The Investors Guidebook to Equities: Equity Pricing, Trading, and Investing
Definition of a ‘share’
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Description Details A concise, yet comprehensive, guidebook to understanding equity investments. Why is availability limited?
The beginner’s guide to shares
The Kindle Book format for this title is not supported on: Still, the inherent wisdom of financial crowds is a beguiling idea that deserves a strong counter-narrative. Shiller, who won a Nobel Prize for economics in , devotes a chapter of Irrational Exuberance to dismantling the orthodox versions of efficient-market theory and random walks.
He reasons that if stock prices really are efficient, you ought to be able to see that in the historical record. For example, share prices would rise in anticipation of companies doing well and paying investors higher dividends. In fact, Shiller found that prices were far more volatile than future dividends would justify.
In the first edition of Irrational Exuberance noted that stock prices looked, well, exuberant, just in time for the tech stock bubble to burst. In the second edition, published in , Shiller showed that housing prices were wildly above historical norms. And we all know what happened next.
The Investor's Guidebook to Equities
It does, however, offer some quantitative guidance. Fundamentally, a stock is worth the profits the company will earn for investors.
Earnings jump around from quarter to quarter, of course, but if you average them over a decade, you can smooth out the market cycles. And often these signals are more ambiguous.