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Value Investing: From Graham to Buffett and Beyond (Wiley Finance) [Kindle Edition]

Bruce C. N. Greenwald , Judd Kahn , Paul D. Sonkin , Michael van Biema
4.1 out of 5 stars  See all reviews (76 customer reviews)

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Book Description

From the "guru to Wall Street's gurus" comes the fundamentaltechniques of value investing and their applications
Bruce Greenwald is one of the leading authorities on valueinvesting. Some of the savviest people on Wall Street have takenhis Columbia Business School executive education course on thesubject. Now this dynamic and popular teacher, with somecolleagues, reveals the fundamental principles of value investing,the one investment technique that has proven itself consistentlyover time. After covering general techniques of value investing,the book proceeds to illustrate their applications through profilesof Warren Buffett, Michael Price, Mario Gabellio, and othersuccessful value investors. A number of case studies highlight thetechniques in practice.
Bruce C. N. Greenwald (New York, NY) is the Robert HeilbrunnProfessor of Finance and Asset Management at Columbia University.Judd Kahn, PhD (New York, NY), is a member of Morningside ValueInvestors. Paul D. Sonkin (New York, NY) is the investment managerof the Hummingbird Value Fund. Michael van Biema (New York, NY) isan Assistant Professor at the Graduate School of Business, ColumbiaUniversity.


Editorial Reviews

Review

"No one can doubt there's an urgent need to think clearly about investing, since many investors in Silicon Valley companies have suffered a stock market decline comparable to the Crash of '29. The burned investor could find no better starting place than this superb book by four New York City value investors, all descended from the master of value investing, Benjamin Graham....They have written one of the most intelligent overviews of investing I've ever read, combining analytical rigor with intuitive description." (DAVID A. SYLVESTER, Published Sunday, Oct. 21, 2001, in the San Jose Mercury News)

"...Greenwald is an excellent guide on this subject..." (Sunday Times, 21 October, 2001)

Review

Individual investors in the Internet Age are blessed with information. We also are cursed with too much of the stuff, from real-time quotes to streaming videos of fund managers. This info-clutter extends to books, and cutting through it can be difficult, even dispiriting, when you see how little thought goes into so many books. That's why I've spent part of the summer doing it for you. And the new title most deserving of your time is Value Investing: From Graham to Buffett and Beyond. Its authors, Columbia Business School faculty members Bruce C.N. Greenwald and Michael Van Biema and fund managers Paul D. Sonkin and Judd Kahn, aim to place their work next to Benjamin Graham's 1950 classic, The Intelligent Investor. My 1986 edition came with Warren Buffett's endorsement--"by far the best book on investing ever written." Value Investing is better. --Robert Barker, BusinessWeek, AUGUST 13, 2001

No one can doubt there's an urgent need to think clearly about investing, since many investors in Silicon Valley companies have suffered a stock market decline comparable to the Crash of '29. The burned investor could find no better starting place than this superb book by four New York City value investors, all descended from the master of value investing, Benjamin Graham.... They have written one of the most intelligent overviews of investing I've ever read, combining analytical rigor with intuitive description." --DAVID A. SYLVESTER, San Jose Mercury News, Oct. 21, 2001

Greenwald is a conventional economist (Ph.D. from MIT) who caught the value bug. He has updated and expanded Graham's ideas, and his summer seminars ($2,900 for two days) have become popular with everyone from well-known money managers to Columbia MBAs who couldn't get into Greenwald's class. But now there is a cheaper way to learn from Greenwald: He and three colleagues have just published "Value Investing: From Graham to Buffett and Beyond." Greenwald probably won't outsell Graham, but I think he ought to. --Paul Sturm, SmartMoney Magazine, June 19, 2001

"Whether you've been working with stocks for years or are a beginner looking for a book that goes beyond price/earnings ratios, you'll likely get something worthwhile out of the book. I certainly did." —Pat Dorsey, Morningstar, 11/7/2001

