The Five Rules For Successful Stock Investing: Morningstar'S Guide To Building Wealth And Winning In The Market9780471686170 下载 pdf 百度网盘 epub 免费 2025 电子书 mobi 在线

Book De*ion

The Five Rules for Successful Stock Investing

"By resisting both the popular tendency to use gimmicks that

oversimplify securities analysis and the academic tendency to use

jargon that obfuscates common sense, Pat Dorsey has written a

substantial and useful book. His methodology is sound, his examples

clear, and his approach timeless."

　　　　　　　　　　　　　　　　　　　　　—Christopher C. Davis Portfolio Manager and

Chairman, Davis Advisors

Over the years, people from around the world have turned to

Morningstar for strong, independent, and reliable advice. The Five

Rules for Successful Stock Investing provides the kind of savvy

financial guidance only a company like Morningstar could offer.

Based on the philosophy that "investing should be fun, but not a

game," this comprehensive guide will put even the most cautious

investors back on the right track by helping them pick the right

stocks, find great companies, and understand the driving forces

behind different industries—without paying too much for their

investments.

Written by Morningstar's Director of Stock Analysis, Pat Dorsey,

The Five Rules for Successful Stock Investing includes unparalleled

stock research and investment strategies covering a wide range of

stock-related topics. Investors will profit from such tips as:

* How to dig into a financial statement and find hidden gold . .

. and deception

* How to find great companies that will create shareholder

wealth

* How to analyze every corner of the market, from banks to health

care

Informative and highly accessible, The Five Rules for Successful

Stock Investing should be required reading for anyone looking for

the right investment opportunities in today's ever-changing

market.

From the Inside Flap

Stocks can be the perfect vehicle for your investment journey–if

you know how to pick them. With Morningstar’s unparalleled guidance

you can get the story behind the numbers and learn how to invest in

stocks with care and confidence.

In The Five Rules for Successful Stock Investing, Pat Dorsey,

Director of Stock Analysis for Morningstar, Inc., helps today’s

investors learn from the mistakes of the past in order to lay a

solid foundation for future success. According to Mr. Dorsey,

"Investment success depends on personal discipline, not on whether

the crowd agrees or disagrees with you." In a highly accessible and

down-to-earth style, Dorsey helps even novice investors understand

how to evaluate companies and achieve success by buying stocks at a

discount of their true worth.

Reading The Five Rules for Successful Stock Investing is like

joining a community of fellow investors who want to better

understand how stocks operate, avoid the common pitfalls of

investing, and build strong stock portfolios they can be confident

in. Dorsey and his team of stock analysts will open investors’ eyes

to a wealth of investment opportunities that exist regardless of

market conditions, as they learn:

* How to develop a feel for what makes a company

profitable

* How to find great companies with a competitive advantage

* How to make sure a company’s management team is on their

side

* How to recognize red flags that can cause blow-ups in a

portfolio

* How to apply proven valuation principles to improve results

* And how to apply a 10-Minute Test to any stock in order to

determine if it’s worth investigating in more detail

A complete investment guide for people who are serious about

mastering stock strategies, The Five Rules for Successful Stock

Investing outlines the rigorous process through which Morningstar

evaluates stocks, providing readers with tried-and-true tools for

selecting stocks that will make promising long-term investments–and

perhaps more important–avoiding those that won’t.

In today’s economic climate, The Five Rules for Successful Stock

Investing has something to offer every investor. Seasoned investors

will welcome the kind of sound, reliable advice that can help them

avoid the mistakes of the past, while novice investors will find

the kind of "on-ramp" introduction they need to get moving along

the road to better investment results.

Book Dimension

length: (cm)23.1 　　　 　　　　　 　　　　　 width:(cm)15.3

Foreword.

Introduction: Picking Great Stocks Is Tough.

Chapter 1. The Five Rules for Successful Stock Investing.

Chapter 2. Seven Mistakes to Avoid.

Chapter 3. Economic Moats.

Chapter 4. The Language of Investing.

Chapter 5. Financial Statements Explained.

Chapter 6. Analyzing a Company-- The Basics.

Chapter 7. Analyzing a Company--Management.

Chapter 8. Avoiding Financial Fakery.

Chapter 9. Valuation-- The Basics.

Chapter 10. Valuation--Intrinsic Value.

Chapter 11. Putting It All Together.

Chapter 12. The 10--Minute Test.

Chapter 13. A Guided Tour of the Market.

Chapter 14. Health Care.

Chapter 15. Consumer Services.

Chapter 16. Business Services.

Chapter 17. Banks.

Chapter 18. Asset Management and Insurance.

Chapter 19. Software.

Chapter 20. Hardware.

Chapter 21. Media.

Chapter 22. Telecom.

Chapter 23. Consumer Goods.

Chapter 24. Industrial Materials.

Chapter 25. Energy.

Chapter 26. Utilities.

Appendix.

Recommended Readings. Morningstar Resources.

Index.

