Valuing and Investing in Equities

Valuing and Investing in Equities

CROCI: Cash Return on Capital Investment

1st Edition - November 19, 2020

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  • Author: Francesco Curto
  • Paperback ISBN: 9780323899246

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Description

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.

Key Features

  • Describes the Cash Return on Capital Invested (CROCI) methodology
  • Provides a step by step approach in building investment strategies
  • Presents 25 years of insights from CROCI’s valuation and investment results

Readership

Graduate students and professionals working in equities markets, especially in financial trading, company valuations, portfolio construction, and market microstructure

Table of Contents

  • 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

Product details

  • No. of pages: 228
  • Language: English
  • Copyright: © Academic Press 2020
  • Published: November 19, 2020
  • Imprint: Academic Press
  • Paperback ISBN: 9780323899246

About the Author

Francesco Curto

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.

Affiliations and Expertise

Head, DWS Research House Head, CROCI Investment Strategy and Valuation Group, DWS, London, UK.

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