There are many ways to make money in today’s market, but the one strategy that has truly proven itself over the years is value investing. Now, with The Little Book of Value Investing, Christopher Browne shows you how to use this wealth-building strategy to successfully buy bargain stocks around the world.
The Little Book of Value Investing
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Book Description
Best Value
Editorial Reviews
From Publishers Weekly
Browne's experience as managing director of investment firm Tweedy, Browne provides examples to support his lessons on value investing, a method of buying stocks that have fallen in price to earn the best return over the long term. Browne uses examples from successful investors (such as Benjamin Graham, Walter Schloss and Warren Buffet) to illustrate that value investing is the best way to make the most of one's investments. The zingy chapters titles ("Buy Stocks like Steaks...On Sale," "Around the World with 80 Stocks" and "Sifting out the Fool's Gold") are demonstrative of his penchant for metaphors, parables and anecdotes, which make this book as entertaining as it is informative. Browne's short chapters detail useful and time-tested concepts, including the significance of book value, which foreign economies are worth investing in, and who to watch for investment ideas. With detailed advice and thorough explanations, this book should prove an asset to both professional and amateur investors.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Review
"Fools would be well-served to place The Little Book of Value Investing on their holiday shopping lists". (Fool.com, December 12, 2006)
"sharply written...gets you fired up about buying stocks" (USA Today, December 4, 2006)
"If you are a value investor by temperament, you will (or should) find a lot that is persuasive in what Christopher Browne has to say about the craft of value investing in a delightful new book out this autumn...It is nicely written and utterly persuasive if long-term investment success is what you are after and your temperament is equipped to handle the psychological pressures of making non-consensus investments." (The Independent, November 2006)
"elegant new treatise on the art of value investing. . ." (Financial Times (UK), October 30, 2006)
"...easily digestible and shortish treatise for anyone who wants to try out this particular investment strategy". (The Wall Street Journal, October 10, 2006)
"After 37 years of practicing what Graham preached, Browne has distilled the creed into a disarmingly chatty primer. . ." (Bloomberg)
"one of the best guidebooks toward protecting and growing a retirement nest egg. This advice comes from a legend of value investing, and it’s presented with enough clarity that anyone can follow it." (Forbes.com)
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Customer Reviews
Most Helpful Customer Reviews
86 of 89 people found the following review helpful
Format:Hardcover|Amazon Verified Purchase
In the interest of full disclosure, it's best I state that I've been an extremely satisfied investor in the Tweedy Browne Global Value Fund for over a decade. The fund never does outstandingly well, but it also very seldom loses money. Over time, my initial investment has done surprisingly well.
This book should not surprise anyone who has read Tweedy Browne's shareholder letters, but it does a great job of synthesizing Tweedy Browne's investment philosophy, while also providing more in-depth discussion of how to research stocks and understand financial statements.
Chris Browne is a Benjamin Graham disciple, and his firm was labeled as on of the "Superinvestors of Graham and Doddsville" by Warren Buffett. This book might be characterized as a shorter, more readable version of Graham's "The Intelligent Investor."
It's important for anyone who might buy this book to understand what it is, and what it is not. This is a primer on value investing as applied to individual equities, not an in-depth treatise on how to invest, allocate assets, etc. The goal of this book is to show why value investing works, how it works, and how to implement an investing process. It does not, nor is it intended to, provide in-depth discussion about how to value companies or financial statements or how to assess competition. Keep in mind that this is a 180-page book that takes 2-3 hours to read.
Experienced investors might find parts of this book to be somewhat basic. However, starting with the chapter entitled "Sifting Out the Fool's Gold," it really imparts a lot of information that everybody should know (in that case, how to tell if a stock that meets screening criteria is really a value stock or a dud). The chapters about financial statement analysis and how to analyze a company's future prospects were well-written and provide an outstanding roadmap to analyzing a company that even more experienced investors would do well to heed.
The 16-point checklist in Chapter 14 ("Send Your Stocks to the Mayo Clinic") is an excellent way of examining a company to determine its competitive position and future prospects. In my opinion, that checklist and the related discussion alone are worth the price of the book.
The discussion on insider buying and selling was particularly interesting. Although this is part of many investor's decisions, the book demonstrates just how important insider buying can be as a value signal. I intend to pay more attention to insider buying as a result.
One particularly interesting aspect of this book is its discussion of international value investing. That overview should provide investors with examples of why value exists overseas, but most investors probably can't master the intricacies of non-US accounting methods.
This is a great book for less-experienced investors, and contains a number of nuggets that may be of use to even highly experienced investors. Readers who want a more depth might like Martin Whitman's two books or "Security Analysis" by Graham. However, these books can be tough reads, and for novice investors this book is a great place to start. Other good reads for investors are Joel Greenblatt's "You can be a stock market genius" and Dreman's "Contrarian Investing: the Next Generation."
This book should not surprise anyone who has read Tweedy Browne's shareholder letters, but it does a great job of synthesizing Tweedy Browne's investment philosophy, while also providing more in-depth discussion of how to research stocks and understand financial statements.
