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<p>Foreword xiii</p> <p>Preface xv</p> <p><b>Chapter 1 Master of the Market Cycle 1<br /></b>Howard Marks, <i>Oaktree Capital Management</i></p> <p>From Equity to Credit 6</p> <p>A Priority on Avoiding Losses 10</p> <p>The Pendulum Swing 14</p> <p>The Negative Art of Investing 17</p> <p>Nobody Knows 20</p> <p><b>Chapter 2 Free to Choose in Value Land 24<br /></b>Walter Schloss, <i>Walter & Edwin Schloss Associates</i></p> <p>Living through the Great Depression 28</p> <p>The Meaning of Survival 31</p> <p>Net-Nets 32</p> <p>Setting the Right Pace 36</p> <p>Know Thyself 39</p> <p><b>Chapter 3 Once Upon a Time on Wall Street 42<br /></b>Irving Kahn, <i>Kahn Brothers Group</i></p> <p>Becoming Graham’s Disciple 48</p> <p>Preaching Value 51</p> <p>A Centenarian Diet 56</p> <p><b>Chapter 4 The Making of a Contrarian 59<br /></b>Thomas Kahn, <i>Kahn Brothers Group</i></p> <p>A Modified Graham Approach 64</p> <p>The Case for Obscure Securities 69</p> <p>Market Reflection 72</p> <p><b>Chapter 5 On the Shoulders of Value Giants 75<br /></b>William Browne, <i>Tweedy, Browne Company</i></p> <p>A Valuable Detour 81</p> <p>Statistics and Beyond 82</p> <p>Setting a Global Standard 85</p> <p>The Social Science of Investing 88</p> <p>The Market Ahead 91</p> <p><b>Chapter 6 A Journey to the Center of Value 94<br /></b>Jean-Marie Eveillard, <i>First Eagle Funds</i></p> <p>Valley of Tears 99</p> <p>The Inefficient Market 101</p> <p>The Meaning of Value 105</p> <p>The Courage to Say No 108</p> <p>Seeking Protection 110</p> <p><b>Chapter 7 The Self-Taught Value Spaniard 114<br /></b>Francisco García Paramés, <i>Cobas Asset Management</i></p> <p>On a Solo Value Hunt 119</p> <p>Investing Made Simple 122</p> <p>Austrian Economics and the Market 125</p> <p>A Global Rebalancing 129</p> <p><b>Chapter 8 The Law of Value Attraction 133<br /></b>Álvaro Guzmán de Lázaro and Fernando Bernad Marrase, <i>AzValor Asset Management</i></p> <p>A Value Cross-Path 137</p> <p>A Value Reunion 141</p> <p>The Art of Concentration 144</p> <p>The A to Z of Value 148</p> <p><b>Chapter 9 The Odyssey of a Value Broker 151<br /></b>Philip Best, <i>Quaero Capital S.A.</i></p> <p>Establishing the Best Contacts 157</p> <p>Acquiring the Best Techniques 162</p> <p>Investing Off the Beaten Path 164</p> <p>A Sustainable Investment Platform 168</p> <p><b>Chapter 10 The Income-Conscious Englishman 173<br /></b>Anthony Nutt, <i>Jupiter Asset Management</i></p> <p>A Victorian Mindset 178</p> <p>Finding the Right Investment Culture 181</p> <p>Trusting Only Tangible Income 184</p> <p>The Courage to Keep Going 188</p> <p><b>Chapter 11 The Frequent Value Traveler 190<br /></b>Mark Mobius, <i>Mobius Capital Partners</i></p> <p>Reading between the Minds 195</p> <p>Thinking Big and Small 197</p> <p>Trouble is Opportunity 200</p> <p>Feeling the Market 205</p> <p><b>Chapter 12 The Value-Oriented Businessman 208<br /></b>Teng Ngiek Lian, <i>Target Asset Management</i></p> <p>Learning the Numbers 211</p> <p>The Art of Contrary Thinking 214</p> <p>Targeting Good Businesses in Asia 217</p> <p>The Relativity of Valuation 219</p> <p>A Value Lifestyle 222</p> <p><b>Chapter 13 Value Investing in the Lost Decade 225<br /></b>Shuhei Abe, <i>SPARX Group</i></p> <p>A Musical Beginning 230</p> <p>Breaking the Language Barrier 232</p> <p>Learning from the West 232</p> <p>The Evolution of SPARX 235</p> <p>Building a Westernized Asia 238</p> <p>Searching for Value 239</p> <p><b>Chapter 14 Eternal Sunshine of the Value Mind 243<br /></b>V-Nee Yeh, <i>Value Partners Group</i></p> <p>A Multidisciplinary Path 246</p> <p>Seeking a Comfortable Price 250</p> <p>Finding a Value Partner 251</p> <p>Spotting Value Minds 255</p> <p>Becoming a Man of Value 257</p> <p><b>Chapter 15 The Formless Value Deal Maker 260<br /></b>Kin Chan, <i>Argyle Street Management Ltd.</i></p> <p>Navigating in the Slum 266</p> <p>Specializing in Distressed Investing 269</p> <p>An Atypical Investment Structure 271</p> <p>The Rise of the “Can’t Do” Spirit 276</p> <p><b>Chapter 16 The Accidental Value Investor 279<br /></b>Cheah Cheng Hye, <i>Value Partners Group</i></p> <p>Starting an Investment Hobby Shop 286</p> <p>Building a Value Temple 288</p> <p>An Industrialized Process 291</p> <p>A Value March Forward 295</p> <p><b>Chapter 17 The Making of a Value Investor 298</b></p> <p>Investment Stewardship 301</p> <p>Intellectual Humility 303</p> <p>Developing Your Own Rhythm 306</p> <p>Be Unconventional 308</p> <p>The Balance Between Diversification and Concentration 309</p> <p>Temperament is Above All 311</p> <p>Acknowledgments 313</p> <p>About the Author 316</p> <p>Index 317 </p>

<p><B>RONALD W. CHAN </B>is Chief Investment Officer of Chartwell Capital Limited, an investment management company based in Hong Kong. He is a frequent contributor to financial newspapers and magazines in the Asia-Pacific region, and is the author of <i>Behind the Berkshire Hathaway Curtain: Lessons from Warren Buffett’s Top Business Leaders. </i>He holds Bachelor of Science degrees in Finance and Accounting from the Stern School of Business at New York University.

<p>The second edition of <i>The Value Investors: Lessons From The World’s Top Fund Managers </i>sees the timely addition of successful value investors, such as Howard Marks of Oaktree Capital, to the existing line-up of investment luminaries that includes Irving Kahn, who worked closely with “the father of value investing” Benjamin Graham; Walter Schloss, who was described by Warren Buffett as the “superinvestor from Graham-and-Doddsville;” Cheah Cheng Hye of Hong Kong’s Value Partners and Shuhei Abe of Japan’s SPARX Group. Accomplished investor and author, Ronald Chan, sheds light on how all these internationally acclaimed value investors, despite differences in age and culture, remain as relevant as ever today. <p><i>The Value Investors </i>shows how each investor’s personal background, life experiences, and culture have shaped their investment strategies and financial mindsets to consistently beat the stock market over the years. Readers will gain a better understanding of how personal traits and investment temperament can shape ordinary careers into extraordinary ones. <p>This book, written in an accessible and approachable style that foregoes much of the heavy mathematics found in competing works, puts together a compelling case for the argument that value comes in different forms. It also persuasively demonstrates that value investing is a dynamic and ever-evolving way of approaching the markets and is not the staid and old-fashioned investment strategy that it’s so often made out to be.

SG