More than one million hardcovers soldNow available for the first time in paperback!The Classic Text Annotated to Update Graham's Timeless Wisdom for Today's Market ConditionsThe greatest investment advisor of the twentieth century, Benjamin Graham taught and inspired people worldwide. Graham's philosophy of "value investing" -- which shields investors from substantial error and teaches them to develop long-term strategies -- has made The Intelligent Investor the stock market bible ever since its original publication in 1949.Over the years, market developments have proven the wisdom of Graham's strategies. While preserving the integrity of Graham's original text, this revised edition includes updated commentary by noted financial journalist Jason Zweig, whose perspective incorporates the realities of today's market, draws parallels between Graham's examples and today's financial headlines, and gives readers a more thorough understanding of how to apply Graham's principles.Vital and indispensable, this HarperBusiness Essentials edition of The Intelligent Investor is the most important book you will ever read on how to reach your financial goals.

Rich Dad Poor Dad is Robert's story of growing up with two dads — his real father and the father of his best friend, his "rich dad" — and the ways in which both men shaped his thoughts about money and investing. The book explodes the myth that you need to earn a high income to be rich and explains the difference between working for money and having your money work for you.

How can a company that has never turned a profit have a multibillion dollar valuation? Why do some start-ups attract large investments while others do not? Aswath Damodaran, finance professor and experienced investor, argues that the power of story drives corporate value, adding substance to numbers and persuading even cautious investors to take risks. In business, there are the storytellers who spin compelling narratives and the number-crunchers who construct meaningful models and accounts. Both are essential to success, but only by combining the two, Damodaran argues, can a business deliver and sustain value.Through a range of case studies, Narrative and Numbers describes how storytellers can better incorporate and narrate numbers and how number-crunchers can calculate more imaginative models that withstand scrutiny. Damodaran considers Uber's debut and how narrative is key to understanding different valuations. He investigates why Twitter and Facebook were valued in the billions of dollars at their public offerings, and why one (Twitter) has stagnated while the other (Facebook) has grown. Damodaran also looks at more established business models such as Apple and Amazon to demonstrate how a company's history can both enrich and constrain its narrative. And through Vale, a global Brazil-based mining company, he shows the influence of external narrative, and how country, commodity, and currency can shape a company's story. Narrative and Numbers reveals the benefits, challenges, and pitfalls of weaving narratives around numbers and how one can best test a story's plausibility.

Investors are tempted daily by misleading or incomplete information. They may make a lucky bet, realize a sizable profit, and find themselves full of confidence. Their next high-stakes gamble might backfire, not only hitting them in the balance sheet but also taking a mental and emotional toll. Even veteran investors can be caught off guard: a news item may suddenly cause havoc for an industry they've invested in; crowd mentality among fellow investors may skew the market; a CEO may turn out to be unprepared to effectively guide a company. How can one stay focused in such a volatile profession? If you can't trust your past successes to plan and predict, how can you avoid risky situations in the future?In Big Money Thinks Small, veteran fund manager Joel Tillinghast shows investors how to avoid making these mistakes. He offers a set of simple but crucial steps to successful investing, including: - Know yourself, how you arrive at decisions, and how you might be susceptible to self-deception.- Make decisions based on your own expertise, and do not invest in what you don't understand.- Select only trustworthy and capable colleagues and collaborators.- Learn how to identify and avoid investments with inherent flaws.- Always search for bargains, and never forget that the first responsibility of an investor is to identify mispriced stocks.Patience and methodical planning will pay far greater dividends than flashy investments. Tillinghast teaches readers how to learn from their mistakes--and his own, giving investors the tools to ask the right questions in any situation and to think objectively and generatively about portfolio management.

