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| Active Value Investing: Making Money in Range-Bound Markets (Wiley Finance) | 
 enlarge | Author: Vitaliy N. Katsenelson
Publisher: Wiley
Category: Book
List Price: $55.00
Buy New: $30.44
You Save: $24.56 (45%)
Buy New/Used from $29.77
Avg. Customer Rating:  (37 reviews)
Sales Rank: 31974
Languages: English (Original Language), English (Unknown), English (Published)
Media: Hardcover
Number Of Items: 1
Pages: 304
Shipping Weight (lbs): 1.1
Dimensions (in): 9.1 x 6.2 x 1.2
ISBN: 0470053151
Dewey Decimal Number: 332.6
EAN: 9780470053157
ASIN: 0470053151
Publication Date: September 28, 2007
Availability: Usually ships in 1-2 business days
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| Customer Reviews:
 A Real Page Turner!!! October 21, 2007
1 out of 6 found this review helpful
Active Value Investing: Making Money in Range-Bound Markets (Wiley Finance)
Probably never before has a book of this genre ever been described as "a real page turner," but that is exactly what Vitaliy Katsenelson has created with Active Value Investing. As a thirty year veteran of the investment profession and having endured dozens of tomes that were best described as cures for insomnia, Mr. Katsenelson has found the perfect balance of information, insight and entertainment.
If you are an investor; you need this book. If you are an investment professional; you need this book. In fact, if you are an anti-capitalist and just want a good read; you need this book!
Charles W. Rosa
Rosa & Associates
review posted on microcapspeculator.net October 14, 2007
5 out of 6 found this review helpful
Active Value Investing: Making Money in Range-Bound Markets by Vitaliy Katsenelson is a deep exploration into the metrics that lead to superior stock performance in flat or even bear markets. Katsenelson stresses three factors: quality, valuation, and growth. The book provides very detailed methods for examining each factor. If you have had the pleasure of reading Marc Faber's excellent book Tomorrow's Gold, Active Value Investing will seem familiar. Katsenelson brings to a micro, company-specific level the same type of data-intensive analysis that Faber does on a macro level.
Though some of the specific methods outlined in the book, like Katsenelson's valuation models, are better suited for larger, more mature stocks, many of the concepts he discusses are applicable to microcap stocks. For example, he urges investors not to think of P/E multiples as linear functions. Katsenelson emphasizes that multiples fluctuate as well as earnings. As a result, investors need to be cognizant about the potential for multiple expansion or contraction, as well as changes in absolute earnings. Highlighting this factor is just the beginning -- Katsenelson backs up his analysis with decades of data demonstrating that multiples, across markets, tend to be mean reverting. In other words, high multiple stocks are likely to face compression over time, which can provide a stiff headwind unless the absolute earnings skyrocket. Low multiple stocks, in contrast, tend to benefit from multiple expansion, and therefore can increase in price without substantial gains in absolute earnings.
I learned quite a bit from my first read of Active Value Investing, and will undoubtedly learn even more the second time around.
Great Stuff! October 12, 2007
3 out of 6 found this review helpful
"Whether a self-styled seat-of-the-pants day trader or the kind of investor who intends to buy and hold forever, you're operating at a distinct disadvantage if you lack the skills to break a company down into its financial nuts and bolts. Vitaliy "Red" Katsenelson is one of the best on the Street at analyzing a business and putting that knowledge to work to make money. In Active Value Investing Red shares the skills and strategies that allow him to cut through the noise and build a long-term portfolio of winners. Bull and bear markets come and go, but the `secrets' shared in this book are forever. This book is a must-have guide for any tape!"
-Jeff Macke
It's about time!!! October 10, 2007
2 out of 5 found this review helpful
Finally a book on investing that is actually useable. I read the book as part of Vitaly's class at CU Denver. Unlike many other books that provide broad generalities, Active Value Investing tells you how to anaylze a company, when to invest and most important - when to sell. The book gives a good overview of Vitaly's thesis before getting down to the nuts and bolts of how to analyze a company. Vitaly does a great job of explaining how to differentiate between great stocks and great companies. It is one of the few books from my MBA studies that I have regularly referenced since graduating.
Required Reading... October 5, 2007
2 out of 5 found this review helpful
It seems like eons ago when Vitaliy and I first discussed the idea of this book and it is a wonderful to see the final work come to fruition. Active Value Investing begins with a long-term technical study of the Dow Jones Industrial Average originally prepared by Kevin A. Tuttle of Tuttle Asset Management in Orlando, FL. From there Mr. Katsenelson goes far beyond to weave together a discussion of perhaps the critical question for traders and investors alike...namely where does the market stand in the big picture (on the pendulum of fear and greed) and what steps to take in order effectively make decisions within that environment?
The book provides a very unique mix of value-added analysis, historical market context, and a detailed discussion of how to apply fundamental analysis to portfolio management. Vitaliy somehow also manages to present very detailed concepts to read like a conversation rather than a class lecture while tying together theory with reality. That makes this work educational and at the same time instantly useful.
I would highly recommend this book to professional investors and anyone looking to deepen their understanding of the financial markets.
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