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The Forbes/CFA Institute Investment Course: Timeless Principles for Building Wealth


"Janjigian, Horan, and Trzcinka have created an essential andsuperbly written guide to the timeless principles of investing, one free of thejargon and clichés that make so many of these books such a bother to read.This course offers a rock-solid foundation on which to build wealth."—Ian Bremmer, President, Eurasia Group, andauthor of The End of the Free Market

"This commonsense book is a splendid introduction for the novice investoras well as a great review manual for the seasoned pro. Both should pin Chapter 13,'Rules of Thumb and Key Phrases,' on their walls and read it once a day!"—Dr. A. Gary Shilling, President,A. Gary Shilling & Co., Inc., Economic Consultants

"Vahan Janjigian is one of the most thoughtful investors in the market today.The Forbes/CFA Institute Investment Course is a perfect blend of hisexperience and natural teaching ability.?I recommend it to anyone who isinterested in gaining a better understanding of investing in a complex world."—Jack Ablin, Chief Investment Officer, Harris Private Bank

"If I had studied this book years ago, I might now have theproblem of when to count my winnings. No, make that earnings, becausethis book takes the gamble out of building wealth. It helps you earn it,and helps you help others earn it, the old fashion way."—Bob McTeer, Distinguished Fellow, National Center forPolicy Analysis; former president, Federal Reserve Bank of Dallas;former chancellor, Texas A&M University System

VAHAN JANJIGIAN is Chief Investment Officer at Greenwich Wealth Management, LLC, a SEC registered investment advisor. He is a Forbes magazine columnist and Editor of the Forbes Special Situation Survey, widely regarded as one of the best performing investment newsletters. He previously served on the faculties of several leading universities. He is a frequent guest on popular television and radio business programs and is the author of Even Buffett Isn't Perfect.

STEPHEN M. HORAN is the head of professional educational content for CFA Institute and specializes in private wealth management. Prior to joining CFA Institute, he?was a professor of finance at St. Bonaventure University, principal of Alesco Advisors LLC, and a financial analyst and forensic economist in private practice. He is editor of Private Wealth: Wealth Management in Practice and the author of numerous articles in leading peer-reviewed journals. Dr. Horan isa frequent columnist in the Financial Times.

CHARLES TRZCINKA is the James W. & Virginia E. Cozad Chair in Finance at the Kelley School of Business, Indiana University, Bloomington. Previouspositions have included the faculties of SUNY Buffalo and New York University; director of the

U.S. Commerce Department's MBA program in thePeople's Republic of China; and senior economist with the United States Securities and Exchange Commission.



Chapter 1 Building Capital.

The Role of the Stock Market in Building Wealth.

Determining Your Financial Position.

Your Financial Inventory Guide.

Personal Balance Sheet Example.

Investment Margin.

Defining Your Goals.

Return Requirements.

Risk Profile.

Life Cycle and the Risk/Return Mix.

Other Considerations.

Asset Classes.

Asset Allocation.

An Example of Asset Allocation.

Active versus Passive Investing.


Dollar Cost Averaging.

How Dollar Cost Averaging Works.

Ideal Investments for Dollar Cost Averaging.

Chapter 1 Takeaways.

Chapter 2 How Securities Markets Function.

The Role of Securities Markets.

The Securities Exchanges.

Over-The-Counter Markets.



Stock Quotes.

The Third Market.

Other Markets.

How the NYSE Operates.

How NASDAQ Operates.

From SOES to SuperMontage.

OTC Bulletin Board and Pink Sheets.

How the ECNs Operate.

Crossing Systems.

Electronic versus Floor Trading.



Chapter 2 Takeaways.

Chapter 3 Selecting a Broker and Trading.

Structure of a Brokerage Firm.

Activities of a Brokerage Firm.

Services Offered by all Brokers.

Full-service versus Discount Brokers.

Online Brokers.

Choosing a Brokerage Firm.


Direct Purchase of Securities.

Placing Orders.

Odd-lot Trading.


Transaction Example.


Stock Symbols and the Ticker Tape.

Questions to Ask Your Broker.

Chapter 3 Takeaways.

Chapter 4 Tax-favored Investment Strategies.

Capital Gains and Dividends.

Traditional IRAs.

Roth IRAs.

401(k) Plans.

Education Savings Accounts and 529 Plans.

Other Pension Plans.

Mutual Funds and Taxes.

Using Tax-advantaged Accounts.

Chapter 4 Takeaways.

Chapter 5 Reading Financial Statements.

Income Statements.

Balance Sheet.

Making Sense of the Numbers.

Profitability Ratios.

Asset Utilization Ratios.

Leverage Ratios.

Revisiting ROE.

Liquidity Ratios.

Market Multiples.

Look Beyond the Numbers.

Read the Footnotes.

Can You Trust Financial Statements?

Chapter 5 Takeaways.

Chapter 6 Sources for Investment Information.

Where to Obtain Information.

Securities and Exchange Commission.

Earnings Releases and Regulation Fair Disclosure.

Investment Brokers and Dealers.

Can You Trust Brokerage House Reports?

Investment Newsletters and Other Publications.

Corporate Reports.

Reading the Annual Report.

Government Reports.

Chapter 6 Takeaways.

Chapter 7 Common Stocks and Economic Indicators.

Another Look at the Balance Sheet.

Why Common Shares Have Value.

Macroeconomic Factors.

Industry Specific Factors.

Other Barometers.

Evaluating Data.

Chapter 7 Takeaways.

Chapter 8 Fundamental Analysis.

Investing Versus Trading.

Passive Investing.

Active Investing.

Business Focus.

Industry Outlook.

Company Status.

Major Trends.

Earnings History and Outlook.


Price-Earnings and Price-Book Ratios Revisited.

Discounted Cash Flow.

Evaluating Management.

Some Final Thoughts on fundamental Analysis.

Chapter 8 Takeaways.

Chapter 9 Technical Analysis.

The Value of Charts.

Reading Charts.

Dow Theory.

Head and Shoulders.

Support and Resistance Levels.

Trading Ranges.

Break-away Gaps.

The Importance of Volume.

Other Technical Indicators.

Time to Grow Bullish.

Chapter 9 Takeaways.

Chapter 10 Fixed- Income Securities.


Understanding Bonds.

Understanding Bond Prices.

Bond Prices and Interest Rates.

Call Feature.

Credit Quality of Bonds.

Other Issues Concerning Bonds.

How to Buy Bonds.

Money-market Securities.

Preferred Stock.

Understanding Preferred Stock.

Tax Treatment.

Trust Preferred Securities.

Final Thoughts on Bonds and Preferred Stocks.

Chapter 10 Takeaways.

Chapter 11 Derivatives.

Defining Derivative Instruments.


Spot Asset.

The Future's Market.



Stock Index Futures.

Single Stock Futures.


Definition of Options.

Options Markets.

Important Terms to Know.

Listed Options.

What an Option is Worth.


To Sell or to Exercise.

Some Popular Option Strategies.

A Warning about Naked Option Writing.

Chapter 11 Takeaways.

Chapter 12 Mutual Funds.

An Investment Company.

Closed-end or Open-end.

A Short History of the Mutual Fund Industry.

Categories of Mutual Funds.

Advantages of Mutual Funds.

Disadvantages of Mutual Funds.

Mutual Fund Expenses.

How to Choose a Fund.

Some Final Thoughts about Mutual Funds.

Hedge Funds.

Chapter 12 Takeaways.

Chapter 13 Rules of Thumb and Key Phrases.

Final Comments.

Suggested Readings.

About the Authors.