Investing for the long term : my experience as an investor / Francisco Garcia Parames.

Format:

Book

Author/Creator:

Paramés, Francisco García, 1963- author.

Series:

Wiley finance series

Language:

English

Subjects (All):

Paramés, Francisco García, 1963-.

Paramés, Francisco García.

Value investing.

Stocks.

Capitalists and financiers--Spain--Biography.

Capitalists and financiers.

Physical Description:

1 online resource (315 pages)

Edition:

1st ed.

Place of Publication:

Chichester, United Kingdom : Wiley, 2018.

System Details:

text file

Summary:

Make the smartest choices you can with this must-have read for investors by one of the world's legendary value investors World-renowned investor Francisco García Paramés shares his advice and tips on making smart investments in this must-have book for those looking to make smarter choices for their portfolio. Investing for the Long Term is divided in two parts. The first is formed by three chapters covering Francisco's education and first steps, his initial experience as an investor working alone, and the team work after 2003. This riveting section covers the end of the biggest bull market of the 20th century and the technological and financial crashes of 2000 and 2008. How the team dealt with all that is an interesting personal account that can help you deal with similar situations, should they occur. The second part of the book covers the cornerstones of Francisco's philosophy. It starts with a chapter in Austrian economics, in his view the only sensible approach to economics, which has helped him enormously over the years. It follows with an explanation of why one has to invest in real assets, and specifically in shares, to maintain the purchasing power of ones savings, avoiding paper money (fixed income) at all costs. The rest of the book shows how to invest in shares. Discover the amazing investing principles of one of the most successfully fund managers in the world Examine how one man and his company weathered the two of modern times’ biggest economic crashes Learn how to safely invest your savings Value investing and effective stock-picking underlie some of the world's most successful investment strategies, which is why Investing for the Long Term is a must-have read for all investors, young and old, who wish to improve their stock selection abilities.

Contents:

Cover

Title Page

Copyright

Contents

Foreword

Introduction

Part One: The Backstory

Chapter 1: A Bit About My Early Years

Origins

University

First Jobs

IESE

Bestinver

My Initial Analysis and Investments

Chapter 2: Going Solo (1991-2002)

1991-1998: I Start Investing. Bull Market

1993-1994: Up and Down (or Up and Away...)

1995-1997: Euphoria Runs Wild

1998: The End of the Cycle

Shadow Report on Endesa and its Subsidiaries

Activism

End of the Cycle

1998-2002: Downswing. Global Portfolio

1999: The Low Point

2000-2002: Back to Normality

My Encounter with Hayek

The Final Take–Off: 2000-2002

Chapter 3: Investing as a Team (2003-2014)

2003: A NEW MANAGER

Bull Market: Bubbles

2004-2005: The Real–Estate Boom in Full Swing

Going Short

Global Portfolio

2006-2007: On the Brink...

2007

2008: The Big Fall

Liquidity

2008: Continuation

The Financial Crisis

Ciba: Salvation at the Darkest Hour

2009: Immediate Recovery

The Quality of Companies

2010-2012: European and Spanish crisis

2013-2014: Over and Out

Appendix

Part Two: Theory: The Underpinnings of Investment

Chapter 4: The Austrian School of Economics

Brief History of the Austrian School

Main Tenets of the Austrian School

Applications to Investment

Conclusion: Subjectivism and Objective Price

Chapter 5: Investment

Saving and Investment

Real or Monetary Investment

Which Type of Asset is More Attractive, Offering Higher Returns Over the Long Run?

Historic Evidence

Volatility (Not Risk)

What is Risk?

Why Do Equities Offer Both Greater Returns and Less Long-Term Risk?

More on the Political Problem

Conclusion

Appendix A

Appendix B

Chapter 6: Passive and/or Active Management

Passive Management

Active Management

Conclusion.

Appendix

Chapter 7: Investing in Stocks (I): Foundations and Principles

Foundations and Experience

Settling on Quality

Competitive Advantages

The Possibility of Reinvesting

Chapter 8: Investing in Stocks (II): Opportunities, Valuation, Management

Finding the Right Opportunity

Companies to Avoid

Capital Allocation

Valuation

Normalised Earnings

Indebtedness

Market Recognition

The Perfect Stock

Portfolio Management

Chapter 9: The Irrational Investor Lurking Within Us All

Why Don't We Invest in Equities? Aversion to Volatility

Why Don't We Invest Using Proven Strategies, or at Least in Cheap Stocks?

The Endowment Effect

Tendency to Confirm What We Already Know

The Institutions

Information Overload and Other Problems

Conclusions and Future

Assetmanagement

My Own Future

Appendix I: 26 Small Ideas and One Guiding Principle

Appendix II: Reading Material and Wealth Creation

References

Further Reading

Index

EULA.

Notes:

Includes bibliographical references and index.

Description based on print version record.

ISBN:

9781119431206

1119431204

9781119431213

1119431212

9781119430681

1119430682

OCLC:

1135503626