Chris Browne is a Benjamin Graham disciple, and his firm was labeled as on of the "Superinvestors of Graham and Doddsville" by Warren Buffett. This book might be characterized as a shorter, more readable version of Graham's "The Intelligent Investor."
It's important for anyone who might buy this book to understand what it is, and what it is not. This is a primer on value investing as applied to individual equities, not an in-depth treatise on how to invest, allocate assets, etc. The goal of this book is to show why value investing works, how it works, and how to implement an investing process. It does not, nor is it intended to, provide in-depth discussion about how to value companies or financial statements or how to assess competition. Keep in mind that this is a 180-page book that takes 2-3 hours to read.
Experienced investors might find parts of this book to be somewhat basic. However, starting with the chapter entitled "Sifting Out the Fool's Gold," it really imparts a lot of information that everybody should know (in that case, how to tell if a stock that meets screening criteria is really a value stock or a dud). The chapters about financial statement analysis and how to analyze a company's future prospects were well-written and provide an outstanding roadmap to analyzing a company that even more experienced investors would do well to heed.
The 16-point checklist in Chapter 14 ("Send Your Stocks to the Mayo Clinic") is an excellent way of examining a company to determine its competitive position and future prospects. In my opinion, that checklist and the related discussion alone are worth the price of the book.
The discussion on insider buying and selling was particularly interesting. Although this is part of many investor's decisions, the book demonstrates just how important insider buying can be as a value signal. I intend to pay more attention to insider buying as a result.
One particularly interesting aspect of this book is its discussion of international value investing. That overview should provide investors with examples of why value exists overseas, but most investors probably can't master the intricacies of non-US accounting methods.
This is a great book for less-experienced investors, and contains a number of nuggets that may be of use to even highly experienced investors. Readers who want a more depth might like Martin Whitman's two books or "Security Analysis" by Graham. However, these books can be tough reads, and for novice investors this book is a great place to start. Other good reads for investors are Joel Greenblatt's "You can be a stock market genius" and Dreman's "Contrarian Investing: the Next Generation."
58 of 61 people found the following review helpful
By P. Heneghan
Format:Hardcover
If you are new to value investing this book covers the basics. The research on the outperformance of value investing is well documented and if you follow the advice in this book you will do well in your stock investments.
I was curious how the Tweedy Browne mutual funds peformed though so I went to their web site. In each period - 1, 3, 5, 10 and since inception, the returns after taxes on distributions of the Tweedy Browne American Value have failed to beat the S&P 500 index or the Russell 2000 index. When I started investing 10 years ago I read a lot of books by many authors without checking their record first. And, as a result I made a lot of expensive mistakes. Just something to keep in mind when choosing whose advice to listent to!
I still give this book 4 stars because I believe the author gives sounds advice. However I would recommend "The Essays of Warren Buffett, Lessons for Corporate America", the classic "The Intelligent Investor" by Ben Graham, and "Contrarian Investment Strategies in the Next Generation" by David Dreman.
I was curious how the Tweedy Browne mutual funds peformed though so I went to their web site. In each period - 1, 3, 5, 10 and since inception, the returns after taxes on distributions of the Tweedy Browne American Value have failed to beat the S&P 500 index or the Russell 2000 index. When I started investing 10 years ago I read a lot of books by many authors without checking their record first. And, as a result I made a lot of expensive mistakes. Just something to keep in mind when choosing whose advice to listent to!
I still give this book 4 stars because I believe the author gives sounds advice. However I would recommend "The Essays of Warren Buffett, Lessons for Corporate America", the classic "The Intelligent Investor" by Ben Graham, and "Contrarian Investment Strategies in the Next Generation" by David Dreman.
81 of 94 people found the following review helpful
By Jack Reader
Format:Hardcover|Amazon Verified Purchase
Unfortunately, this book has to follow the amusing and rewarding "Little Book" of Joel Greenblatt in Wiley's series. Therefore, unfavorable and perhaps unfair comparison is unavoidable. I do respect the experience and attempt of Christopher H. Browne to write a small book on value investing, but I feel he comes up short. If it was a friendly talk at a club you could find it mildly entertaining, but if you are looking for value, well...
First, value investing is not a strategy where a magic formula or a magic list could break an entirely new ground. Yet alone a "Little Book". You read just one value investing book and "Buy Stocks On Sale", "Margin of Safety", "First, Do Not Lose Money", "Second, Do Not Lose Money" pretty much become recurring and familiar ideas. There is no magic ratio, magic anything in analyzing income statements, earnings predictions, book value etc, it takes hard, thorough work, experience, patience and knowledge. You have to know what to know. You have to know what and where to look at. You have to know why. You have to know what, how and where numbers can be altered with GAAP or else. In this regard a reader could have expected at least a general(novel?)framework, a way of thinking instead of the presented essay-type, list-type ("I also look at...") writing. Or, like in Joel Greenblatt's book, we could have been entertained with a "Jason's Gum Shop"-type metaphore/concept.
