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The Five Rules for Successful Stock Investing: Morningstar's Guide to Building Wealth and Winning in the Market (Anglais) Broché – 1 février 2005


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Descriptions du produit

Présentation de l'éditeur

The Five Rules for Successful Stock Investing

"By resisting both the popular tendency to use gimmicks thatoversimplify securities analysis and the academic tendency to usejargon that obfuscates common sense, Pat Dorsey has written asubstantial and useful book. His methodology is sound, his examplesclear, and his approach timeless."
––Christopher C. Davis Portfolio Manager and Chairman, DavisAdvisors

Over the years, people from around the world have turned toMorningstar for strong, independent, and reliable advice. The FiveRules for Successful Stock Investing provides the kind of savvyfinancial guidance only a company like Morningstar could offer.Based on the philosophy that "investing should be fun, but not agame," this comprehensive guide will put even the most cautiousinvestors back on the right track by helping them pick the rightstocks, find great companies, and understand the driving forcesbehind different industries––without paying too much for theirinvestments.

Written by Morningstar′s Director of Stock Analysis, Pat Dorsey,The Five Rules for Successful Stock Investing includes unparalleledstock research and investment strategies covering a wide range ofstock–related topics. Investors will profit from such tipsas:
∗ How to dig into a financial statement and find hidden gold . . .and deception
∗ How to find great companies that will create shareholderwealth
∗ How to analyze every corner of the market, from banks to healthcare


Informative and highly accessible, The Five Rules for SuccessfulStock Investing should be required reading for anyone looking forthe right investment opportunities in today′s ever–changing market.

Quatrième de couverture

The Five Rules for Successful Stock Investing

"By resisting both the popular tendency to use gimmicks thatoversimplify securities analysis and the academic tendency to usejargon that obfuscates common sense, Pat Dorsey has written asubstantial and useful book. His methodology is sound, his examplesclear, and his approach timeless."
Christopher C. Davis, Portfolio Manager and Chairman,Davis Advisors

Over the years, people from around the world have turned toMorningstar for strong, independent, and reliable advice. TheFive Rules for Successful Stock Investing provides the kind ofsavvy financial guidance only a company like Morningstar couldoffer. Based on the philosophy that "investing should be fun, butnot a game," this comprehensive guide will put even the mostcautious investors back on the right track by helping them pick theright stocks, find great companies, and understand the drivingforces behind different industries without paying too muchfor their investments.

Written by Morningstar′s Director of Stock Analysis, Pat Dorsey,The Five Rules for Successful Stock Investing includesunparalleled stock research and investment strategies covering awide range of stock–related topics. Investors will profit from suchtips as:

  • How to dig into a financial statement and find hidden gold . .. and deception
  • How to find great companies that will create shareholderwealth
  • How to analyze every corner of the market, from banks to healthcare

Informative and highly accessible, The Five Rules forSuccessful Stock Investing should be required reading foranyone looking for the right investment opportunities in today′sever–changing market.



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Détails sur le produit

  • Broché: 384 pages
  • Editeur : John Wiley & Sons; Édition : Reprint (1 février 2005)
  • Langue : Anglais
  • ISBN-10: 0471686174
  • ISBN-13: 978-0471686170
  • Dimensions du produit: 15,4 x 2,6 x 22,9 cm
  • Moyenne des commentaires client : 5.0 étoiles sur 5  Voir tous les commentaires (1 commentaire client)
  • Classement des meilleures ventes d'Amazon: 6.870 en Livres anglais et étrangers (Voir les 100 premiers en Livres anglais et étrangers)
  • Table des matières complète
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IT ALWAYS AMAZES me how few investors-and sometimes, fund managers-can articulate their investment philosophy. Lire la première page
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Couverture | Copyright | Table des matières | Extrait | Index | Quatrième de couverture
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Format: Broché
Il faut certes comprendre l'anglais. Mais dans ce livre, vous trouverez les points importants à analyser lorsque vous souhaitez investir (acheter des parts d'une société et non pas spéculer!)pour savoir:
1- si l'entreprise mérite que vous vous y interessiez
2- si le cours auquel vous pouvez l'acheter est intéressant.

