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Get Started in Shares Trading for the First-Time Investor

by: Arnold, Glen

Get Started in Shares Trading for the First-Time Investor

by: Arnold, Glen

ISBN 13:
9780273771227
ISBN 10:
0273771221
Edition: 1st
Format: Paperback
Copyright: 03/19/2013
Publisher: Ft Pr

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Get Started in Shares Trading for the First-Time Investor > ISBN13: 9780273771227

Summary

Buying and selling shares can be fun and profitable for everyone. Written by the UK's most successful writer on investing, Get Started in Shareswill show you how to apply some of the basic principles of buying and selling shares. This is a simple, straightforward guide to the mysteries of investing that assumes no prior knowledge and will build up your understanding of investing in a series of easy steps. It explains in very clear and simple terms what shares are, how they are traded and what to look out for as an owner of shares.

Author Biography

Glen Arnold is the author of Corporate Financial Management, now in its 4th edition, Financial Times Guide to Value Investing 2e, The Handbook of Corporate Finance, FT Guide to Investing, 2e, The FT Guide to the Financial Markets and The Great Investors. FT Guide to Investing is the most successful book in the personal finance section of Total Consumer Market by value.

Acknowledgements

About the author

List of acronyms

Preface

1 The thrill of owning shares

Imagine being the owner of some great companies

How to become a millionaire

Returns over the decades

International comparison

Comparing the returns on other investments

2 Businesses and shares

What is a share?

Why do we need shares?

Partnerships and liability

Directors are not the same as owners

Some more on ordinary shares

It’s easy to create shares

Authorised, issued and par values

Public, private and listed

No right to vote

Parents and groups

Primary versus secondary markets

3 What you receive from the company

A flow of cash income

How much is paid?

When do I get paid?

Downloading data on dividends for a company

Dividend yield

Capital gains (and losses)

Share buy-backs and special dividends

Perks

4 What do stockbrokers do?

They are not posh anymore

Types of broker

Setting things up with a broker

Execution-only (or dealing-only) service

Advisory dealing service

Discretionary service

Choosing a stockbroker

Instructions and instructions

Ways of paying for your shares

Internet dealing

Transferring shares without brokers

5 What happens once you have decided to trade?

Older ways of trading

Quote-driven trading

Order-driven trading

So which system is best?

Clearing

Settlement

Alternatives to SETS in London

After the deal

The advanced stuff – direct market access

6 What do stock markets do?

A worldwide phenomenon

Shifts in stock exchanges

A fair market

The main benefits of a well-run stock exchange

The London Stock Exchange (LSE)

The London Stock Exchange primary market

The secondary markets

The Alternative Investment Market (AIM)

PLUS

7 Sifting out the important stuff on the internet

What the company puts out

Newspaper websites

Financial websites

Financial website navigation, step by step

Director’s dealings

Trading online

8 Preference, foreign and golden shares

Preference shares

Overseas shares

Golden shares

9 What drives share prices?

Business is business, regardless of scale

A multiplicity of factors

Economic growth

Inflation and interest rates

Export potential and currency shifts

Change in the industry

Government actions

Social trends

The anticipation machine

Don’t do the following

10 Assessing a company

Investors versus speculators

Assessing an industry

Competitive resource analysis

The TRRACK system

Quality of management

11 Profits and balance sheets

The future is the focus, the past gives us clues

Profit and loss account

Balance sheet

Chairman’s statement

Chief executive’s review

Directors’ report and business review

Auditor’s report

Five-year summary

Trading statements

12 Cash flow and key ratios

Cash flow statement

Key ratios and measures

13 Measuring risk

The greatest risk of all

Diversification – the nearest thing to a free lunch in investing

Volatility

Correlation

Beta and alpha

Some more types of risk

Great investors’ views on risk

14 Companies selling shares to outsiders

Can be good, but be cautious

The sponsor

The prospectus

Finding out about new issues

Underwriting

The role of the corporate broker

Methods of flotation

How does an AIM flotation differ from one on the Official List?

After flotation

15 Seasoned equity offerings

Rights issues

Illustration of a rights issue

Other equity issues

Splits and consolidations

16 Stock market indices

How are indices calculated?

The major UK market indices

Venturing abroad – international indices

Other important indices

17 Taxation

Stamp duty

Tax on dividends

Capital gains tax (CGT)

Individual savings accounts (ISAs)

Personal pensions

Tax benefits of investing in AIM companies

Be a cheerful giver: get the taxman to give away money too!

18 Regulation of the markets

Scams

UK regulation

The Financial Conduct Authority (FCA)

Be reassured, but take precautions

Notes

Index

Supplemental Materials

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