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Bezig met laden... The Little Book of Sideways Marketsdoor Vitaliy N. Katsenelson
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"Contrary to popular opinion, markets rarely experience significant periods down; half of the time they do rise but the other half of the time they go nowhere - trading seemingly mindlessly in a range with quick ups and breathtaking downs, only to come back to where they were. These periods last far too long to just buy and hold, since that kind of a strategy leads to 0 returns or worse. What's an investor to do when you have to save for college educations and retirement but the markets are going nowhere? Vitaliy Katsenelson has the answer: a value investing strategy with a focus on when to sell will get you through the whipsaws of sideways markets and coming out well ahead. Vitaliy clearly explains the market cycles and then provides you with a simple strategy that Tevya the Milkman uses to invest that follows three simple rules for quality, growth, and value. Katsenelson also marks the traps and pitfalls that lay in wait so you can avoid them and take a look over the horizon at the oncoming crises in Japan and China. Sideways markets aren't as fun as bull markets but once you understand how to make money in them, much like turning lemons into lemonade, you'll find your portfolio grows nicely even when the market is stalled"-- Geen bibliotheekbeschrijvingen gevonden. |
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Google Books — Bezig met laden... GenresDewey Decimale Classificatie (DDC)332.63Social sciences Economics Finance Investing Personal InvestingLC-classificatieWaarderingGemiddelde:
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However, from chapter 15 he provides a useful macroeconomic section that bolsters his argument with a reflection on the world's 2nd and 3rd largest ecomomies (China and Japan) with regard to growth and debt. Basically he is saying that debt levels are very high everywhere (particularly Japanese government debt) and that we have now reached a global limit in new debt issuance. For here onwards debt is either reduced (deflation) or paid back in devalued currency (inflation) but whichever route is taken he foresees a bumpy ride, hence the sideways market.
The book covers at some length the techniques of value investing to provide protection in most economic environments and in this respect is similar to Anthony Bolton's book "Investing Against the Tide". The author doesn't attach much importance to interviewing management but does agree with strong balance sheets and a defensible competitive advantage.
Overall an excellent new book portraying the risks of extrapolating data. ( )