PAT DORSEY, CFA, is the Director of Stock Analysis for

Morningstar, Inc. He writes regularly for Morningstar.com and heads

Morningstar's team of equity analysts. He was instrumental in

developing the Morningstar Rating for stocks and played a key role

in building Morningstar's stock coverage. Dorsey is widely quoted

in the media, including USA Today, U.S. News & World Report,

NBC Nightly News, CNBC, and CNN. He also appears weekly on the

Bulls and Bears financial show on FOX News Channel.

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不要为精确性担心，只要思考你正在评估的公司比平均水平风险更高还是更低，以及风险高或低了多少，你就做得很好了。另外，记住给折现率赋值不是精确的科学，对一家公司来说没有“正确”的折现率。

医疗保健行业包括制药公司、生物技术公司、医疗器械公司和医疗保健服务组织。在这些领域中，我们认为制药公司和医疗器械公司通常是最有前途的，因为它们有典型的最强的竞争优势。

避免这些错误是达到你投资目标的第一步：

1。虚的目标；

2。相信这次与以往不同；

3。陷入对公司产品的偏爱

4。在市场下跌时惊慌失措；

5。试图选择市场时机：

6。忽视估值；

7，依赖盈利数据作分析。

当你考察全部四个度量指标时，要考察一年以上的数据。一个能够连续几年保持稳定的净资产收益率和资产收益率，拥有良好的自由现金流和净利润的公司，比那些数据不稳定的公司更有可能具有竞争优势。评估一家公司时，连贯性是相当重要的，因为它说明该公司不仅仅是短期，而是长期具有阻止竞争者进入的能力，这使这家公司更有价值。5年是估值最小的时间段，在此我强烈建议你，如果可能的话，考察的数据最好能倒回去10年。

营业利润

这个数字等于收人减去销售成本和全部营业费用。理论上，它表现为公司在实际经营活动中赚取的利润，与之相对的是利息收益、一次性收益和其他一些非营业性项目。实际上，公司常常把非经营性费用（比如销账）算到营业利润中，你自己可以再加上一次性费用（或者减去一次性收益）来计算营业利润。

营业利润是一个接近于真实的数字，对大多数企业来说是这样。因为它不包含几乎所有的一次性科目，比如来自非经营性的投资的利润。你可以用营业利润计算营业毛利率，这个毛利率可以与其他公司和行业相比较。

一、在我们钻研上市公司的报告之前，我要给你介绍七个很多投资者常犯的错误。避免这些错误是达到你投资目标的第一步。

1、虚幻的目标。

2、相信这次与以往不同

3、陷入对公司产品的偏爱。

4、在市场下跌时惊慌失措。

5、试图选择市场时机。

6、忽视估值

7、依赖盈利数据做分析。

二、投资者清单：七个应当避免的错误

❶不要试图通过发现下一个做软公司而获得巨额收益。你应该专注于发现股价已低于估值的可靠公司。

❷了解市场的历史能帮助你避免重复那些易犯的错误。如果有人试图使你确信“这次与以往不同”，不要理睬他们。

❸不要陷入“一个好产品将创造一家高质量公司”这样一个假设的陷阱里。在你被一项激动人心的技术或者一个极好的产品掏光口袋之前，确信你已经核实了该公司的商业模式。

❹不要害怕使用你的优势。买入的最好时机是当所有人都从一个特定种类的资产出逃的时候。

❺试图选择市场时机是一个傻瓜游戏。有足够的证据证明股市是不能选择时机的。

❻减少投资风险的最佳路径是认真注意估值。不要寄希望于其他投资者会以高价接你的盘，即使你买的是好公司股票也不要这样。

❼ 一家公司财务绩效的真实衡量标准是现金流，而不是财务报告的每股盈利。

媒体评论

Not long ago, MagicDiligence reviewed Mary Buffett and David

Clark's Warren Buffett and the Interpretation of Financial

Statem...... and concluded that, while possibly useful for

beginners, experienced stock investors would dismiss the book as

simplistic and adding nothing new. The review also mentioned that a

good alternative for more experienced investors looking to add to

their knowledge is Pat Dorsey's The Five Rules for Successful Stock

Investing.

Today we'll take a look at that book. The author, Pat Dorsey, is

currently the Director of Equity Research for Morningstar.

Morningstar has historically been known for their 5-star scale of

mutual fund ratings, but several years ago began applying the same

scale to individual stocks. Since Morningstar's focus is on durable

competitive advantage, the firm's investing philosophy correlates

very well with that of the Magic Formula and of MagicDiligence.

That makes the book particularly relevant and much of my stock

analysis is based on techniques outlined in it. The Five Rules...

is more or less a two part book. The first half deals covers the

title, laying out the five rules for successful investing and then

proceeding to expand on each of them. Without spoiling too much of

the book, Dorsey's five rules are:

1) Do your homework.

2) Find economic moats.

3) Have a margin of safety.

4) Hold for the long haul.

5) Know when to sell.

