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The Business of Value Investing: Six Essential Elements to Buying Companies Like Warren Buffett Hardcover – October 19, 2009


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Product Details

  • Hardcover: 268 pages
  • Publisher: Wiley; 1 edition (October 19, 2009)
  • Language: English
  • ISBN-10: 0470444487
  • ISBN-13: 978-0470444481
  • Product Dimensions: 6.3 x 1 x 9.3 inches
  • Shipping Weight: 1 pounds (View shipping rates and policies)
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (16 customer reviews)
  • Amazon Best Sellers Rank: #1,275,497 in Books (See Top 100 in Books)

Editorial Reviews

From the Inside Flap

"Buy a business, don't rent stocks."—Warren Buffett

While you've probably heard numerous "financial experts" talk about the many ways to make money in the markets, the fact is, there's only one strategy that has truly proven itself over the years. Thanks to the foundation laid out by Benjamin Graham and expanded upon by Warren Buffett and others, value investing—which consists of buying the stock of companies that trade for less than their intrinsic value in order to maximize return while minimizing risk—has helped countless individuals consistently build wealth by avoiding permanent capital loss.

Successful value investors have an ingrained mental framework through which all investment decisions are made. This framework, which stems from Graham's belief that "investment is most intelligent when it is most businesslike," can put you in a better position to improve the overall performance of your portfolio.

Written by Sham Gad—founder of the Gad Partners Funds, a value-focused investment partnership inspired by the 1950s Buffett Partnerships—The Business of Value Investing effectively examines the fundamental tenants of this approach and skillfully illustrates the six essential elements of the entire process. Opening with informative discussions of how value investing focuses more on buying a piece of a business and less on buying a company's stock, this reliable resource quickly moves on to detail exactly what it takes to become a successful value investor.

  • Develop a sound investment philosophy

  • Have a good search strategy

  • Know how to value a business and assess the quality of management

  • Have the discipline to say no

  • Practice the art of patience

  • Have the courage to make a significant investment at the point of maximum pessimism

Along the way, you'll become familiar with specific case studies that illustrate how to approach investing in an intelligent, businesslike fashion. Each one—all of which were actual investments made by the author at one time or another in his career—offers a different way to determine whether a company under investigation is indeed a bargain investment opportunity.

For those willing to put forth the effort and show some patience, the stock market offers the greatest forum for wealth accumulation. Filled with in-depth insights and practical advice, this reliable resource can help you make the most of your time in today's markets, by following a value-oriented approach to investing that continues to make sense.

From the Back Cover

Praise for The Business of Value Investing

"Sham Gad's The Business of Value Investing is an excellent primer on value investing. The book chronicles the step-by-step process of successful value investing. It will keep you reading and learning. And learn you will."—Vitaliy Katsenelson, Director of Research at Investment Management Associates, Inc., and author of Active Value Investing: Making Money in Range-Bound Markets

"Sham Gad's new book does a great job ofteaching the most important lesson in the business world:discipline, a predefined and strictly adhered-to philosophy,temperament, hard work, and a willingness to learn from mistakes are much more important than innate¿IQ. The Business of Value Investing spells out exactly what Warren Buffett means whenhe says, 'I am a better businessman because I am an investor;I am a better investor because I'm a businessman.'"—Mark Sellers, Managing Partner, Sellers Capital, LLC

Customer Reviews

I found the book to be a quick read that was well structured.
sobo
Mr. Gad shows you how to invest using real world examples based on Warren Buffett's investment principles.
Jonathan Herson
Even though I am experienced in investing, I found this book to be a great resource.
Mariusz Skonieczny

Most Helpful Customer Reviews

27 of 34 people found the following review helpful By Jessica Kelly on January 11, 2010
Format: Hardcover Verified Purchase
rather than repeatedly reading references to graham & dood, seth klarman, and buffett throughout this book - just go read them directly.

and the section about the actual "business" of value investing is like 4 pages.
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15 of 19 people found the following review helpful By Otto Wagner on June 13, 2010
Format: Hardcover
I had done extensive reading about value investing before I bought this book. I was disapointed. I was expecting more in-depth instructions how to evaluate companies, cash flow, possible traps for investors etc. Book only scratches the surface of value investing. Only generic instructions how to approach value investing and that was it.
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6 of 7 people found the following review helpful By Bertilak on October 6, 2010
Format: Hardcover Verified Purchase
First a disclaimer: I am not an expert. I am new to the concept of "Value Investing"

Nearing retirement, I decided to take a bit more control of my investments. I read reviews of many of the investment advice books on Amazon, bought a few and read them cover to cover. I also perused many web sites covering the same ground. The books and web sites that impressed me the most were the ones advocating one flavor or another of what is commonly called "Value Investing", but I always felt I was missing key pieces of the puzzle. That is until I read Mr. Gad's book. I don't mean it made me an expert. Far from it, but I think it did show me the big picture such that I now feel I have all the pieces (the "elements" of the subtitle), even if not all the associated skills to best apply those pieces.

