- Hardcover: 336 pages
- Publisher: Wiley; 1 edition (August 12, 2013)
- Language: English
- ISBN-10: 1118083652
- ISBN-13: 978-1118083659
- Product Dimensions: 6.3 x 1.4 x 9.2 inches
- Shipping Weight: 1.2 pounds (View shipping rates and policies)
- Average Customer Review: 106 customer reviews
- Amazon Best Sellers Rank: #167,457 in Books (See Top 100 in Books)
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The Manual of Ideas: The Proven Framework for Finding the Best Value Investments Hardcover – August 12, 2013
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"The Manual of Ideas: The Proven Framework for Finding theBest Value Investments provides an overview of nine valueinvesting strategies, including why each one is expected to work,the uses and misuses of each, and how to identify specificinvestment opportunities for each strategy. It is a useful bookboth for those looking for a current overview of value investingand for the more experienced value investor seeking a criticalanalysis of value investing strategies and thoughts on methods foridentification of specific investment opportunities."
—CFA Institute Book Review
“A highly recommended read to prepare for 2014, whichcould be much trickier than 2013.” (StrictlyFinancial, December 2013).
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Truth in advertising. John Mihaljevic’s The Manual of Ideas — The Proven Framework for Finding the Best Value Investments is exactly that. A manual full of investing ideas, very good ideas, which I’ll cover chapter by chapter.
The book is well laid out and organized into 10 chapters comprising around 300 pages. One thing I really like is each chapter concludes with a list of Key Takeaways and Notes. The notes provide references to the material presented.
I was immediately drawn to Chapter 6: Follow the Leaders: Finding Opportunity in Superinvestor Portfolios.
My favorites are 3G Capital (Jorge Lehmann), Aquamarine Fund (Guy Spier) Berkshire Hathaway (Warren Buffet) Fundsmith (Terry Smith), and Dalal Street (Mohnish Pabrai). John covers investing alongside the Superinvestors and breaks it down further by categorizing Large Cap Value, Mid Cap Value, Small Cap Value, Graham Style Deep Value, etc. You could spend a couple of months just researching and studying the material in this chapter alone.
Next I was drawn to Chapter 4: Greenblatt’s Magic Search for Good and Cheap Stocks.
The chapter covers Joel Greenblatt’s methodology from The Little Book that Beats the Market. John covers the Magic Formula well. Screen for high returns on capital employed and pay less for a given level of earnings. I haven’t read Little Book, but I know Joel Greenblatt from his other book, You Can Be a Stock Market Genius. Joel later claimed to regret that title, but I learned about investing in spinoffs through it and have done well with them.
In Chapter 1, which I suppose you should read first, but probably won’t, John lays out the frame work for investing on your own and casting yourself in the Role of Capital Allocator. Capital Allocator — I like the sound of that.
Chapter 2 covers Deep Value: Ben Graham-Style Bargains, along with some of the uses and misuses of the style.
In Chapter 3 Sum-of-the-Parts Value: Investing in Companies with Excess or Hidden Assets, you’ll learn to move beyond screening and find ways to uncover hidden assets. These sum-of-the-parts opportunities come in all shapes and sizes.
Chapter 5 covers investing alongside great managers. In an ideal world you’d be able to screen for great managers. Unfortunately, such screening software doesn’t exist. John covers what to look for when filtering for management ability.
In Chapter 7 you’ll find big opportunity in small stocks. You’ll discover how to find compelling Small and Micro Cap ideas that can result in big returns from under-followed companies.
Chapter 8 is all about Special Situations and Event-Driven investing and provides proven ways to build a pipeline of even-driven ideas for your investing pleasure.
Chapter 9 is about Equity Stubs — the power and peril of leverage. It’s an interesting method of value investing, but definitely not for me.
Chapter 10 will turn you into the next Sir John Templeton with International Value Investments. John covers the pitfalls of chasing growth in emerging markets and how to make money by riding the coattails of regional experts when looking abroad for companies to add to your portfolio.
I don’t think I’m exaggerating at all when I say The Manual of Ideas is the only investment book you’d ever need. Any one of the ideas, or a combination of them, will have you generating new and profitable investing ideas for years to come.
This text is just the beginning of your value investing journey which continues through the author, John Mihaljevic's eponymous website manualofIdeas.com where you get so much more. While I subscribe to his website's paid offerings I carry no business brief from him. IMHO, if you are indeed serious about investing in stock market, you would do well to read and/or listen to the text and use the resources at his website.
Its title pretty much reveals what this book is for. If you are someone who is trying to define what strategy suits you better, then this book is for you. Each chapter covers a very specific and isolated topic (though some of these could be related). So, here you will find whole chapters dedicated to deep value (cigar-butts), small caps, magic formula, top hedge fund managers, top CEOs, emerging markets, etc. I personally find that organization very convenient and that’s why I always keep this book close to me for reference.
I should also say that the author is a good writer and, more importantly, knows what he’s talking about! You can tell he is not just any novice who compiled a bunch of information to create a book. There’s a lot of substance and coherence in every chapter.
I would recommend this book to an intermediate level reader. Someone who has a good understanding of the investing basics but needs an overview of more advanced topics.
Hope this helps.