"I finally have a good solution for those wanting an updated manual on value investing. Value Investing [is] essential reading for anyone looking for a fresh perspective on analyzing companies and selecting investments. Those with a little background in finance will benefit from the book's clear prose and its profiles of eight successful value investors, and stock-market veterans will enjoy the detailed case studies in which Greenwald applies his ideas to specific companies.... It is one of the better books on investing to hit the shelves in a while. Greenwald's detailed analysis of Intel INTC is by itself worth the price of admission, and other examples are similarly illuminating. Whether you've been working with stocks for years or are a beginner looking for a book that goes beyond price/earnings ratios, you'll likely get something worthwhile out of the book." (Secrets of Successful Investing' by Pat Dorsey, Morningstar.com)

"Value Investing [is] essential reading for anyone looking for a fresh perspective on analyzing companies and selecting investments." —Pat Dorsey, Morningstar.com

"Sophisticated yet accessible to people outside the orbit of business schools, Greenwald's book is a lively defense of, and handbook for, value investing, complete with glimpses of how it's practiced by pros like Warren Buffett and Mario Gabelli." —TheStreet.com, November 15, 2001


Product Details

  • File Size: 3301 KB
  • Print Length: 320 pages
  • Publisher: Wiley; 1 edition (December 10, 2007)
  • Sold by: Amazon Digital Services, Inc.
  • Language: English
  • ASIN: B000YIWF4C
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Not Enabled
  • Lending: Enabled
  • Amazon Best Sellers Rank: #71,308 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

Most Helpful Customer Reviews
70 of 72 people found the following review helpful
5.0 out of 5 stars Value Investing in the 21st Century January 7, 2002
Format:Hardcover
I am a professional investor (CFA charter holder and portfolio manager) and would suggest this book for anyone interested in the value style of investing. I would not recommend the book for a novice investor since some terminology is not explained. (Perhaps read this book after reading and understanding Benjamin Graham's The Intelligent Investor.) However, the book is an excellent read for someone with an understanding of investing. The book is divided into two main parts: The authors' views of different ways to value a company and profiles of successful value investors.
I think the authors' Earnings Power Value (EPV) approach to valuing a company is cutting edge. (Basically EPV is a rehash of Enterprise Value.) Most investors tend to value stocks based on P/E ratios - only looking at equity in a company. However, the proper way to value a company is to look at its whole capital structure - Debt, Equity & Cash. EPV is a much better tool than the P/E ratio for calculating whether a company is undervalued.
The second part of the book that profiles a half dozen or so successful value investors is interesting. It illustrates there are many different ways to execute a value oriented approach. The profiles do not give any hard cut rules that each investor follows, but it does give you a general idea. (I have been successful at applying some of the ideas in managing my own account.) The only flaw of the profiles is the lack of any type of track record. It would have been helpful to list the year-by-year returns for each investor compared to an index. (i.e. S&P 500 Index)
Overall, it's a great book and it deserves a spot behind Ben Graham's Security Analysis and Intelligent Investor.
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60 of 61 people found the following review helpful
5.0 out of 5 stars Must-read for serious investors of any stripe August 12, 2006
Format:Paperback|Verified Purchase
A must-read for investors of any stripe, growth or value. This book, written by a couple of the most popular professors at Columbia Business School, explains the innovations in the field of value investing as practiced by some of the most successful investors in the field. (fair disclosure: I took Prof. Greenwald's courses in 2007) This book successfully bridges the gap between the traditional Graham & Dodd style of value investing to what works today. Although it's a paperback, it's written with the density of a textbook. The writing style is not light, and the actual meat of the book takes some time to wade through. If you don't have some experience in accounting or corporate finance, then Joel Greenblatt's The Little Book That Beats the Market is good to read first.

The substance of this book is a process for modern value investing: value investing is not investing in lousy companies just because they appear cheap. The authors also teach a structured way to value a company. Finally, the authors address how to value growth.

First, before reading this book I had the mistaken impression that value investing was all about investing in the ugliest, least interesting company you could find just because it had a low P/E ratio. I was completely wrong! (Maybe I have attended too many stock pitch sessions and heard too many poultry stocks and encyclopedia companies get pitched.) Modern value investing, according the authors: "When B. Graham went scouring financial statements looking for his net-nets, it did not concern him that he may have known little about the industry in which he found his targets. All he was concerned with were asset values and a margin of safety by that measure.
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63 of 67 people found the following review helpful
3.0 out of 5 stars Good content, but confusing August 19, 2005
Format:Paperback|Verified Purchase
Good content and good approach. I'm a fan of value investing. The book teaches the reproduction cost of assets and the earning power value. It also hints on how to incorporate growth.

