December 2017
Beginner
296 pages
7h 31m
English
Content preview from Value Investing in Asia
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Preface
The stock market is filled with individuals who know the price of everything, but the value of nothing.
– Philip A. Fisher
If we compare what generally happens in a stock market to the real world, it would be like being in the largest casino ever. Think Macau, the gaming capital of the world, only bigger. Players and speculators all over the place, goading one another to ever-higher bets. Frenzy surrounding the tables which players deem “hot”. Everyone jostling for a seat at those tables. Greed and manipulation are the names of the game.
In Asia, many still view the stock market as a speculative pursuit, associating equity investments with gambling. Those “not in the game” might be confused with the market's sudden highs and lows, where “hot” companies are valued astronomically and “boring” ones are priced as though the business and its assets are worth nothing.
The casino operator, in this case the stock exchange, does not bet with or against any players. It is merely a place to hold these games, a platform for players to play. It earns not from the winners or losers of the game, but simply from the number of games inside its door. However, in this stock-market casino, there is also something more unique. Every game taking place is like a game of poker.
This is because, like poker, when we invest, we are not playing with the house (stock exchange), we are playing against the player on the other side of the table. As we know, there are two ways to play a game of ...
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.