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A practical guide to making more informed investment decisions Investors often buy or sell stocks too quickly. When you base your purchase decisions on isolated facts and don't take the time to thoroughly understand the businesses you are buying, stock-price swings and third-party opinion can lead to costly investment mistakes. Your decision making at this point becomes da A practical guide to making more informed investment decisions Investors often buy or sell stocks too quickly. When you base your purchase decisions on isolated facts and don't take the time to thoroughly understand the businesses you are buying, stock-price swings and third-party opinion can lead to costly investment mistakes. Your decision making at this point becomes dangerous because it is dominated by emotions. The Investment Checklist has been designed to help you develop an in-depth research process, from generating and researching investment ideas to assessing the quality of a business and its management team. The purpose of The Investment Checklist is to help you implement a principled investing strategy through a series of checklists. In it, a thorough and comprehensive research process is made simpler through the use of straightforward checklists that will allow you to identify quality investment opportunities. Each chapter contains detailed demonstrations of how and where to find the information necessary to answer fundamental questions about investment opportunities. Real-world examples of how investment managers and CEOs apply these universal principles are also included and help bring the concepts to life. These checklists will help you consider a fuller range of possibilities in your investment strategy, enhance your ability to value your investments by giving you a holistic view of the business and each of its moving parts, identify the risks you are taking, and much more. Offers valuable insights into one of the most important aspects of successful investing, in-depth research Written in an accessible style that allows aspiring investors to easily understand and apply the concepts covered Discusses how to think through your investment decisions more carefully With The Investment Checklist, you'll quickly be able to ascertain how well you understand your investments by the questions you are able to answer, or not answer, without making the costly mistakes that usually hinder other investors.


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A practical guide to making more informed investment decisions Investors often buy or sell stocks too quickly. When you base your purchase decisions on isolated facts and don't take the time to thoroughly understand the businesses you are buying, stock-price swings and third-party opinion can lead to costly investment mistakes. Your decision making at this point becomes da A practical guide to making more informed investment decisions Investors often buy or sell stocks too quickly. When you base your purchase decisions on isolated facts and don't take the time to thoroughly understand the businesses you are buying, stock-price swings and third-party opinion can lead to costly investment mistakes. Your decision making at this point becomes dangerous because it is dominated by emotions. The Investment Checklist has been designed to help you develop an in-depth research process, from generating and researching investment ideas to assessing the quality of a business and its management team. The purpose of The Investment Checklist is to help you implement a principled investing strategy through a series of checklists. In it, a thorough and comprehensive research process is made simpler through the use of straightforward checklists that will allow you to identify quality investment opportunities. Each chapter contains detailed demonstrations of how and where to find the information necessary to answer fundamental questions about investment opportunities. Real-world examples of how investment managers and CEOs apply these universal principles are also included and help bring the concepts to life. These checklists will help you consider a fuller range of possibilities in your investment strategy, enhance your ability to value your investments by giving you a holistic view of the business and each of its moving parts, identify the risks you are taking, and much more. Offers valuable insights into one of the most important aspects of successful investing, in-depth research Written in an accessible style that allows aspiring investors to easily understand and apply the concepts covered Discusses how to think through your investment decisions more carefully With The Investment Checklist, you'll quickly be able to ascertain how well you understand your investments by the questions you are able to answer, or not answer, without making the costly mistakes that usually hinder other investors.

