investing Institute, and author of It's When You Sell That Counts "Active Value Investing offers a rare combination of focus on value of underlying companies with appreciation for the effect of market dynamics on portfolio performance. Investors who understand both have the flexibility to succeed in a variety of markets. Katsenelson has the gift of packaging expert financial insight in an entertaining and educational package." --Aaron Brown, Executive Director in Risk Methodology at Morgan Stanley author of The Poker Face of Wall Street "Vitaliy has crafted a valuable assimilation of the primary market metrics that will benefit the active trader and long-term investor alike." --Todd Harrison, founder and CEO, Minyanville Publishing & Multimedia, LLC "Active Value Investing has the hallmarks of all great investing books--easy to read, humorous at times, and, most of all, it demonstrates Vitaliy's investing process in terms accessible to the novice and expert alike. Despite its title, this is a book for bull, bear, or range-bound markets and will be highly recommended to our newsletter subscribers." --Philip Durell, advisor, The Motley Fool Inside Value

Inhalt

Preface xiii

Part One What the Future Holds

Chapter 1 Introduction: Range-Bound Markets Happen 3

Fasten Your Seat Belts and Lower Your Expectations 3

Let's Identify the Animal 4

Secular versus Cyclical 4

Distinction between Secular Bull, Bear, and Range-Bound Markets 6

Is 100 Years Long Enough? 7

Stocks Carried the Torch in the Lon…