Active Value Investing: Making Money in Range-Bound Markets by Vitaliy Katsenelson
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- ISBN: 0470053151
- Publisher: Wiley, John & Sons, Incorporated
- Pub. Date: September 2007
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Synopsis
For the next dozen years or so, the U.S. stock market will be a wild roller-coaster ride—setting all-time highs and multi-year lows in the process. While the twists and turns of this ride are still to be written by history, the long-term, sideways "range-bound" trajectory has already been set by the eighteen-year bull market that ended in 2000. When the dust settles, only those who adapted their investment strategies to this range-bound market will have captured any meaningful profits.
Nobody understands this situation better than author, educator, and respected investment manager Vitaliy Katsenelson. And now, with Active Value Investing, he'll reveal how to achieve unparalleled success in these conditions by taking traditionally profitable and fundamentally driven strategies—developed during the eighteen-year bull market—and modifying them for use in range-bound markets.
This is not just another value investing book. It is a practical guide that contains innovative insights and timely techniques that will improve your investment endeavors during a time when others will be paying with their returns, and with lost time, for the valuation excesses of prior bull markets.
In the first part of the book, Katsenelson examines the historical performance of U.S. markets over the past two centuries and discusses what has caused prolonged bull, bear, and range-bound markets. He then looks at the emotions that have dominated each of these markets, why there is a high probability that a range-bound market has descended on us, and what you can do to forecast how long this market will last.
Part Two of Active Value Investing addresses practicalapplication of this concept. Here you'll become familiar with performing proper stock analysis—from identifying what constitutes a good company to determining the stock price at which these companies become worth owning—and implementing an active investing strategy during range- bound markets. You'll also be introduced to the Quality, Valuation, and Growth (QVG) framework, which lies at the core of this approach. Rounding out this section are detailed discussions of the buy/sell process as well as complete coverage of important risk and diversification issues.
Range-bound markets may be difficult to invest in, but with Active Value Investing as your guide, you'll quickly learn how to squeeze real profits out of a difficult market full of exhilarating highs and surprising lows. More Reviews and Recommendations
Biography
VITALIY N. KATSENELSON, CFA, has been involved with the investment industry since 1994. He is a portfolio manager with Investment Management Associates, where he comanages institutional and personal assets utilizing fundamental analysis. He is also an adjunct faculty member at the University of Colorado at Denver, Graduate School of Business. Katsenelson is a regular contributor to the Financial Times, MarketWatch from Dow Jones, and Minyanville.com. He is a CFA charter holder, member of CFA Institute, has served on the boards of the CFA Society of Colorado, and is currently on the board of the Retirement Investment Institute. Katsenelson received both his bachelor of science and his master of science in finance from the University?of Colorado at Denver, where he graduated cum laude. To read articles Katsenelson has written over the years, please visit: ContrarianEdge.com or ActiveValueInvesting.com.
Customer Reviews
Active Value Investing: Making Money in Range-Bound Marketsby Anonymous
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02/08/2008: Never had thought about a range bound market, but author certainly proved it exists with interesting research and why it happens. Provides an excellent insight on steps to take to succeed in this type of market environment. A must read for an investor.
Active Value Investing: Making Money in Range-Bound Marketsby Anonymous
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08/29/2007: As a student of finance, Active Value Investing: Making Money in Range-Bound Markets provided me with new insights about the overall market and how to value individual stocks. The book details why the market is going to be a volatile place for years to come and provides a practical approach on analyzing stocks and calculating figures to buy good stocks at low prices and sell when they become overvalued. The book discusses complex models and topics in terms that are easy to understand and follow. Reading this book made me a better investor and I recommend it to anyone looking for a methodical way to determine buy and sell prices for any stock.
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