Cash Return on Capital Invested: Ten Years of Investment Analysis with the CROCI Economic Profit Model资产估值、投资类型与 Alpha值计算：现实世界模型应用 在线下载 pdf mobi 2025 epub 电子版

In this book, Pascal Costantini gives a lively and wonderfully readable account of ten years of efforts by a small group of investment analysts to find a reliable, practical and implementable method for valuing and selecting shares. The result of their effort is an original investment methodology called CROCI (Cash Return on Capital Invested), best described as a variation of the economic profit model. For over a decade now, Costantinis group at Deutsche Bank has been using this valuation tool every time it has had to take a view on the pricing of an equity asset, be it a market, a sector or an individual sharein other words, every single working day, since it is this groups job to advise institutional investors on equity valuation. Costantini describes in detail, accompanied by concrete examples in the form of charts and graphs, the precise investment results of the actual implementation of the CROCI approach in the global equity markets since 1996. Readers will enjoy taking this journey with Costantini to see how and why the model was developed, assess the results of ten years of actual implementation and measure the successes of using this model in stock picking and portfolio construction. This book will also make it easy for them to see how the CROCI approach can be used successfully by others now and in the future.

The book is divided into four parts. The first part is a review and discussion of the fundamentals of investment analysis. The second part is dedicated to the construction of economic data, with the sole objective of calculating an economically meaningful asset multiple and relative return, the combination of which gives an economic PE ratio, the authors main stock selection tool. While the economic profit model is not exactly new, it is still largely ignored by the investment community. In essence, it does three things: it calculates the real amount of cash, or value created by a business; it compares the market value of an asset to an approximation of its replacement value; and it assumes that the former will converge to the latter through the arbitrage of investors and capital providers. The third part is dedicated to the analysis of economic data, and the last part deals with the actual implementation of the CROCI economic profit model, including real life examples. This final part also discusses how to use the output of the CROCI model with individual stocks, and then with investment portfolios.

By way of introduction

Acknowledgements

Part Ⅰ What is Investments Analysis？

　1 Investment, investors and financial analysis

　2 The PE and the Equivalence principle : asset multiple and relative return

Part Ⅱ Digging the foundations:Reconstruction of Economic data

　3 Measuring the value of economic assets : the asset multiple

　4 The relative return

　5 The price of growth

Part Ⅲ Drawing up the plans:Analysis of economic profits

6 The fundamental analysis of economic characteristics

7 Investment analysis

8 Stock-picking with an economic model

9 Investing with an economic profit model

By way of conclusion

Further reading

Index

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在线阅读地址：Cash Return on Capital Invested: Ten Years of Investment Analysis with the CROCI Economic Profit Model资产估值、投资类型与 Alpha值计算：现实世界模型应用在线阅读

在线听书地址：Cash Return on Capital Invested: Ten Years of Investment Analysis with the CROCI Economic Profit Model资产估值、投资类型与 Alpha值计算：现实世界模型应用在线收听

在线购买地址：Cash Return on Capital Invested: Ten Years of Investment Analysis with the CROCI Economic Profit Model资产估值、投资类型与 Alpha值计算：现实世界模型应用在线购买

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作者介绍：Pascal Costantini

　　Pascal Costantini is a Managing Director in Deutsche Banks Global Markets Research. He researches and designs systematic equity trading strategies for a multitude of applications, including proprietary trading, structured and derivative products.

Mr. Costantini runs Deutsche Banks Global Valuation and CROCI Investment Strategy Group. This thirty-member team focuses on the relative value of the top 700 companies in the world, and designs investment strategies for institutional clients as well as for structured products. Prior to this, he was the Banks Global Sector Strategist.