On y retrouve le meilleure de l'analyse fondamentale, la notion de marge de sécurité, comment lire les états financiers et surtout ce qu'ils recouvrent, etc... Une vraie mine d'information!

Les derniers chapitres sont extrêmement intéressants avec les caractéristiques à prendre en compte de quelques secteurs clefs, écrits par les analystes de Morningstar en charge de ces marchés.

C'est clair, complet, plusieurs niveaux de lectures sont possibles pour satisfaire aussi bien le néophyte que l'investisseur déjà expérimenté.

Je le recommande absolument!
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Commentaires client les plus utiles sur Amazon.com (beta)

Amazon.com: 88 commentaires
90 internautes sur 91 ont trouvé ce commentaire utile 
Accessible, solid, grown-up 25 juillet 2004
Par The Honest Conn Man - Publié sur Amazon.com
Format: Relié
I retired at 51 on my investments and have spent much of my time trying to counterbalance the instant-gratification claims of so many of those selling seminars and "help" to the investor.

While few people would be so foolish as to pay $40,000 for a Honda Civic despite that car's solid engineering, many will buy a stock with no concept of what its fair-market value may be. Of this number, some are subscribers to the Greater Fool School of investing. They'll happily overpay for a popular stock in the arrogant belief that they'll be able to unload it for a profit to some Greater Fool. Sometimes, they will indeed make a profit. (At other times, they'll make an excuse.) This book is not for them.

The rest overpay not because they subscribe to the Greater Fool school but because they simply have no idea of how to value a stock. THAT is where this book shines. It will make the investor more conscious of what a stock is worth -- thereby avoiding the payment of $40,000 for a Honda or (in some cases) the payment of $100,000 for a Yugo!

Will the identification of value stocks and the discipline of not overpaying for a stock guarantee a profit? On any given purchase, of course not. However, it is a fool's task to argue that conscious investing based upon some sense of a company's true value will not reward more of its practitioners than Greater Fool speculations will over time.

If you're a serious investor with at least the discipline and patience than you demand of your own children, following this book's counsel should help you to make more money with greater safety. It's more accessible than The Intelligent Investor and a must read both for the novice and for the experienced investor who would like to pick up some distinctions that will improve his or her performance.
99 internautes sur 105 ont trouvé ce commentaire utile 
For Value Investors. Fantastic Guide to Evaluating Companies & Stock Prices. 28 février 2006
Par mirasreviews - Publié sur Amazon.com
Format: Relié
"The Five Rules for Successful Stock Investing" is a guide to value investing by Morningstar's Director of Stock Analysis Pat Dorsey and the folks at Morningstar, Inc. The book's goal is to educate investors in how to "find wonderful businesses and purchase them at reasonable prices." Its title is a little misleading in that the "Five Rules" are a small part of this book. The five principles to which the title refers are: 1. Do your homework, 2. Find companies with strong competitive advantages (or economic moats), 3. Have a margin of safety, 4. Hold for the long term, 5. Know when to sell. Those are vague principles, but most of this book is dedicated to telling you just what homework you need to do and exactly how to do it. Pat Dorsey and Morningstar are advocates of long-term investing who are skeptical of trading and portfolio churning, so this book's intended audience is value investors. No technical analysis here. This is all fundamental analysis, but traders may find the advice on analyzing company finances useful as well.

