Value Investing: From Graham to Buffett and Beyond

ISBN-13: 9780470116739 / Angielski / Twarda / 2020 / 464 str.

Bruce C.N. Greenwald;Barbara Kiviat

Opis

Beat the market with the tips and techniques from the best value investors in the world The classic, seminal work in the field, Value Investing has been updated in a new, second edition to include the latest trends and a close look at some of the emerging investors who continue in the value investing tradition of Ben Graham and Warren Buffett. Featuring an exploration of the history of value investing and those that brought this investment approach to the fore, you will also discover the real-world techniques you can use to propel your own portfolio using a sound, proven approach to discovering value. In the modern era, investors are increasingly caught up in so-called hot tips, can't-miss startups, excessive optimism, and short-term speculation. Value investing is the antithesis to these short-sighted approaches, and stresses what Ben Graham--the father of value investing--referred to as the 'margin of safety' when describing the gap between an equity's price and its value.

• Provides an overview of the techniques of value investing as practiced by some of the greatest value investors of all time
• Includes an exploration of the history of value investing, including an explanation of underlying principles and successful execution of value investing techniques
• Features updates in the new edition that include an analysis of the investment returns of value investing versus growth strategies
• Offers profiles of some of the emerging players in the field of value investing, including Andrew Weiss, Joel Greenblatt, Mason Hawkins, and Bill Nygren

Value Investing, Second Edition is your guide to implementing value investing principles in your own portfolio, complete with a look at the approaches used by the best value investors past and present.

Spis treści

Dedication vAcknowledgments ixIntroduction xi1 Value Investing: Definitions, Distinctions, Results, Risks, Principles 12 Searching for Value: Finding the Right Side of the Trade 173 Valuation in Principle, Valuation in Practice 414 Valuing the Assets: From Book Value to Replacement Costs 71Example One: Hudson General 915 Earnings Power Value 103Example Two: Magna International 1236 Growth 1417 "Good" Businesses 1618 The Valuation of Franchise Stocks 187Appendix to Chapter 8: Return Calculations for Franchise Businesses 217Example Three: WD-40 231Example Four: Intel 2539 Research Strategy 30110 Risk Management and Building Portfolios 321Investor Profiles 339Warren Buffett 343Robert H. Heilbrunn 375Walter and Edwin Schloss 381Mario Gabelli 393Glenn Greenberg 395Paul Hilal 399Jan Hummel 403Seth Klarman 407Michael Price 411Thomas Russo 415Andrew Weiss 419Index 423

O autorze

BRUCE C. GREENWALD was Founding Director of the Heilbrunn Center for Graham and Dodd Investing at Columbia Business School from 2001 until his retirement in 2019. In addition to training thousands of students in the mysteries of value investing, he taught oversubscribed courses on the economics of business strategy and globalization. His book Competition Demystified, published in 2005, is still in print. He has also been Chairman of Paradigm Capital Management since its founding in 2007 and the Director of Research at First Eagle Funds from 2007-11, serving as a senior advisor since.JUDD KAHN is currently a partner in Davidson Kahn Capital Management. He started his professional career as a historian, worked as a consultant and financial executive, and has been involved in investment management since 2000. He has a doctorate in history from UC Berkeley.ERIN BELLISSIMO is the Managing Director of Notre Dame's Institute for Global Investing. She was a founding director of Columbia's Heilbrunn Center, has worked in hedge funds and banking, and sits on the board of Girls Who Invest. She has a BSBA from Bucknell and an MBA from the Wharton School at the University of Pennsylvania.MARK COOPER is CIO and Co-founder of MAC Alpha Capital Management and an adjunct professor at Columbia Business School. He previously worked at First Eagle Investment Management, PIMCO, Omega Advisors, Pequot Capital, and JPMorgan. He holds an MBA from Columbia Business School and a SB from MIT.TANO SANTOS is the David L. and Elsie M. Dodd Professor of Finance and the Faculty Director of Columbia's Heilbrunn Center. He has succeeded Bruce Greenwald as the professor teaching the value investing course. He has a doctorate in economics from the University of Chicago.