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The Unemotional Investor

Simple systems for beating the market

Caractéristiques
4ème de couverture
Foreword
Sommaire du livre
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Caractéristiques

Titre : The Unemotional Investor
Auteurs : Robert Sheard
Publication : 1998
Editeur : Fireside
ISBN : 0-684-85375-2
Nombre de pages : 239
Prix : 104,89 francs (ou 15,99 euros)

4ème de couverture

INVESTING IN STOCKS--WITHOUT INVESTING IN TIME, TEARS, OR TERROR
When Robert Sheard decided to bite the bullet and get into the market, he wasn't the typical Wall Street player, didn't have years of trading experience, and didn't have an M.B.A. What he did have was the known-how. As one of the top stock researchers for The Motley Fool--the widely popular and fiercely irreverent financial site that launched the bestselling The Motley Fool Investment Guide and The Motley Fool's You Have More Than You Think--Sheard developped mechanical, emotion-free formulas for analyzing stocks. Now he shares his insights to help you earn gains that will crush market averages. The Unemotional Investor teaches you :

Like other books created by The Motley Fool, The Unemotional Investor presents an easygoing approach to a subject often shrouded in mystery, making it easy for even rank beginners to take the first steps toward reaping the rewards of a low-maintenance, hight-profit portfolio.

ROBERT SHEARD has been a writer and editor for The Motley Fool, Inc., www.fool.com. He now manages money as director for Sheard and Davey Advisors, Inc., www.sdadvisors.com. He lives in Lexington, Kentucky.

Foreword

We first made Robert Sheard's acquaintance in an online chat room in late 1994. Back then, Robert was a rather frustrated graduate student teaching English lit and identified himself with AOL handle "RSheard". He quickly became a regular visitor to The Motley Fool in the months shortly after the debut of our service. Robert was polite, enthusiastic, and enjoyed answering others' questions, which he did with increasing frequency as he learned more about the stock market. At the outset Robert knew very little, but as has so often been the case with visitors to Fooldom, he learned a tremendous amount and he did it very quickly. That's the beauty of a good liberal arts education; it prepares you for anything you whish to set your mind to.

From the outset, Robert was clearly interested in the Dow Dividend Approach--a purely mechanical approach to value investing. We first discovered this method in Michael O'Higgins book Beating the Dow, and we have elaborated it in each of our books (You Have More Than You Think, The Motley Fool Investment Guide, and The Motley Fool Investment Workbook) and it's been endlessly discussed and elaborated in our online domain (www.fool.com). There, many Foolish tinkerers combined efforts to try to build a better mousetrap. And this book is one such fruit borne of that effort.
Fooldom's fascination with the Dow Divident Approach revolves around the simplicity of the strategy and its mechanical nature, the two sine qua nons of what we call a "gadget approach." Gadgets are mechanical gizmos designed to simplify our lives, providing us with convenience, and in so doing us time. The same is the case for gadget approaches to the stock market and investing. The Dow Dividend Approach is a prime example, has historically outperformed the market, and will continue to enjoy enduring popularity in the Fields of Folly to boot.
But Robert's liberal arts education taught him to ask questions, always to keep investigating, and to search tirelessly for better or additional answers. That's the classic intellectual approach to take in this Second Age of Reason, where through the use of computers and mathematics human beings have learned more about the universe in one century than in all the previous ones put together. Robert has done his small part by simply asking, "Might we invent more gadget approaches like the Dow Dividend Approach that perform similarly, or better ?" It was that question--that quest--that yielded Unemotional Value and Unemotional Growth.
Unemotional Value is our favorite twist on the Dow Dividend Approach, and following publication of our first book we ended up changing our popular Foolish Four approach to conform to Robert's Unemotional Value and Unemotional Growth.
Unemotional Growth (UG) is a different story. This is a creature entirely of Robert's own creation, wich makes it fascinating on its own. But further, it sports superior returns and greater diversification. However, it also brings with it less of a back-tested history and demands more active trading. Readers must weight these factors before determining how appropriate UG is for them. Many may wish to treat the list of Unemotional Growth stocks simply as a superb "screen" from which to choose superior long-term investments. Indeed, it's through UG that we first invested in companies like Coca-Cola, Nike, Tellabs, and Applied Materials, wich we continued to hold past the appointed UG switch date. (Read the chapters dedicated to this approach and you'll understand what we're talking about.) Wether you wish to employ Unemotional Growth whole hog, as a screen for stocks, or not to employ it at all largely comes down to your degrees of experience and comfort, your tolerance for risk, and the amount of money you have (as trading commissionsand market-maker spreads will eat into your profits).
Being gadgets, the approaches in this book remove emotion from the investing equation, a variable that too often troubles or even ruins investors, as Robert correctly asserts. It is this trait of course that Robert celebrates with the title of this book.
It must also be noted that any employment of a mechanical approach also necessarly removes decision-making and reason from the equation as well--your decision-making and reason come into play only at the beginning, if and when you make a commitment to use the approaches. It's for this reason that some Fools choose to use these approaches as screens--retaining the right to make their own decisions. In so doing, they also welcome back emotion (typically, greed and fear). But regardless, the companies one finds in these screens are typically great growth stocks, so don't play too much with fire.
Two things to note in closing. First, as Robert makes clear from the outset of the book, he was no "Wall Street gooroo" before coming to The Motley Fool to learn how to invest. Quite the opposite, in fact--which we consider an asset ! That he is writing and publishing a useful investment book today demonstrates how accessible investing can be to those who whish to spend the necessary (but no inordinate) time getting to know the subject. Heck, we ourselves are no experts either, and would never presume to use the term. We agree with the minister who wrote, "The greater the island of knowledge, the longer the coastline of mystery." The more you learn, the more you have to learn, and the more you want to learn it. Yes, investing makes for a lifelong education, one that should be both pleasurable and financially rewarding. It is open to all, and the world should welcome further contributions to investment literature by similarly "inexpert" Fools.
Second, much of the work in this book came to fruition through the Foolish Workshop section of our Motley Fool Web site. It is accessible on the Internet at http://www.fool.com/Workshop/Workshop.htm and continues to offer Robert's daily write-ups along with a wide range of input from other Foolish investors. As is the case with many nooks and crannies of our online sites, the message board that undergirds this editorial work is also outstanding, and we encourage your participation !
Fool on !

David and Tom Gardner

Sommaire


Foreword

     by David and Tom Gardner ..................................................  9


Introduction
     The birth of a fool ....................................................... 13


Part One
     Stock Market Basics ....................................................... 23


Part Two
     Getting started with Walue Stocks ......................................... 57


Part Three
     Diversifying with Growth Stocks .......................................... 125


Part Four
     Putting it all together .................................................. 173


Part Five
     Frequently Asked Questions ............................................... 189


Acknowledgments .............................................................. 231


Index ........................................................................ 233

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