This is actually a BIG step in learning about anything -- getting the big picture and knowing what it is you need to work on for a deeper understanding. Even though I still have a long way to go, I think Mr. Gad's book has taught me enough actual, practical, skills to make it even feasible for me to start managing my own investments.

Some big things I got from this book:

1) It is an every-day occurrence for us to make judgment calls when buying things -- am I getting my money's worth? That's "value buying". "Value investing" is the same thing applied to investments. When you buy a stock you are buying part ownership in a company. The stock is a receipt confirming your ownership and what you paid for it. The price of the stock does NOT tell you the value of the company. That is for YOU to determine (as best you can). The price of a stock and the value of the company are not the same thing. The point is, you want to pay less than the true value.
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2 of 2 people found the following review helpful By TTL on February 10, 2011
Format: Hardcover
First the bad: very repetitive towards the end - I found I could often skip many pages with little or no loss of continuity. Many misused words, grammatical errors, etc.

The good: if you've never really been exposed to value investing, it is a good introduction.

What could have made the book great: The author presents some example company valuations, which for me were the meat of the book. Except, there was almost no beef - they were a far too small part of the book. If the book had been cut in half, and another half added that presented more complete examples of how to analyze and evaluate companies of different size and types from a value investing point of view, I could see giving the book 5 stars.
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5 of 7 people found the following review helpful By Mariusz Skonieczny on January 19, 2010
Format: Hardcover
You can be the smartest person in the world with an education from one of the top business schools in the world, but this will not be enough to be a successful investor. The author of this book, Sham Gad, says that the stock market tends to make smart people do dumb things with their money. How true this is. Even though I am experienced in investing, I found this book to be a great resource. I usually highlight sections that I like when I read books, and there weren't many pages where I did not have something highlighted.

The author discusses topics such as investing in stocks as if they were businesses, searching for investment opportunities, valuing companies through various methods, and avoiding common mistakes. Also, there are three case studies that show value investing in action. In 2009, one of my best investments was a company called Ternium, the most profitable steel company in the world. It was a pleasant surprise that the author included Ternium as one of the case studies. Whether you are a beginning or advanced investor, I can assure you that you will find this book resourceful.

Gad does a great job of laying the right foundation for investors to have the greatest chance of investment success. I think that this book is one of the best on the market when it comes to mental discipline. I like to think that I am pretty disciplined, but reading the author's words on how to deal in situations when a particular stock drops significantly, or when the general market is up and you are down, was very helpful. Many investors, especially beginners, think that they cannot be better than professionals because they are not smart enough. But they do not realize that the investment world is filled with smart people who cannot do better than average.
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6 of 9 people found the following review helpful By kalidasa on April 7, 2010
Format: Hardcover
If you liked works by Mohnish Pabrai(Dhandho investor), Joel Greenblatt(The little book that beats the market) and Mary Buffett(Buffetology and New Buffettology), chances are you are certainly going to like Sham's work as well.

For someone not introduced to the collective speak of Klarman/Graham&Dodd/Buffett/Pabrai/Joel Greenblatt, this is a nice compendium of what they have said and it has been broken down to the novice investor (a humble guide to the professional) in plain speak and a common sense manner. While one may say that go read each one of the author(and all of their works) than read repetitive references, who has the time and money to go seek all of the authors...hence, in my opinion, this is a very good book...where the message is constantly repeated much like parenting(minus one star in the ratings)...otherwise, I really hoped this book was available to me in 2008...even though speculating, I would have made the most investment in oct 2008 or mar 2009.

Chapters 7, 8 and most of all chapter 9 stand out. In the light of the 2008 collapse, chapter 9 stood out offering much hope(pity the book came out in fall 2009)...I liked the consistent treatment of who is a speculator/value-investor and notes on the courage to do a maximum investment at the most pessimistic of times.

For those doubters, I benefited handsomely(50+ %) from Sham's analysis on Ternium Steel posted on his blog([...]), buying it in around the 20s(sep 2008) and selling it few weeks earlier in march 2010. This post, is simply a gesture of thanks to the author. I note the same analysis is presented in this book.
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The Business of Value Investing: Six Essential Elements to Buying Companies Like Warren Buffett
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