SECURITY VALUATION AND RISK ANALYSIS: AS(ISBN=9780071744355) 在线下载 pdf mobi 2025 epub 电子版

A superior new replacement to traditional discounted cash flow valuation models Executives and corporate finance practitioners now have a more reliable discount rate to value companies and make important business and investment decisions. In today's market, it's free cash flow, cost of capital and return on invested capital that really matters, and now there's a superior tool to help analyze these metrics-Security Valuation and Risk Analysis. In this pioneering book, valuation authority Kenneth Hackel presents his next-generation methodology for placing a confident value on an enterprise and identifying discrepancies in value-a system that will provide even themost well-informed investor with an important competitive advantage. At the core of Security Valuation and Risk Analysis is Hackel's successful credit model fordetermining an accurate fair value and reliable discount rate for a company. Using free cash flow as the basis for evaluating return on invested capital is the most effective method for determining value. Hackel takes you step by step through years of compelling evidence thatshows how his method has earned outsized returns and helped turn around companies that were heading toward failure. Whether used for corporate portfolio strategy,acquisitions, or performance management, the tools presented in Security Valuation and Risk Analysis are unmatched in their accuracy and reliability. Reading through this informative book, you'll discover how to: Take advantage of early warning signs related to cash flow and credit metrics Estimate the cost of equity capital from which free cash flows are discounted Identify where management can free up resources by using a better definition of free cash flow Security Valuation and Risk Analysis provides acomplete education on cash flow and credit, from how traditional analysts value a company and spot market mispricing (and why many of those traditional methods are obsolete) to working with the most recent financial innovations, including derivatives, special purposeentities, pensions, and more. Security Valuation and Risk Analysis is youranswer to a credit market gone bad, from an expert who knows bad credit from good.

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　　Kenneth S. Hackel is president of CT Capital LLC, an

investment advisory firm, and founder and past president of

Systematic Financial Management, Inc. An internationally recognized

expert in security analysis, he has managed the nation's leading

mutual fund, a very successful investment advisory firm, and has

consulted and written on mergers and acquisitions and fairness

opinions. Hackel lives in Alpine, NJ.

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书籍介绍

A superior new replacement to traditional discounted cash flow valuation models Executives and corporate finance practitioners now have a more reliable discount rate to value companies and make important business and investment decisions. In today's market, it's free cash flow, cost of capital and return on invested capital that really matters, and now there's a superior tool to help analyze these metrics-Security Valuation and Risk Analysis. In this pioneering book, valuation authority Kenneth Hackel presents his next-generation methodology for placing a confident value on an enterprise and identifying discrepancies in value-a system that will provide even themost well-informed investor with an important competitive advantage. At the core of Security Valuation and Risk Analysis is Hackel's successful credit model fordetermining an accurate fair value and reliable discount rate for a company. Using free cash flow as the basis for evaluating return on invested capital is the most effective method for determining value. Hackel takes you step by step through years of compelling evidence thatshows how his method has earned outsized returns and helped turn around companies that were heading toward failure. Whether used for corporate portfolio strategy,acquisitions, or performance management, the tools presented in Security Valuation and Risk Analysis are unmatched in their accuracy and reliability. Reading through this informative book, you'll discover how to: Take advantage of early warning signs related to cash flow and credit metrics Estimate the cost of equity capital from which free cash flows are discounted Identify where management can free up resources by using a better definition of free cash flow Security Valuation and Risk Analysis provides acomplete education on cash flow and credit, from how traditional analysts value a company and spot market mispricing (and why many of those traditional methods are obsolete) to working with the most recent financial innovations, including derivatives, special purposeentities, pensions, and more. Security Valuation and Risk Analysis is youranswer to a credit market gone bad, from an expert who knows bad credit from good.

• 作者：网上冲浪爱好者 发布时间：2020-07-02 18:58:46

  看了几篇研究康有为的文章。

• 作者：奔奔 发布时间：2023-11-02 13:28:04

  其實我不太理解的地方在於，幾米為什麼在故事講述中加入「監獄」和「做苦力」的情節，如果沒有現實指涉的話，這一段情節就顯得生硬和刻意：看起來可憐又無辜的男女為什麼被關在監獄里？在監獄里的人為什麼這麼可憐又無辜，並且顯得柔弱並愁腸百結？石頭還會因其中濃烈的悲傷氛圍重新分裂一次？特別特別牽強。除去這一段，整本書洋溢著傳奇色彩，一顆擁有著強烈自我意志的石頭，一次一次被塑造，又一次一次崩毀，很悲觀，但又很英雄主義。我覺得小孩子也能夠理解。應該做成精裝版啊。

