The Little Book of Sideways Markets PDF (How to Make Money in Markets that Go Nowhere) shows you how to survive a stagnant market that’s neither bull nor bear but instead what he calls a cowardly lion–it displays occasional bursts of bravado but is ultimately overcome by fear.
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Author: VITALIY N. KATSENELSON
Free Download link: At the end of the post
With the stock market turning into a roller-coaster ride of all-time highs and stomach-churning lows, where does that leave your portfolio? Pretty much back where you started in 2000. Which may be fine for visitors to Six Flags, but for your retirement, savings, and investments, you’d like to actually get somewhere.
In The Little Book of Sideways Markets, respected value investor and author Vitaliy Katsenelson shows you how to survive a stagnant market that’s neither bull nor bear but instead what he calls a cowardly lion–it displays occasional bursts of bravado but is ultimately overcome by fear.
Katsenelson, known for the commonsense principles he has written frequently about in the Financial Times, Bloomberg Businessweek and elsewhere, decodes the theories and cuts to the chase with practical and timely strategies for how you can survive and thrive during a sideways market–a state of affairs, by the way, we should expect for the next decade. He’ll show you:
- Why your investments will stall in neutral and what to do about it
- Why, despite its place as the Rodney Dangerfield of investing, you should treat mean reversion with respect
- Why Tevye was a rich man–and what you can learn from his purchase of Golde, the cow
- How the dire state of economic affairs in China and Japan will impact your investments, and what to do about it
- The three crucial concepts of value investing–Quality, Growth, and Valuation
- How focus on process, boring as it may sound, leads to success
- Why you should become a born-again value investor
- How to break bad habits and find, buy and sell stocks in a sideways market
Making progress in a sideways market is difficult, but the lively and entertaining Little Book of Sideways Markets will help you triumph even when the market is stalled.
Table of Contents- The Little Book of Sideways Markets PDF
Chapter One: Fasten Your Seat Belt
Take a Trip to the Zoo
It Takes (At Least) Two
Feeling Skeptical? It’s Okay
Chapter Two: A Sideways View of the World
Bulls, Bears, and Cowardly Lions—Oh My
The Price of Humanity
This Time Is Not Different
Where You Stand Will Determine How Long You Stand
Chapter Three: Don’t Shoot the Messenger
Where Are We?
Setting Earnings Growth on Cruise Control
What Zone Are You In?
Dividends Get No Respect
No Touch and Go
Being “in Stocks” Is Not Good Enough; What Stocks You Own
Chapter Four: Tevye Was a Rich Man
Meet Our Hero
What’s She Worth?
Factoring In Risk
At the Livestock Auction
The Final Tally
Price to “Anything”
The Day Tevye Bought His Golde
Chapter Five: What We Can Learn from Gamblers
The Gambler in All of Us
Hold ’Em and Fold ’Em Like Tevye
Chapter Six: Brought to You by the Letter “Q” (for Quality)
The Barbed Wire Fence
Not All Brands Are Created Equal
The Power of Free Cash Flows
Not All Capital Expenditures Are Created Equal Analyze This
How Good Is Management at Spending Your Money?
Recurrence of Revenues Beats Consistency of Earnings
Debt Is Good, Except When It’s Not
Accept No Substitutes
Chapter Seven: Brought to You by the Letter “G” (for Growth)
Growth from Margin Improvements
The Past Has Passed
What Dividends Really Tell You
Higher Dividend = Slower Growth?
Dividends and Sideways Markets
Dividends Are Very Important, But . . .
Chapter Eight: Brought to You by the Letter “V” (for Valuation)
Beyond the Hammer
Look Both Ways before Crossing the Sideways Street From Relativity to Absolutism
A Word of Caution
Chapter Nine: Add It Up
One Out of Three: Not Enough
Two Out of Three: Better, But Is It Enough?
Chapter Ten: Nip/Tuck
Meet Your New Best Friend—Volatility
Time Stocks, Not the Market
Doing Nothing Is Really Something
Be Ready to Strike When the Time Comes
Chapter Eleven: The Born-Again Value Investor
Plug Your Ears
How Often Should You Look at Your Stocks?
Media Are There to Drive You Insane
Other Sound Contrarian Advice
Chapter Twelve: Applying Darwinism to the Sales Process
Sell That Stock When?
Selling When Fundamentals Have Deteriorated
Disassociate Yourself from Previous Decisions
Chapter Thirteen: You Are Not As Dumb—or Smart— As You Think
You Are Not as Dumb as You Think (Psychotherapy for Cyclical Bear Markets)
You Are Not as Smart as You Think (Psychotherapy for Cyclical Bull Markets)
Chapter Fourteen: On a Scavenger Hunt for Stocks
Map the Market
Chapter Fifteen: Farewell, Blissful Ignorance
False Axioms and Consequences
Japan: Past the Point of No Return
China: The Mother of All Grey Swans
Crime and Punishment
Chapter Sixteen: Think Different
Managing Risk: What School Did Not Teach Me
Diversification: Not Always a Free Lunch
Too Many Eggs, or Too Many
“It’s hard to talk clearly about investing and make sense to ordinary readers at the same time. Katsenelson gives a lucid explanation of today’s markets with sound advice about how to make money while avoiding the traps that the market sets for exuberant bulls and frightened bears alike.” — Thomas G. Donlan, Barron’s
“A thoroughly enjoyable read. Provides a clear framework for equity investing in today’s ‘sideways’ and volatile markets useful to everyone. Clear thinking and clear writing are not often paired – well done!” — Dick Weil, CEO, Janus Capital Group
“The bible for how to invest in the most tumultuous financial market environment since the Great Depression. A true guidebook for how to build wealth prudently.” — David Rosenberg, Chief Economist & Strategist, Gluskin Sheff + Associates Inc.
“A wonderful, grounded read for new and seasoned investors alike, Katsenelson explains in plain English why volatility and sideways markets are a stock picker’s best friend.” — The Motley Fool, www.Fool.com
Praise for Active Value Investing
“This book reads like a conversation with Vitaliy: deep, insightful, inquisitive, and civilized.” — Nassim Nicholas Taleb, author of The Black Swan
About the author
VITALIY N. KATSENELSON, CFA, is Chief Investment Officer at Investment Management Associates. While his primary focus is on discovering undervalued companies for his clients, he is also known for his uncommon common sense, which he has regularly expressed in articles in the Financial Times, Barron’s, Bloomberg Businessweek, the Christian Science Monitor, Institutional Investor, and the New York Post, among other outlets. He speaks frequently to investment groups around the world, and was most recently profiled in Barron’s in September 2009. Previously, he was an adjunct faculty member at the University of Colorado Graduate School of Business, and he is also the author of Active Value Investing.
To read articles Katsenelson has written over the years, visit ActiveValueInvesting.com
Download ebook The Little Book of Sideways Markets PDF
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