The definitive companion to investment and the financial markets
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1 The definitive companion to investment and the financial markets Second edition Glen Arnold Financial Times Prentice Hall is an imprint of Harlow, England London New York Boston San Francisco Toronto Sydney Singapore Hong Kong Tokyo Seoul Taipei New Delhi Cape Town Madrid Mexico City Amsterdam Munich Paris Milan
2 Contents Foreword/xix What's new in the second edition /xxi Introduction / xxiii Investment basics 1 What is investment? / 3 Partnerships / 4 Limited liability / 5 Ordinary shares and extraordinary returns / 6 Shareholder rights / 7 A money-making machine / 8 Dividends and retained earnings /9 What if I want to sell? /10 Primary and secondary markets /11 Bonds/12 Capital structure /13 Stocks and shares /13 Rights issues /14 Financial institutions /15 ' Be proud to be a capitalist! /18 A note of warning: investment and speculation /19 2 The rewards of investment / 21 Becoming a millionaire / 22 Simple and compound interest / 23
3 xii The Financial Times Guide to Investing How well have investors fared in the past? / 24 The importance of income/26 International comparison / 28 Equities versus gilts / 29 What about risk? / 29 Closing comment / 31 Further reading / 33 3 Stock markets / 35 What is a stock market? / 36 Brokers and market makers / 37 Pricing: good old supply and demand / 38 A short history of the London Stock Exchange / 39 'Big Bang'/40 The international scene / 42 Variety of securities traded / 42 The primary market / 43 - The secondary market/46 The Main Market (The Official List) / 47 The Alternative Investment Market / 52 techmark and the other MARKs / 55 PLUS/ 56 Other trading facilities / 59 Who owns UK shares? / 59 The role of stock exchanges / 61 Useful websites / 62 4 Buying and selling shares / 63 Stockbroker services / 64 Choosing a stockbroker / 68 Finding prices and other information / 71 Getting the most out of websites / 72 What happens when I buy or sell shares? / 80 An alternative mechanism / 86 A third trading system / 88 What happens after dealing? / 89
4 Contents Ways of paying for your shares / 93 Internet dealing / 93 Transferring shares without brokers / 96 Further reading/97 The investment spectrum 5 Pooled investments /101 Unit trusts /103 Open-ended investment companies (OEICs) /116 Exchange traded funds (ETFs) /117 Investment trusts (investment companies) /120 With-proftts policies /129 Unit-linked policies /139 insurance company bonds /143 Stock market-linked bonds /144 Money markets /147 Hedge funds /149 Fund supermarkets /151 Bringing home the significance of high fees /153 6 Bonds/161 Gifts /163 Corporate bonds /170 Credit rating/174 High-yield (junk) bonds /175 Convertible bonds /177 Foreign bonds /179 Eurobonds /179 7 Unusual share investments /185 Business angels /187 Venture capital and other private equity /188 Private equity categories /192 Overseas shares /195 Preference shares /198
5 The Financial Times Guide to Investing 8 Options / 201 What is a derivative? / 202 What is an option? / 203 Share options / 204 Call option holders (call option buyers) / 205 Call option writers / 209 An example of an option writing strategy / 210 LIFFE share options/211 Put options / 214 How to trade options / 215 Using share options to reducerisk:hedging / 215 Using options to reduce losses / 216 Index options / 218 Further reading/220 Websites/ Futures / 223 Marking to market and margins / 227 Settlement / 230 Buying and selling futures / 233 Stock futures (single stock futures) / Spread betting, contracts for difference and warrants / 237 Spread betting/238 Contracts for difference / 242 Warrants / 244 Covered warrants / 245 Further reading / 248 Websites/ 248 Company analysis 11 Company accounts / 251 Oh no! Not numbers again! / 254 How to obtain reports / 255
6 Contents The report and accounts / 256 Profit and loss account/259 Balance sheet / 264 Cash flow statement / 268 Chairman's statement/273 Chief executive's review / 274 Directors' report and business review / 274 Auditors' report / 275 Five-year summary / 276 Trading statements / 277 Further reading/ Key investment ratios and measures / 279 From the financial pages / 281 Performance ratios and measures / 290 Financial health ratios and measures / 297 Forward-looking measures / 300 Further reading/ Tricks of the accounting trade / 307 Goodwill/ 311 Fair value/315 VWiat was owr revenue again? / 319 Exceptional items / 320 Stodc (inventory) valuation/321 Depreciation/ 322 Capitalisation / 324 Off-balance sheet items / 325 S^iare (stock) options / 329 Other tricks/330 Concluding comment / 330 Further reading / Analysing industries / ze competitive floor / 334 TYze /zve competitive forces / 335
7 The Financial Times Guide to Investing Threat of entry/ 338 Intensity of rivalry of existing companies / 341 The threat from substitutes / 344 Buyer (customer) power / 344 Supplier power / 346 Industry evolution / 347 Concluding comments / 353 Further reading / The competitive position of the firm / 355 The TRRACKsystem/357 What makes resources extraordinary? / 368 Investment in resources / 373 Leveraging resources and over-exploiting them / 374 Concluding comments / 376 Further reading / 3 77 Managing your portfolio 16 Companies issuing shares / 381 New issues / 382 Rights issues/397 Other equity issues / 405 Scrip issues / 410 5ftare buy-backs and special dividends / Taxation and investors / 415 Stamp dirty/416 Tfl^ o«dividends / 417 Capital gains tax / 418 Interest-bearing instruments / 420 Inheritance tax / 420 Individual savings accounts / 421 Personal pensions / 423 Enterprise Investment Scheme / 427
8 \ Contents xwii Venture capital trusts / 428 Offshore investment / Mergers and takeovers / 431 Merger motives / 432 Financing mergers / 437 The rules of the takeover game / 441 Who wins from mergers? / 450 Final comment: Why do mergers fail? / 451 Further reading / Investor protection / 453 Protecting investors from wayward financial services professionals / 454 Regulation of markets / 463 Regulation of companies / 463 Self-protection / Measuring performance: indices and risk / 467 Indices/ 468 Risk/472 Diversifiablerisk / 475 Websites/ 480 Further reading / Investment clubs / 483 How to set up a club / 484 The unit valuation system / 485 Bank account/486 Brokers/ 486 Tax/48 7 Further reading / 487 Glossary / 489 List of useful Internet addresses / 571 Index / 577
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