It's reasonable to explain why the german stock market is so seemingly disproportionate when it falls because of the strong euro the day before. Technical analysts, drawing randomly volatile stock prices into graphs, found a lot of patterns in which they believed that the movement on the chart reflected human behaviour, but could be enriched by a root curve? How can one overcome the problem of having a psychological account set up for each investor, thereby spending a considerable amount of time studying a single stock in the asset mix, ignoring its incompatibility with the whole? Are you also experiencing an investment dilemma when the stock market goes up and up, when it crashes, when it panics and cuts, when it believes that investment experts are always trying to find out what's inside? It's not because you're not smart enough, but because your brain has long been hijacked by the "money-awareness trap": the crowd effect blinds you to the stock-rate expert, the loss disgusts you to clean up at the bottom of bear city, and to make sure that deviations make you unresistible of the financial fraud... The emotional management class of distinguished investors rips the cover of the traditional investment doctrine. Through a variety of classic cases such as the schumacher jam experiment, the telephone number trap of the fund manager, behavioural economics expert baker relentlessly reveals why investors always mishandle information in a one-sided or one-sided manner, engaging in emotional decision-making, and displaying behaviour totally incompatible with “reasonable people”. Capital markets are essentially a game of humanity, and when most people become emotional slaves, the sober have the privilege of earning “excess gains”. After reading the book, you will understand that many seemingly irrational behaviours show the diversity of human decision-making, that investment does not have to beat the market, and that it is only one mistake less than a group that can laugh at the stock market。
Why can't we find a billionaire on the current list of rich people who have been made possible by the intergenerational transmission of wealth? This is the puzzle of the "lost billionaires." there are many explanations for this, but the book focuses on a mistake that is critical to all investors: bad risk decisions on investment and expenditure. Many wealthy families did not choose bad investments, but wrongly allocated them and allowed them to make spending decisions that exacerbated them. Not only are they billionaires, but anyone can suffer catastrophic losses of wealth as a result of wrong decisions. The book provides a simple and powerful framework to help you make important investment and financial decisions in a systematic and rational manner. Starting with an interesting coin-throwing game, you will learn the theory of the size of the zui investment, how to make smart financial decisions about investment, savings, expenditure, old age, etc., so as not to go bankrupt before you die, and to live to the age of 100 with enough money to pass on wealth to future generations. For example, in the face of a good investment, what is the amount of your zui good investment (how much investment may be more important than what investment is). Good investment, coupled with the wrong scale of investment, can lead to significant losses; what is a good zui in the investment market; whether annuity should be paid ... The book is replete with case studies and novelty, including the author's investment experience as a partner in the long-term capital management corporation (ltcm) and an interesting chapter on “little liar poker”. The author drew extensively on his experience as the head of elm's wealth, which is managing billions of dollars, and as a arbitrage trader. Victor in solomon brothers and ltcm, james in nationalsbank/crt and citadel. Whether you are a young person who is accumulating wealth, an entrepreneur who invests heavily in his own business, or a reader who is at a major investment and expenditure stage, the book is an indispensable resource to help you make informed and thoughtful investment and financial decisions。
The book consists of 16 chapters. Chapters 1 and 2 describe the basics of financial reporting and its rationale. Readers with better financial expertise can skip. Chapter 3 deals with the financial analysis framework. Financial analysis should skip the figures, so the framework for analysis includes corporate strategic analysis, corporate economic activity analysis and corporate financial analysis. Chapter 4 deals with the relationship between corporate strategies and financial reporting, including the impact of the corporate sector on financial reporting, corporate total cost leadership and the impact of differential strategies on financial reporting. Chapter 5 deals with the relationship between financial reporting items and establishes a logic for subsequent financial analysis. Chapter 6 deals with the strategy and future of a company in terms of cash flows from investing activities. Chapter 7 addresses how the capital management capacity of a company can be seen in terms of the cash flows from financing activities. Chapter 8 deals with asset and capital analysis, recasting the balance sheet as an asset capital statement from the point of view of real business activity, followed by asset structure analysis, capital structure analysis, matching of asset structure and capital structure, and risk analysis, and identifies deficiencies in the common liquidity and speed ratios, and recommends the use of operational long-term capitalization indicators to measure the liquidity risk of companies. Chapter 9 provides an analysis of the statement of increase in equity, starting with a recasting of the statement of profits as an increase in equity, based on the logic of the recasting of the statement of assets, the analysis of the return on long-term equity investments, the analysis of business receipts, the analysis of operating costs, the analysis of maori and maori rates, the analysis of operating costs, the analysis of profits, the analysis of net profits and the analysis of the value added of equity. Chapter 10 provides a comprehensive analysis of the asset capital statement and the equity value increase statement, based on the logical relationship between the asset capital statement and the equity value increase statement, using the data line of the two statements as a combination of financial indicators. Based on the breakdown of five factors into the shareholders ' equity return line through factor decomposition, this chapter constructs a system of financial indicators analysis with a specific analysis of the impact of each factor,* followed by a summary of all financial indicators and a framework of financial indicators. Chapter 11 reverts to cash by analysing the relationship between the value-added statement items and the cash flow items arising from the operation and dividing the net cash flow from the operation into five states. Chapter 12 discusses the relationship between deviations and regressions between stock prices and equity values, which form the theoretical basis for the valuation of the latter stocks; it then discusses the need for historical data analysis and projections of future developments in stock valuations, so that stock valuation is an art. It is precisely because of artistic uncertainty that equity-based investments should be guided by the principles of safe margins and grouping. Chapter 13 describes common methods of market gain, net market rate, market sales rate, market gain growth rate, etc., and analyses the limitations of these methods, which require the ultimate method of addressing them, i. E. The valuation method*. Chapter 14 presents the cash dividends discount model and the free cash flow discount model. The cash dividends discount model is challenged by the irrelevance of dividends, so the free cash flow discount model becomes an option. Free cash-flow discount models include zero growth models, fixed growth models, two-stage models and three-stage models. Chapter 15 uses the free-cash discount model stock valuation, starting with the construction of the company's value formula based on the content of the financial analysis, indicating the use of the free-cash discount model to calculate the value of the business assets; then analysing the company's historical data in the context of the case of manhua chemistry and chinese petrochemicalization, and using the harvard university professor michael potter's five-power analysis model to forecast the future development bank, using the model presented in chapter 14 to calculate the present value of the free cash flow of the manhua chemistry and chinese petrochemical assets;* and then calculating the underlying value of each share of the shares of the two companies in the company's equity structure in accordance with the company value formula. Chapter 16 is a case of actual investment and is used to verify the validity of the book's financial analysis and stock valuation. These cases are accompanied by time for analysis, and the reader is free to judge whether the subsequent corporate equity performance is the result of our prior analysis. The data in this book are derived from the annual newspaper of listed companies。
