The Financial Times Guide to Investing: The Definitive Companion to Investment and the Financial Markets, 4th Edition
- Length: 584 pages
- Edition: 4
- Language: English
- Publisher: FT Publishing International
- Publication Date: 2020-01-24
- ISBN-10: 1292214074
- ISBN-13: 9781292214078
- Sales Rank: #1035068 (See Top 100 Books)
‘The most damaging half truth for savers is “performance matters more than expenses”. Read this book carefully and the financial services industry will have one fewer easy victim, but you will have a sound base for a lifetime of successful investment.’
Martin White, Chair of UK Shareholders Association
This is one of those great big books to buy and then tuck away for constant reference. It’s a tour through everything from managing a portfolio to establishing a fair intrinsic value for a share. If it moves in the world of investing, it’s probably here.’
David Stevenson, ‘Adventurous Investor’ in the Financial Times
‘Informative and easy to read, Glen Arnold has produced arguably the most comprehensive book there is today on stock market investing and one that unquestionably will give an edge to any retail investor. This is a must read for anyone serious about investing.’
Simon Thompson, Companies Editor, Investors Chronicle
AN UPDATED VERSION OF THE BESTSELLING INVESTING BOOK IN THE UK
The Financial Times Guide to Investing is the definitive introduction to the art of successful stock market investing by debunking the myth that investing is only for the wealthy.
Bestselling author Glen Arnold covers the basics of what investors do and why companies need them, through to the practicalities of buying and selling shares and how to make the most from your money. Learn how to understand different types of investment vehicles, pick the right companies and understand their accounts so you can compile and manage a sophisticated portfolio.
The fourth edition of this investing classic has been thoroughly updated and will give you everything you need to choose your shares with skill and confidence.
New for this edition:
- Updated insights into the inner workings of stock markets, new accounting rules and dangers to watch out for when looking for investment gems
- Recent Financial Times articles, and the latest statistics to illustrate and expand on case studies and examples
- Detailed updates of changes to tax rules and rates
Front Cover Half Title Page Title Page Copyright Page Dedication Page Contents About the author Acknowledgements Publisher's acknowledgements What's new in the fourth edition Introduction PART 1: Investment basics 1 What is investment? Partnerships Limited liability Ordinary shares and extraordinary returns Shareholder rights A money-making machine Dividends and retained earnings What if I want to sell? Primary and secondary markets Bonds Capital structure Stocks and shares Rights issues Financial institutions Be proud to be a capitalist A note of warning - investment and speculation 2 The rewards of investment Becoming a millionaire Simple and compound interest How well have investors fared in the past? The importance of income International comparison What about risk? Closing comment 3 Stock markets What is a stock market? Brokers and market makers Pricing - good old supply and demand A short history of the London Stock Exchange ‘Big Bang’ The international scene Variety of securities traded LSE's primary market LSE's secondary market The Main Market (The Official List) The Alternative Investment Market NEX Exchange Who owns UK shares? The role of stock exchanges Useful websites 4 Buying and selling shares Stockbroker services Choosing a stockbroker Finding prices and other information Getting the most out of financial websites Useful websites for discussion boards What happens when I buy or sell shares? An order-driven trading system The trading system for less liquid shares - SETSqx What happens after dealing? Paying for your shares Internet dealing Direct market access Transferring shares without brokers Useful websites PART 2: The investment spectrum 5 Pooled investments Unit trusts Useful websites Open-ended investment companies Exchange traded funds Investment trusts (investment companies) Useful websites for investment trusts Investment platforms or supermarkets Useful websites With-profits policies Insurance company bonds Stock market-linked bonds Money markets Hedge funds Bringing home the significance of high fees 6 Bonds Gilts Corporate bonds Credit rating Useful websites High-yield (junk) bonds Convertible bonds Foreign bonds Eurobonds Peer-to-peer lending 7 Unusual share investment Business angels (informal venture capitalists) Useful websites Crowdfunding Useful websites Venture capital and other private equity Private equity categories Overseas shares Useful websites 8 Derivatives and options What is a derivative? What is an option? Share options Call option holders (call option buyers) Call option writers LIFFE share options Put options How to trade options Using share options to reduce risk: hedging Using options to reduce losses Index options Useful websites 9 Futures Marking to market and margins Settlement Equity index futures Buying and selling futures 10 Spread betting, contracts for difference and warrants Spread betting Money up-front Useful websites Contracts for difference Warrants Covered warrants Useful websites PART 3: Company analysis 11 Company accounts Oh no, not numbers again! How to obtain reports The report and accounts Profit and loss account Balance sheet (statement of financial position) Cash flow statement Chairman's statement Chief executive's review Financial review Directors' report and business review Auditors' report Five-year summary Trading statements Further reading 12 Key investment ratios and measures From the financial pages Performance ratios and measures Financial health ratios and measures Forward-looking measures Further reading 13 Tricks of the accounting trade Goodwill Fair value What was our revenue again? Exceptional items Stock (inventory) valuation Depreciation Capitalisation Off-balance-sheet items Share (stock) options Missing the profits and assets in investee companies Other tricks Concluding comments Further reading 14 Analysing industries The competitive floor The five competitive forces Threat of entry Intensity of rivalry of existing companies The threat from substitutes Buyer (customer) power Supplier power Industry evolution Concluding comments Further reading 15 The competitive position of the firm The TRRACK system What makes resources extraordinary? Investment in resources Leveraging resources and over-exploiting them Concluding comments Further reading PART 4: Managing your portfolio 16 Companies issuing shares New issues Rights issues Other equity issues Scrip issues Share buy-backs and special dividends 17 Taxation and investors Stamp duty Tax on dividends Capital gains tax Interest-bearing instruments Inheritance tax Individual savings accounts Personal pensions Enterprise Investment Scheme Venture capital trusts Tax-efficient charitable gifts 18 Mergers and takeovers Merger motives Financing mergers The rules of the takeover game Useful websites and further reading Who wins from mergers? Why do mergers fail? Further reading 19 Investor protection Wayward financial services professionals Regulation of markets Regulation of companies Self-protection Scams 20 Measuring performance: indices and risk Indices Risk Useful websites and further reading 21 Investment clubs How to set up a club The unit valuation system Bank account Brokers Tax Glossary Index Back Cover
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