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The Art of Value Investing: How the World's Best Investors Beat the Market Hardcover – April 29, 2013


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Frequently Bought Together

The Art of Value Investing: How the World's Best Investors Beat the Market + The Manual of Ideas: The Proven Framework for Finding the Best Value Investments + The Investment Checklist: The Art of In-Depth Research
Price for all three: $87.07

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Product Details

  • Hardcover: 336 pages
  • Publisher: Wiley; 1 edition (April 29, 2013)
  • Language: English
  • ISBN-10: 0470479779
  • ISBN-13: 978-0470479773
  • Product Dimensions: 9.1 x 6.2 x 1.3 inches
  • Shipping Weight: 14.4 ounces (View shipping rates and policies)
  • Average Customer Review: 4.6 out of 5 stars  See all reviews (23 customer reviews)
  • Amazon Best Sellers Rank: #213,951 in Books (See Top 100 in Books)

Editorial Reviews

Review

“John Heins and Whitney Tilson, co-founders of the Value Investor Insight newsletter, have done a thorough job of explaining how to look for stocks that are trading at significant discounts to what they are worth — the concept known as the value style of investing.…the authors present a clear framework for ferreting out undervalued companies.”
The New York Times

“[The Art of Value Investing] is packed with invaluable insights and is relevant to both the novice and the experienced investor. …This book provides a valuable contribution to the industry literature on value investing. It is well written, well organized, and quite enjoyable. The Art of Value Investing should be read by all investors who are seriously interested in enhancing their understanding of this important field.”
CFA Institute Book Review

From the Inside Flap

You know what value investing is: it's how Warren Buffett made his billions. Perhaps you're even familiar with value investing terminology, such as margin of safety and intrinsic value. And maybe you've already found success with value investing and know from experience that it's the most reliable way to achieve market-beating returns and accumulate significant wealth. Congratulations!

Whether you're a complete beginner in need of an A-to-Z value investing primer, an experienced investor looking to expand and fine-tune your repertoire of value investing skills, or an individual or institutional investor looking to identify the best money managers, this book is for you. In writing it, authors John Heins and Whitney Tilson have achieved a remarkable feat: They've brought together the collective wisdom of today's most successful value investors and distilled it into a series of actionable lessons you can put into practice right away.

Based on extensive interviews with market-beating money managers, superstar hedge fund managers and mutual fund heroes, and featuring many real-world examples, The Art of Value Investing expertly describes:

  • The philosophies behind today's most successful value investing strategies
  • The key skills top market-beaters think of as absolutely indispensable to success
  • The types of situations and market inefficiencies value investor legends look to exploit
  • How top value investors generate new investing ideas
  • How to research companies, with insights on company valuation and deciding what and when to buy
  • How the best value investors maintain mental and emotional discipline
  • How value investing superstars learn from their mistakes and the key lessons they've learned
  • Portfolio management techniques, including guidance on diversification, risk management, position-sizing, and more

But The Art of Value Investing does much more than impart information. It was designed to help you develop an approach to value investing that's just right for you.

Sit ten or a dozen of the most successful practitioners down in a room and you're likely to get as many opinions on which value investment flavor is best. While they're certain to agree on the core principles, when it comes to particulars, such as large-cap versus small-cap, telecom versus transportation, East versus West, onsite research versus pure data analysis, there's bound to be disagreement—some of it vehement.

The trick is to find the combination of tools, techniques and strategies that is right for you, addresses your specific financial goals, and best fits your personality and emotional makeup. And that's where The Art of Value Investing comes in.

Giving you unparalleled access to the thinking of the brightest and best of the value investing world, The Art of Value Investing can save you years of frustrating (and expensive) trial-and-error. With the helping hand of value investing luminaries such as Julian Robertson, Seth Klarman, David Einhorn, Joel Greenblatt, Mason Hawkins, Jean-Marie Eveillard, Bill Ackman and Bill Nygren, to name a few, you'll discover your preferred strategies for exploiting market inefficiencies, researching and valuing companies, identifying industry sectors and geographic regions in which to invest, timing buys and sells, managing your emotions, and much more.


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Customer Reviews

4.6 out of 5 stars
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The best value investors are quoted.
Sunil V. Kololgi
All of the people quoted on the back cover saying what a wonderful book this is, are also quoted inside the book.
James M. Bogin
This book is a must have for any and all aspiring professional investors.
Nick

Most Helpful Customer Reviews

31 of 36 people found the following review helpful By David Merkel on June 5, 2013
Format: Hardcover
I am a value investor. That's what I do for a living, and I do it well. One month ago. I wrote a piece called "Value Investing Flavors." In it, I took a broad view of value investing, because there are many common principles to value investing employed by all, but many variations on implementation. [Note to those reading at Amazon; they don't me post links, but if you Google "Aleph Art of Value Investing" you will find it.]