Second, a reader of this book is either a convert and firm believer of value investing (Buffett, Munger, Fisher books pack the shelf), looking for additional ideas, NEW concepts or aspects and will find nothing new here. Or, the reader is a beginner or a freshly burned growth (hype)investor entertaining a fresh start and will be turned down by a dry, uninspiring, unexciting, somewhat disorganized book. Quite possibly this reader gives up, will leave this book unfinished and subscribes to yet another advisory service or dumps her/his money into an index or mutual fund. That is, not many readers would be enriched here.
Third, value investing is truly a winning strategy. So do not give up or get discouraged by this book. (Phil Town, David Dreman, Mary Buffett, Philip A. Fisher are good starts.)
First, value investing is not a strategy where a magic formula or a magic list could break an entirely new ground. Yet alone a "Little Book". You read just one value investing book and "Buy Stocks On Sale", "Margin of Safety", "First, Do Not Lose Money", "Second, Do Not Lose Money" pretty much become recurring and familiar ideas. There is no magic ratio, magic anything in analyzing income statements, earnings predictions, book value etc, it takes hard, thorough work, experience, patience and knowledge. You have to know what to know. You have to know what and where to look at. You have to know why. You have to know what, how and where numbers can be altered with GAAP or else. In this regard a reader could have expected at least a general(novel?)framework, a way of thinking instead of the presented essay-type, list-type ("I also look at...") writing. Or, like in Joel Greenblatt's book, we could have been entertained with a "Jason's Gum Shop"-type metaphore/concept.
Second, a reader of this book is either a convert and firm believer of value investing (Buffett, Munger, Fisher books pack the shelf), looking for additional ideas, NEW concepts or aspects and will find nothing new here. Or, the reader is a beginner or a freshly burned growth (hype)investor entertaining a fresh start and will be turned down by a dry, uninspiring, unexciting, somewhat disorganized book. Quite possibly this reader gives up, will leave this book unfinished and subscribes to yet another advisory service or dumps her/his money into an index or mutual fund. That is, not many readers would be enriched here.
Third, value investing is truly a winning strategy. So do not give up or get discouraged by this book. (Phil Town, David Dreman, Mary Buffett, Philip A. Fisher are good starts.)
Most Recent Customer Reviews
5.0 out of 5 stars
Excellent intro to value investing
A succinct, lucid and very well written introduction to value stock investing. The author, a scion of Browne and Tweedy fame, knew all of the major players the world of value... Read more
Published 1 month ago by E. MORRIS
1.0 out of 5 stars
It could have been 2 pages.
The author could have boiled everything down to two pages instead he wasted your time with crap. I was hoping the website would have some redeeming qualities but it didn't. Read more
Published 3 months ago by Brad Levi
4.0 out of 5 stars
Brief but a Good Introduction to Value Investing
Some helpful information to provide a basic understanding of value investing.Worth the money for someone not familiar with the approach.
Published 3 months ago by Full Time Investor
5.0 out of 5 stars
great read material
i have this book and have read it several times, i recommend it to any willing to learn about how to make money.
Published 4 months ago by fajr37
4.0 out of 5 stars
Very intersting
It is never too late to read interesting opinions on a subject so volatile and important for your finantial life as this one.
Published 7 months ago by Santiago Almasque
5.0 out of 5 stars
Defines a style!
The book is short and it's very charged of useful concepts. The author is a real authority in value investing, and the book explains very clearly its basis. Read more
Published 9 months ago by Doctor topo
5.0 out of 5 stars
Worth the money and time to read
Excellent advice and written in an easy to understand way. Ben Graham would be proud. It cuts to the chase on the key metrics for what to look for in a value buy. Read more
Published 10 months ago by David V
5.0 out of 5 stars
Great for learners or quick reference
I wish I had bought this book first and recommend others do that before buying Securities Analysis or other BIG books on investing. Read more
Published 13 months ago by c.brand
5.0 out of 5 stars
Value Investing
A very good book.
I have been investing for more than 5 years and have been reading many books about Investing. Let it be Soros's book or Graham's book. Read more
I have been investing for more than 5 years and have been reading many books about Investing. Let it be Soros's book or Graham's book. Read more
Published 20 months ago by A. Chaikul
5.0 out of 5 stars
Excellent Intro to Value Investing by a Legendary Investor
This book is the best introduction to value investing for those who have little to no financial background. Read more
Published 22 months ago by GR
Citations (learn more)
This book cites 6
books:
See all 6 books this book cites
- Stocks for the Long Run : The Definitive Guide to Financial Market Returns and Long-Term Investment Strategies by Jeremy J. Siegel on page 131, and Back Matter
- Security Analysis: The Classic 1951 Edition by Benjamin Graham in Front Matter, and page 6
- The Super Bowl (Sports Classic) by Julian May on page 124
- The Little Book That Beats the Market by Joel Greenblatt in Front Matter
- The Stock Market (How Economics Works) by Donna Jo Fuller in Back Matter
See all 6 books this book cites
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