Details

Value Investing

From Graham to Buffett and Beyond
Wiley Finance, Band 396 2. Aufl.

von: Bruce C. Greenwald, Judd Kahn, Erin Bellissimo, Mark A. Cooper, Tano Santos
14,99 €
Verlag:	Wiley
Format:	PDF
Veröffentl.:	04.11.2020
ISBN/EAN:	9781118220085
Sprache:	englisch
Anzahl Seiten:	464

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Beschreibungen

Titelbeschreibung

Explore the modern extension of value investing in this essential text from "the guru to Wall Street’s gurus" The substantially rewritten Second Edition of Value Investing: From Graham to Buffett and Beyond delivers an incisive and refined approach to investing grounded on almost 100 years of history, beginning with Graham and Dodd. Founded on the value investing course taught for almost twenty-five years by co-author Bruce Greenwald at Columbia Business School, the book helps investors consistently land on the profitable side of the trade. Readers will learn how to search for underpriced securities, value them accurately, hone a research strategy, and apply it all in the context of a risk management practice that mitigates the chance of a permanent loss of capital. The new edition includes: <ul> <li>Two innovative new chapters discussing the valuation of growth stocks, a perennial problem for investors in the Graham and Dodd tradition</li> <li>New profiles of successful investors, including Tom Russo, Paul Hilal, and Andrew Weiss</li> <li>An extended discussion of risk management, including modern best practices in an environment where it is often divorced from individual security selection</li> </ul> A substantive expansion of an already highly regarded book, Value Investing: From Graham to Buffett and Beyond is the premier text discussing the application of timeless investing principles within a transformed economic environment. It is an essential resource for portfolio managers, retail and institutional investors, and anyone else with a professional or personal interest in securities valuation and investing. Successful value investing practitioners have graced both the course and this book with presentations describing what they really do when they are at work. Find brief descriptions of their practices within, and video presentations available on the web site that accompanies this volume: <a href="http://www.wiley.com/go/greenwald/valueinvesting2e" target="_blank">http://www.wiley.com/go/greenwald/valueinvesting2e</a>

Inhaltsverzeichnis

Dedication v Acknowledgments ix Preface xi Introduction xi 1 Value Investing: Definitions, Distinctions, Results, Risks, Principles 1 2 Searching for Value: Finding the Right Side of the Trade 17 3 Valuation in Principle, Valuation in Practice 41 4 Valuing the Assets: From Book Value to Replacement Costs 71 Example One: Hudson General 91 5 Earnings Power Value 103 Example Two: Magna International 123 6 Growth 141 7 “Good” Businesses 161 8 The Valuation of Franchise Stocks 187 Appendix to Chapter 8: Return Calculations for Franchise Businesses 217 Example Three: WD-40 231 Example Four: Intel 253 9 Research Strategy 301 10 Risk Management and Building Portfolios 321 Investor Profiles 339 Warren Buffett 343 Robert H. Heilbrunn 375 Walter and Edwin Schloss 381 Mario Gabelli 393 Glenn Greenberg 395 Paul Hilal 399 Jan Hummel 403 Seth Klarman 407 Michael Price 411 Thomas Russo 415 Andrew Weiss 419 Index 423

Autorenportrait

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.

Back cover copy

PRAISE FOR VALUE INVESTING “The first edition of Value Investing was instantly recognized as a classic. The value investing style was out of favor in 2001 when that first edition came out, as it is now. The reversal that followed was swift and brutal for those who had abandoned the time proven strategies of value investing. This edition, revised and updated, with much new content, is even better. Buy it. Study it. Profit from it.” —Bill Miller, Founder, Chairman, and Chief Investment Officer, Miller Value Partners “Since the Global Financial Crisis, and especially thus far in 2020, ‘growth investing’ has significantly outperformed ‘value.’ Some say value investing is dead, while others say the success of growth investing has been driven by recent good company performance and a virtuous circle stemming from the rise in passive investing. It’s important to adapt to changes in the world but just as important not to lose track of the time-tested principles regarding what makes for good underlying value in an investment. This book is an invaluable guide to an approach that investors must comprehend regardless of which side of the fence they stand on.” —Howard Marks, Co-chairman and Co-founder, Oaktree Capital Management; author, Mastering the Market Cycle: Getting the Odds on Your Side