30 review for The Investment Checklist: The Art of In-Depth Research

  1. 4 out of 5

    Simon Eskildsen

    This review is biased by two facts: I know Shearn, and this is the first book I've read about investing, which is an interesting topic to me. The conversations I had with Shearn in person a couple of weeks ago and hearing his approach to investing, opened a different perspective on what investing can be like—this is what prompted me to read the book. The checklist approach that the book follows is great. It goes through the important factors that go into making an investment decision, and investi This review is biased by two facts: I know Shearn, and this is the first book I've read about investing, which is an interesting topic to me. The conversations I had with Shearn in person a couple of weeks ago and hearing his approach to investing, opened a different perspective on what investing can be like—this is what prompted me to read the book. The checklist approach that the book follows is great. It goes through the important factors that go into making an investment decision, and investing for the long-term. This is not investing in the short-term for maximum profit, but investing in businesses that will deliver over the long-term. It'd be an interesting world where every investor was thinking as long-term as Shearn, highlighting such terms as conscious capitalism promoted by John Mackey. What fascinates me about the book, is the amount of emphasis it puts on management of the company. A stat that really jumped out at me, is that of the Fortune 500 companies 28 of the CEOs have a 10+ year tenure. Of those, 25 of the companies outperform the S&P 500. The macro-lessons on what good management looks like to an investor, is an interesting lesson. Applying this inward to my own employer, it's interesting to see what everything looks like from an investors point of view. At the end of the day, my tenure is also a sort of investment to be evaluated with the same checklist. Something that's clearly been paid attention to is the amount of examples. Every idea and point has many examples of this in practise, whether it's good or bad. It's clear it's coming from someone who's done their homework for the book. What fascinates me about investing, even if it's not something I'm pursuing (index funds do it for me) is the amount of care and thought that goes into their decision-making. This book is a fantastic example of the rigorous process: Supplier relationships, reading years of 10Ks and financial statements, understanding the management team and their motivations, understanding employee engagement, ..

  2. 5 out of 5

    Sy. C

    Great overview of qualitative factors to consider - investing is after all more an art than science. More suited to Buffett-style investors willing to do in-depth research over months (and years) to find the 20 punches on their punch-card than someone looking for a more quantitative (e.g. Graham deep value) or shorter term (e.g. mispricings / special situations) approach. As with any checklist, this should just yield a list of things to think about / investigate further rather than be followed r Great overview of qualitative factors to consider - investing is after all more an art than science. More suited to Buffett-style investors willing to do in-depth research over months (and years) to find the 20 punches on their punch-card than someone looking for a more quantitative (e.g. Graham deep value) or shorter term (e.g. mispricings / special situations) approach. As with any checklist, this should just yield a list of things to think about / investigate further rather than be followed rigidly. My chief nitpick is that many of the examples exhibit hindsight bias and while in line with common sense, lack empirical rigor / support with real world evidence that businesses matching the given criterion do in fact outperform those that don't (Having a statistical background, I prefer Carlisle's "Deep Value" book which yields numerous counter-intuitive insights, backed by empirical data). However, still a great reference for those with a concentrated, long term investing style.

  3. 4 out of 5

    Daniel Deptula

    Provides a lot of good questions to ask when analyzing a business. Particularly liked a few of the questions devoted to understanding the relationship between the business and its customer, and will likely add them to my own checklist. I would agree with other reviews in that three chapters was possibly too many to devote to analyzing management.

  4. 4 out of 5

    إسلام جمال

    This book is for serious investors as Warren Buffet said "If you are not willing to hold a stock for 10 years, don`t hold it for 10 minuets". When investor makes precise, deep & logic analysis to a business, he would buy the business as a business not just a stock. Investor will not care if the stock price slipped temporary because of Mr. Market`s emotions. This book provides in-depth guidelines to evaluate businesses and make smart investments. This book is for serious investors as Warren Buffet said "If you are not willing to hold a stock for 10 years, don`t hold it for 10 minuets". When investor makes precise, deep & logic analysis to a business, he would buy the business as a business not just a stock. Investor will not care if the stock price slipped temporary because of Mr. Market`s emotions. This book provides in-depth guidelines to evaluate businesses and make smart investments.

  5. 4 out of 5

    Andre Luis

    Não é nem um bom livro de Value Investment nem um bom livro de Análise Financeira de empresas. Faz alguns insights sobre aquilo que deve-se ter atenção sobre a administração das empresas o que faz valer a leitura.

