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-Titulo Original : The Five Rules For Successful Stock Investing Morningstars Guide To Building Wealth And Winning In The Market
-Fabricante :
Wiley
-Descripcion Original:
Review Not long ago, MagicDiligence reviewed Mary Buffett and David Clarks Warren Buffett and the Interpretation of Financial Statem...... and concluded that, while possibly useful for beginners, experienced stock investors would dismiss the book as simplistic and adding nothing new. The review also mentioned that a good alternative for more experienced investors looking to add to their knowledge is Pat Dorseys The Five Rules for Successful Stock Investing. Today well take a look at that book. The author, Pat Dorsey, is currently the Director of Equity Research for Morningstar. Morningstar has historically been known for their 5-star scale of mutual fund ratings, but several years ago began applying the same scale to individual stocks. Since Morningstars focus is on durable competitive advantage, the firms investing philosophy correlates very well with that of the Magic Formula and of MagicDiligence. That makes the book particularly relevant and much of my stock analysis is based on techniques outlined in it. The Five Rules... is more or less a two part book. The first half deals covers the title, laying out the five rules for successful investing and then proceeding to expand on each of them. Without spoiling too much of the book, Dorseys five rules are:1) Do your homework.2) Find economic moats.3) Have a margin of safety.4) Hold for the long haul.5) Know when to sell.This first section then continues on to introduce the investor to the techniques of stock analysis. Topics covered include detailed explanations of each financial statement, the points of emphasis to look for in a good investment (such as growth potential and financial health), how to spot accounting blowups before they happen, how to value a stock, and so forth. For everyone interested in stock analysis, from 10 year pros to those just beginning to dip their toes in the market, these chapters contain invaluable and vital information. Nearly every investor will learn something new about evaluating companies and valuing stocks. One particularly valuable chapter is titled The 10-Minute Test, which will help you quickly throw out stocks that are not worth your time, while highlighting investment opportunities that warrant additional research.The second half of the book is equally useful. In this section, Dorsey calls upon Morningstars sector analysts to lay out the intrinsic moat qualities and the factors that separate good and bad companies in a variety of sectors, including Health Care, Consumer Services, Media, Banks, and so on. Its no secret to MagicDiligence Members that some industries are inherently better investment hunting grounds than others, and this book explains why. For example, retail is generally a difficult place to invest - there are no customer switching costs, tons of competition, and constantly changing consumer trends. On the other hand, most medical device makers have very high switching costs, as surgeons are trained on one companys products and are loathe to learn the intricacies of a competing product, unless there is a very good reason to do so.To close this review, a personal observation. Most investors routinely cite classic investing books like Ben Grahams The Intelligent Investor as the place to start for novice investors. I respectfully disagree. Ive read many of those great classics, but no one book has explained the details of company and equity analysis as directly or relevantly as this book. This is one of the most overlooked investing books out there, and comes highly recommended to all investors. -The Motley Fool The Five Rules for Successful Stock Investing By resisting both the popular tendency to use gimmicks that oversimplify securities analysis and the academic tendency to use jargon that obfuscates common sense, Pat Dorsey has written a substantial and useful book. His methodology is sound, his examples clear, and his approach timeless. --Christopher C. Davis Portfolio Ma
-Fabricante :
Wiley
-Descripcion Original:
Review Not long ago, MagicDiligence reviewed Mary Buffett and David Clarks Warren Buffett and the Interpretation of Financial Statem...... and concluded that, while possibly useful for beginners, experienced stock investors would dismiss the book as simplistic and adding nothing new. The review also mentioned that a good alternative for more experienced investors looking to add to their knowledge is Pat Dorseys The Five Rules for Successful Stock Investing. Today well take a look at that book. The author, Pat Dorsey, is currently the Director of Equity Research for Morningstar. Morningstar has historically been known for their 5-star scale of mutual fund ratings, but several years ago began applying the same scale to individual stocks. Since Morningstars focus is on durable competitive advantage, the firms investing philosophy correlates very well with that of the Magic Formula and of MagicDiligence. That makes the book particularly relevant and much of my stock analysis is based on techniques outlined in it. The Five Rules... is more or less a two part book. The first half deals covers the title, laying out the five rules for successful investing and then proceeding to expand on each of them. Without spoiling too much of the book, Dorseys five rules are:1) Do your homework.2) Find economic moats.3) Have a margin of safety.4) Hold for the long haul.5) Know when to sell.This first section then continues on to introduce the investor to the techniques of stock analysis. Topics covered include detailed explanations of each financial statement, the points of emphasis to look for in a good investment (such as growth potential and financial health), how to spot accounting blowups before they happen, how to value a stock, and so forth. For everyone interested in stock analysis, from 10 year pros to those just beginning to dip their toes in the market, these chapters contain invaluable and vital information. Nearly every investor will learn something new about evaluating companies and valuing stocks. One particularly valuable chapter is titled The 10-Minute Test, which will help you quickly throw out stocks that are not worth your time, while highlighting investment opportunities that warrant additional research.The second half of the book is equally useful. In this section, Dorsey calls upon Morningstars sector analysts to lay out the intrinsic moat qualities and the factors that separate good and bad companies in a variety of sectors, including Health Care, Consumer Services, Media, Banks, and so on. Its no secret to MagicDiligence Members that some industries are inherently better investment hunting grounds than others, and this book explains why. For example, retail is generally a difficult place to invest - there are no customer switching costs, tons of competition, and constantly changing consumer trends. On the other hand, most medical device makers have very high switching costs, as surgeons are trained on one companys products and are loathe to learn the intricacies of a competing product, unless there is a very good reason to do so.To close this review, a personal observation. Most investors routinely cite classic investing books like Ben Grahams The Intelligent Investor as the place to start for novice investors. I respectfully disagree. Ive read many of those great classics, but no one book has explained the details of company and equity analysis as directly or relevantly as this book. This is one of the most overlooked investing books out there, and comes highly recommended to all investors. -The Motley Fool The Five Rules for Successful Stock Investing By resisting both the popular tendency to use gimmicks that oversimplify securities analysis and the academic tendency to use jargon that obfuscates common sense, Pat Dorsey has written a substantial and useful book. His methodology is sound, his examples clear, and his approach timeless. --Christopher C. Davis Portfolio Ma
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