The Art of Short Selling 英文原版 卖空的艺术 Kathryn F. Staley

基本信息

By (author) Kathryn F. Staley

Format Hardback | 304 pages

Dimensions 146 x 257 x 25mm | 632g

Publication date 23 Dec 1996

Publisher John Wiley & Sons Inc

Publication City/Country New York, United States

Language English

ISBN10 0471146323

ISBN13 9780471146322

页面参数仅供参考，具体以实物为准

内容简介

A one-of-a-kind book that shows you how to cash in on the latest investing trend--short selling "The Art of Short Selling is the best description of this difficult technique."--John Train, Train, Thomas, Smith Investment Counsel, and author of The New Money Masters "Kathryn Staley has done a masterful job explaining the highly specialized art of short selling. Her approach to telling the true stories of famous investment 'scams' will keep the reader spellbound, while teaching the investor many crucial lessons."--David W. Tice, Portfolio Manager, Prudent Bear Fund "Selling short is still a misunderstood discipline, but even the most raging bull needs to know this valuable technique to master the ever-changing markets."--Jim Rogers, author, Investment Biker On the investment playing field, there is perhaps no game more exciting than short selling.

With the right moves, it can yield high returns; one misstep, however, can have disastrous consequences. Despite the risk, a growing number of players are anteing up, sparked in part by success stories. In The Art of Short Selling, Kathryn Staley, an expert in the field, examines the essentials of this important investment vehicle, providing a comprehensive game plan with which you can effectively play--and win--the short selling game.

Whether used as a means of hedging bets, decreasing the volatility of total returns, or improving returns, short selling must be handled with care--and with the right know-how. As Staley points out, "Short selling is not for the faint of heart. If a stock moves against the position holder, the effect on a portfolio and net worth can be devastating.

Investors need to understand the impact on their accounts as well as the consequences of getting bought in before they indulge in short selling." The Art of Short Selling guides you--clearly and concisely--through the ins and outs of this high-risk, high-stakes game. The first--and most important--move in selling short is to identify flaws in a business before its share prices drop. To help you tackle this key step, Staley shows you how to evaluate company financial statements and balance sheets, make sense of return ratios, detect inconsistencies in inventory, and analyze the statement of cash flows.

Through real-world examples that illustrate the shorting of bubble, high multiple growth, and theme stocks, you'll proceed step by step through the complete process and learn to carry out all the essentials for a successful short sell, including quantifying the risk factor and orchestrating correct timing, as well as implementing advanced valuation techniques to execute the sell/buy. Packed with landmark, cutting-edge examples, up-to-the-minute guidelines, and pertinent regulations, The Art of Short Selling is a timely and comprehensive reference that arms you with the necessary tools to make a prepared and confident entrance onto the short selling playing field.

一本特别的书，向您展示了如何从*新的投资趋势中获利-卖空“卖空的艺术是对这种困难技术的好描述。”史密斯（Smith）投资顾问和《新货币大师》（The New Money Masters）的作者，“凯瑟琳·史塔利（Kathryn Staley）在解释高度专业化的卖空技巧方面做得非常出色。她讲述知名投资“骗局”真实故事的方法将使读者在学习教学的同时，保持着极大的吸引力。投资者有许多重要的教训。”-谨慎熊基金投资组合经理David W. Tice“卖空仍然是一种被误解的纪律，但即使是勇敢的公牛也需要了解这项宝贵的技术，以掌握瞬息万变的市场。” -吉姆·罗杰斯（Jim Rogers），《投资骑自行车的人》一书的作者也许没有比卖空更令人兴奋的游戏了。

如果采取正确的行动，它可以产生高回报；但是，一次失误会带来灾难性的后果。尽管存在这种风险，但越来越多的参与者开始大举投资。在《卖空的艺术》中，该领域的专家凯瑟琳·史塔利（Kathryn Staley）研究了这一重要投资工具的基本要素，提供了一个全面的游戏计划，您可以使用它有效地玩并赢得卖空游戏。

无论是用作对冲赌注，减少总收益波动率或提高收益的手段，卖空交易都必须谨慎处理-并拥有正确的专业知识。正如Staley所指出的那样：“卖空并非出于胆小。如果股票对持仓者不利，则对投资组合和资产净值的影响可能是毁灭性的。

投资者需要在沉迷于做空之前了解对账户的影响以及被买入的后果。”“卖空的技巧”清晰明确地引导您了解这种高风险的来龙去脉高风险游戏。做空的一步（也是重要的一步）是在企业股价下跌之前发现企业的缺陷。为了帮助您解决这一关键步骤，Staley会向您展示如何评估公司的财务报表以及资产负债表，了解回报率，检测库存中的不一致性以及分析现金流量表。

通过真实的例子来说明泡沫的空头，高倍增长和主题股票的空缺，您将逐步完成整个过程，并学习执行成功卖空的所有基本要素，包括量化风险因素并安排正确的时间安排，以及实施高级评估技术来执行买卖。卖空艺术包含了具有里程碑意义的*新示例，*新指南和相关法规，是及时而全面的参考，可为您提供必要的工具，使您有准备，有信心地进入卖空卖场。

作者简介

KATHRYN F. STALEY has worked with hedge funds, brokerage firms, and other financial institutions to determine which stocks to sell and sell short. She has taught financial statement analysis for the Association for Investment Management Research (AIMR) and lectures on the absence of economic reality in publicly reported earnings announcements. She reads balance sheets and footnotes for fun and profit.