Valuing and Investing in Equities

CROCI: Cash Return on Capital Investment

AvFrancesco Curto

Häftad, Engelska, 2020

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Beskrivning

Valuing and Investing in Equities: CROCI: Cash Return on Capital Investment develops a common-sense framework for value investors. By distinguishing investors from speculators, it acknowledges the variety of styles and goals in the financial markets. After explaining the intuition behind due diligence, portfolio construction, and stock picking, it shows the reader how to perform these steps and how to evaluate their results. Francesco Curto illuminates the costs and opportunities afforded by valuation strategies, inflation, and bubbles, emphasizing their effects on each other within the CROCI framework. Balancing analytics with an engaging clarity, the book neatly describes a comprehensive, time-tested approach to investing. Annual returns from this investment approach demand everyone's attention.

Describes the Cash Return on Capital Invested (CROCI) methodology
Provides a step by step approach in building investment strategies
Presents 25 years of insights from CROCI's valuation and investment results

Produktinformation

Utgivningsdatum:2020-04-16
Mått:152 x 229 x 12 mm
Vikt:410 g
Format:Häftad
Språk:Engelska
Antal sidor:228
Förlag:Elsevier Science
ISBN:9780128138489

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Mer om författaren

Francesco Curto, PhD, Managing Director is the Head of the Research House at DWS and the Head of CROCI® Investment Strategy and Valuation Group at DWS, majority owned by Deutsche Bank (DB) and one of the world's leading asset managers. He and his team joined DWS in 2013 from Deutsche Bank, where CROCI was developed in 1996.He has a vast experience in the financial services industry, having been senior European and global strategist. He has been involved in all the major developments of CROCI® since joining the team in 1998 from Warwick Business School, where he was a Research Fellow. He holds a degree in Business Economics (Economia Aziendale) from "Università di Venezia" and a PhD in Strategic Management from Warwick University. His interests are fundamental valuation, value strategies, politics, economics and the dynamics of industrial and corporate change and he is a regular guest-host at CNBC.

Recensioner i media

"Presents the Cash Return on Capital Invested (CROCI) framework for valuing and investing in equities, explaining how it quantifies the economic success of a company and how such an assessment is crucial to intrinsic valuation. Discusses capital and returns." --Journal of Economic Literature"Francesco Curto makes an incredibly compelling case for CROCI. Anyone interested in stock analysis, fundamental valuation or investing in equities should find a great deal to learn from this book." --Amit Seru, The Steven and Roberta Denning Professor of Finance, Stanford Graduate School of Business"Valuing and Investing in Equities: CROCI is an essential read for anyone evaluating investment targets worldwide. Its easy-to-understand presentation guides investors in deciphering complex financial statements, normalizing between companies, and discerning an accurate picture of their financial health." --Randy Brown, CIO Sun Life and Head of Insurance Asset Management for SLC Management

Innehållsförteckning

1. Investment and valuationSection 1: CROCI on valuation2. Valuing non-financial companies3. The analytical idiosyncrasies of banks4. Stock picking based on economic fundamentalsSection 2: CROCI on investing5. The performance of economic value6. Value investing and dividends7. Diversified investments: CROCI real earnings weighted8. Thematic investments - CROCI intellectual capitalSection 3: Through the looking glass9. Equities, inflation and valuation10. Bubbles in equities11. Odysseus on valuing and investing in equities