Beschreibung
Produktdetails
Format
ePUB
Kopierschutz
Ja
Family Sharing
Ja
Text-to-Speech
Ja
Erscheinungsdatum
03.04.2016
Verlag
BookbabySeitenzahl
112 (Printausgabe)
Dateigröße
888 KB
Sprache
Englisch
EAN
9781483567631
Cochran presents the field of Security Analysis with essential nuances from behaviour psychology, while presenting the difficulties for investors with passion and without restraint, and as if takes a Renaissance man to have the right equipment to become a true investor. And within Manlobbi''s Descent, we actually come to believe this.The book combines philosophy, psychology and an extremely detailed and practical instruction into the fascinating and multifaceted world of security analysis.In parallel with Cochran''s other masterpieces, the book is refreshingly impassioned. Rather than treating the subject in the usual way, Cochran deploys a fictitious character, Manlobbi, to provide a means for parody and expressiveness, and the language is transformed to an older variation of English. The use of Early Modern English takes a few pages to get used to; its purpose, however, later begins to make sense. Cochran uses the device to help the reader to detach from their assumptions about how to interpret their errors of thinking, as the brain heavily couples ideas and languages. By making the language unfamiliar we, the readers, are more receptive to new concepts. If that is not enough, then we also have Manlobbi speaking at times to the ''herd'', and we laugh at them, but then realize that this ''herd'' might be ourselves, the readers.The book is at one time highly creative and relentlessly rational. But it belongs to a different world than all other books about investing, combining Cochran''s work in mathematics, logic, psychology, epistemology and a common-sense approach to understanding business. ''Value investing'', for example, is not mentioned even once, as if obvious that this is the only kind of real investing that exists, and by emphasising that the endeavour is extremely difficult, Cochran has a way of heartening the reader to dig into their own capacity to think for themselves. Cochran explains in detail his Manlobbi Method, which requires identifying companies that don''t merely have enduring characteristics,as value investors are accustomed to seeking, but are both utterly predictable and reliable, and Cochran assigns his label - steadfast - for this characteristic. Cochran describes how such investments are right before our eyes but we have the habit of ignoring them, because of our innate attraction to more exotic and open-ended prospects. The reasons for his steadfast notion being crucial are laid out in the book. For example, the investor will make irrational purchase and sale decisions if only slightly in doubt about the business'' prospects, and fall victim to sentiment change - with news stories and different atmospheres through time - more readily than when holding the steadfast investment. Cochran then produces an approach to describe the investment merits of any asset with a single number, the IV10/price ratio, that frees the investor to make capital allocation decisions more decisively and rationally than any book about security analysis might have been able to produce.Along with the delightful parody and irony interlaced through the book, it is simultaneously as rational as rational gets. For the professional security analyst, the book is easier to describe - a timeliness gem likely to be a source of sobriety when things are going well and a source of warmth when the world appears to be turning upside down.
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