"The Five Rules for Successful Stock Investing" has 2 parts: Chapters 1-12 are a "how-to" for analyzing companies, their finances, and determining what their stock should be worth. Key points include how to evaluate a company's competitive advantages, what to look for in financial statements, analyzing a company's management, spotting financial chicanery, and how to determine a company's intrinsic value. This is all fairly complex, and there is math involved, but the book takes you through the process, with examples, explaining why and how every step of the way. Chapters 13-26 provide overviews of 13 industries, from banks to software to industrial materials, including information on what the industries do, how they make money, hallmarks of successful companies, and risks to look out for. Each of these chapters concludes with an "Investor's Checklist" for that sector to help you identify key factors when choosing a stock. "The Five Rules for Successful Stock Investing" is among the best books I've seen for learning how to pick apart financial statements, and it packs a great deal of advice on evaluating companies within their sectors into one concise and readable volume. Highly recommended to value investors.
48 internautes sur 50 ont trouvé ce commentaire utile 
silly title, great book 7 octobre 2005
Par Jeff Lipkes - Publié sur Amazon.com
Format: Broché Achat vérifié
Have been meaning to put in a good word for this book for a long time. It's a gem. I've read an embarrassingly large number of introductions to investing in equities and this is probably the best. Other books purport to tell you how to identify hot stocks; Dorsey shows how to value companies. This isn't just a matter of understanding PE ratios and other traditional metrics, which most books explain more or less adequately. Instead, it means analyzing balance sheets and cash flow and income statements. _Five Rules_ provides as reader-friendly an introduction to assessing a company's financial statements as I've come across, with plenty of real-world examples. The object in the end is to determine the present value of a company's future cash flows, and Dorsey's explanation of a simplified version of Fisher's and William's discounted cash flow model is lucid and lively. Clorox is the company evaluated in this chapter, and en route there are instructive comparisons of HP and Dell, Best Buy and Circuit City, and, finally, AMD and Biomet. Chapter 8, Avoiding Financial Fakery, is particularly helpful. Obviously, having read this book and nothing else, you're not going to be able to spot something fishy in the footnotes to Microsoft's income statement that has escaped the attention of all the analysts. But for someone without a background in accounting, _Five Rules_ is a godsend.

Dorsey then conducts a very informative tour d'horizon of 13 industries. It should go without saying that before you invest in a company, you'd want to find out something about the economics of its industry, so you can compare apples with apples. The chapter on health care is especially good, but I found them all excellent.

In an Ameritrade ad that aired this week, a teenager asks her dad for $80 for a pair of jeans. The dad is nonplused, but the girl assures him that everyone is buying these jeans. He asks her who the manufacturer is, promptly logs onto Ameritrade, checks a chart, and buys the company's stock. The guy then gives his daughter the $80, a reward for the hot tip, presumably. He might do OK this time, but you have to figure he'd be a lot better off in the long run investing a fraction of that $80 in _Five Rules_.

Bottom line: there are a ton of books on trading strategies, but if you're looking for a practical book on value investing, this is the best.
24 internautes sur 25 ont trouvé ce commentaire utile 
Handles an intimidating subject artfully 17 juin 2004
Par timjk - Publié sur Amazon.com
Format: Relié
There are many books on financial statement analysis, and I've bought most of them...being a liberal arts major who is working toward an MBA in Finance, I've found mastering ratios and concepts related to reading company annual reports frustrating and challeging: my brain seemed not to be wired to be competent in this subject matter. However, I find Pat Dorsey's treatment effective in that he uses the concepts in a less intimidating context than other books might, without watering down the content. Can someone read this book and decipher GE's annual statement to the last footnote? Not hardly. It is often said that it's knowing the essential 20% of a subject that is responsible for 80% of one's success, and this book fills this role in understanding that 20%. Further, the chapters breaking out how to modify analyis of different sectors and industries in the market is also helpful to avoid comparing apples to oranges when evaluating stocks and companies. Beyond this book, the next step up from this would be "Analysis for Financial Management" by Higgins.
17 internautes sur 18 ont trouvé ce commentaire utile 
Great overall understanding of the market, but a little out of date 10 juillet 2012
Par Becky - Publié sur Amazon.com
Format: Broché
Morningstar's guide is an excellent reference tool for any beginner investor. In detail, he explains financial statements and what to look for as a value investor. One section takes a step-by-step analysis of each sector of the market: typical breakdown of the businesses, trends & comparables, and what to look for in the sector. This book is dense with relevant information!

My only critism is that the book is out of date I.e. written in 2004. The reason it is an issue is because the analysis of financials, technology, and housing have a pre-resession vibe that is disconnected with current views on the sectors. However, the vast majority of the book is timeless, and an excellent guide for understanding corporations in the context of their sectors.
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