  6. 5 out of 5

    InvestingByTheBooks.com

    The mind constantly plays tricks with investors. In a stressful - potentially loss-making - situation the negative pressure risks short-circuiting our analytical ability and when looking at new investments greed makes the investor susceptible to buying into management’s song and dance when showcasing the benefits of the company. No matter how experienced you are as an investor you will always benefit from having a checklist that breaks the spell of the moment and ensures that positive and negati The mind constantly plays tricks with investors. In a stressful - potentially loss-making - situation the negative pressure risks short-circuiting our analytical ability and when looking at new investments greed makes the investor susceptible to buying into management’s song and dance when showcasing the benefits of the company. No matter how experienced you are as an investor you will always benefit from having a checklist that breaks the spell of the moment and ensures that positive and negative aspects of the situation are covered. It will - if well crafted - also make you focus on the few important key issues of the investment. Further, realizing that there are issues that you don’t have answers to can also be of huge value as warning signs. In The Investment Checklist Texas investor Michael Shearn shares the checklists he has been using for the last decade when researching new investments. The author’s purpose is to teach the reader what he needs to know about the companies he thinks of investing in and help him to evaluate if the company is worth the investors money or not. While not explicitly stated as a target group I think the book will help the franchise type of value investor the most. The book kicks of with a chapter on how to generate new investments; basically describing a search for bombed out, low multiple, deep value stocks where investor pessimism rules but the problems at hand might be temporary. Then the rest of the text covers a list of topics to be analyzed. They could be; the strategic and operational strength and weaknesses of the company, the financial strength of the business, the growth opportunities, the track record in M&A etc. Most chapters consist of a number of checklist questions with a subsequent paragraph discussing the topic. One of the impressive features of the book is the focus placed on corporate management. More than a third of the book discusses how to analyze the executives in charge. To me this is one of the trickiest areas in investing so even if the text in itself isn’t revolutionary the focus is well deserved and it is relatively rare in investment literature. Overall, he who reads through the chapters will be rewarded with plenty of wise thoughts on how to evaluate a company. Even so, the book isn’t a jackpot in my mind. The analytical methodology an investor uses should be tailored to the type of investment opportunities he is looking at and the investment style he uses. This checklist to me feels a bit too generic with the inherent risk that it will not be perfect for anyone. For example, take the bombed out type of stock from the opening chapter, if I researched this the task would be to understand what will change to the better and my focus would be: a) What is the risk of the stock being a value trap? i.e is the sector or the company in structural decline and is the current shareholders equity or earnings therefore not representative of the future? b) Are the finances strong enough to sustain a prolonged period of weak cash flows before an improvement occurs? c) What could be the triggers to the turn around? i.e. what will change to make things better? d) And what will the normalized financials look like? An analysis should zero in on the key issues for the type of investment at hand. A lengthy analysis of the quality of current management might not be as important. Getting rid of them might event be the trigger needed. Another thought is if there couldn’t be a way to quantify the results of the analysis. A checklist is never an exact yardstick to go by. Even so, I think a numeric rating of the issues can help an investor in his thought process. At least it has helped me. For the long term investor a deep fundamental understanding of the business of the companies he owns is crucial. Without it he will lack conviction and will risk selling due to market volatility, potentially missing the structural improvements underway. This checklist will take you a long way in gaining understanding but the last touch on how to build your own checklist must be up to you.

  7. 4 out of 5

    Javier HG

    En este libro no encontrarás complicadas fórmulas, ni justificaciones sobre el valor actual de los flujos futuros, ni siquiera explicaciones sobre el uso de las hojas de cálculo..., y sin embargo éste es uno de los mejores libros que se pueden leer sobre cómo analizar compañías. Siempre digo en mis clases que valorar compañías no es una ciencia, es un arte, pero que cuanta más ciencia sepas, mejor. Y "The investment checklist" te sumerge en la manera de trabajar que es más adecuada para [email protected] En este libro no encontrarás complicadas fórmulas, ni justificaciones sobre el valor actual de los flujos futuros, ni siquiera explicaciones sobre el uso de las hojas de cálculo..., y sin embargo éste es uno de los mejores libros que se pueden leer sobre cómo analizar compañías. Siempre digo en mis clases que valorar compañías no es una ciencia, es un arte, pero que cuanta más ciencia sepas, mejor. Y "The investment checklist" te sumerge en la manera de trabajar que es más adecuada para [email protected] que quieran analizar compañías desde el punto de vista fundamental: ¿qué tipo de equipo gestor está al frente? ¿cómo trata a sus empleados? ¿y a sus proveedores? ¿cómo crea valor? ¿qué hacen sus competidores? ¿cuáles son las barreras de entrada? ¿son bajas o altas? El libro trata éstas y muchas otras preguntas, y lo hace de manera detallada, ofreciendo ejemplos reales tanto en el aspecto positivo como negativo, de manera que es fácil ir aprendiendo conforme se avanza. Lo mejor es que te prepara para plantearte las preguntas necesarias a la hora de analizar una empresa, qué es relevante y qué no, y por el camino aumentas tu cultura empresarial y financiera. Un libro imprescindible.