Daha anlamlı yaşamak için İlber Ortaylı’dan tavsiyeler…“Cesur olun. Kendinizi rahat hissettiğiniz alanın dışında pencereler açın. Farklı dünyalarla ancak böyle tanışırsınız. Ben hep yerimde dursaydım, dünyamı değiştirecek insanları aramasaydım, bugün tanıdığınız ben olmazdım. Bir insanın bittiği an, miskinliğe esir olduğu andır. İnsan, konforundan vazgeçmeyi göze almalıdır. Kendi dünyasını yerinden kendisi oynatmalıdır.”- İlber Ortaylıİlber Ortaylı, yediden yetmişe herkesin faydalanacağı, bilge şahsiyetinden ve yaşam tecrübesinden süzülen tavsiyelerden oluşan bir eserle karşımızda. İlber Hoca bu kitapta, bir insanın, çocukluktan itibaren hayatın hemen her alanında ihtiyaç duyacağı çözümleri nasıl bulabileceğini örnekler vererek anlatıyor. “Herkes kendi talihinin mimarıdır” sözünü hatırlatarak, kendi yolunu çizmenin ne anlama geldiğini tüm kritik noktalarıyla yorumluyor.Bir ömrü hakkıyla yaşayabilmek ve yaşanan her andan tat alabilmek için önce ne lazımdır? İnsan hayatı kaç dönemden oluşur ve her bir dönemde neleri tecrübe etmek gerekir? 15, 25, 40 ve 55 yaşları neden birer eşiktir?İnsan kimden, ne öğrenebilir? Kendi kendini yetiştirmek nasıl mümkün olur? Kişi mesleğini neye göre seçmelidir?Bir işin uzmanı olmak ve o uzmanlık bilgisiyle çalışmak için nelere ihtiyaç vardır? Bir dil, en iyi nasıl ve ne zaman öğrenilir? En verimli sonucu alabilmek için nasıl çalışmak gerekir?Sorumluluk sahibi bir insan, kendisi veya çocukları için nasıl bir eğitim modeli aramalıdır?Hayata değer katmak için ne tür insanları arayıp bulmak gerekir? Doğru kararları alabilmek için en çok kimleri dinlemek gerekir? En iyi nasıl seyahat edilir; bir şehir nasıl dolaşılır?Hangi müze, hangi meydan, hangi sokakları görmek için dünyanın bir ucuna kadar gidilebilir?İyi film, güzel müzik, doğru kitap nedir? Hangi temel eserleri dinlemeli, okumalı ve seyretmeliyiz?İnsan yaşadığı şehirden tam manasıyla nasıl yararlanabilir?“Bir Ömür Nasıl Yaşanır?”, ülkemizin medarıiftiharı olmuş bir tarihçinin gözünden, insanın hayattaki anlam arayışına, bu arayışın tadını nasıl çıkaracağına ve süreç boyunca karşılaşacağı zorluklarla nasıl baş etmesi gerektiğine dair çok özel bir kılavuz…

The Little Book of Valuation by Aswath Damodaran gives comprehensive overview of factors that needs to be taken into account for valuation of a company while investing. The book gives immense value in terms of understanding valuation of a company.Value investing is the discipline of buying securities at significant discount from their current values and holding them until more of their values is realized. Valuing a company/business is the most important aspect of investing. It’s a daunting task. The complexities/variables involved in business are enormous. While precision is a good measure of process in mathematics or physics, it is poor measure of quality in valuation. It's better to be vaguely right then precisely wrong while valuing a company.There are far many uncertainties involved in valuation. Macroeconomic factors, regulations, interest rate, competition, innovation these things cannot be predicted with accuracy. Even if one can accurately predict macroeconomic factors, there are far too many other factors/variables involved. Therefore, its aptly said that success in investing comes not from being right but from being wrong less often than everyone else. Understanding valuation is critical to be an informed and successful investor instead of being a speculator focusing merely on price fluctuations. Basically there are two approaches for valuation i.e. Intrinsic and relative. In intrinsic valuation, the value of an asset is determined by the cash flows that one expects to generate over its life and how uncertain one feel about the cash flows. Assets with high and stable cash flows should be more valuable than assets with low and volatile cash flows. In relative valuation assets are valued by looking at how the market prices similar assets. It’s like while determining what to pay for a house, one looks at what similar houses in the neighborhood sold for. With a stock it means comparing its prices to similar stocks in its peer group. Both the approaches i.e. intrinsic as well as relative valuation plays a critical role in picking a sound stocks.Valuing growth companies requires a different approach as compared to valuing a mature company with substantial market size. Both scale and competition conspires to lower growth rates quickly at even the most promising growth companies. Various valuation matrices can be used i.e. Book value, Earnings Price Ratio, Price to Book Value, Price Earnings Growth ratio, Return on Invested Capital to understand valuation of a company. These figures give sense about the quantitative aspect of valuing a business, whereas qualitative aspects of valuing a business i.e. quality of the management are much difficult to assess. The quality of the management is also critical as the management directly controls the company not the shareholders.Also one needs to be aware of cognitive biases in the market. With professional analysts, there are institutional factors that add to substantial bias. Equity research analyst issue more buy than sell recommendations. It’s important to do background research on the company to information sources rather than opinion sources. One should spend more time looking at a company’s financial statements than reading equity research reports about the company. Psychological studies have shown that a loss hurts twice as much as a gain of the same amount makes us happy as people gets hurt losing money much more than they enjoy making money. It leads to panic sales of selling low because investors sell in fear that the stock market will fall more. But for a value investor who is aware of such psychological factors will use it to buy value stocks at bargain price/ extremely cheap price. Therefore, it's important to understand this loss aversion theory as well as the prospect theory.It is also important to understand the difference between volatility and risk. Volatility is price fluctuations whereas risk is business fluctuations. By focusing on keeping the risk minimal, one can find investment that have low or even no risk and offer extremely positive returns. Volatility is a friend of the value investors, understanding of risk and volatility will lead to better investing decision.It's important to understand the book value, liquidation value, intrinsic value etc. Intrinsic value is different from book value. The change in the book value in one year or over a period of time tells how much the intrinsic value of the business has changed. Return on investment capital is also extremely important to factor in a business that manages to compound its capital at a high return will definitely do well over a long period of time. The margin of safety in terms of both price as well as business is also extremely important.The Little Book of Valuation by Aswath Damodaran is an insightful book, very much recommended for anyone learning investing.

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