The Art of Value Investing takes a similarly broad view, quoting well over 100 value investors (I lost count) on topics where professional value investors agree & disagree. The authors have interviewed the grand majority of those cited, and have useful historical quotes from well-known figures familiar with the subject. Better known and more accomplished value investors tend to get more play in the book -- I think the authors chose well.

The book is organized by topic. It covers these questions:

* The importance of a margin of safety
* Buy high margin quality businesses, or cheap low margin businesses?
* What attention should be paid to growth opportunities? (Controversial)
* What is your circle of competence? (I.e. what opportunities do you rule out because you don't get how to value them?)
* How small of a company would you consider buying?
* How much do you incorporate top-down macroeconomic considerations?
* What countries would you not consider buying a company within?
* The advantage of being able to buy and hold for years.
* How careful research often conquers uncertainty.
* Do you buy turnarounds or not? (Controversial)
* How do you generate good buy ideas?
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14 of 15 people found the following review helpful By James M. Bogin on July 14, 2013
Format: Hardcover
The Art of Value Investing is a book, and it's about investing, but it's not really an investment book in the traditional sense of the word. Each chapter is filled with inspirational paragraphs, quotes, quips, and ideas from individual value investors, both famous and less famous. It's the kind of book you might like to have on your shelf next to your desk, and pull down every now and again for inspiration, to remind yourself of your quest and what matters in investment. It's not really the sort of book you would want to sit down and read at one go in a coffee shop. Still, I'm happy to own this book and enjoy opening it up to random pages. It's very readable. All of the people quoted on the back cover saying what a wonderful book this is, are also quoted inside the book. This is a little annoying to me. But still.....you'll want to have this on your shelf.
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2 of 2 people found the following review helpful By Greywolf on August 17, 2014
Format: Hardcover
This book just might contain all of the secrets to successful investing, but you will need to figure out much of it on your own. The biggest problem with the book is that it intentionally does not draw any conclusions. The authors even open by saying “we’ve provided a full range of potential answers and the justification for each.” The problem is that the justification is not always fully flushed out, leaving the reader to determine what the best strategy might be. Additionally, the authors state the book is for the “just-starting-out investor.” I have read dozens of investment books over the last 30 years, thank god this was not one of the first, for the book does very little to explain the rational being the ideas espoused.

If one were to take the time to synthesis the information in the book a cohesive investment strategy could be developed, but the flaw in the book is that the author did not do that for the reader. Instead they provided quotes from professional money managers and let the reader figure out which advice to follow and what to ignore.

Many of the ideas are very contradictory, or not very applicable to the individual investor. One example would be the discussion on number of securities to hold. How many stocks held by a fund with billions under management and numerous analysts is mostly irrelevant to the individual investor.

The important parts of this book could easily have been condensed to pamphlet size. Much of what is quoted is essentially meaningless. . Insight such as “we generally want to own only those things that can be bought out” is not very useful to me when making a decision on what to invest in.
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2 of 3 people found the following review helpful By David Collon on June 26, 2013
Format: Kindle Edition Verified Purchase
The book is great collection of thoughts from some fantastic investors. It also covers a nice range of topics that would be important to any investor.
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2 of 3 people found the following review helpful By Gary500k on October 22, 2013
Format: Hardcover Verified Purchase
I bought this as a companion to "The Manual of Ideas" by John Mihaljevic. This book covers the same territory from idea analysis to execution and portfolio management but uses multiple 1-2 paragraph quotes from well known value investors on each topic.
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1 of 2 people found the following review helpful By Ant Gara on May 16, 2014
Format: Hardcover Verified Purchase
As mentioned in my last review, I’ve recently been on a kick of reading investment books that are more or less profiles/interviews of famed investors, rather than the same write up you read of Buffett or Lynch in almost every other one. The Art of Value Investing is neither a profile-style piece like Hedge Fund Market Wizards nor a profile-per-chapter like The Value Investors or Greenwald’s Value Investing book. Rather, it is a collection of snippets from different value-style managers on various topics, such as the EMH, measuring risk, idea generation, and overall investment philosophy.

Normally my reviews are a lot longer, with pros and cons, but to be honest, there’s no need for that here. The subject matter is covered extensively, and many times on the same subject two investors will give completely contradictory responses (perhaps most notably when it comes to diversification, half seem to loathe it, the other half seem to revere it). That’s EXACTLY what I was looking for in a book like this, and the authors deliver in spades. On top of that, there are also preferred quantitative measures discussed in the book, such as ROIC, FCF Yield, C-Score, etc. I always like learning about which quantitative metrics professionals use, and that area is covered here as well.

Of course, as other reviewers have noted, the point of books like these is to not only get a more thorough understanding of how the professionals do it, but to better understand your own investment process and philosophy. As every professional says, there isn’t one “right” way to go about investing, some have the mental temperament for a concentrated, less diverse portfolio, while others need a sound nights sleep to function properly and thus prefer diversification. It all depends on the individual. If you use this book as a mirror, to get a better handle on how YOU should invest, then you will get as much of it as possible.

Highly recommended.
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