Reasons to Pass: A Guide to Making Fewer and Better Investments

Reasons to Pass: A Guide to Making Fewer and Better Investments – Ebook Instant Download/Delivery ISBN(s): 9780231207089,0231207085,9780231556804

Product details:

• ISBN-13 ‏ : ‎9780231556804
• Author: Ralph Birchmeier

In Reasons to Pass, the seasoned practitioner Ralph Birchmeier argues that an optimal portfolio-building strategy means patiently waiting for the few investments worthy of capital allocation. He outlines the principles required for success then examines specific reasons to pass on investments, detailing behavioral biases that disrupt optimal decision making. Although professional and retail investors alike are tempted by various opportunities, the wisdom of experience proves the value of prudence. An investing strategy built to last requires humility and the willingness to accept uncertainty; most of the time, it’s best to pass.

Reasons to Pass brings investing back to the basics, helping readers navigate the complexity of the financial landscape and bringing clarity to the investment process. By underscoring the perils of overconfidence and the importance of humility, this book offers invaluable new perspective on investing for the long term

Table contents:

Part I. Principles and More
1. Reasons to Pass: Investment Principles
2. Main Street Versus Wall Street: A Rigged Market?
3. Fundamental Analysis in the Digital Age
4. Indexing: A Viable Option

Part II. Reasons to Pass
5. Minimum Market Capitalization
6. Financial Leverage: The Ultimate Killer
7. High–Fixed Cost Businesses
8. Accounting
9. Regulatory Uncertainty
10. Corporate Governance
11. Asset Liability Mismatch
12. Deep Cyclical Companies Near Cycle Peak
13. High-Cost Commodity Businesses
14. Cash Flow and Earnings Disconnect
15. Structurally Declining Businesses
16. Obsolescence Risk
17. Valuation: A Critical Protector of Capital and Returns
18. Lollapalooza Effect

Part III. Reasons to Buy
19. Screening
20. Growth Stocks
21. Core Characteristics of Successful Investors
22. Viable, and Buyable, Investment Opportunities
23. Selling Discipline

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