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eBook Zebra In Lion Country: The Dean Of Small Cap Stocks Explains How To Invest In Small Rapidly Growin epub

by Everett Mattlin,Ralph Wanger

eBook Zebra In Lion Country: The Dean Of Small Cap Stocks Explains How To Invest In Small Rapidly Growin epub
  • ISBN: 0684838818
  • Author: Everett Mattlin,Ralph Wanger
  • Genre: Business
  • Subcategory: Investing
  • Language: English
  • Publisher: Touchstone (February 26, 1999)
  • Pages: 256 pages
  • ePUB size: 1275 kb
  • FB2 size 1261 kb
  • Formats docx doc txt mobi


In all seriosness, there is almost no useful advice in this book about how to pick stocks. When the book was published the stock market had had 15 years of continuous bull market (even if it didn't always feel that way at the time) and now and then even the level headed Wanger feels a bit "90's" compared to the current "cult of anti-equities".

Hailed by both Newsweek and . Investors are like zebras in lion country: They must settle for meager pickings by sticking in the middle of the herd, or seek richer rewards at the outer edge, where hungry lions lurk

A ZEBRA IN LION COUNTRY book. Wanger was indeed a zebra who ventured further out in lion country than most and what spectacular results the walkabout gave.

A ZEBRA IN LION COUNTRY book. A wonderful book, by someone I really respect in the industry. I learned a lot from his matter of fact approach to investing and believe this a worthwhile read for anyone starting in the business.

This should help readers maximize profits and minimize risks - and survive the rough spells on the way to greater wealth.

Recommended for general and informed readers interested in investing. Lawrence Maxted, Gannon Univ.

Don Phillips Morningstar, Inc. Ralph Wanger's A Zebra in Lion Country is a delightful book. Few managers can match Wanger's investment prowess. All Trust Scores Reliable Users (. Trust Score) Trusted Users (. Trust Score) Elite Users (. Trust Score).

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Shares ways of spotting the trends that move markets and explains how to choose investments
Comments: (7)
Kashicage
The subtitle claims this book explains "how to invest in small rapidly growing companies".
Well, it turns out that, according to this book, the best way to accomplish this is to invest in small, rapidly growing companies. In all seriosness, there is almost no useful advice in this book about how to pick stocks.
What this book does explain, in extravagent detail, is why you should not pick stocks, you should use a mutual fund, and while we are on the subject, the Acorn fund (which is run by Ralph) has made lots of money. Also Acorn lost some money here and there, you shouldn't get the impression that the author is claiming infallability.
In all fairness, this was a fairly interesting read, and provided some good general insights into investing. But as far as useful insights into choosing small, rapidly growing companies, the reader is left with the impression that this can only be done by professionals. A legitimate viewpoint, except for the fact that this is exactly what the book promises (fraudulently, in my estimation) to explain how to do.
Best West
I had to read this for a finance class and it wasn't that great. A short quick read (I read the book in one sitting the day before my report was due) but I don't agree with some of his ideals. Read for yourself and see. Please let me know if I'm wrong and you make millions. If so please share.
Isha
When portfolio managers in the US some years ago voted on who they would prefer to manage their own money Warren Buffett only came second. Top ranked was the dean of small cap investing, Ralph Wanger, who was also the first to receive Morningstar's Fund Manager's Liftetime Acheivement Award. When Wanger in 2005 deservedly threw in the towel after 33 years of portfolio management his benchmark could show a commanding 12 per cent annual return. Wanger did even better and achieved 16 per cent - no doubt a huge accomplishment over such a long period. However, I would expect that at least part of the reason Wanger championed the above poll was that he seems to be a very likable person. Wanger is a GARP-investor in small cap stocks. In this book he openly shares how he pulled off his remarkable success.

