Section One
Introduction 1
Chapter 1
What Is Value Investing? 3
Chapter 2
Why Strategic Value Investing? 13
Chapter 3
Barriers to Successful Value Investing 31
Chapter 4
Strategic Selection of Companies: Economic Analysis, Industry
Analysis, and Screening 53
Chapter 5
Company Analysis 77
Section Two
Measuring Value 111
Chapter 6
Concepts of Value 113
Chapter 7
Dividend Discount Models 133
Chapter 8
Free Cash Flow Models 153
Chapter 9
Asset-Based Approaches 173
Chapter 10
Residual Income Models 193
Chapter 11
Relative Valuation 205
Section Three
Value Investing Styles and Applications 225
Chapter 12
Variations on a Theme: Value Investing Styles 227
Chapter 13
Choosing the Right Style and Valuation Model 245
Chapter 14
Distressed Investing 265
Chapter 15
Applying Value Investing to the Market 285
Notes 299
Resources 311
Index 318
STEPHEN M. HORAN is managing director and co-lead of
education activities at CFA Institute. Prior to joining CFA
Institute, he was a principal of Alesco Advisors, LLC, and a
professor of finance at St. Bonaventure University.
ROBERT R. JOHNSON is professor of finance in the Heider
College of Business at Creighton University and also serves as a
director of RS Investment Management. Prior to joining the faculty
at Creighton, he was deputy CEO of CFA Institute, responsible for
all aspects of the CFA program.
THOMAS R. ROBINSON is managing director of the Americas at
CFA Institute. He joined CFA Institute as head of educational
content in 2007 from the University of Miami, where he was an
associate professor of accounting and director of the Master of
Professional Accounting Program.
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