• 作者：東寫西讀 发布时间：2020-05-29 21:54:59

  让一个地产商教你如何买房，这不就是与虎谋皮吗？

• 作者：画蛇点睛 发布时间：2023-12-05 09:10:13

  儿子说挺喜欢，你们说的那种经典名著，他碰都不想碰…

• 作者：Same.B 发布时间：2008-07-26 03:03:55

  简单的线

  划着简单的生活

  你怎么突然就开始不知所措？

  你跳跃的身影怎么就成了如此这般？

  我寂静的世界

  结束了应有的羞怯

• 作者：寒冬夜行 发布时间：2013-03-16 21:43:03

  序一中有新增内容

• 掩卷《刀锋》

  作者：八点钟有骨气 发布时间：2007-10-06 12:56:56

    《刀锋》中，最令我欲罢不能的人是伊莎贝尔。

   

      她是那种能自度的女人，对自身道路和天性的了解从一开始就比莱雷深刻，因此她没有他的犹豫、怀疑和苦痛的羁绊，更彻底、更坚决、也更易于满足。

   

      她不勉强自己。按照一定规则被培养成人的她，本能地意识到金钱的重要性，意识到自己不能嫁给一个“游手好闲”的人。与莱雷摊牌时，听完他天马行空般的论述和允诺后，她清醒地指出他的一厢情愿：“你不明白你实在要我做一件我不适应、不感兴趣，也不想感兴趣的事情吗？”

   

      她也不勉强别人。在与莱雷分道扬镳前，她一度想色诱莱雷，用“生孩子”来逼迫他就范，但终因意识到这么做“象是从小孩子手里骗糖吃”而决定“不能干这样肮脏的勾当”。你可以说她是良心发现，但我更乐意将这理解为天性。

   

      她对及时行乐有很深的体会。就象她一再告诉莱雷的那样：“我只不过是一个普普通通，平平常常的女孩子，我今年二十岁，再过十年我就老了，我要趁我年轻的时候好好玩一玩”。

      她也毫不掩饰自己对物质生活的热爱，声明“如果我不走在水泥铺的人行道上，如果不是沿街都有玻璃橱窗，里边展览着帽子、皮衣、宝石手镯以及镶金的化妆品，我就永远不会真正感到幸福”。

   

      伊是人间的花，只能在人间开放。她不关心天人化生，万物滋长的要道，祈求的是有血有肉的凡人的幸福，而不是什么不朽。从这个意义上说，她的及时行乐是真实的，也是善良的。

      

      最了不起的是，她深韵：人们所爱的是一些人，与之结婚生子的是另一些人。在于莱雷分别十年又重逢之际，面对“我”提出的“你很爱莱雷吗？”的询问，她斩钉截铁的答道：“废话，我这一生从来没有爱过第二个人。”但在论及当年未嫁莱雷是否后悔时，她同样坚决的回答：“不后悔。那时要是嫁给他的话，那就是发疯了。”她说自己不会舍弃格雷的理由是多年来与之苦乐与共，共沐风雨并因格雷完全依靠自己而产生了一种责任感，当然也不无羞赧的指出“他在床上表现得非常好”。呵呵。

   

      伊之所以放弃秀骨清相得莱雷，选择大腹便便的格雷，并非像她自己所说的“唯一的园原因就是我不想妨碍他”，这一说法无疑含有虚伪的成分。但也不是作者给出的答案“是为了一粒方方正正的钻石和一件黑貂皮上衣”。真正的原因或许她自己也没有意识到，那是两种天性和道路的不同。正是这种不同使他们像两条交错的铁轨，渐行渐远，再没有相交的一天。

   

      在对待生活上，莱雷和伊莎贝尔各走各的路，哪条路更好，只有上帝知道。人们也许都很同情莱雷所承受的折磨和苦痛，激赏他对更高更远的境界的追求，但这并不能成为指责伊的理由。她比神姿高彻的莱雷更有血有肉，更贴近人性的真实，她对声色犬马的推崇和追逐更是我们中大多数人几十年如一日的真实写照。

   

      对于那些一定要谴责她的人们，请听听耶稣的这句话：你们中间谁是没有罪的，谁就可以先拿石头打她。

   

• 小丑杀手

  作者：望园市场宋慧乔 发布时间：2011-11-13 20:50:01

    读这本书的时候，正直上高中时期，在课业的压力间读的，恰好是夏天一次放学的时候，飞进我的车筐里一只螳螂，我当时欣喜若狂，抓来养了。一边看书，一边养螳螂，一边感受杀手一次次带给我的屠杀魅力。例如往瓶子里扔一只蜘蛛，螳螂的镰刀真的是一把就能把蜘蛛杀死。经历了磨刀，成长，脱皮，再到有尊严的死去。生命的完整，遗憾的是没有配偶这只公螳螂没有为爱情殉葬。