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The Little Book of Intrinsic Value: A Practical Framework for Valuing Businesses Without Illusions - Brossura
Libro 28 di 30: The Little Book Series: Decision Filters
Sinossi
Most valuation books give you a formula. This one gives you the judgment to use it correctly, and the honesty to know when it doesn't apply.
Discounted Cash Flow has a reputation problem. Analysts run it, get a number, and treat that number as fact. But a DCF is only as honest as the six assumptions buried inside it, assumptions most people never audit because the spreadsheet looks finished the moment it produces an output.
This book exists to slow that process down.
It starts before the model. Price is not value, and confusing the two is how good investors make bad decisions at good companies. Cash is the only fact a business actually produces, everything else, including growth, is a story until cash confirms it. Growth itself gets interrogated here, because growth that destroys capital is worse than no growth at all, a distinction most valuation guides skip entirely.
From there, the book walks through how a DCF actually works, then spends real time on why it usually fails in practice, not in theory. The six assumptions nobody audits get pulled apart one at a time. And there's an honest chapter on where DCF simply cannot go, the businesses and situations where the tool breaks, because pretending otherwise is how false precision enters a model and never leaves.
The middle section is where the book becomes practical. Normalizing earnings before you model them. Building scenarios instead of pretending you can forecast a single number with confidence. Using Earnings Power Value as an honest anchor when growth assumptions get shaky. Understanding the reinvestment trap that quietly erodes returns in businesses that look healthy on the surface.
The final section is about the decision itself. Margin of safety, properly understood, is not a discount you apply for comfort, it's protection against being wrong in ways you can't predict. There's a single question to ask before you act, and a clear chapter on when the right answer is to walk away from a business entirely, regardless of how attractive the model says it is.
A worked example and a pre-investment checklist are included so the framework is something you can run, not just something you read once and nod along to.
If you've ever built a valuation model and felt unsure whether the number was real or just well-formatted, this book is for you.
Le informazioni nella sezione "Riassunto" possono far riferimento a edizioni diverse di questo titolo.
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The Little Book of Intrinsic Value (Paperback)
Print on DemandDa: Grand Eagle Retail, Bensenville, IL, U.S.A.
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Paperback. Condizione: new. Paperback. Most valuation books give you a formula. This one gives you the judgment to use it correctly, and the honesty to know when it doesn't apply.Discounted Cash Flow has a reputation problem. Analysts run it, get a number, and treat that number as fact. But a DCF is only as honest as the six assumptions buried inside it, assumptions most people never audit because the spreadsheet looks finished the moment it produces an output.This book exists to slow that process down.It starts before the model. Price is not value, and confusing the two is how good investors make bad decisions at good companies. Cash is the only fact a business actually produces, everything else, including growth, is a story until cash confirms it. Growth itself gets interrogated here, because growth that destroys capital is worse than no growth at all, a distinction most valuation guides skip entirely.From there, the book walks through how a DCF actually works, then spends real time on why it usually fails in practice, not in theory. The six assumptions nobody audits get pulled apart one at a time. And there's an honest chapter on where DCF simply cannot go, the businesses and situations where the tool breaks, because pretending otherwise is how false precision enters a model and never leaves.The middle section is where the book becomes practical. Normalizing earnings before you model them. Building scenarios instead of pretending you can forecast a single number with confidence. Using Earnings Power Value as an honest anchor when growth assumptions get shaky. Understanding the reinvestment trap that quietly erodes returns in businesses that look healthy on the surface.The final section is about the decision itself. Margin of safety, properly understood, is not a discount you apply for comfort, it's protection against being wrong in ways you can't predict. There's a single question to ask before you act, and a clear chapter on when the right answer is to walk away from a business entirely, regardless of how attractive the model says it is.A worked example and a pre-investment checklist are included so the framework is something you can run, not just something you read once and nod along to.If you've ever built a valuation model and felt unsure whether the number was real or just well-formatted, this book is for you. This item is printed on demand. Shipping may be from multiple locations in the US or from the UK, depending on stock availability. Codice articolo 9798182106535
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The Little Book of Intrinsic Value: A Practical Framework for Valuing Businesses Without Illusions (The Little Book Series: Decision Filters)
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The Little Book of Intrinsic Value (Paperback)
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Paperback. Condizione: new. Paperback. Most valuation books give you a formula. This one gives you the judgment to use it correctly, and the honesty to know when it doesn't apply.Discounted Cash Flow has a reputation problem. Analysts run it, get a number, and treat that number as fact. But a DCF is only as honest as the six assumptions buried inside it, assumptions most people never audit because the spreadsheet looks finished the moment it produces an output.This book exists to slow that process down.It starts before the model. Price is not value, and confusing the two is how good investors make bad decisions at good companies. Cash is the only fact a business actually produces, everything else, including growth, is a story until cash confirms it. Growth itself gets interrogated here, because growth that destroys capital is worse than no growth at all, a distinction most valuation guides skip entirely.From there, the book walks through how a DCF actually works, then spends real time on why it usually fails in practice, not in theory. The six assumptions nobody audits get pulled apart one at a time. And there's an honest chapter on where DCF simply cannot go, the businesses and situations where the tool breaks, because pretending otherwise is how false precision enters a model and never leaves.The middle section is where the book becomes practical. Normalizing earnings before you model them. Building scenarios instead of pretending you can forecast a single number with confidence. Using Earnings Power Value as an honest anchor when growth assumptions get shaky. Understanding the reinvestment trap that quietly erodes returns in businesses that look healthy on the surface.The final section is about the decision itself. Margin of safety, properly understood, is not a discount you apply for comfort, it's protection against being wrong in ways you can't predict. There's a single question to ask before you act, and a clear chapter on when the right answer is to walk away from a business entirely, regardless of how attractive the model says it is.A worked example and a pre-investment checklist are included so the framework is something you can run, not just something you read once and nod along to.If you've ever built a valuation model and felt unsure whether the number was real or just well-formatted, this book is for you. This item is printed on demand. Shipping may be from our UK warehouse or from our Australian or US warehouses, depending on stock availability. Codice articolo 9798182106535
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