书籍介绍

In this book, Pascal Costantini gives a lively and wonderfully readable account of ten years of efforts by a small group of investment analysts to find a reliable, practical and implementable method for valuing and selecting shares. The result of their effort is an original investment methodology called CROCI (Cash Return on Capital Invested), best described as a variation of the economic profit model. For over a decade now, Costantinis group at Deutsche Bank has been using this valuation tool every time it has had to take a view on the pricing of an equity asset, be it a market, a sector or an individual sharein other words, every single working day, since it is this groups job to advise institutional investors on equity valuation.Costantini describes in detail, accompanied by concrete examples in the form of charts and graphs, the precise investment results of the actual implementation of the CROCI approach in the global equity markets since 1996. Readers will enjoy taking this journey with Costantini to see how and why the model was developed, assess the results of ten years of actual implementation and measure the successes of using this model in stock picking and portfolio construction. This book will also make it easy for them to see how the CROCI approach can be used successfully by others now and in the future. The book is divided into four parts. The first part is a review and discussion of the fundamentals of investment analysis.The second part is dedicated to the construction of economic data, with the sole objective of calculating an economically meaningful asset multiple and relative return, the combination of which gives an economic PE ratio, the authors main stock selection tool. While the economic profit model is not exactly new, it is still largely ignored by the investment community. In essence, it does three things: it calculates the real amount of cash, or value created by a business; it compares the market value of an asset to an approximation of its replacement value; and it assumes that the former will converge to the latter through the arbitrage of investors and capital providers.The third part is dedicated to the analysis of economic data, and the last part deals with the actual implementation of the CROCI economic profit model, including real life examples. This final part also discusses how to use the output of the CROCI model with individual stocks, and then with investment portfolios. Techniques are based on the authors performance record at Deutsche Bank since 1996. Based on almost ten years of proprietary knowledge and implementation of these techniques. Factual illustrations of the results of the valuation techniques are provided at each step.

• 作者：栗子酥 发布时间：2024-01-11 22:04:27

  太好看了！配图和文字～

• 作者：安然 发布时间：2020-05-26 21:07:14

  当时带着图书馆借的这本书去了八廓街，那一个月里几乎跟着作者的脚步走了一遍拉萨城，除了八廓街朗孜厦监狱（去的不巧，那段时间正在维修，只能站在外面仰望注视）和其他拉萨城外的地方。作者写的东西帮助很大，那座城市很多地方都没什么改变，可以找到历史留下的痕迹。

• 作者：qiqi mao 发布时间：2021-06-25 14:31:54

  辽金西夏元

• 作者：目送飞鸿 发布时间：2019-12-11 20:01:51

  2012.7.17德银伦敦，跳着读过。代The Black Swan第二遍

• 作者：豆友ZP60nneLBE 发布时间：2023-08-23 20:30:16

  不好看

• 作者：Yamagatata 发布时间：2017-03-16 22:06:47

  关于领导力的培养印象深刻。

• 浪潮已起，但远未及巅。

  作者：吵 发布时间：2012-09-02 18:30:46

  可能是因为涉猎的范围太广，或者最初只是以博客文章的形式出现，本书在很多方面都有不严谨的地方，不过并不妨碍读者了解这段激动人心的历史。

  像这样一本书，停留在电子形态是最合适的。在我写下这些文字的时候，书里的很多内容已经变化了：

  1. Apple成为全球市值最高的上市公司

  2. Google 推出 Google+ 与Facebook竞争；Facebook 上市

  3. Chrome 超过 Firefox 成为全球第二大浏览器

  4. Google 收购了摩托罗拉移动

  这个清单可以不断延伸，而且它还将不断更新。这个世界变化如此之快，以至于文字刚印上纸面，它就已经过时。

  如果在唐茶上阅读这本书，我会随时将勘误发给开发者，帮助开发者快速地在下一个版本改正。甚至，我可以与吴军直接交流，和他讨论“Andorid”在英文中的原始含义（吴军说，Android 英语的意思是 “Andy 的小东西” 。 但 Andorid 在英语里就是机器人的意思，并没有这个含义。）

  当然这其实并不是针对此书的评论，只是为了说明，这个浪潮的变化远比我们想象的要快。

  看科技史的好处在于，可以从更大的尺度看企业兴衰成败，看他们的决策以及决策的原因，以及决策的结果。归根结底，世界上大部分东西都是相通的：不过是经济、科技、文化、人性。

