Ebook Essentials of investments (Seventh edition): Part 2
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Ebook Essentials of investments (Seventh edition): Part 2
SECURITY ANALYSISell your friends or relatives that you are studying investments and they will ask you, "What slocks should I buy?" This is the questi Ebook Essentials of investments (Seventh edition): Part 2 ion at the heart of security analysis. How do analystschoose the stocks and other securities to hold in their portfolios?Security analysis requires a wide mix ol skills. You need to be a decent economist with a good grasp of both macroeconomics and microeconomics, the former Io help you lorm forecas Ebook Essentials of investments (Seventh edition): Part 2 ts of the general direction of the market and the latter to help you assess the relative position of particular industries or firms. You need a good sEbook Essentials of investments (Seventh edition): Part 2
ense of demographic and social trends to help identify industries with bright prospects. You need to be a quick study of the ins and outs ol particulaSECURITY ANALYSISell your friends or relatives that you are studying investments and they will ask you, "What slocks should I buy?" This is the questi Ebook Essentials of investments (Seventh edition): Part 2 c and Industry Analysis13Equity ValuationFinancial Statement AnalysisPART FOURanalyze the financial statements that firms provide to the public. You also need to have mastered corporate finance, since security analysis at its core is the ability to value a firm. In short, a good security analyst wil Ebook Essentials of investments (Seventh edition): Part 2 l be a generalist, with a grasp of the widest range of financial issues. This is where there is the biggest premium on "putting it all together."The cEbook Essentials of investments (Seventh edition): Part 2
hapters in Parr Four are an introduction to security analysis. We will provide you with a "top-down" approach to the subject, starling with an overvieSECURITY ANALYSISell your friends or relatives that you are studying investments and they will ask you, "What slocks should I buy?" This is the questi Ebook Essentials of investments (Seventh edition): Part 2 undamental analysis. Alter reading these chapters, you will have a good sense OÍ the various techniques used to analyze stocks and rhe stock market.(^www.mhhe.com/bkmCHAPTERI J Macroeconomic andI Industry AnalysisAFTER STUDYING THIS CHAPTER YOU SHOULD BE ABLE TO:Predict the effect of monetary and fi Ebook Essentials of investments (Seventh edition): Part 2 scal policies on key macroeconomic variables such as gross domestic product, interest rates, and the inflation rate.Use leading, coincident, and laggiEbook Essentials of investments (Seventh edition): Part 2
ng economic indicators to describe and predict the economy's path through the business cycle.Predict which industries will be more or less sensitive tSECURITY ANALYSISell your friends or relatives that you are studying investments and they will ask you, "What slocks should I buy?" This is the questi Ebook Essentials of investments (Seventh edition): Part 2 e analysis of determinant! of firm volue, !uch a! prospect! for earnings and dividends.TO determine a proper price for a firm's stock, the security analyst must forecast the dividends and earnings that can be expected from the firm. This is the heart of fundamental analysis, that is, the analysis of Ebook Essentials of investments (Seventh edition): Part 2 determinants of value such as earnings prospects. Ultimately, the business success of the firm determines die dividends it can pay to shareholders anEbook Essentials of investments (Seventh edition): Part 2
d the price it will command in the stock market. Because the prospects of the firm are tied to those of the broader economy, however, valuation analysSECURITY ANALYSISell your friends or relatives that you are studying investments and they will ask you, "What slocks should I buy?" This is the questi Ebook Essentials of investments (Seventh edition): Part 2 nfluence on profits than the firm's relative performance within its industry. In other words, investors need to keep the big economic picture in mind.Therefore, in analyzing a firm's prospects it often makes sense to start with the broad economic environment, examining the state of the aggregate eco Ebook Essentials of investments (Seventh edition): Part 2 nomy and even the international economy. From there, one considers the implications of the outside environment on the industry in which the firm operaEbook Essentials of investments (Seventh edition): Part 2
tes. Finally, the firm's position within the industry is examined.370This chapter examines the broad-based aspects of fundamental analysis— macroeconoSECURITY ANALYSISell your friends or relatives that you are studying investments and they will ask you, "What slocks should I buy?" This is the questi Ebook Essentials of investments (Seventh edition): Part 2 m performance and move on to an overview of the significance of the key variables usually used to summarize the state of the economy. We then discuss government macroeconomic policy and the determination of interest rates. We conclude the analysis of the macroeconomic environment with a discussion o Ebook Essentials of investments (Seventh edition): Part 2 f business cycles. Next, we move to industry analysis, treating issues concerning the sensitivity of the firm to the business cycle, the typical lifeEbook Essentials of investments (Seventh edition): Part 2
cycle of an industry, ond strategic issues that affect industry performance.Related Web sites for this chapter arc available at www.mhhe.com/bkm.12.1 SECURITY ANALYSISell your friends or relatives that you are studying investments and they will ask you, "What slocks should I buy?" This is the questi Ebook Essentials of investments (Seventh edition): Part 2 t prospects, the price competition it laces fiom foreign competitors, or the profits il makes on investments abroad. Certainly, despite the fact that the economics of most countries arc linked in a global macroeconomy, there is considerable variation in economic performance across countries at any t Ebook Essentials of investments (Seventh edition): Part 2 ime. Consider, for example. Table 12 1. which presents data on several major economies. The table documents striking variation in growth rales of gconEbook Essentials of investments (Seventh edition): Part 2
omic output. For example, while the Chinese economy grew by 10.4% in 2006 (see last column), output in Japan grew by only 1.6%. similarly, there has bSECURITY ANALYSISell your friends or relatives that you are studying investments and they will ask you, "What slocks should I buy?" This is the questi Ebook Essentials of investments (Seventh edition): Part 2 a illustrate that the national economic environment can be a crucial determinant of industry performance. Il is far harder for businesses to succeed in a contracting economy than in an expanding one. This observation highlights the role of a big-picture macroeconomic analysis as a fundamental pan of Ebook Essentials of investments (Seventh edition): Part 2 the investment process.TABLE 12.1Stock Market Return {%)Growth in GDPEconomic performance.In Local CurrencyIn U.S. Dollars(%)2006Brazil32.945.23.2SECURITY ANALYSISell your friends or relatives that you are studying investments and they will ask you, "What slocks should I buy?" This is the questiSECURITY ANALYSISell your friends or relatives that you are studying investments and they will ask you, "What slocks should I buy?" This is the questiGọi ngay
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