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Valuing and Investing in Equities: CROCI: Cash Return on Capital Investment develops a common-sense framework for value investors. By distinguishing investors from speculators, it acknowledges the variety of styles and goals in the financial markets. After explaining the intuition behind due diligence, portfolio construction, and stock picking, it shows the reader how to perform these steps and how to evaluate their results. Francesco Curto illuminates the costs and opportunities afforded by valuation strategies, inflation, and bubbles, emphasizing their effects on each other within the CROCI framework. Balancing analytics with an engaging clarity, the book neatly describes a comprehensive, time-tested approach to investing. Annual returns from this investment approach demand everyone’s attention.
- Describes the Cash Return on Capital Invested (CROCI) methodology
- Shows how CROCI identifies undervalued and overvalued sectors
- Provides a step-by-step approach in building investment strategies
- Presents 20 years of insights from CROCI’s valuation and investment results
- Highlights the practical advantages of CROCI over other factors
Graduate students and professionals working in equities markets, especially in financial trading, company valuations, portfolio construction, and market microstructure
1. Investment and valuation
Section 1: CROCI on valuation
2. Valuing non-financial companies
3. The analytical idiosyncrasies of banks
4. Stock picking based on economic fundamentals
Section 2: CROCI on investing
5. The performance of economic value
6. Value investing and dividends
7. Diversified investments: CROCI real earnings weighted
8. Thematic investments - CROCI intellectual capital
Section 3: Through the looking glass
9. Equities, inflation and valuation
10. Bubbles in equities
11. Odysseus on valuing and investing in equities
- No. of pages:
- © Academic Press 2020
- 24th April 2020
- Academic Press
- Paperback ISBN:
Francesco Curto, PhD, Managing Director is the Head of the Research House at DWS and the Head of CROCI® Investment Strategy and Valuation Group at DWS, majority owned by Deutsche Bank (DB) and one of the world's leading asset managers. He and his team joined DWS in 2013 from Deutsche Bank, where CROCI was developed in 1996. He has a vast experience in the financial services industry, having been senior European and global strategist. He has been involved in all the major developments of CROCI® since joining the team in 1998 from Warwick Business School, where he was a Research Fellow. He holds a degree in Business Economics (Economia Aziendale) from "Università di Venezia" and a PhD in Strategic Management from Warwick University. His interests are fundamental valuation, value strategies, politics, economics and the dynamics of industrial and corporate change and he is a regular guest-host at CNBC.
Head, DWS Research House Head, CROCI Investment Strategy and Valuation Group, DWS, London, UK.
“Francesco Curto makes an incredibly compelling case for CROCI. Anyone interested in stock analysis, fundamental valuation or investing in equities should find a great deal to learn from this book.” — Amit Seru, The Steven and Roberta Denning Professor of Finance, Stanford Graduate School of Business
"Valuing and Investing in Equities: CROCI is an essential read for anyone evaluating investment targets worldwide. Its easy-to-understand presentation guides investors in deciphering complex financial statements, normalizing between companies, and discerning an accurate picture of their financial health." — Randy Brown, CIO Sun Life and Head of Insurance Asset Management for SLC Management
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