The problem is that information is all scattered around and the wording is not very reliable. The authors mix capital with ROIC with ROE. They also don't make it clear when they mean cost of capital or WACC. Also, the definitions are not there and that creates confusion.

I found a few typos in tables. The values are carried from one table to another and sometimes are rounded sometimes are not. Some entries in the tables just don't mean anything because the values are never used nor referred to. That's a very bad practice for authors coming from academia. They should know better.

The book would improve to a 5-star rating had them fixed all typos, explained all terms, and put all calculations in tables in math formulas instead of just saying something along the lines of "we multiply the WACC by the ROIC and divide by the tax rate and we get a P/E of 10.5". (Example exagerated). Suggestion: List all the steps so we can follow. Add text to explain whats being done. Refer to rows and columns in the table so we know what values came from where. Also, clearly differentiate between tables with original facts (e.g., balance sheet from annual report) from tables that contain either speculation or derived numbers. Anything discounted or adjusted is speculation or derived.
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60 of 64 people found the following review helpful
Format:Hardcover
Value investing is so unpopular now, that many do not know about this highly successful form of investing as practiced by its greatest masters. Value Investing helps to overcome that ignorance among the newest generation of investors. That is good and timely, because we seem to be entering a time when value investors often make their greatest coups.
If you believe that the stock market is totally efficient (current prices accurately discount everything that is or could be known about the company to accurately price a company’s securities), you will think this book is irrelevant. If you think that stock prices normally over or under value a company’s worth, you will find this book fascinating.
If you want to have a decent chance of learning how to outperform indexed mutual funds, this book is one of a handful that can help you. The methods and investors outlined in this book have successfully beaten the market averages for decades. So whether you try to do apply the concepts for yourself, or have your money invested by one of these top value investment managers, value investing is a discipline that can help you achieve superior investing results.
In some of the many back tests run in recent years to test for market efficiency concerning stock prices, simply buying stocks with low price/earnings and price/book ratios proved to outperform the market averages. More thoughtful stock-picking can do even better.
But the ideas in this book are far more important than that. Value Investing shows the many ways that situations where securities are underpriced can be found and exploited. The masters of this approach do a lot of fundamental homework, and look carefully from several different perspectives.
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Most Recent Customer Reviews
3.0 out of 5 stars Good concepts: reproduction
Good concepts: reproduction, earnings power, and growth value - albeit known to most value investors in slightly other variations. Read more
Published 12 days ago by Giovanni Gill
5.0 out of 5 stars Five Stars
Satisfied with this book.
Published 18 days ago by Kosuke Haneda
2.0 out of 5 stars Two Stars
Bogle is better author on this issue....
Published 25 days ago by Patrick T. Mclaughlin
2.0 out of 5 stars Seriously needs to be rewritten
Outdated and hasn't evolved with the years and recent developments. The concepts explained are useful. However, cases are outdated and simplistic.
Published 1 month ago by Markus FISCHER
4.0 out of 5 stars Almost there
I've been waiting for the next edition of this book since 2010. It is a good book but not a great book, something that doesn't do justice to Bruce who is simply extraordinary. Read more
Published 1 month ago by Joaquin Grech
5.0 out of 5 stars great book
great book
Published 2 months ago by Ernesto A. Uson
4.0 out of 5 stars If you are interested in a deep value approach that ...
If you are interested in a deep value approach that takes an academic bend, this book is worth your while.
Published 2 months ago by Randy
5.0 out of 5 stars one of the best investing books ever written
dr greenwald provides a great valuation framework.
Published 3 months ago by Curt Brandt
4.0 out of 5 stars Four Stars
Good
Published 3 months ago by Abhishek Raut
5.0 out of 5 stars Five Stars
A great book! You must read it if you are interested in value investing.
Published 5 months ago by Jeff
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