Details

<p>Preface ix</p> <p>Acknowledgments xiii</p> <p>Introduction Concentrated Investing 1</p> <p>Chapter 1 Lou Simpson: The Disciplined Investor 5<br />A Portrait of Concentration</p> <p>Chapter 2 John Maynard Keynes: Investor Philosopher 35<br />The Economics of Concentration</p> <p>Chapter 3 Kelly, Shannon, and Thorp: Mathematical Investors 71<br />Concentration Quantified</p> <p>Chapter 4 Warren Buffett: The Kelly-Betting Value Investor 89<br />Portfolio Concentration for Value Investors</p> <p>Chapter 5 Charlie Munger: Concentration’s Muse 109<br />Quality without Compromise</p> <p>Chapter 6 Kristian Siem: The Industrialist 131<br />The Importance of Permanent Capital to the Long-Term Investor</p> <p>Chapter 7 Grinnell College: The School of Concentration 159<br />Concentration and Long-Term Investing for Endowment</p> <p>Chapter 8 Glenn Greenberg: The Iconoclast 177<br />Simple, Common Sense Research, and Tennis Shoes</p> <p>Chapter 9 Conclusion 203<br />The Concentrated Investor’s Temperament</p> <p>About the Authors 221</p> <p>Index 223</p>

<p><i>“…this is an original approach to both value investing and diversification, and brings a new perspective to some familiar topics.” </i>(Money Week, May 2016)</p>

<p><b>ALLEN C. BENELLO, CFA,</b> is the chairman of White River Investment Partners, LLC, a private investment firm in San Francisco.</p><p><b>MICHAEL VAN BIEMA</b> is the founder and managing principal of van Biema Value Partners, LLC, and coauthor of <i>Value Investing.</i></p><p><b>TOBIAS E. CARLISLE</b> is a partner at Carbon Beach Asset Management, LLC, and author of the books <i>Deep Value and Quantitative Value</i> and the Greenbackd.com blog.</p>

<p>If you’ve studied value investing, some of the names in this book may be familiar, but the majority probably won’t be. Nonetheless, they are a who’s who in concentrated value investing, each with their own unique story, skillset, and philosophies that have gained them tremendous wealth and accomplishment while flying below the radar—until now. <i>Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors</i> takes you inside the ledgers and playbooks of this select group of history’s elite value investors to uncover their secrets for the new generation of wealth builders.</p><p>Turning the practice of diversification on its head, concentrated value investors purchase a small group of undervalued stocks and hold them through the highs and lows of the long term. You will read a lot about the juggernaut of value investing, Warren Buffett, who amassed the legendary Berkshire Hathaway with this approach. But this motivating book shows you he wasn’t the first or only one. This eye-opening examination will have you re-thinking conventional wisdom on asset allocation and emulating such concentrated value investors as:</p> <ul><li>A former GEICO investment manager whom Buffett has named “a cinch to be inducted into the investment hall of fame”</li> <li>Kristian Siem, who grew Siem Industries at 25.6% annually over the past twenty-five years by following two key principles</li> <li>Edward Thorp and the formula he trusted to risk $662.5 million on to collect just $2.5 million in a rare opportunity</li></ul> <p>Trends, momentum, volatility, and volume all change day to day and create opportunities to pick up the undervalued stocks that grow into fortunes, as you’ll see in <i>Concentrated Investing</i>.

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