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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: $87.60

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Best Books of the Year
Best Books of 2014
Looking for something great to read? Browse our editors' picks for 2014's Best Books of the Year in fiction, nonfiction, mysteries, children's books, and much more.

Product Details

  • Hardcover: 336 pages
  • Publisher: Wiley; 1 edition (April 29, 2013)
  • Language: English
  • ISBN-10: 0470479779
  • ISBN-13: 978-0470479773
  • Product Dimensions: 6.2 x 1 x 9.3 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: #171,947 in Books (See Top 100 in Books)

Editorial Reviews

Review

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

“[The Art of Value Investing] is packed withinvaluable insights and is relevant to both the novice and theexperienced investor. …This book provides a valuablecontribution to the industry literature on value investing. It iswell written, well organized, and quite enjoyable. The Art ofValue Investing should be read by all investors who areseriously interested in enhancing their understanding of thisimportant field.”
CFA Institute Book Review

From the Inside Flap

You know what value investing is: it's how Warren Buffett madehis billions. Perhaps you're even familiar with value investingterminology, such as margin of safety and intrinsicvalue. And maybe you've already found success with valueinvesting and know from experience that it's the most reliable wayto achieve market-beating returns and accumulate significantwealth. Congratulations!

Whether you're a complete beginner in need of an A-to-Z valueinvesting primer, an experienced investor looking to expand andfine-tune your repertoire of value investing skills, or anindividual or institutional investor looking to identify the bestmoney managers, this book is for you. In writing it, authors JohnHeins and Whitney Tilson have achieved a remarkable feat: They'vebrought together the collective wisdom of today's most successfulvalue investors and distilled it into a series of actionablelessons you can put into practice right away.

Based on extensive interviews with market-beating moneymanagers, superstar hedge fund managers and mutual fund heroes, andfeaturing many real-world examples, The Art of ValueInvesting expertly describes:

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

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

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

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

Giving you unparalleled access to the thinking of the brightestand best of the value investing world, The Art of ValueInvesting can save you years of frustrating (and expensive)trial-and-error. With the helping hand of value investingluminaries such as Julian Robertson, Seth Klarman, David Einhorn,Joel Greenblatt, Mason Hawkins, Jean-Marie Eveillard, Bill Ackmanand Bill Nygren, to name a few, you'll discover your preferredstrategies for exploiting market inefficiencies, researching andvaluing companies, identifying industry sectors and geographicregions in which to invest, timing buys and sells, managing youremotions, 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

33 of 38 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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16 of 17 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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8 of 9 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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3 of 4 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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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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5 of 8 people found the following review helpful By Straddle1985 on August 31, 2013
Format: Hardcover
It's harder and harder to find decent books on value investing these days. Most of the books on this theme are either decennia old or the newer ones are usually short on content and long on marketing. Not this book tough.

The author interviewed (or collected) hunderds of citations from known value investors and hedge funds managers. In here you'll find the well known names (Greenblatt, Buffett, Munger, Einhorn, Bill Miller, Peter Lynch, ...) but also names and (hedge) fund names you've never heard of before. The book is organised in 5 big parts per theme with subthemes. You'll find chapters like Entries, finding fertile ground, the importance of correlation, risk management, sources, competitive advantages, ...). It's really neat because one can read a chapter once and the leave the book and return later to another chapter or theme.
The biggest advantage to me was the flow of new ideas to test or to trade. If you're looking for stock tips you'll be disappointed but if you're looking for new ideas you'll find plenty of them. That's exactly the reason why I love to read books on investing and trading.

Here's just a part of the citations I liked for their inspiration:

Greenblatt: There's a clarity that comes with great ideas: You can explain why something's a great business, how and why it's cheap, why it's cheap for temporary reasons and how, on a normal basis, it should be trading at a much higher level. You're never sitting there on the 40th page of your spreadsheet, as Warren Buffett would say, agonizing over whether you should buy or not. If you find yourself there, it's either not yet clear enough in your head or it's not as striking an idea as it should be.
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