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Stock Investing for Dummies 3rd

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Hiện đã có bản thứ 6: Stock Investing For Dummies 6th Edition Paul Mladjenovic >>

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  • Mã sản phẩm: FD
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The Essentials of Stock Investing 

Welcome to the World of Stock Investing 
Understanding the Basics .............................................................................12
Preparing to Buy Stocks ...............................................................................12
Knowing How to Pick Winners .....................................................................13
Recognizing stock value ......................................................................13
Understanding how market capitalization affects stock value ......14
Sharpening your investment skills ....................................................15
Boning Up on Strategies and Tactics ..........................................................17

Taking Stock of Your Current Financial Situation and Goals 
Establishing a Starting Point by Preparing a Balance Sheet ....................20
Step 1: Make sure you have an emergency fund ..............................21
Step 2: List your assets in decreasing order of liquidity ................22
Step 3: List your liabilities ..................................................................24
Step 4: Calculate your net worth........................................................26
Step 5: Analyze your balance sheet ...................................................27
Funding Your Stock Program .......................................................................29
Step 1: Tally up your income ..............................................................30
Step 2: Add up your outgo ..................................................................31

Step 3: Create a cash fl ow statement.................................................32
Step 4: Analyze your cash fl ow ...........................................................33
Another option: Finding investment money in tax savings ............33
Setting Your Sights on Your Financial Goals ..............................................34

Defi ning Common Approaches to Stock Investing
Matching Stocks and Strategies with Your Goals 
Investing for the Future 
Focusing on the short term 
Considering intermediate-term goals 
Preparing for the long term 
Investing for a Purpose 
Making loads of money quickly: Growth investing 
Steadily making money: Income investing
Investing for Your Personal Style 
Conservative investing 
Aggressive investing 

Recognizing the Risks 
Exploring Different Kinds of Risk 
Financial risk 
Interest rate risk 
Market risk
Infl ation risk 
Tax risk 
Political and governmental risks
Personal risks
Emotional risk ......................................................................................56
Minimizing Your Risk ....................................................................................58
Gaining knowledge ...............................................................................58
Staying out until you get a little practice ..........................................59
Putting your fi nancial house in order ...............................................59
Diversifying your investments ...........................................................60
Weighing Risk against Return ......................................................................61

Say Cheese: Getting a Snapshot of the Market with Indexes 
Knowing How Indexes Are Measured .........................................................63
Checking Out the Indexes .............................................................................65
The Dow Jones Industrial Average ....................................................65
Standard & Poor’s 500 .........................................................................68
Wilshire Total Market Index ...............................................................69
Nasdaq indexes ....................................................................................69
Russell 3000 Index................................................................................70
International indexes ...........................................................................70
Using the Indexes Effectively .......................................................................71
Tracking the indexes ...........................................................................72
Investing in indexes .............................................................................72

 

Before You Start Buying 

Gathering Information 
Looking to Stock Exchanges for Answers ...................................................78
Understanding Stocks and the Companies They Represent ....................79
Accounting for taste and a whole lot more ......................................79
Understanding how economics affects stocks .................................80
Staying on Top of Financial News ................................................................84
Figuring out what a company’s up to ................................................84
Discovering what’s new with an industry .........................................85
Knowing what’s happening with the economy ................................85
Seeing what politicians and government bureaucrats are doing ..... 86
Checking for trends in society, culture, and entertainment ..........86
Reading (And Understanding) Stock Tables ..............................................87
52-week high .........................................................................................88
52-week low...........................................................................................88
Name and symbol ................................................................................89
Dividend ................................................................................................89
Volume ..................................................................................................89
Yield .......................................................................................................91
P/E ..........................................................................................................91
Day last ..................................................................................................92
Net change ............................................................................................92
Using News about Dividends .......................................................................92
Looking at important dates ................................................................93
Understanding why these dates matter ............................................94
Evaluating Investment Tips ..........................................................................95

