The Investment Checklist: The Art of In-Depth Research

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9780470891858: The Investment Checklist: The Art of In-Depth Research
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A practical guide to making more informed investmentdecisions

Investors often buy or sell stocks too quickly. When you baseyour purchase decisions on isolated facts and don't take the timeto thoroughly understand the businesses you are buying, stock-priceswings and third-party opinion can lead to costly investmentmistakes. Your decision making at this point becomes dangerousbecause it is dominated by emotions. The InvestmentChecklist has been designed to help you develop an in-depthresearch process, from generating and researching investment ideasto assessing the quality of a business and its management team.

The purpose of The Investment Checklist is to help youimplement a principled investing strategy through a series ofchecklists. In it, a thorough and comprehensive research process ismade simpler through the use of straightforward checklists thatwill allow you to identify quality investment opportunities. Eachchapter contains detailed demonstrations of how and where to findthe information necessary to answer fundamental questions aboutinvestment opportunities. Real-world examples of how investmentmanagers and CEOs apply these universal principles are alsoincluded and help bring the concepts to life. These checklists willhelp you consider a fuller range of possibilities in yourinvestment strategy, enhance your ability to value your investmentsby giving you a holistic view of the business and each of itsmoving parts, identify the risks you are taking, and much more.

  • Offers valuable insights into one of the most important aspectsof successful investing, in-depth research
  • Written in an accessible style that allows aspiring investorsto easily understand and apply the concepts covered
  • Discusses how to think through your investment decisions morecarefully

With The Investment Checklist, you'll quickly be able toascertain how well you understand your investments by the questionsyou are able to answer, or not answer, without making the costlymistakes that usually hinder other investors.

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From the Inside Flap:

All too often, investors buy stocks based on eitherrecommendations from other investors, hunches, or isolated factsabout a business they've heard or read about. In doing this, yourdecision-making process becomes dangerous because you haven't takenthe time to thoroughly understand the businesses you are buying andyou're relying on the information, or misinformation, beingprovided to you about a particular stock. Instead, your investmentpurchases should be based on understanding the value of a businessthrough in-depth research. If you truly understand the value of abusiness, then you will be in a position to recognize investmentopportunities and can more easily make the right buy or selldecisions.

The Investment Checklist has been designed to help you developan in-depth research process, through a series of checklists, thatwill allow you to effectively generate and research investmentideas, assess the quality of a business and its management team,and ultimately improve the performance of your portfolio. In it,author Michael Shearn—founder of Time Value of Money, LP, andthe Compound Money Fund, LP—outlines the systematic process hehas used over the past decade to carefully think through potentialinvestments and avoid common investment mistakes. Along the way, heputs this approach in perspective by addressing:

  • A search strategy that will improve your odds of findinginvestment ideas worth researching further

  • The importance of evaluating a business's strengths andweaknesses, measuring its operational and financial health, andunderstanding a business from the customers' perspective ratherthan your own

  • Why assessing the quality of management— from how theyhandle daily operations and long-term strategy to the type ofmanagers they are and how they rose to lead the business—areessential to achieving better investment results

  • How to gauge the potential future growth opportunities of abusiness by looking at whether it's growing organically or throughmerger and acquisitions, and whether historical growth has beenprofitable

  • And much more

Each chapter of The Investment Checklist also offers countlessexamples of companies the author has researched, consideredinvesting in, and actually invested in or decided not to invest in.These examples show you exactly how his checklist helped him makeinvestment decisions, and they'll show you how to do the same. Inaddition, each chapter ends with "Key Points to Keep in Mind," soyou can zero in on the critical factors in each set ofquestions.

If you want to lower your investment risk you need to increaseyour knowledge of the businesses you buy stock in. The InvestmentChecklist will show you how to do this, and much more, by helpingyou follow a concise and easy-to-use framework that will guide yourinvestment decisions.

From the Back Cover:

Praise forTHE INVESTMENT CHECKLIST

"Every wise investor will keep The Investment Checklist next totheir financial instrument panel and consult it whenever they makea decision to buy or sell a stock."—Robert P. Miles, author,The Warren Buffett CEO

"Michael Shearn has written an indispensable book. It will raisethe game of every investor who reads it. Fortunately, not all ofthem will." —Judd Kahn, co-author, Competition Demystified andValue Investing: From Graham to Buffett and Beyond

When you base your stock purchase decisions on isolated factsand don't take the time to thoroughly understand the businessesyou're buying, costly investment mistakes are usually made.Instead, your investment purchases should be based on understandingthe value of a business through in-depth research.

That's why Michael Shearn—founder of Time Value of Money,LP and the Compound Money Fund, LP—has created The InvestmentChecklist. In it, he shares the successful approach he's used overthe past decade to generate and research investment ideas, assessthe quality of a business and its management team, and ultimatelyimprove his overall investment performance.

Along the way, you'll be introduced to specific "checklists"that will enhance your ability to understand the dynamics of thebusiness you're interested in and the people operating it, valuethe potential investment, and make the most informed buy or selldecision possible. Each chapter also contains countless examplesthat show you exactly how the author's checklist has helped himmake the right investment moves over the course of his successfulprofessional career.

Whether you're just starting out and thinking about what youwant to invest in, or already have a portfolio that you want tomanage more effectively, The Investment Checklist has the tools andinsights you need to improve your investment endeavors.

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