  我自己最大的收获，是明白了既要有关注长远的眼光，也需要掌控当前现实的能力——当做出对未来的判断之后，你能否有足够的魄力和自信去决策和行动？

  我期待目睹浪潮的第二次崛起，看Facebook、Evernote、Square这些新星如何兴风作浪，也期待自己能够继续处于这个浪潮之中，经历更多奇迹的诞生。

  浪潮已起，但还远未及巅。

• 从《长安十二时辰》到《唐妞带你游大唐》，看唐朝女子如何弄妆

  作者：陈墨祎 发布时间：2021-10-05 15:08:14

  

  在看《长安十二时辰》的时候，好多朋友和我抱怨里面的女子妆容“太丑了”、“辣眼睛”。殊不知，这部剧才是真正的还原了时代，在我们今天看来“丑爆了”的妆容，在那个时代却是风靡一时的流行元素。

  唐朝女子的妆容丰富多样，唇妆、面妆、眉型、发髻都非常有讲究。

  《唐妞带你游大唐之大明宫奇遇记》是由陕西历史博物馆官方出品的首套儿童科普绘本。

  

  它讲述了从陕西历史博物馆盛唐气象馆“复活”的唐代仕女国宝——唐妞，穿越回到唐代长安，与小伙伴们一同开启唐风之旅的奇幻故事。

  尽管只是一本儿童绘本，

  《大明宫奇遇记》内容却很多元化，它讲述了大唐时期的宫廷生活，其中就详细地描述了唐代贵女的妆容。

  温庭筠的《菩萨蛮·小山重叠金明灭》，描写的便是女子起床梳洗，上妆时的娇慵姿态：

  小山重叠金明灭，鬓云欲度香腮雪。

  懒起画蛾眉，弄妆梳洗迟。

  照花前后镜，花面交相映。

  新帖绣罗襦，双双金鹧鸪。

  这首词，从束发、画眉、贴花钿、敷面、上妆，几乎涵盖了古代闺阁女子“弄妆”的一整套流程。

  

  面妆

  唐代妆容分为白妆、红妆两种。

  白妆则是只敷粉画眉，不施胭脂，较为素雅，又称为玉颜。

  红妆则是施以各色胭脂：如飞霞妆，酒晕妆，桃花妆等。

  《妆台论》中有说：“浓者为酒晕妆，浅者为桃花妆，薄薄施之，以粉罩之，为飞霞妆。”

  

  所谓“一白遮百丑”，古人早就明白了这个道理。他们以白为美，从“何郎敷粉”这一典故就能知道。

  相对于今天的遮瑕膏、粉底液，古人则是用各类白色的粉来修饰皮肤色泽。

  根据《齐民要术》记载，制粉是用大米调取葵子蒸后取汁，使其沉淀，制成一种洁白细腻的“粉英”，再用丁香花揉于粉中，即成用来妆面的米粉。

  由于

  米粉不持妆，容易晕妆，在对美锲而不舍的追求下，人们发现可以用铅粉代替米粉。

  现在大家都知道，铅是有毒的，其实古人并非不懂：

  “其铅气有毒，工人必食肥猪犬肉、饮酒及铁浆以厌之。枵腹中其毒，辄病至死。长幼为毒熏蒸，多萎黄瘫挛而毙。”

  可见爱美是不分时代的，用生命来追求美，古代女子更甚。

  

  上粉之后便是涂胭脂，唐朝女子尤爱整脸涂胭脂，

  在《长安十二时辰里》我们看起来像极了猴屁股的脸蛋，就是她们那个时代的浓妆代表。

  “酒晕妆”的颜色最为浓艳，取大量胭脂涂抹脸颊两侧，甚者有的将两颊全部涂红。

  胭脂谐音“燕支”，它的由来有两个说法，一个是因为它们所用的研制胭脂的草，叫做燕支草；还有一个说法是因为这个草生长在燕支山。

  《天工开物》中还记载着用花瓣做胭脂的方式：

  将带着露水摘取的红花捣烂，放入布袋中用水淘洗，绞去黄色液体，然后取出来再捣，放入布袋中用发酸的淘米水再次淘冼，再绞去汁液。用青蒿在上面盖一夜，捏成薄饼，阴干后收藏起来，其余的还能够和珍珠粉或者是其他的白色粉末结合起来，做成敷面的胭脂。

