Value investing involves buying stocks that are undervalued based on fundamental analysis. The document discusses several techniques for value investing including those developed by Benjamin Graham such as buying stocks with high dividend yields, low price-to-earnings ratios, and low price-to-book values. Warren Buffett is presented as practicing value investing by buying quality companies at a discount to their intrinsic value. The document outlines a 3 step process for value investing: searching for a pool of stocks to research using screens, valuing stocks using models to find a "true value", and maintaining discipline by buying 30% below and selling at 95% of the valuation.
It is a market place where shares of public companies are bought and sold
It is commonplace where the issuers of the shares & subscribers of the shares come together
It is a market place where shares of public companies are bought and sold
It is commonplace where the issuers of the shares & subscribers of the shares come together
Financial Markets - Money market-Organized and Unorganized-Sub markets
Capital market- Primary market-IPO-FPO- NFO, Book Building-Right Issue-Private placement- Bonus issue-Buyback
Secondary Market-Stock exchanges- Role and functions of Stock Exchanges- BSE-NSE.
Regulatory authorities and their functions – RBI, SEBI
Perception Of People Regarding Mutual Funds In IndiaAkash Patil
Mutual funds have opened new vistas to millions of small investors by virtually taking investment to their doorstep. In India, a small investor generally goes for such kind of information, which do not provide hedge against inflation and often have negative real returns. He finds himself to be an odd man out in the investment game. Mutual funds have come, as a much needed help to these investors. Thus the success of MFs is essentially the result of the combined efforts of competent fund managers and alert investors. A competent fund manager should analyze investor behaviour and understand their needs and expectations, to gear up the performance to meet investor requirements. Therefore, in this current scenario it is very important to identify needs of mutual funds investors, their preference for mutual funds schemes and its performance evaluation. In this research paper, researcher has an objective
To know preference of mutual funds investors and performance evaluation of the preferred schemes by the investors. The survey is undertaken of 100 educated investors of Ahmadabad and Baroda city and the major findings reveal the major factors that influence buying behaviour mutual funds investors, sources that investor rely more while making investment and preferable mode to invest in mutual funds market. The study will be immensely useful to the AMC'; s, Brokers, distributors and to the other potential investors and last but not least to academician as well.
A Presentation on Financial Derivatives. this covers it's definition, features, types, benefits, challenges and applications.
Derivative is defined as the future contract between two parties. It means there must be a contract-binding on the underlying parties and the same to be fulfilled in future.
Normally, the derivative instruments have the value which is derived from the values of other underlying assets, such as agricultural commodities, metals, financial assets, intangible assets.
Financial Markets - Money market-Organized and Unorganized-Sub markets
Capital market- Primary market-IPO-FPO- NFO, Book Building-Right Issue-Private placement- Bonus issue-Buyback
Secondary Market-Stock exchanges- Role and functions of Stock Exchanges- BSE-NSE.
Regulatory authorities and their functions – RBI, SEBI
Perception Of People Regarding Mutual Funds In IndiaAkash Patil
Mutual funds have opened new vistas to millions of small investors by virtually taking investment to their doorstep. In India, a small investor generally goes for such kind of information, which do not provide hedge against inflation and often have negative real returns. He finds himself to be an odd man out in the investment game. Mutual funds have come, as a much needed help to these investors. Thus the success of MFs is essentially the result of the combined efforts of competent fund managers and alert investors. A competent fund manager should analyze investor behaviour and understand their needs and expectations, to gear up the performance to meet investor requirements. Therefore, in this current scenario it is very important to identify needs of mutual funds investors, their preference for mutual funds schemes and its performance evaluation. In this research paper, researcher has an objective
To know preference of mutual funds investors and performance evaluation of the preferred schemes by the investors. The survey is undertaken of 100 educated investors of Ahmadabad and Baroda city and the major findings reveal the major factors that influence buying behaviour mutual funds investors, sources that investor rely more while making investment and preferable mode to invest in mutual funds market. The study will be immensely useful to the AMC'; s, Brokers, distributors and to the other potential investors and last but not least to academician as well.
A Presentation on Financial Derivatives. this covers it's definition, features, types, benefits, challenges and applications.
Derivative is defined as the future contract between two parties. It means there must be a contract-binding on the underlying parties and the same to be fulfilled in future.
Normally, the derivative instruments have the value which is derived from the values of other underlying assets, such as agricultural commodities, metals, financial assets, intangible assets.
Converting Leads to Customers - when digital alone is not enough Kingshuk Hazra
Presentation at #UpStart Live by Kingshuk Hazra from LeadStrategus. It describes the elements - people, know-how, & tools required to convert leads into customers. It talks about closed loop management & customer lifecycle sales & marketing.
It makes the premise that in many situations digital channels are necessary but neither enough nor sufficient to get customers out of leads. It talks about the specifics of the India market where much more intense F2F & tele touches are required.
It talks about the sales motions - particularly around the ideology of AppDynamics founder Jyoti Bansal that Enterprise Sales is an absolute science and not an art!
Happy reading & do share your feedback!
