span of a company in the S&P 500 1960 to projected 2030, rol...FIGURE 5.3 Probability of going to college by parent income rankFIGURE 5.4 Probability that children are better off than parentsFIGURE 5.5 IMF world exports: Value of goods in billions of US$ 1970 to 2018...FIGURE 5.6 US Volatility Index (VIX) 1990 to October 20196 Chapter 6FIGURE 6.1 Five-year average rolling excess returns by decile 1998 to 2018; ...FIGURE 6.2 Five-year 1,000 bps excess return performance scenario
7 Chapter 8FIGURE 8.1 US Oil Services index 1997 to October 2019FIGURE 8.2 Management and company size
8 Chapter 9FIGURE 9.1 Predictive power of valuation over time 1987 to June 2019FIGURE 9.2 Nike three-year return on equity 2010 to October 2019FIGURE 9.3 Nike owner's cash flow yield analysisFIGURE 9.4 Equity risk premium and ten-year Treasury 2000 to October 2019FIGURE 9.5 Nike equity price and price target channel 2008 to October 2019FIGURE 9.6 Nike equity price and price target channel plus EV/EBITDA multipl...
9 Chapter 10FIGURE 10.1 Number of M&A transactions and number of US publicly listed comp...FIGURE 10.2 S&P 500 trailing 12-month net stock buyback activity 1998 to Oct...
10 Chapter 11FIGURE 11.1 Concentration, risk, and alpha analysisFIGURE 11.2 Diversification, alpha, volatility, and win/loss relationshipsFIGURE 11.3 Exposure limit structureFIGURE 11.4 Historic volatility of S&P 500, Johnson & Johnson, Goldm...FIGURE 11.5 Portfolio net asset value structure
11 Chapter 12FIGURE 12.1 Russell 3000 drawdowns by month 2009 to October 2019FIGURE 12.2 Long 3% NAV monthly rebalance as stock drops and then recovers e...FIGURE 12.3 Short 3% NAV adding exposure on the way up exampleFIGURE 12.4 Short 3% NAV monthly rebalance as stock drops and then recovers ...FIGURE 12.5 Abercrombie & Fitch (ANF) short example 2009 to Q3 2019FIGURE 12.6 Russell 3000 price/sales multiples by decile
Guide
1 Cover
2 Table of Contents
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