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The Financial Times Guide to Investing By Glen Arnold

The Financial Times Guide to Investing
by Glen Arnold

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The Financial Times Guide to Investing Summary

The Financial Times Guide to Investing: The Definitive Companion to Investment and the Financial Markets by Glen Arnold

'The most damaging half truth for savers is "performance matters more than expenses". Read this book carefully and the financial services industry will have one fewer easy victim, but you will have a sound base for a lifetime of successful investment.'
Martin White, Chair of UK Shareholders Association

This is one of those great big books to buy and then tuck away for constant reference. It's a tour through everything from managing a portfolio to establishing a fair intrinsic value for a share. If it moves in the world of investing, it's probably here.'

David Stevenson, 'Adventurous Investor' in the Financial Times

'Informative and easy to read, Glen Arnold has produced arguably the most comprehensive book there is today on stock market investing and one that unquestionably will give an edge to any retail investor. This is a must read for anyone serious about investing.'

Simon Thompson, Companies Editor, Investors Chronicle

The Financial Times Guide to Investing is the definitive introduction to the art of successful stock market investing. Bestselling author Glen Arnold takes you from the basics of what investors do and why companies need them through to the practicalities of buying and selling shares and how to make the most from your money. He describes different types of investment vehicles and advises you on how to be successful at picking companies, understanding their accounts, managing a sophisticated portfolio, measuring performance and risk and setting up an investment club.

The third edition of this investing classic will give you everything you need to choose your shares with skill and confidence. Thoroughly updated, this edition now includes:

- Comprehensive advice about unit trusts and other collective investments

- A brand new section on dividend payments and what to watch out for

- An expanded jargon-busting glossary to demystify those complex phrases and concepts

- Recent Financial Times articles and tables to illustrate and expand on case studies and examples

- Detailed updates of changes to tax rates and legislation as well as increases in ISA allowances and revisions to capital gains tax

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About Glen Arnold

Glen C. Arnold, PhD, runs his own equity portfolio and a property development company from his office in the heart of rural Leicestershire. He teaches at Schroders Investment Management and leads investing seminar days for private investors.

Glen is the author of the UK's number 1 investment book, The Financial Times Guide to Investing, as well as the investing classics, The Great Investors, The Financial Times Guide to Value Investing and Get Started In Shares. He has also written several market-leading university textbooks including Corporate Financial Management.

Table of Contents

What's new in the third edition



Chapter 1 What is investment?

Partnerships; Limited liability; Ordinary shares and extraordinary returns; Shareholder rights; A money-making machine; Dividends and retained earnings; What if I want to sell?; Primary and secondary markets; Bonds; Capital structure; Stocks and shares; Rights issues; Financial institutions; Be proud to be a capitalist!; A note of warning: investment and speculation

Chapter 2 The rewards of investment

Becoming a millionaire; Simple and compound interest; How well have investors fared in the past?; The importance of income; International comparison; Equities versus gilts; What about risk?; Closing comment; Further reading

Chapter 3 Stock markets

What is a stock market?; Brokers and market makers; Pricing - good old supply and demand; A short history of the London Stock Exchange; 'Big Bang'; The international scene; Variety of securities traded; The primary market; The secondary market; The Main Market(The Official List); The Alternative Investment Market; techMARK and the other MARKs; PLUS; Other trading facilities; Who owns UK shares?; The role of stock exchanges; Useful websites

Chapter 4 Buying and selling shares

Stockbroker services; Choosing a stockbroker; Finding prices; Getting the most out of websites; What happens when I buy or sell shares?; An alternative mechanism; A third trading system; What happens after dealing?; Ways of paying for your shares; Internet dealing; Transferring shares without brokers; Further reading


Chapter 5 Pooled investments

Unit trusts; Open-ended investment companies (OEICs); Exchange traded funds (ETFs); Investment trusts (investment companies); With-profits policies; Unit-linked policies; Insurance company bonds; Stock market-linked bonds; Money markets; Hedge funds; Fund supermarkets; Bringing home the significance of high fees

Chapter 6 Bonds

Gilts; Corporate bonds; Credit rating; High-yield (junk) bonds; Convertible bonds; Foreign bonds; Eurobonds

Chapter 7 Unusual share investment

Business angels; Venture capital and other private equity; Private equity categories; Overseas shares; Preference shares

Chapter 8 Options

What is a derivative?; What is an option?; Share options; Call option holders (call option buyers); Call option writers; An example of an option writing strategy; LIFFE share options; Put options; How to trade options; Using share options to reduce risk: hedging; Using options to reduce losses; Index options; Further reading; Websites

Chapter 9 Futures

Marking to market and margins; Settlement; Buying and selling futures; Universal stock futures (single stock futures)

Chapter 10 Spread betting, contracts for difference and warrants

Spread betting; Contracts for difference; Warrants; Covered warrants; Further reading; Websites


Chapter 11 Company accounts

Oh no! Not numbers again!; How to obtain reports; The report and accounts; Profit and loss account; Balance sheet; Cash flow statement; Chairman's statement; Chief executive's review; Director's report and business review; Auditors' report; Five-year summary; Trading statement; Further reading

Chapter 12 Key investment ratios and measures

From the financial pages; Performance ratios and measures; Financial health ratios and measures; Forward-looking measures; Further reading

Chapter 13 Some of the tricks of the accounting trade

Goodwill; Fair value; What was our revenue again?; Exceptional items; Stock (inventory) valuation; Depreciation; Capitalisation; Off-balance-sheet items; Share (stock) options; Other tricks; Concluding comment; Further reading

Chapter 14 Analysing industries

The competitive floor; The five competitive forces; Threat of entry; Intensity of rivalry of existing companies; The threat from substitutes ;Buyer (customer) power; Supplier power; Industry evolution; Concluding comments; Further reading

Chapter 15 The competitive position of the firm

The TRRACK system; What makes resources extraordinary?; Investment in resources; Leveraging resources and over-exploiting them; Concluding comments; Further reading


Chapter 16 Companies issuing shares.

New issues; Rights issues; Other equity issues; Scrip issues; Share buy-backs and special dividends

Chapter 17 Taxation and investors

Stamp duty; Tax on dividends; Capital gains tax; Interest-bearing instruments; Inheritance tax, Individual savings accounts; Personal pensions; Enterprise Investment Scheme; Venture capital trusts; Offshore investment

Chapter 18 Mergers and takeovers

Merger motives; Financing mergers; The rules of the takeover game; Who wins from mergers?; Final comment: Why do mergers fail?; Further reading

Chapter 19 Investor protection

Protecting investors from wayward financial service professionals; Regulation of markets; Regulating of companies; Self-protection

Chapter 20 Measuring performance: indices and risk

Indices; Risk; Diversifiable risk; Websites; Further reading

Chapter 21 Investment clubs

How to set up a club; The unit valuation system; Bank account; Brokers; Tax; Further reading


Additional information

The Financial Times Guide to Investing: The Definitive Companion to Investment and the Financial Markets by Glen Arnold
Glen Arnold
The FT Guides
Used - Very Good
Pearson Education Limited
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
This is a used book - there is no escaping the fact it has been read by someone else and it will show signs of wear and previous use. Overall we expect it to be in very good condition, but if you are not entirely satisfied please get in touch with us.