Going for Brokers 
Defi ning the Broker’s Role ............................................................................97
Distinguishing between Full-Service and Discount Brokers ....................99
Full-service brokers .............................................................................99
Discount brokers ...............................................................................101
Choosing a Broker .......................................................................................102
Discovering Various Types of Brokerage Accounts ................................103
Cash accounts ....................................................................................103
Margin accounts.................................................................................104
Option accounts .................................................................................105
Judging Brokers’ Recommendations .........................................................105
Understanding basic recommendations .........................................106
Asking a few important questions ...................................................106

Investing for Growth
Becoming a Value-Oriented Growth Investor ..........................................110
Choosing Growth Stocks with a Few Handy Tips ....................................111
Looking for leaders in megatrends ..................................................112
Comparing a company’s growth to an industry’s growth ............113
Considering a company with a strong niche ..................................113
Checking out a company’s fundamentals .......................................114
Evaluating a company’s management .............................................115
Noticing who’s buying and/or recommending
a company’s stock ..........................................................................117
Making sure a company continues to do well ................................118
Heeding investing lessons from history..........................................119
Exploring Small Caps and Speculative Stocks .........................................119
Know when to avoid IPOs .................................................................120
Make sure a small cap stock is making money ..............................121
Analyze small cap stocks before you invest...................................122

Investing for Income
Understanding the Basics of Income Stocks ............................................123
Getting a grip on dividends and dividend rates.............................124
Recognizing who’s well-suited for income stocks .........................124
Checking out the advantages of income stocks .............................125
Watching out for the disadvantages of income stocks .................125
Analyzing Income Stocks ............................................................................127
Pinpointing your needs fi rst .............................................................127
Checking out yield .............................................................................128
Looking at a stock’s payout ratio.....................................................130
Examining a company’s bond rating ...............................................131
Diversifying your stocks ...................................................................132
Exploring Some Typical Income Stocks ....................................................132
Utilities ................................................................................................133
Real estate investment trusts (REITs).............................................133
Royalty trusts .....................................................................................135

Getting a Grip on Economics 
Breaking Down Microeconomics versus Macroeconomics ...................138
Microeconomics.................................................................................138
Macroeconomics ................................................................................139
Understanding Important Concepts in Economic Logic ........................139
Supply and demand ...........................................................................140
Wants and needs ................................................................................140
Dynamic analysis versus static analysis .........................................141
Cause and effect .................................................................................142
Surveying a Few Schools of Economic Thought ......................................142
The Marx school ................................................................................142
The Keynes school.............................................................................143
The Austrian school ..........................................................................145

Understanding Some Current Economic IssuesThat Face Stock Investors 
Inflation ...............................................................................................146
Government intervention .................................................................146

 

Picking Winners 

Using Basic Accounting to Choose Winning Stocks 
Recognizing Value When You See It ..........................................................151
Understanding different types of value...........................................152
Putting the pieces together ..............................................................154
Accounting for Value ...................................................................................155
Breaking down the balance sheet ....................................................156
Looking at the income statement ....................................................159
Tooling around with ratios ...............................................................162

Decoding Company Documents 
Getting a Message from the Bigwigs: The Annual Report ......................167
Analyzing the annual report’s anatomy ..........................................168
Going through the proxy materials .................................................172
Getting a Second Opinion ...........................................................................172
Company documents fi led with the SEC .........................................172
Value Line ...........................................................................................174
Standard & Poor’s ..............................................................................174
Moody’s Investment Service ............................................................175
Brokerage reports: The good, the bad, and the ugly ....................175
Compiling Your Own Research Department ............................................177

Analyzing Industries
Interrogating the Industries .......................................................................180
Which category does the industry fall into? ..................................180
Is the industry growing?....................................................................181
Are the industry’s products or services in demand? ....................183
What does the industry’s growth rely on? .....................................183
Is the industry dependent on another industry? ...........................184
Who are the leading companies in the industry? ..........................184
Is the industry a target of government action? ..............................185
Outlining Key Industries .............................................................................185
Moving in: Real estate .......................................................................186
Driving it home: Automotive ............................................................187
Talking tech: Computers and related electronics .........................187
Banking on it: Financials ...................................................................188

