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Effective Investor : Lessons from an African Emerging Market.

Author: Franco Busetti
Publisher: [Place of publication not identified] : Bookstorm, 2012.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
Why is the South African stock market important? First, it is classified as an emerging market. However, while the country shows emerging characteristics, its stock market is highly developed. It is one of the oldest stock exchanges in the world and is the eighteenth largest in the world in terms of market capitalisation and trade. It is by far the largest of Africa's 29 exchanges and accounts for over a third of  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Busetti, Franco.
Effective Investor : Lessons from an African Emerging Market.
New York : Bookstorm, ©2012
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Franco Busetti
ISBN: 9781920434687 1920434682
OCLC Number: 889218172
Description: 1 online resource (512 pages)
Contents: Cover; Title; Copyright; Dedication; Table of Contents; Tables; Figures; Ready Reckoners; The Eleven Great Investment Pictures; Acknowledgements; Foreword; Introduction; Part 1: The Fundamentals; Chapter 1: What drives returns; Total returns; Components of return; In the long term, it's only earnings; Another way of looking at it; Earnings growth is mean reverting; Top-down estimates of earnings growth; The predictive power of the yield curve; Chapter 2: What drives ratings; The usual suspects; Future earnings growth; It's all about expectations; Ockham's razor, rating and growth. Inflation is badInterest rates are less bad; We are the tail of many dogs; More about mean reversion; Effort allocation in forecasting; Chapter 3: Calculating returns; The composition of the "market"; High yields yield high returns; The relationship between equity and bond yields; When to switch between equities and bonds; A different way of looking at returns; Weighing expectations; Chapter 4: Valuation; The efficient market hypothesis; When are markets inefficient?; Dividend discount models; What exactly is the risk premium?; Fair PEs for growth stocks; The horrors of discount models. Chapter 5: Long-term asset performanceThe very long term: 109 years; The long term: 49 years; Bulls are bigger than bears; Pragmatic probabilities; Expectations for the next few years; Chapter 6: The wealth of patience; The value of compounding; Part 2: The Implementation; Chapter 7: Economic aspects; Does demography matter?; The business cycle; Inflation deflates returns; Interest rate forecasts; Interest rates and equity duration; Sector rotation; Economics to ignore; Chapter 8: The only economics you really need to know --
Andre Traverso; Chapter 9: The frailties of forecasts. Consensus forecasts are appallingPanglossian prognosticators; The (in)accuracy of forecasts; The biases in forecasts; A method of improving prophets; Mining and snooping; Overfitting; Cleaning the data; The limits of forecasting; Chapter 10: The myopic memory of the market; The experience of market participants; What have the "professionals" seen?; Chapter 11: Company managements --
how they fib; Deceptions and receptions; Evaluating management; Chapter 12: Accounting --
how the numbers fib; The cash flow statement; The balance sheet; The income statement; Chapter 13: Things to like in a share. The businessManagement; Financial; The share; Chapter 14: Managing risk; What is risk?; Be fearful of low volatility; Higher risk equals higher returns; But not always!; Volatility and sleeping soundly; Time diversification; Chapter 15: Portfolio optimisation; Portfolio theory in a nutshell; How many stocks do you need in your portfolio?; Major asset class optimisation; Perfect portfolios; Strategic and tactical asset allocation; Health warnings; Chapter 16: About the rand; The rand has a memory; How likely are large movements?; A rand for all seasons; Chapter 17: Rational rand forecasting.

Abstract:

At times of market upheaval, there is both heightened interest in the stock market and a greater need for sound advice. Although everyone in this country is directly or indirectly exposed to the  Read more...

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