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The 5 Keys to Value Investing Hardcover – October 14, 2002


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Editorial Reviews

Review

"...a great how-to guide for both beginning and experienced value investors...a terrific addition on this time-tested methodology." -- Eric T. McKissack, Vice Chairman, Ariel Capital Management/Ariel Mutual Funds

"practical, insightful, and a great roadmap to not only value investing but how to make money in the stock market." -- Joel Greenblatt, Managing Partner, Gotham Capital

From the Back Cover

The investing style that made Warren Buffett the world's wealthiest investor!

Strategies for Identifying Today's Best-Run Corporations--Then Buying Them for Pennies on the Dollar

As an investor, you don't buy stocks; you buy companies. The Five Key Steps to Value Investing shows you how to ensure that the company you're investing in is solid and wellmanaged and, most important of all, worth more than you are paying.

J. Dennis Jean-Jacques, who made his name as an investment analyst working with legendary value investor Michael Price, presents in the form of a clear framework a time-proven value investing strategy for identifying well-run companies, then investing only in those that are undervalued. Find out here how today's best value investors:

  • Obtain insights and information from a company's financial statement
  • Buy strong, growing companies at a significant discount to their true values
  • Identify and capitalize on events destined to spur stock price appreciation

Accomplished value investors pay little attention to the ebb and flow of the stock market; instead, they concentrate on the intrinsic worth of a company. The Five Key Steps to Value Investing introduces you to the tenets of value investing. It then provides you with the hands-on tools and long-term confidence you need to construct a portfolio of solid, low-maintenance, and high-value stocks--each bought at a substantial discount to their true worth.

"Once you have the right tools and an awareness of the emotional discipline required, no other quality is more important than the ability to properly assess the specific investment opportunity on the table. The Five Key Steps to Value Investing helps you to assess the type of investment you may face and gives you examples of the tools other independent value investors have used in such situations."--From the Introduction

Throughout the tech-driven markets of the late 1990s, value investors were scorned as being behind the times, and too stubborn to accept "new economy" realities. But when the bubble burst, and hard-driving traders were left to lick their wounds and wonder what went wrong, the wisdom of value investing once again came to the forefront--as it always has, and always will.

The Five Keys to Value Investing shows you how to become a value investor, investing only in companies with market-proven performance and track records of superior growth. This commonsense guidebook will help you:

  • Understand--and apply--the Five Levers of Value to each investment decision
  • Analyze the strengths and weaknesses of a company's management team
  • Properly assess price, and locate gaps between market price and actual value
  • Determine a stock's current safety levels through margin-of-safety analysis
  • Know when the time is right to sell a company's stock and move on

The Five Key Steps to Value Investing isn't about can't-miss day trading techniques or formula-driven technical analysis wizardry. It isn't even necessarily about investing. It is instead about companies; what makes a solid company, and how you can uncover companies with those attributes that have been overlooked by today's stock-of-the-minute marketplace. In-depth yet inherently readable, this value investing guide will show you how to assemble a strong portfolio of value stocks built to withstand temporary market gyrations--and make you wealthy over the long term.

Proven effective by decades of investors from Benjamin Graham through Warren Buffett, value investing is an essential strategy for making intelligent investment decisions in turbulent times. Let The Five Key Steps to Value Investing put you on the right road to becoming a value investor, buying today's best-run companies at a discount and selling them at a premium--if you decide to sell them at all.

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Product Details

  • Hardcover: 208 pages
  • Publisher: McGraw-Hill; 1 edition (October 14, 2002)
  • Language: English
  • ISBN-10: 0071402314
  • ISBN-13: 978-0071402316
  • Product Dimensions: 6.3 x 0.8 x 9.3 inches
  • Shipping Weight: 1.2 pounds
  • Average Customer Review: 4.1 out of 5 stars  See all reviews (19 customer reviews)
  • Amazon Best Sellers Rank: #669,153 in Books (See Top 100 in Books)

