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Strategic Value Investing: Practical Techniques of Leading Value Investors Hardcover – December 17, 2013

ISBN-13: 978-0071781664 ISBN-10: 0071781668 Edition: 1st

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Strategic Value Investing: Practical Techniques of Leading Value Investors + The Manual of Ideas: The Proven Framework for Finding the Best Value Investments + The Art of Value Investing: How the World's Best Investors Beat the Market
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Product Details

  • Hardcover: 329 pages
  • Publisher: Mcgraw-Hill; 1 edition (December 17, 2013)
  • Language: English
  • ISBN-10: 0071781668
  • ISBN-13: 978-0071781664
  • Product Dimensions: 1.4 x 6.3 x 9.2 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 4.8 out of 5 stars  See all reviews (9 customer reviews)
  • Amazon Best Sellers Rank: #121,208 in Books (See Top 100 in Books)

Editorial Reviews

About the Author

STEPHEN M. HORAN is managing director and co-lead of education activities at CFA Institute. Prior to joining CFA Institute, he was a principal of Alesco Advisors, LLC, and a professor of finance at St. Bonaventure University.
ROBERT R. JOHNSON is professor of finance in the Heider College of Business at Creighton University and also serves as a director of RS Investment Management. Prior to joining the faculty at Creighton, he was deputy CEO of CFA Institute, responsible for all aspects of the CFA program.
THOMAS R. ROBINSON is managing director of the Americas at CFA Institute. He joined CFA Institute as head of educational content in 2007 from the University of Miami, where he was an associate professor of accounting and director of the Master of Professional Accounting Program.


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Customer Reviews

4.8 out of 5 stars
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It was easy to follow and written in plain english.
huskeraggie
In the last part of the book, the authors have matched specific value styles to well known investors like Buffet, Graham, Neff, etc.
Jacques R. Gagne
This will be a great addition to any investor's library.
Weav

Most Helpful Customer Reviews

5 of 6 people found the following review helpful By Manjunath S. Sharma on June 5, 2014
Format: Hardcover Verified Purchase
I like this excellent book that summarizes many investing techniques. I wish the authors devoted more pages to RIM and AEG models (Residual Income model and Abnormal Earnings Growth). Author does touch a lot on RIM model and has some reservations because it uses accounting numbers that is suspect. DDM -Dividend Discount model that has been touted by many academics (finance folks, not accounting folks) is completely outdated (Columbia Business School Professor Stephen Penman says so, I agree with him). The author tries to bring everything together in the end using examples from various third party screening tools (Guru Foucs, AAII SI Pro). In fact, author has a fabulous article on this very topic in AAII Journal. That article in AAII lays-out the framework in more detail that the book itself! In the end book ran out of gas. It connects the dots but in a hurried manner. I feel the application part this strategy is dealt in limited fashion, but could have been lot more exhaustive with lots of examples. Author has no backtest results of the strategies that is mentioned in the book (at least they could point to the write journal articles that show cash-flow yield works better than some other strategy etc.). This backtest will add value to their claim and also gives the investor more confidence (IMHO). Author also talks about "valuetrap" for value stocks. This is an excellent topic that needs to be addressed in more detail so that individual investor can benefit. My 2 cents on this topic is as follows:

For example: BGFV showed as value stock in Briefing.com's service sometime back. Actually it was a value trap based on SSS, value and working capital issues. AVD was touted as a growth stock recently by AAII stock-superstars service. It turned out to be a a big trap.
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4 of 5 people found the following review helpful By J. Slezak on February 10, 2014
Format: Kindle Edition
In a world where screaming out ideas on CNBC passes for in-depth analysis, it is refreshing to review all the old tried and true concepts in this well written book. The authors, all CFA's, walk you through the basic tenets of value investing, replete with real-world examples. If you want the latest "hot" stock, or if you are a sucker for "tips," this is not the read for you. If you are a serious-minded investor, SVI is a must for your library.

Bob
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7 of 10 people found the following review helpful By Weav on January 16, 2014
Format: Hardcover Verified Purchase
Strategic Value Investing is written in three sections. The first section discusses the background of value investing, the second discusses a variety of ways to value securities, and the third discusses formulating a strategy for assembling a portfolio of quality value securities. Having read The Intelligent Investor and Security Analysis, I found the second and third sections of this book the most helpful.

The book is very clearly written, in plain English.

This will be a great addition to any investor's library.
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2 of 3 people found the following review helpful By Sreeram Ramakrishnan VINE VOICE on May 20, 2014
Format: Hardcover
In this remarkably thorough discussion, the authors explain the basis tenets of value investing, valuation approaches and a framework to build a portfolio based on "value investing". This is an excellent addition to what I consider the "essential library" for a value investor - (apart from the classics such as Security Analysis) The Manual of Ideas: The Proven Framework for Finding the Best Value Investments, The Art of Value Investing: How the World's Best Investors Beat the Market, The Five Rules for Successful Stock Investing: Morningstar's Guide to Building Wealth and Winning in the Market and Why Moats Matter: The Morningstar Approach to Stock Investing (watchlist). The books from Morningstar are a better choice for someone starting out, while Manual of Ideas and this book are better suited for a more experienced investor.

While the book's detailed treatment of the various valuation models may seem daunting, it is well-presented; a companion website with spreadsheets based on the chapters would have been of great value (though they are relatively easy to make and some are available readily online). This (and the above-cited books) book clearly drives home the point of needing patience, dedication and time for homework for being a successful value investor.
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Format: Hardcover
This book is written clearly and simply. Although there is a lot to learn in reading the book, the authors have made the learning process an enjoyable exercise.

In the first few chapters, "value investing" is presented within the context of investment in general. In those fifty pages (worth the price of the book just by themselves), the reader will be able to determine what type of investor he is and how deep he should go in value investing.

The core of the book describes the methods used to estimate the value of a stock; the ultimate objective is to identify those stocks worth buying, by comparing that estimated value to the price available on the market. This is where the author best demonstrate their teaching quality. Without over-symplifying, they use concrete examples to show which method should be used in which situation. They also insist that there is no single recipe and that judgment remains a necessary tool to the investor.

In the last part of the book, the authors have matched specific value styles to well known investors like Buffet, Graham, Neff, etc. In the conclusion, the authors propose to the reader different ways of applying value investing to the market: (i) doing all the work himself, (ii) trusting the approach used by some active value funds, or (iii) reverting to a broad ETF passive value fund with minimal fee. After reading the book, the investor will certainly detain valuable information to make the choice best adapted to his situation and behavior.
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