  8. 5 out of 5

    André

    THE MOST PRACTICAL BOOK ON INVESTING. I'm just a 20 year old that read a dozen books on investing, and most of those are about the mentality and attitude rather than practical advice. They're very very useful (Intelligent Investor, Berkshire's letters to investors etc) but will not provide you with enough knowledge to start investing with confidence. This book is great, rich in examples, and the author is clearly an expert. This is a must read. THE MOST PRACTICAL BOOK ON INVESTING. I'm just a 20 year old that read a dozen books on investing, and most of those are about the mentality and attitude rather than practical advice. They're very very useful (Intelligent Investor, Berkshire's letters to investors etc) but will not provide you with enough knowledge to start investing with confidence. This book is great, rich in examples, and the author is clearly an expert. This is a must read.

  9. 4 out of 5

    Pedro Zagury

    Good starting point to develop a research process based on fundamentals. First chapters are a bit common place on competitive advantages and "moats", but the management checklist is really insightful. Good starting point to develop a research process based on fundamentals. First chapters are a bit common place on competitive advantages and "moats", but the management checklist is really insightful.

  10. 4 out of 5

    Ya Rungsrithananon

    Read this book

  11. 4 out of 5

    Brian Ou

    Clear and insightful for investors of all levels

  12. 4 out of 5

    Senad

    What the title says, if you are looking for one you have to read this book

  13. 4 out of 5

    Xiangjie

    Comprehensive long-term perspective investing in great companies. Qualitative mainly.

  14. 5 out of 5

    Ashfaque Reza

    Masterclass book

  15. 5 out of 5

    Nantama Mulyana

    Will add most of the Checklist to my Investment Checklist. This book provide deep insight for investor to check characteristic of wonderful business

  16. 5 out of 5

    Luke Wiedeck

    Excellent book on the process of analysis.

  17. 4 out of 5

    Yaugun

    Too basic and clearly narrowed for a specific investment strategy. Expected a more objective In-Dept Research process.

  18. 4 out of 5

    Nitin Kumar

    This book covers the checklist which many investors would know already. What this book covers differently is the importance of networking in investing and management analysis. This book gives insights on how to use your human intelligence network to find out whether management is capable to lead the company or not. Philip Fisher, one of the most respected investors used his networking skills to buy stocks. Good book if you want to develop a framework to understand a company and its management. Pr This book covers the checklist which many investors would know already. What this book covers differently is the importance of networking in investing and management analysis. This book gives insights on how to use your human intelligence network to find out whether management is capable to lead the company or not. Philip Fisher, one of the most respected investors used his networking skills to buy stocks. Good book if you want to develop a framework to understand a company and its management. Pros: You can learn following: 1. Management Analysis 2. Developing a Framework to buy stocks 3. Developing a Human Intelligence Network Cons: People who like to crunch numbers wont like it. This book covers more of a qualitative analysis than quantitative analysis.

  19. 5 out of 5

    Yamini Sandeep

    Comprehensive checklist for investment decisions

  20. 5 out of 5

    Varun Rajwade

    Superb book on investing in stocks using checklists. lays out a good methodology for the same. only problem is the book is quite long and a bit boring..

  21. 5 out of 5

    Noatta

    I believe the list in this book can be used as a guidance to evaluate whether a business in our circle of competence and whether we are really interested to know more about it.

  22. 5 out of 5

    Darko Doko

    Excellent!

  23. 5 out of 5

    Julian Bu

    somewhat useful

  24. 5 out of 5

    Ashish Pandey

    Must read for every investor

  25. 4 out of 5

    Prashant Ghabak

    Excellent Book! There is nothing new in this books which the classic investment books don't have but this books does a good job in giving a structure and creating a Checklist. Excellent Book! There is nothing new in this books which the classic investment books don't have but this books does a good job in giving a structure and creating a Checklist.

  26. 4 out of 5

    Asif

    Solid book

  27. 4 out of 5

    Vinayan

    Take print of appendice for serious investors

  28. 5 out of 5

    Karthik Chinni

    The book is an exhaustive list of things that we need to look while investing. Worth every penny!

  29. 5 out of 5

    Perf_guruyahoo.com

  30. 5 out of 5

    Sanjeev Mehrotra

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