Deep Value

书名：Deep ValueWhyActivistInvestorsandOtherContrariansBattleforControlof"Losing"Corporations
作者：TobiasE.Carlisle
译者：
ISBN：9781118747964
出版社：
出版时间：2014-8-18
格式：epub/mobi/azw3/pdf
页数：240
豆瓣评分： 8.0

书籍简介：

Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations is a must-read exploration of deep value investment strategy, describing the evolution of the theories of valuation and shareholder activism from Graham to Icahn and beyond. The book combines engaging anecdotes with industry research to illustrate the principles and methods of this complex strategy, and explains the reasoning behind seemingly incomprehensible activist maneuvers. Written by an active value investor, Deep Value provides an insider's perspective on shareholder activist strategies in a format accessible to both professional investors and laypeople. The Deep Value investment philosophy as described by Graham initially identified targets by their discount to liquidation value. This approach was extremely effective, but those opportunities are few and far between in the modern market, forcing activists to adapt. Current activists assess value from a much broader palate, and exploit a much wider range of tools to achieve their goals. Deep Value enumerates and expands upon the resources and strategies available to value investors today, and describes how the economic climate is allowing value investing to re-emerge. Topics include: Target identification, and determining the most advantageous ends Strategies and tactics of effective activism Unseating management and fomenting change Eyeing conditions for the next M&A boom Activist hedge funds have been quiet since the early 2000s, but economic conditions, shareholder sentiment, and available opportunities are creating a fertile environment for another golden age of activism. Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations provides the in-depth information investors need to get up to speed before getting left behind.

作者简介：

Toby Carlisle is the author of Greenbackd, a blog dedicated to undervalued asset situations with a catalyst. He recently founded an investment firm, Eyquem Fund Management, and raised a modest amount of external seed capital for his maiden fund, Eyquem Global Value. The fund pursues a systematic deep value investment strategy with a focus on capital preservation, which means that the fund is predominantly invested in special situations like liquidations, turnarounds and activist and private equity targets

书友短评：

@ Mr. L 若必用四个字概括这本书：均值回归。人们习惯外推，但不习惯反向思考。由于前景理论以及损失厌恶，人们极度担心资本的损失。当盈利逐年递减，他们自然外推，导致做出净资产将逐年减少，企业可能倒闭的结论而对这类企业置之不理（尽管数据表明只有5%的烟蒂股最终倒闭，而在整个市场中这个比例为2%)，综合反映为极低的市场估值。相反地，对于资产回报率高，管理层优秀以及盈利逐年递增，股价高企的企业，人们在羊群效应以及社会屏障的双重驱动下不断拉升其估值使其市场价格高于内在价值。更重要的是人们忘了高资产回报吸引竞争，而低资产回报淘汰竞争，资产回报在全球所有市场都确定无疑地展现出均值回归的行为。这些因素的叠加导致了实证中烟蒂们的表现往往远超今日之星们的表现。在作者看来，低估值比好质量更重要。运用EV乘数能有效发现低估股。 @ 晏天 看着就像博士论文或者各种发表文章的合集。数据、图表（不必要）太多，而且有data mining的嫌疑。我发现其中一处计算错误，亚马逊上有指出另一处错误。这对显然希望用数据图表说话的作者来说，置信度相当值得审视。当然，收获也不是没有，譬如他提供的那些索引都可以好好找来看看。 @ 佑扯 中间很长一段的学术研究，看着看着就腻了。当然如果总是讲activist的故事也不会是一本好书啦。最后讲如何判断一个公司是否会被activist盯上很有意思。另外有资本真好，我也想同时跟好多运营的不好的公司打架 >.< 生活该多有趣。现在只能各个击破。 @ Ariel 规则跟着人走，统计数据没了上下文也是data mining @ 时间的盆友 规则跟着人走，统计数据没了上下文也是data mining @ 小马过河 只看了前言，卡尔·伊坎的路子（与芒格、巴菲特相悖），就目前来看，并不适用于A股……可取之处是谈到了商业周期。关于经营业绩的均值回归，芒格有明确的论断——“护城河”就是用来延缓迟滞均值回归的…… @ 晏天 看着就像博士论文或者各种发表文章的合集。数据、图表（不必要）太多，而且有data mining的嫌疑。我发现其中一处计算错误，亚马逊上有指出另一处错误。这对显然希望用数据图表说话的作者来说，置信度相当值得审视。当然，收获也不是没有，譬如他提供的那些索引都可以好好找来看看。 @ datou 一直在践行的投资方法, 但是还是能有些许收货, 起码比较完备

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