Small caps constitute a huge investment universe. Wanger's method to narrow the playing field and make it practical was to use long term themes. At any one time he had located half a dozen of social, technical or economic trends to guide him to fertile grounds. Since the competition is so fierce between asset managers with short term horizon and trading costs are high, Wanger chose to focus on an investment horizon of 4 to 5 years or even longer. Predicting the fortunes for a company that long into the future is a highly uncertain venture and thus the themes acted as long lasting tail winds that in Wanger's mind decreased the risk for negative estimation errors. Guided by the themes Wanger and his co-workers created a list of roughly 600 stocks that they could consider owning and that they monitored weekly for outlier movements in share price or consensus earnings. The criteria's for a stock to also end up in the portfolio was threefold; growth potential, financial strength and fundamental value. The company should have credible sales and profit growth, preferably through an entrepreneurial management dominating a boring but profitable niche market. A low debt level for the type of business the company was in, an understandable business model and conservative accounting practices gave Wanger the confidence that the company could withstand inevitable tougher times. Further, to end up in the portfolio Wanger wanted the stock to be cheap both in relation to the replacement value of assets and to EPS two years out in time. For each holding an investment case was written. He wasn't a market timer but if he couldn't find enough stocks to satisfy his investment criteria cash would accumulate as a residual. By sticking to his strategy of themes and strict investment criteria Wanger argues he got the strength to stay out of the latest investment fads and it also made it possible to screen out much of the noise that brokers and media constantly produce. During the second part of his career Wanter went from investing in US small caps to invest globally. He argued that by not using the same short term horizon as the in-the-rumour-mill-loop-locals "their edge washes out over time". Even well informed rumours can cause over- and under reactions that could be taken advantage off by the long term investor.

Apart from using a co-writer Wanger had a quarter of a century of lively and humorous investment letters to fall back on when writing this book. Apparently there were investors in his fund who stated that the main reason for them to place money with Wanger was to receive these letters! Understandably then this witty book is a pleasure to read. When the book was published the stock market had had 15 years of continuous bull market (even if it didn't always feel that way at the time) and now and then even the level headed Wanger feels a bit "90's" compared to the current "cult of anti-equities". The rein of buy-and-hold is strong and the discussion on risk management is short.

"If you want to stand out from the pack, you have to stand outside the pack". Wanger was indeed a zebra who ventured further out in lion country than most and what spectacular results the walkabout gave.

This is a review by investingbythebooks.com
Akisame
This book is NOT even similar to Fundamental Analysis, by Graham ( Buffet's peer so to speak - value investing), it is not
Technical Analysis book. It is similar to Lynch's book - One up on Wall Street, but better - I am a bit biased possibly - I been in the Acorn Fund since about 1986 or so, and like him I have my BSEE, although I am not as heavily invested or concentrated in that fund anymore. Acorn Funds was bought by Liberty Funds, which was then bought by Columbia (BoA). I would give One up on Wall Street four stars, Wagner gets five, I do not rate it as a fundamental analysis book, nor technical analysis book. It's no longer a small cap fund with 200 million or so in assets when I opened my account in ACRNX - it's now a mid cap growth fund, with 11 billion dollars in assets. ACRNX has been a top rated five star fund, by Morningstar. for the vast majority of time since 1986, if not the entire time, with lower than average risk, low turnover, and superior returns. If you want something like an automated fundamental analysis that I believe you can modify to your taste and Wagner's approach - check out American Individual Investors ( [...] ) and order the stock screening program - it has a stock screening program that attempts to put Wagner's approach and about 30 other expert's selection method into a software program and database for screening stocks. Wagner does indeed attempt to discourage investors from investing perhaps their entire stock portfolio in individual stocks; since, most people do not have the resources or time to do it his way, visiting companies, plant inspections, listen in on corporate meetings/media events, going to the trade shows - classical intelligence work. A critical part of his method - one will never get the best intelligence by satellite alone - that probably will never happen. The additional piece of information that critical - he states that up to 50%of ones stock investments should be in overseas stocks and that was in 1997 - which makes the on the ground intelligence gathering for the vast majority of individual investors near impossible. Then there is the desk work - research of annual reports, SEC filing, etc - Fundamental Analysis. But, Wagner was starting to phase out and going into consulting/semi retirement for Liberty when the Internet was starting coming up to speed or mature a bit - which make it easier for the individual investor. I was slightly surprised that Wagner used options on the S&P index. I plan on at least loaning my copy of this book to my niece, for graduation she recieve a subsription to AAII. I doubt even Wagner would advise some one to buy ACRNX today if they had to pay a load. Nor advise anyone to pay front end or back end load on the purchase of the shares of any Mutual Fund. There just are too many good to excellent funds with good to excellent mutual fund managers that do not have front end or back end loads.
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