資源描述：
《the golden rule of valuation》由會員上傳分享，免費在線閱讀，更多相關內容在工程資料-天天文庫。
1、Chapter4thegoldenruleofvAluAtionCommitthefollowingdefinitiontomemory:Thevalueofanassetisthesumofthecashflowsitcreatesonbehalfofitsownersoveritseconomiclife.Contrarytopopularopinion,valuationiseasy.Onedoesnotneedamaster’sdegreeinaccountingortobeanexpertinfinancialstatemen
2、tanalysistocom-petentlyvalueacompanyandestimateafairvaluerangeforastock.Theonlythingapersonneedsistointernalizetheprecedingsentenceandunderstandthehandfuloffactorsthataffectthecashflowsofafirmovertime.Thischapterfocusesondevelopingatheoreticalframeworkusingthegoldenruleo
3、fvaluation—whichyouhavealreadymemorized—andlooksateachpartofthatsimpledefinitionphrasebyphrase,witheachphraseadifferentsectionofthechapter.Thesectionsareasfollows:1.TheValueofanAsset:Hereweofferaspecificdefinitionforanas-setanddiscussthedistinctionbetweenvalueandprice.2.
4、CashFlowsGeneratedonBehalfoftheOwners:Specifieswhichcashflowswewillmeasurewhenvaluinganasset.3.TheCompany’sEconomicLife:Breaksthelifeofthefirmintothreestagestohelpmakethevaluationprocesseasierandmoretransparent.Forthosenewtothesubjectofvaluation,Ipresentanadditionalsecti
5、onthatprovidesoverviewsofspecifictopicssuchastimevalueof7778???TheIntelligentOptionInvestormoneyanddiscountrates,butevenbeingunacquaintedwiththesetermsrightnowwillnotbeahandicap.Businessisessentiallyacollectionofverysimpletransactions—pro-ducing,selling,andinvestingexces
6、sprofits.Inmyexperience,oneofthebiggestinvestingmistakesoccurswhenpeopleforgettothinkaboutbusi-nessintermsofthesesimpletransactions.Havingafirmgraspofvaluationisanessentialpartofbeinganin-telligentoptioninvestor.ThebiggestdrawbackoftheBSMisitsinitialas-sumptionthatallsto
7、ckpricesrepresentthetruevaluesofthestocksinquestion.Itfollowsthatthebestopportunityforinvestorscomeswhenastock’spresentpriceisfarfromitstrueintrinsicvalue.Inordertoassesshowattractiveaninvestmentopportunityis,wemusthaveagoodunder-standingofthesourceofvalueforafirmandthef
8、actorsthatcontributetoit.Thesearethetopicsofthischapterandthenext.Intermsofourintelligentoptioninvestin