Emerging Sector Opportunities 
Bullish Opportunities ..................................................................................190
Commodities ......................................................................................191
Oil and gas ..........................................................................................192
Alternative energy .............................................................................193
Gold and other precious metals ......................................................194
Healthcare ...........................................................................................195
Defending the nation .........................................................................195
A Bearish Outlook ........................................................................................196
Avoiding consumer discretionary sectors .....................................196
A warning on real estate ...................................................................197
The great credit monster ..................................................................198
Cyclical stocks ....................................................................................199
Important Considerations for Bulls and Bears ........................................199
Conservative and bullish ..................................................................200
Aggressive and bullish ......................................................................200
Conservative and bearish .................................................................201
Aggressive and bearish .....................................................................201

Money, Mayhem, and Votes 
Tying Together Politics and Stocks ...........................................................204
Seeing the general effects of politics on stock investing ..............204
Ascertaining the political climate ....................................................206
Distinguishing between nonsystemic and systemic effects .........207
Understanding price controls ..........................................................209
Poking into Political Resources .................................................................209
Government reports to watch out for .............................................210
Web sites to surf ................................................................................212

 

Investment Strategies and Tactics 

Choosing between Investing and Trading
The Differences between Investing and Trading .....................................215
The time factor ...................................................................................216
The psychology factor ......................................................................217
Checking out an example ..................................................................217
Tools of the Trader .....................................................................................220
Technical analysis .............................................................................220
Brokerage orders ...............................................................................221
Advisory services ..............................................................................221
The Basic Rules of Trading .........................................................................222

Selecting a Strategy That’s Just Right for You 
Laying Out Your Plans ................................................................................225
Living the bachelor life: Young single with no dependents .........226
Going together like a horse and carriage:
Married with children ....................................................................227

Getting ready for retirement: Over 40 and
either single or married .................................................................227
Kicking back in the hammock: Already retired ..............................228
Allocating Your Assets ................................................................................228
Investors with less than $10,000 ......................................................229
Investors with $10,000 to $50,000 ....................................................230
Investors with $50,000 or more ........................................................230
Knowing When to Sell .................................................................................231

Understanding Brokerage Orders and Trading Techniques 
Checking Out Brokerage Orders ................................................................235
On the clock: Time-related orders ...................................................236
At your command: Condition-related orders .................................238
The joys of technology: Advanced orders ......................................243
Buying on Margin .........................................................................................244
Examining marginal outcomes .........................................................245
Maintaining your balance .................................................................246
Striving for success on margin .........................................................246
Going Short and Coming Out Ahead .........................................................247
Setting up a short sale .......................................................................248
Oops! Going short when prices grow taller ....................................249
Feeling the squeeze ...........................................................................250

Getting a Handle on DPPs, DRPs, and DCA . . . PDQ
Being Direct with DPPs ...............................................................................252
Investing in a DPP ..............................................................................252
Finding DPP alternatives ...................................................................253
Recognizing the drawbacks ..............................................................254
Dipping into DRPs ........................................................................................255
Getting a clue about compounding .................................................255
Building wealth with optional cash payments ...............................256
Checking out the cost advantages ...................................................257
Weighing the pros with the cons .....................................................258
The One-Two Punch: Dollar Cost Averaging and DRPs ..........................258


Corporate Skullduggery: Looking at Insider Activity
Tracking Insider Trading ............................................................................262
Looking at Insider Transactions ................................................................263
Breaking down insider buying..........................................................264
Picking up tips from insider selling .................................................265
Considering Corporate Stock Buybacks ...................................................266
Understanding why a company buys back shares ........................267
Exploring the downside of buybacks ..............................................269
Stock Splits: Nothing to Go Bananas Over ...............................................269
Ordinary stock splits .........................................................................270
Reverse stock splits ...........................................................................271

