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by Francisco Parames
Investing for the Long Term
Cover
Foreword
Introduction
NOTES
PART One: The Backstory
CHAPTER 1: A Bit About My Early Years
ORIGINS
UNIVERSITY
FIRST JOBS
IESE
BESTINVER
MY INITIAL ANALYSIS AND INVESTMENTS
NOTE
CHAPTER 2: Going Solo (1991–2002)
1991–1998: I START INVESTING. BULL MARKET
1993–1994: UP AND DOWN (OR UP AND AWAY...)
1995–1997: EUPHORIA RUNS WILD
1998: THE END OF THE CYCLE
SHADOW REPORT ON ENDESA AND ITS SUBSIDIARIES
ACTIVISM
END OF THE CYCLE
1998–2002: DOWNSWING. GLOBAL PORTFOLIO
1999: THE LOW POINT
2000–2002: BACK TO NORMALITY
MY ENCOUNTER WITH HAYEK
THE FINAL TAKE-OFF: 2000–2002
NOTES
CHAPTER 3: Investing as a Team (2003–2014)
2003: A NEW MANAGER
BULL MARKET: BUBBLES
2004–2005: THE REAL-ESTATE BOOM IN FULL SWING
GOING SHORT
GLOBAL PORTFOLIO
2006–2007: ON THE BRINK..
2007
2008: THE BIG FALL
LIQUIDITY
2008: CONTINUATION
THE FINANCIAL CRISIS
CIBA: SALVATION AT THE DARKEST HOUR
2009: IMMEDIATE RECOVERY
THE QUALITY OF COMPANIES
2010–2012: EUROPEAN AND SPANISH CRISIS
2013–2014: OVER AND OUT
APPENDIX
NOTES
PART Two: Theory: The Underpinnings of Investment
CHAPTER 4: The Austrian School of Economics
BRIEF HISTORY OF THE AUSTRIAN SCHOOL
MAIN TENETS OF THE AUSTRIAN SCHOOL
APPLICATIONS TO INVESTMENT
CONCLUSION: SUBJECTIVISM AND OBJECTIVE PRICE
NOTES
CHAPTER 5: Investment
SAVING AND INVESTMENT
REAL OR MONETARY INVESTMENT
WHICH TYPE OF ASSET IS MORE ATTRACTIVE, OFFERING HIGHER RETURNS OVER THE LONG RUN?
HISTORIC EVIDENCE
VOLATILITY (NOT RISK)
WHAT IS RISK?
WHY DO EQUITIES OFFER BOTH GREATER RETURNS AND LESS LONG-TERM RISK?
MORE ON THE POLITICAL PROBLEM
CONCLUSION
APPENDIX A
APPENDIX B
NOTES
CHAPTER 6: Passive and/or Active Management
PASSIVE MANAGEMENT
ACTIVE MANAGEMENT
CONCLUSION
APPENDIX
NOTES
CHAPTER 7: Investing in Stocks (I): Foundations and Principles
FOUNDATIONS AND EXPERIENCE
SETTLING ON QUALITY
COMPETITIVE ADVANTAGES
THE POSSIBILITY OF REINVESTING
NOTES
CHAPTER 8: Investing in Stocks (II): Opportunities, Valuation, Management
FINDING THE RIGHT OPPORTUNITY
COMPANIES TO AVOID
CAPITAL ALLOCATION
VALUATION
NORMALISED EARNINGS
INDEBTEDNESS
MARKET RECOGNITION
THE PERFECT STOCK
PORTFOLIO MANAGEMENT
NOTES
CHAPTER 9: The Irrational Investor Lurking Within Us All
WHY DON'T WE INVEST IN EQUITIES? AVERSION TO VOLATILITY
WHY DON'T WE INVEST USING PROVEN STRATEGIES, OR AT LEAST IN CHEAP STOCKS?
THE ENDOWMENT EFFECT
TENDENCY TO CONFIRM WHAT WE ALREADY KNOW
THE INSTITUTIONS
INFORMATION OVERLOAD AND OTHER PROBLEMS
CONCLUSION
NOTES
Conclusions and Future
ASSET MANAGEMENT
MY OWN FUTURE
APPENDIX I: 26 Small Ideas and One Guiding Principle
APPENDIX II: Reading Material and Wealth Creation
References
Further Reading
Index
End User License Agreement
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