  

  唇妆

  古代偏爱以小嘴为美，如“樱桃樊素口，杨柳小蛮腰”、“朱唇一点桃花殷，宿妆娇羞偏髻鬟”。

  女子在妆粉时常常连嘴唇一起敷成白色，然后以唇脂重新点画唇形。

  我们现在的口红色号多到让直男们送礼物时愁白了头，其实古代的唇脂同样色彩丰富。当时制作口红的原料光植物就多达30种，有记载的色号有十六种，什么石榴娇、大红春、小红春、猩猩晕、小朱龙……

  除了颜色，古代妆容中的唇形也各种各样。

  

  眉型

  画眉是唐人必不能少的化妆步骤，甚至连稚嫩的女童也是“八岁偷照镜，长眉已画成”。

  画眉的形式也是多姿多彩，

  唐朝的眉毛画起来可以一个月不重样，名见经传的就有十种眉：鸳鸯眉、小山眉、五眉、三峰眉、垂珠眉、月眉、分梢眉、涵烟眉、拂烟眉、倒晕眉。

  为了使眉毛画得不显得呆板，妇女们又在画眉时将眉毛边缘处的颜色向外均匀地晕散，称其为“晕眉”。

  还有一种是把眉毛画得很细，称为“细眉”或者“柳眉”，故白居易在《上阳白发人》中有“青黛点眉眉细长”之句，在《长恨歌》中有“芙蓉如面柳如眉”。

  

  花钿

  基本妆容确定后，唐人会在眉间额头贴上花钿。

  关于花钿的起源，据说南朝宋武帝的女儿寿阳公主躺在梅树下歇息时，风吹梅花正好落在公主额上，公主额上留下了五个花瓣的印记。

  宫中女子觉得梅花印很好看，于是开始仿效，剪梅花贴于额头，“梅花妆”由此诞生。

  花钿并非用颜料画出，而是将剪成的花样贴在额前。

  用来剪花钿的材料，记载中有金箔、纸、鱼腮骨，鲥鳞、茶油花饼等多种，剪成后可收藏在妆奁内。

  花钿的颜色有红、绿、黄等，以红色居多，花钿的形状除梅花状外，还有各式花鸟虫鱼，十分美妙新颖。

  化妆时用一种牛鱼鳔制成的阿胶贴于额上，卸妆时用热水敷软即可揭下。

  

  除了点花钿，她们还会在脸上点面靥

  ，就是我们在电视剧中看到的嘴角的两点红。

  “靥”指面颊上的酒窝，面靥一般指古代妇女施于两侧酒窝处的一种装饰。

  盛唐以前，多以颜料或胭脂在嘴角两边的酒窝处画豆大小的红点，通称笑靥。

  最初这种妆法并不是为了装饰，而是宫廷生活的特殊标记。当某一后妃因月事来临无法侍奉皇上时，就在面颊点两小点。后来这种做法渐渐流传，成为装饰。

  盛唐以后，已经不仅限于红色的小点了。面靥的范围扩大，形式也更丰富。有的形似钱币，称为“钱点”，有的状如杏桃，称为“杏靥”。还有讲究在原来面靥的周围，饰以各种花卉，俗称花靥。

  

  昨夜海棠初着雨，数点轻盈娇欲语。

  佳人晓起出兰房，折来对镜画红妆。

  问郎花好奴颜好？郎道不如花窈窕。

  大唐盛世，万国来朝。

  那是一个最好的时代，包容万象，气势恢宏。其中唐朝女子华丽秾艳、浓墨重彩的妆容，正是那个自信时代最好的写照。