The Case For Long Term Value Investing

Value investing moves in and out of favour, but the data doesn’t lie. It has always worked, and will continue to work — as long as investors apply a value discipline and invest for the long term. In The Case for Long-Term Value Investing, experienced Wall Street pro Jim Cullen presents the eye-opening data that backs this up, explaining how investors can use the value approach for successful investing today, as well as sharing a wealth of fascinating stories from his time on the Street. Discover: --The true principles of value investing --Jim’s stock-picking method in detail --Inspiring case studies of successful value investments --How to apply the value discipline through practical strategies. The Case for Long-Term Value Investing also includes a concise history of the last 100 years of market history — showing just how crazy the market can be — with a review of bear markets, recessions, bubbles, melt-ups, interest rates, and much, much more. The Case for Long-Term Value Investing is the ultimate introductory guide to how and why value investing works, how to understand the markets, and how to be a successful investor.

Value investing moves in and out of favour, but the data doesn’t lie. It has always worked, and will continue to work — as long as investors apply a value discipline and invest for the long term. In The Case for Long-Term Value Investing, experienced Wall Street pro Jim Cullen presents the eye-opening data that backs this up, explaining how investors can use the value approach for successful investing today, as well as sharing a wealth of fascinating stories from his time on the Street. Discover: The true principles of value investing Jim’s stock-picking method in detail Inspiring case studies of successful value investments How to apply the value discipline through practical strategies. The Case for Long-Term Value Investing also includes a concise history of the last 100 years of market history — showing just how crazy the market can be — with a review of bear markets, recessions, bubbles, melt-ups, interest rates, and much, much more. The Case for Long-Term Value Investing is the ultimate introductory guide to how and why value investing works, how to understand the markets, and how to be a successful investor.

Make the smartest choices you can with this must-have read for investors by one of the world's legendary value investors World-renowned investor Francisco García Paramés shares his advice and tips on making smart investments in this must-have book for those looking to make smarter choices for their portfolio. Investing for the Long Term is divided in two parts. The first is formed by three chapters covering Francisco's education and first steps, his initial experience as an investor working alone, and the team work after 2003. This riveting section covers the end of the biggest bull market of the 20th century and the technological and financial crashes of 2000 and 2008. How the team dealt with all that is an interesting personal account that can help you deal with similar situations, should they occur. The second part of the book covers the cornerstones of Francisco's philosophy. It starts with a chapter in Austrian economics, in his view the only sensible approach to economics, which has helped him enormously over the years. It follows with an explanation of why one has to invest in real assets, and specifically in shares, to maintain the purchasing power of ones savings, avoiding paper money (fixed income) at all costs. The rest of the book shows how to invest in shares. Discover the amazing investing principles of one of the most successfully fund managers in the world Examine how one man and his company weathered the two of modern times’ biggest economic crashes Learn how to safely invest your savings Value investing and effective stock-picking underlie some of the world's most successful investment strategies, which is why Investing for the Long Term is a must-have read for all investors, young and old, who wish to improve their stock selection abilities.

Let some of the best investors in the world teach you how to be on the right side of the trade. The first edition of Value Investing: From Graham to Buffett and Beyond was published in 2001. It is still in print, having sold over 100,000 copies. It has been translated into five languages. Business school professors still assign it in their courses. But in the 20 years since the first edition, the economy has changed, the investment world has evolved, and the discipline of value investing has adapted to this new environment. This second edition responds to these developments. It extends and refines an approach to investing that began with Benjamin Graham and David Dodd during the Great Depression and was adapted by Warren Buffett, Charlie Munger, and others to earn returns in an environment in which the opportunity to buy a stock worth a dollar for 50 cents is no longer waiting in plain sight. The foundation of this book is the course on value investing that Bruce Greenwald taught at Columbia Business School for almost a quarter century. His aim in the course, and our aim in the book, is to help the investor operating in the Graham and Dodd tradition find him or herself on the right side of the trade. The steps include searching for the right securities, valuing them appropriately, honing a research strategy to devote time to the right activities, and wrapping it all within a risk management practice that protects the investor from permanent loss of capital. The book has been revised throughout, but the biggest change is the addition of more than two chapters on the valuation of growth stocks, which has always been a problem for investors trained in the Graham and Dodd tradition. Successful value investing practitioners have graced both the course and this book with presentations describing what they really do when they are at work. There are brief descriptions of their practices within, and video presentations available on the web site that accompanies this volume: http://www.wiley.com/go/greenwald/valueinvesting2e In addition to a selection of Warren Buffett’s letters, there are presentations by Mario Gabelli, Glenn Greenberg, Paul Hilal, Jan Hummel, Seth Klarman, Michael Price, Thomas Russo, and Andrew Weiss. Although their styles vary, they all are members in good standing of the Graham and Dodd tradition.