Keeping More of Your Money from the Taxman 
Paying through the Nose: The Tax Treatment
of Different Investments ..........................................................................274
Understanding ordinary income and capital gains .......................274
Minimizing the tax on your capital gains ........................................275
Coping with capital losses ................................................................276
Evaluating gains and losses scenarios ............................................277
Sharing Your Gains with the IRS ................................................................277
Filling out forms .................................................................................278
Playing by the rules ...........................................................................279
Discovering the Softer Side of the IRS: Tax Deductions for Investors .....279
Investment interest ............................................................................280
Miscellaneous expenses....................................................................280
Donations of stock to charity ...........................................................281
Knowing what you can’t deduct ......................................................281
Taking Advantage of Tax-Advantaged Retirement Investing .................281
IRAs ......................................................................................................282
401(k) plans ........................................................................................283

Ten Ways to Profi t before the Crowd Does 
Use Your Instincts .......................................................................................287
Take Notice of Praise from Consumer Groups ........................................288
Check Out Powerful Demographics ..........................................................288
Look for a Rise in Earnings .........................................................................289
Analyze Industries .......................................................................................289
Stay Aware of Positive Publicity for Industries .......................................290
Watch Megatrends ......................................................................................290
Keep Track of Politics .................................................................................290
Recognize Heavy Insider or Corporate Buying ........................................291
Follow Institutional Investors ....................................................................292

Ten (Or So) Ways to Protect Your Stock Market Profits 
Accrue Cash .................................................................................................293
Spread Your Money across Several Stocks ..............................................293
Buy More of a Down (Yet Solid) Stock ......................................................294
Apply Long-Term Logic ...............................................................................294
Use the Almighty Stop-Loss Order ............................................................294
Use the Almighty Trailing Stop Order .......................................................295
Place a Limit Order ......................................................................................295
Set Up Broker Triggers ................................................................................296
Consider the Put Option .............................................................................296
Check Out the Covered Call Option ..........................................................296
When All Else Fails, Sell ..............................................................................297

Ten Red Flags for Stock Investors 
Earnings Slow Down or Head South ..........................................................299
Sales Slow Down ..........................................................................................300
Debt Is Too High or Unsustainable ...........................................................301
Analysts Are Exuberant Despite Logic ......................................................301
Insider Selling ...............................................................................................302
A Bond Rating Cut .......................................................................................302
Increased Negative Coverage .....................................................................302
Industry Problems .......................................................................................303
Political Problems .......................................................................................303
Funny Accounting: No Laughing Here! ......................................................303
Chapter 25: Ten Challenges and Opportunities
for Stock Investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .305
Debt, Debt, and More Debt .........................................................................305
Derivatives ....................................................................................................306
Real Estate ....................................................................................................307
Infl ation .........................................................................................................307
Pensions and Unfunded Liabilities ............................................................308
The Growth of Government .......................................................................308
Recession/Depression .................................................................................309
Commodities ................................................................................................309
Energy ...........................................................................................................309
Dangers from Left Field ...............................................................................310

Appendix A: Resources for Stock Investors . . . . . . . . . . . . . . . . . . . . .313
Financial Planning Sources .........................................................................313
The Language of Investing ..........................................................................314
Textual Investment Resources ..................................................................314
Periodicals and magazines ...............................................................314
Books and pamphlets ........................................................................315
Special books of interest to stock investors ..................................316
Investing Web Sites .....................................................................................317
General investing Web sites .............................................................317
Stock investing Web sites .................................................................318
Investor Associations and Organizations .................................................319
Stock Exchanges ..........................................................................................319
Finding Brokers ............................................................................................319
Choosing brokers ...............................................................................320
Brokers ................................................................................................320
Fee-Based Investment Sources ..................................................................321
Dividend Reinvestment Plans ....................................................................322

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