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Customer Reviews

4.1 out of 5 stars

Most Helpful Customer Reviews

16 of 17 people found the following review helpful By Ibel Seffner, Jr. on July 15, 2004
Format: Hardcover
I got my copy of "The Five Keys to Value Investing" as a graduation gift from my dad who is a longtime professional equities investor. He thought this book would be a good way for me to prep before I start my career on Wall Street. I was not disappointed. The Five Keys is a very good summary of what I learned in business school and much, much more. The author draws heavily from his own professional experiences as a disciple of one legendary value investor and couples it with the value investment styles of other great investors like Buffett and Graham. The experience that the reader is drawn into is very worthwhile; but what makes this book very special is the framework. I have read several investment books over the years, but none like this one. Putting thousands of lessons and teachings of prominent value investors into a solid frame of mind is clearly the draw. In addition, reading along as the author analyzes and dissects companies and few special situations add gravitas to the body of work. The clarity in the concepts and the "conversation-like" tone was particularly attractive to me. In sum, this is a very coherent, practical book on the principles of value investing despite the fact that it is not too objective -- considering the authors' strong unapologetic bias towards value investing.
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9 of 10 people found the following review helpful By A Reader on January 17, 2007
Format: Hardcover
This is a wonderful book on the principles of value investing. The author does a fantastic job putting together (in a very understandable way) some of the most important tenets that every value investor should uphold. The book starts with "The Mind of the Value Investor" - which I believe to be the book's most important chapter. Here, Mr. Jean-Jacques describes what many successful practitioners believe to be the most critical attribute to becoming a good investor... and that is emotional intelligence. After examining the book a great detail (my copy is dog-eared, highlighted and well marked up), I would consider the following sections to be most important:

-- All of Chapter 1

-- Business Quality Red Flags (in Chapter 2)

-- Assessing Value: Tools to Consider (in Chapter 3)

-- All of Chapter 4

-- Identifying the Opportunity (in Chapter 6)

-- Appendices A, C and E

What I did not like about the book was the length. While it what not as lengthy as some books of this type might be, "The Five Keys to Value Investing" should have been much more concise in the breadth of topics and concepts covered. Also, the examples were good but were too many in number while using analytical concepts that might be a bit too philosophical for non-professional value investors, like me. However, on a lighter point, the analogy between the game of golf and value investing in Chapter 6 was very insightful and much appreciated (it was the only light moment in the entire book!!)

Look, this book is an absolute buy. No question about that. Readers just have to be a bit skilled in order the get the most out of this very informative and thorough work.
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6 of 6 people found the following review helpful By PJ Singh on August 2, 2006
Format: Hardcover
Interesting concepts and applicable... This book provides an interesting way to look at stocks. The author focuses on what makes the companies "tick" and outlines a few points to consider when considering buying shares of public companies. The five-point approach makes a lot of sense and can be a good foundation for an investment program. I am not sure however, if this book is for non-professionals. The author goes into detail with good examples, but he seems to forget his reader (the average, Joe... like me!). This book is a great addition to any serious investment library but I think one should read a few "beginner" books before picking this one up. This is clearly a value investing book for the experienced.
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6 of 6 people found the following review helpful By Anurag Gupta on March 30, 2005
Format: Hardcover
Mr. Jean-Jacques bares the nitty gritty details of where and how to look for information to value the companies, determining which techniques are applicable when, and arriving at a valuation range based on triangulation from multiple relevant frameworks. IMHO, he spends a bit too much time philosophizing -perhaps, this consistent mental framework is useful to value investors starting out afresh.
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13 of 16 people found the following review helpful By A Customer on December 7, 2002
Format: Hardcover
I am a portfolio manager and I've worked with Dennis Jean-Jacques. I am very happy to see him assemble these lessons from the great investors in a simple framework. My. Jean-Jacques did a great job giving all the credit to those superb investors like Peter Lynch, Michael Price, Warren Buffett, Benjamin Graham, etc. While Mr. Jean-Jacques does not claim to be (or compare himself with) great investors in the book, he makes a solid case that the lessons of the great ones are still useful and valid today. He then goes on to simplify the lessons into these 5-key lessons as he calls it (like Ben Graham's "Margin of Safety" principle) by explaining each "key" from the vantage point of an investment analyst. That is one of the most important benefits from the book - how value analysts analyze companies starting from a company's annual report on down. After reading this book, I have gained a deeper appreciation of how the mind of a value investor works (or should work). This is not a portfolio manager's book. It is simply a solid book written from the perspective of a solid business analyst. It will be a great addition to your library.
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