Pairs Trading from NYC Algorithmic Trading Meetup November '13Quantopian
Gary Chan presented at the NYC Algorithmic Trading Meetup. More on the presentation, including a sample Excel file, on our blog http://blog.quantopian.com/gary-chan-on-pairs-trading-presentation-from-nyc-algorithmic-trading-meetup/ You can sign up for future meetups here: www.meetup.com/NYC-Algorithmic-Trading/
The truth about building a profitable sales forceAshutosh Pandey
This PPt's content taken from a book called "The truth about building a profitable sales force" presented by: Sales Management University.
For understanding each topic plz refer book or visit link for book: http://www.slideshare.net/AshutoshPandey14/topforce-14465128
Tips and tricks for successful lead generation rep recruiting from Kevin Gaither, VP of Inside Sales at uSamp.
Courtesy of Kevin Gaither and Inside Sales Recruiting, LLC: http://www.insidesalesrecruiting.com
You can try and pitch your seed round exactly the way your investors want you to (in which case you're compared fairly with hundreds of other investment opportunities) or you can hack your seed round and get an unfair advantage. Which would you rather do?
Martial art of strategy: Russian Style: Nine Elegant SolutionsLes Waller Mba Cissp
The nine topics that are presented in the book are shared on this power point presentation.
"The authors present nine solutions for getting out of the most difficult situations in people’s lives and businesses. Examples are given in three spheres: business and politics, military strategy, and the game of Go." - Publishers Weekly
"Wise reading for policymakers, executives, entrepreneurs—anyone who seeks to survive and thrive in the crucible that is competition." - Kirkus Review
Unleash Your Inner Tiger in Content MarketingMelissaFach
Presentation from Interactivity Digital in Miami 2013. # - Presentation design by http://theversatilitygroup.com/ - First slide image credit http://hdwallpapers4desktop.com/ - the rest of the images are mine. - Many cats featured are from the BigCatHabitat.org in Sarasota, FL.
Product Management & The Holy Grail (PCA9)CompellingPM
Product Managers face many trials and tribulations as they pursue the Holy Grail. Through the eyes of Monty Python, we'll explore these challenges as King Arthur and the Knights of the Roundtable search for the Holy Grail and learn Product Management lessons as they fight the Black Knight, try to sneak into a castle with the Trojan Rabbit, attempt to satisfy the request of the Knights Who Say Ni, face the temptations from the Castle Anthrax, underestimate the fierce Rabbit of Caerbannog and finally cross the Bridge of Death to reach the castle that guards the Holy Grail.
Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challengesHolger Mueller
Holger Mueller of Constellation Research shares his key takeaways from SAP's Sapphire confernece, held in Orlando, June 3rd till 5th 2024, in the Orange Convention Center.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Top mailing list providers in the USA.pptxJeremyPeirce1
Discover the top mailing list providers in the USA, offering targeted lists, segmentation, and analytics to optimize your marketing campaigns and drive engagement.
FIA officials brutally tortured innocent and snatched 200 Bitcoins of worth 4...jamalseoexpert1978
Farman Ayaz Khattak and Ehtesham Matloob are government officials in CTW Counter terrorism wing Islamabad, in Federal Investigation Agency FIA Headquarters. CTW and FIA kidnapped crypto currency owner from Islamabad and snatched 200 Bitcoins those worth of 4 billion rupees in Pakistan currency. There is not Cryptocurrency Regulations in Pakistan & CTW is official dacoit and stealing digital assets from the innocent crypto holders and making fake cases of terrorism to keep them silent.
Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...my Pandit
Dive into the steadfast world of the Taurus Zodiac Sign. Discover the grounded, stable, and logical nature of Taurus individuals, and explore their key personality traits, important dates, and horoscope insights. Learn how the determination and patience of the Taurus sign make them the rock-steady achievers and anchors of the zodiac.
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Best practices for project execution and deliveryCLIVE MINCHIN
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
An introduction to the cryptocurrency investment platform Binance Savings.Any kyc Account
Learn how to use Binance Savings to expand your bitcoin holdings. Discover how to maximize your earnings on one of the most reliable cryptocurrency exchange platforms, as well as how to earn interest on your cryptocurrency holdings and the various savings choices available.
