Almost a year after the release of "Determinants of Wealth"In Kindle format, this work is now also available in paperback. At the same time, it has been enriched with a few paragraphs and updated.
This is my blogger friend Thomas Aurlant, The (very) Private Investor, who rightly advised me to publish a paper version, in order to stand out from the mass of low-end works found in Kindle format.
I must admit that the Paperback format is more in line with the content of the book, which is intended to be serious and rigorous.
You can purchase it on Amazon at clicking here.
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That's good: I admit that I'm more of a "paper book" person than an "e-book" person, for reference writings in any case.
I will order this book, which will enrich (the word is probably appropriate) my library advantageously. And in addition, it will allow me to support, admittedly very modestly, an author who shares a lot. Thank you Jérôme.
Thank you Laurent for your support and loyalty.
Reading your book is enjoyable and very interesting. Thank you for writing it.
Thank you Laurent!
What a great accomplishment, well done! A physical book is always more prestigious, despite the environmentalists, and at least you see it in a library 😉
I look forward to receiving it and seeing the “updates”.
Thank you Jerome. It's silly and I've already said it, but through your site and the various exchanges, I find that it allows me to remain lucid in my investment reflections without being unnecessarily proactive in search of the new trendy investment, like "gamestop". I think that buying your book is also thanking you for the wealth of information freely available on your site, thank you for your enormous work!
Thank you AGU to you too for your support and loyalty.
Please feel free to give me feedback on this work, I'm interested.
Nice and good idea. Would you have added the technical terms of valuations in English in addition to the French ones? It's a challenge for me.. everything is in English online and I'm not sure of the equivalences. In any case it is on the purchase list (without price limit for the day ..)
I'm following up on the previous post. I was thinking about cantonal banks. Thanks for all this info. I did a quick review of the institutions mentioned. I looked at the price to book, a typical criterion for valuing banks apparently, in addition to the div. yield, payout ratio and dividend growth over 5 years.
Valiant. div. yield 5.3%, payout ratio not available.., 5-year dividend growth 9.3%, price to book 0.62
Bern: 4.0%, 54% (payout), 7.6%, 0.77
Vaud: 3.7%, 85%, 29%,2.42… very expensive Price to book.
Glarus: 3.5%, 48%, 12.8%, 1
Valais: 3.2%, 48%, 6.7%, 1.15
Lucerne: 3%, 50%, 2.58%, 1.18
Grison: 2.6%, 57%, 3.8%: 1.4
Geneva: 2.3%, 25%, 8.4%, 0.67
Size: 2.1%, 84%, 4.6%, 1.4
Note that the ROE of Valiant, Bern and Zug is 5+ When the others are 6 & 7 and Vaud is 9.8%!
All probably cheaper today than yesterday..
Yes, the valuation terms are indicated in French and English (this was already the case on the Kindle version).
Regarding ROE I am not a big fan of it. It may simply be inflated because the company is more indebted…
@Jerôme: congratulations on your paperback!
@Soon:
Cantonal banks are difficult to compare because they are full of specificities that cannot always be quantified (e.g. cantonal guarantee or not, diversification, online presence, etc.).
The PBR is a good start but ultimately it doesn't really say much... As one might expect, it is generally low among mediocre students (e.g. Basel) and high among the best (e.g. Vaud).
As Jerome said, the ROE is tricky because it depends on the debt and the strength of the equity ("Kernkapitalquote"). For example, the ROE is not great for Grisons, but that is simply explained by the fact that it is the cantonal bank with the highest equity!
Another very interesting criterion is "cost efficiency", a ratio that is not easy to find on the internet. I am not sure that this is the exact term in French (in German: Kosteneffizienz = cost-performance ratio). This ratio shows you the bank's cost control. For example, it is very high (= bad) for Basel and Geneva. The lowest ratio is at Zug. The worst ratios are of course those of the big banks (CS and UBS).
Finally, be careful with the raw figures available on most sites, they are full of mistakes and do not take into account certain particularities (e.g. dividend partly exempt from taxes). In the figures you give, for example, the growth of the BCV dividend is not 29%: it went from 3.3 in 2015 to 3.6 in 2020 (you probably found data that does not take into account the stock split). Similarly, Zug's dividend is 3.3% and not 2.1%, etc.
Thank you, brother.
What a lynx eye!
Good morning,
My name is Matthieu and I have already read your site at length 🙂!
And it's an understatement to say that I still have a lot left ahahahha! Bravo for the wealth of information. I was able to bounce back from a post from another Internet user who wanted to open his company with an investment portfolio with a shareholder loan (for those who are interested).
I also wanted to thank you for this "gold" mine, if you can call it that ahah. Since it is a safe haven.
I also bought your book and I am looking forward to receiving it, to learn more things and to continue to invest because thanks to you, because I had this "courage" and this trigger thanks to your site.
Thank you again.
Best regards.
Matthew
Thank you Matthieu and enjoy reading the site and the book!
Looking forward to reading you again
Hi Jerome,
My request will seem a little strange to you ahaha…
But since I am in Switzerland myself, I wanted to buy via Amazon as indicated, but I still have not received the book. I received an email from them today, announcing the refund of the book… So I have not had the opportunity to read it.
Is it possible for you to send it to my address directly or how should I proceed?
Maybe I'll let you answer me by email.
Best regards.
Matthew
Hi Matthew
So that's very curious... I don't have any stock at home, apart from an edition for me that I ordered and which arrived without any problem.
Can you tell me the reason given by Amazon and which edition you ordered (black/white or normal edition):
https://www.amazon.fr/s?k=les+d%C3%A9terminants+de+la+richesse&__mk_fr_FR=%C3%85M%C3%85%C5%BD%C3%95%C3%91&ref=nb_sb_noss_1
I had no reason…
They wrote to me saying that I had returned the book.
Well, I'll try to recommend...
Ok, I hope it will work this time :)
ok thanks for the purchase!
So I had it delivered to France…
I hope so too… otherwise I will have to “fall back” on the Kindle version… but it will be with “regrets” ahah…
I will keep you informed 🙂 !!
Because I think I will have questions ^^
See you soon, Matthieu