Cómo seleccionar acciones ganadoras: El método Smart Money

by Stephen Clapham

En este libro el autor presenta el proceso de investigación que ha llevado a cabo sobre el ciclo de vida de una inversión, partiendo de la búsqueda de la idea original hasta el momento de apretar el gatillo para comprar las acciones para, a continuación, centrarse en cómo supervisarlas y cuándo venderlas. Se trata de evaluar la calidad del negocio, valorar la empresa de la que se compran acciones y pensar en cómo encajan dichas acciones en la cartera general.
El libro dedica pocas páginas a la teoría de la inversión, pues no se considera que esta teoría sea especialmente relevante o útil para las personas que intentan ganar dinero en la bolsa. Invertir es de sentido común y el contenido académico puede limitarse a entender algunos múltiplos de valoración y ratios financieros (que sí se explican en el libro).

Dirigido a inversores de cualquier nivel de experiencia, probablemente será más beneficioso para los profesionales “intermedios”, pero incluso los principiantes deberían encontrar este libro accesible y esperamos que muchos inversores experimentados, e incluso profesionales, encuentren algunas semillas que les ayuden a mejorar su juego.

296 pages, Paperback

Published October 11, 2021

About the author

Stephen (Steve) Clapham is the founder of Behind the Balance Sheet (https://behindthebalancesheet.com/), an investment research and training consultancy, which produces bespoke research and runs training courses for a select group of institutional clients. Steve’s Forensic Accounting Training Programme launched in June 2018, and in its first two years some 300 professional investment analysts and portfolio managers at some of the biggest funds in the UK took the course, which has been enthusiastically received. The course is unusual in that it looks at the issue of financial manipulation from a practitioner’s perspective, and has over 150 real life examples of accounting chicanery from around the world.

Steve spent some 20 years as an equity analyst at different investment banks, covering various sectors, and was consistently rated in the top 10 in his sector in Extel, II and Reuters surveys. He moved to the buy-side in 2005 and was a partner and head of research at two multi-billion dollar hedge funds; he specialised in using a deep dive research approach to identify special situation opportunities.

Steve trained as an accountant and lives in London; he enjoys reading, yoga, and skiing and is interested in investment theory, wine and classic cars. He is regularly featured in the press, including the Financial Times, the Times, Sunday Times and City AM as well as on the Today programme on BBC Radio 4, talking about accounting issues at quoted companies.

His book, The Smart Money Method, outlines his research process and will be published on November 24. Please see https://www.behindthebalancesheet.com...

Reviews

[Jonatan Sotelo · Rating 3 out of 5]

Me gustó el libro. Una primera lectura me costó porque no está escrito para el inversor común. Se requiere ciertas nociones sobre análisis fundamental para poder sacarle el máximo jugo.