Says Bill Ackman of Pershing Square Capital Management about The Art of Value Investing: "I learned the investment business largely from the work and thinking of other investors. The Art of Value Investing is a thoughtfully organized compilation of some of the best investment insights I have ever read. Read this book with care. It will be one of the highest-return investments you will ever make." Based on interviews with the world's most-successful value investors, The Art of Value Investing offers a comprehensive set of answers to the questions every equity money manager should have thought through clearly before holding himself or herself out as a worthy steward of other people's money. What market inefficiencies will I try to exploit? How will I generate ideas? What will be my geographic focus? What analytical edge will I hope to have? What valuation methodologies will I use? What time horizon will I typically employ? How many stocks will I own? How specifically will I decide to buy or sell? Will I hedge, and how? How will I keep my emotions from getting the best of me? Who should read The Art of Value Investing? It is as vital a resource for the just starting out investor as for the sophisticated professional one. The former will find a comprehensive guidebook for defining a sound investment strategy from A-to-Z; the latter will find all aspects of his or her existing practice challenged or reconfirmed by the provocative thinking of their most-successful peers. It also is a must read for any investor – institutional or individual – charged with choosing the best managers for the money they are allocating to equities. Choosing the right managers requires knowing all the right questions to ask as well as the answers worthy of respect and attention – both of which are delivered in The Art of Value Investing.

Discover the secrets of the world's top concentrated value investors Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors chronicles the virtually unknown—but wildly successful—value investors who have regularly and spectacularly blown away the results of even the world's top fund managers. Sharing the insights of these top value investors, expert authors Allen Benello, Michael van Biema, and Tobias Carlisle unveil the strategies that make concentrated value investing incredibly profitable, while at the same time showing how to mitigate risk over time. Highlighting the history and approaches of four top value investors, the authors tell the fascinating story of the investors who dare to tread where few others have, and the wildly-successful track records that have resulted. Turning the notion of diversification on its head, concentrated value investors pick a small group of undervalued stocks and hold onto them through even the lean years. The approach has been championed by Warren Buffett, the best known value investor of our time, but a small group of lesser-known investors has also used this approach to achieve outstanding returns. Discover the success of Lou Simpson, a former GEICO investment manager and eventual successor to Warren Buffett at Berkshire Hathaway Read about Kristian Siem, described as "Norway's Warren Buffett," and the success he has had at Siem Industries Concentrated Investing will quickly have you re-thinking the conventional wisdom related to diversification and learning from the top concentrated value investors the world has never heard of.

Practical and powerful improvements for value investors Buying undervalued shares and selling when the price is many times greater has a natural appeal - and research shows it works. But not all value investors are successful. As Andrew Hunt shows in this must-read new book, many are guilty of common errors in their planning and execution and these critically undermine their success. Better Value Investing provides a straightforward framework to help all value investors improve, showing them what to focus on and what to cut out in order to be successful. Supported by the latest empirical research, 15 years of real investing experience, studies of what the top investors have said and done, and wide reading, Andrew Hunt reveals: - how financial strength is at the heart of value investing - why to invest like an owner - the importance of contrarianism - why you should buy only the very best bargains - the essentials of constructing and managing a portfolio - how checklists control the process and keep the value investor on track. This concise guide to honing the craft of value investing is essential reading for all value investors new and old. With its help you can concentrate on what is important, cut out errors and achieve what you set out to do, making you a better value investor.

A contemporary international look at the time-tested value investment approach, from one of its most famed practitioners. It provides the backgrounds, basics, and benefits of value investing, as well as strategies for assembling and managing a value based portfolio. It also includes the latest data and statistics. 25 illus.

Updated data and insights to help value investors address the realities of today's markets On the heels of recent stock market tumbles and deceptions, value investing--the staple of investing greats from Benjamin Graham to Warren Buffett--has roared back into the spotlight. Value Investing Today returns with a new edition, filled with updated information and advice to give investors the skills and knowledge to become successful value investors. Broader in scope than previous editions, this third edition offers fresh lessons investors can use to uncover stocks that are, for whatever reason, underpriced in relation to their value. Updates to this edition include: New chapters on the psychology of investing and corporate governance Expanded discussions on the importance of margin of safety Increased correlations among world markets, and how to capitalize on them

From the "guru to Wall Street's gurus" comes the fundamental techniques of value investing and their applications Bruce Greenwald is one of the leading authorities on value investing. Some of the savviest people on Wall Street have taken his Columbia Business School executive education course on the subject. Now this dynamic and popular teacher, with some colleagues, reveals the fundamental principles of value investing, the one investment technique that has proven itself consistently over time. After covering general techniques of value investing, the book proceeds to illustrate their applications through profiles of Warren Buffett, Michael Price, Mario Gabellio, and other successful value investors. A number of case studies highlight the techniques in practice. Bruce C. N. Greenwald (New York, NY) is the Robert Heilbrunn Professor of Finance and Asset Management at Columbia University. Judd Kahn, PhD (New York, NY), is a member of Morningside Value Investors. Paul D. Sonkin (New York, NY) is the investment manager of the Hummingbird Value Fund. Michael van Biema (New York, NY) is an Assistant Professor at the Graduate School of Business, Columbia University.