Navigating the world of forex trading can be challenging, especially for beginners. To help you make an informed decision, we have comprehensively compared the best forex brokers in India for 2024. This article, reviewed by Top Forex Brokers Review, will cover featured award winners, the best forex brokers, featured offers, the best copy trading platforms, the best forex brokers for beginners, the best MetaTrader brokers, and recently updated reviews. We will focus on FP Markets, Black Bull, EightCap, IC Markets, and Octa.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
2. ® Rahul Pagaria,2013
Value investing
• Long-term growth
• Long term investing.xls
• Increases net worth over time
• Based on techniques for estimating the
“value” of a share of stick
• Many techniques
• Not all techniques work at any given time
• No technique works all the time
• The “heart” of value investing is research
& discipline
3. ® Rahul Pagaria,2013
Background
• Graham & Dodd (1934)
• Shares appear to be under priced based
on some form of fundamental analysis
• Security Analysis
• High Dividend Yield
• Dividend yield greater than discount rate
• Low Price to earnings
• 1/pe > discount rate
• Low Price to Book
• PB < 1
4. ® Rahul Pagaria,2013
Value investing as time progressed
• 1949 B. Graham wrote the Intelligent
Investor
• Margin of safety
• Build a 15 Ton Bridge for a 10 Ton Truck
• “Mr. Market”
• Just because “Mr. Market” is irrational doesn’t
mean you should be too
• 1954 Templeton Fund (15%APR)
• 2000 + Warren Buffet becomes the second
richest man in the world by practicing
value investing
5. ® Rahul Pagaria,2013
Mr Market
Graham’s parable goes something like this. Think of yourself as
owning a share in a business in partners with others. One of
your partners, say Mr Market, is somewhat of a neurotic who
on any given day will offer to buy your share or sell you his at
a specific price. His moods can fluctuate anywhere between
incredible optimism and overwhelming depression. One day he
will nominate a higher price to buy or sell, the next day he
might increase it, lower it, or even appear uninterested in
whether he buys or sells.
The point that Graham makes is that Mr Market’s judgment is
formed more by mood swings that by rational thought and
that this gives the wise investor buying and selling
opportunities. If Mr Market’s price is unreasonably high, then
wise investors have the opportunity to sell. On the other hand,
if it is unreasonably low, then they have the opportunity to
buy.
. http://www.buffettsecrets.com/mr-market.htm
6. ® Rahul Pagaria,2013
Oracle of Omaha
• Warren Buffet
• the essence of value investing is buying stocks at
less than their intrinsic value.
• Discounted value of future earning/distribution/growth
• "finding an outstanding company at a sensible
price"
• the nice thing about investing is that every day
the pitcher throws you a ball and you don't have
to swing. So you can wait for your pitch and then
hit it out of the park. And that's the good news
that is always true
7. ® Rahul Pagaria,2013
Famous Warren Buffet quotes
• Wide diversification is only required when investors
do not understand what they are doing.
• If a business does well, the stock eventually follows
• Our favorite holding period is forever.
• Only buy something that you'd be perfectly happy to
hold if the market shut down for 10 years
• The first rule is not to lose. The second rule is not to
forget the first rule.
• If past history was all there was to the game, the
richest people would be librarians
8. ® Rahul Pagaria,2013
Things you should know
• Stock markets are Predator prey relationship
• To buy a stock someone must sell it
• Why would any one sell a stock that is worth more than
that what they are getting??
• For you to be right, someone else has to be wrong
• The currency of stock markets is not money but
information
• Knowing something that no one else know is profitable
• That is why insider trading is illegal (ask Martha Stewart)
• Traders who harness information are Wolves, all
else are sheep
• Get smart or get broke!
9. ® Rahul Pagaria,2013
How it works (at least for me)
3 Steps
Search Strategy
1. Find a pool of sticks to research
Valuation strategy
1. IN or OUT
2. I pick I have elimination rules
1. Intangible assets!
2. “cooking the books”
3. Find a true value for the stock
A disciplined approach to buying and selling
• If things are not working right change 1 or
2! Stick to the discipline!
10. ® Rahul Pagaria,2013
Search Strategy
• Guidelines a pool of potential stocks
• Pick obscure stocks but not “penny stocks” or OTC
• Stocks that have “low visibility”, high visibility means no
surprises
• Not too many analyst covering the stock
• < five for small cap
• < ten for mid cap
• Not too much institutional ownership
• I like 20-60%
• Use fundamentals to pare down list
• Go with what you know, limit your self to industry you have
experience with
11. ® Rahul Pagaria,2013
Search Using MSN Stock Screener
• Two Modes
• Deluxe
• Power searches
• Power Searches Fundamental screens
• Dogs of the dow
• Great Expectations
• GARP
• Righteous rockets
• Deluxe
• Low P/E < Industry
• Price/book <= 1.5
• % institutional ownership > 10 , < 60
12. ® Rahul Pagaria,2013
Valuation Strategy
• There are too many to explain
• http://www.12manage.com/i_fi.html
• Best use forecasts of future growth
(earning/dividend/equity) to develop current
discount prices
• http://www.moneychimp.com/articles/valuation/s
tockvalue.htm
• Choice is pick a model someone has develop OR
develop you own
• Either way do the analysis your self
• “True” value
• Hard look at the company
13. ® Rahul Pagaria,2013
Discipline
• Buy when stocks are 30% below true
valuation based on your model
• Sell based on periodic reevaluation of stock
• when stocks reaches 95% of the valuation your
model predicts
• When stocks fall 10% below the price you bought
them it redo your model
• Did you do something wrong? or is this a chance to buy
more (greater vale)
• Don’t “stock watch”
• That’s for swing, momentum and day traders
(graham’s Mr. Markets)
14. ® Rahul Pagaria,2013
Best Rule to follow
In a bear market buy,
in a bull market sell
The secret is knowing what to buy
and what to sell