This first section then continues on to introduce the investor

to the techniques of stock analysis. Topics covered include

detailed explanations of each financial statement, the points of

emphasis to look for in a good investment (such as growth potential

and financial health), how to spot accounting blowups before they

happen, how to value a stock, and so forth. For everyone interested

in stock analysis, from 10 year pros to those just beginning to dip

their toes in the market, these chapters contain invaluable and

vital information. Nearly every investor will learn something new

about evaluating companies and valuing stocks. One particularly

valuable chapter is titled "The 10-Minute Test", which will help

you quickly throw out stocks that are not worth your time, while

highlighting investment opportunities that warrant additional

research.

The second half of the book is equally useful. In this section,

Dorsey calls upon Morningstar's sector analysts to lay out the

intrinsic moat qualities and the factors that separate good and bad

companies in a variety of sectors, including Health Care, Consumer

Services, Media, Banks, and so on. It's no secret to MagicDiligence

Members that some industries are inherently better investment

hunting grounds than others, and this book explains why. For

example, retail is generally a difficult place to invest - there

are no customer switching costs, tons of competition, and

constantly changing consumer trends. On the other hand, most

medical device makers have very high switching costs, as surgeons

are trained on one company's products and are loathe to learn the

intricacies of a competing product, unless there is a very good

reason to do so.

To close this review, a personal observation. Most investors

routinely cite classic investing books like Ben Graham's The

Intelligent Investor as the place to start for novice investors. I

respectfully disagree. I've read many of those great classics, but

no one book has explained the details of company and equity

analysis as directly or relevantly as this book. This is one of the

most overlooked investing books out there, and comes highly

recommended to all investors. -The Motley Fool

书籍介绍

在线阅读本书

Book Description

The Five Rules for Successful Stock Investing

"By resisting both the popular tendency to use gimmicks that oversimplify securities analysis and the academic tendency to use jargon that obfuscates common sense, Pat Dorsey has written a substantial and useful book. His methodology is sound, his examples clear, and his approach timeless."

　　　　　　　　　　　　　　　　　　　　　　　—Christopher C. Davis Portfolio Manager and Chairman, Davis Advisors

Over the years, people from around the world have turned to Morningstar for strong, independent, and reliable advice. The Five Rules for Successful Stock Investing provides the kind of savvy financial guidance only a company like Morningstar could offer. Based on the philosophy that "investing should be fun, but not a game," this comprehensive guide will put even the most cautious investors back on the right track by helping them pick the right stocks, find great companies, and understand the driving forces behind different industries—without paying too much for their investments.

Written by Morningstar's Director of Stock Analysis, Pat Dorsey, The Five Rules for Successful Stock Investing includes unparalleled stock research and investment strategies covering a wide range of stock-related topics. Investors will profit from such tips as:

* How to dig into a financial statement and find hidden gold . . . and deception

* How to find great companies that will create shareholder wealth

* How to analyze every corner of the market, from banks to health care

Informative and highly accessible, The Five Rules for Successful Stock Investing should be required reading for anyone looking for the right investment opportunities in today's ever-changing market.

From the Inside Flap

Stocks can be the perfect vehicle for your investment journey–if you know how to pick them. With Morningstar’s unparalleled guidance you can get the story behind the numbers and learn how to invest in stocks with care and confidence.

In The Five Rules for Successful Stock Investing, Pat Dorsey, Director of Stock Analysis for Morningstar, Inc., helps today’s investors learn from the mistakes of the past in order to lay a solid foundation for future success. According to Mr. Dorsey, "Investment success depends on personal discipline, not on whether the crowd agrees or disagrees with you." In a highly accessible and down-to-earth style, Dorsey helps even novice investors understand how to evaluate companies and achieve success by buying stocks at a discount of their true worth.

Reading The Five Rules for Successful Stock Investing is like joining a community of fellow investors who want to better understand how stocks operate, avoid the common pitfalls of investing, and build strong stock portfolios they can be confident in. Dorsey and his team of stock analysts will open investors’ eyes to a wealth of investment opportunities that exist regardless of market conditions, as they learn:

* How to develop a feel for what makes a company profitable

* How to find great companies with a competitive advantage

* How to make sure a company’s management team is on their side

* How to recognize red flags that can cause blow-ups in a portfolio

* How to apply proven valuation principles to improve results

* And how to apply a 10-Minute Test to any stock in order to determine if it’s worth investigating in more detail

A complete investment guide for people who are serious about mastering stock strategies, The Five Rules for Successful Stock Investing outlines the rigorous process through which Morningstar evaluates stocks, providing readers with tried-and-true tools for selecting stocks that will make promising long-term investments–and perhaps more important–avoiding those that won’t.

In today’s economic climate, The Five Rules for Successful Stock Investing has something to offer every investor. Seasoned investors will welcome the kind of sound, reliable advice that can help them avoid the mistakes of the past, while novice investors will find the kind of "on-ramp" introduction they need to get moving along the road to better investment results.

Book Dimension

length: (cm)23.1 　　　 　　　　　 　　　　　 width:(cm)15.3