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Value Investing: From Graham to Buffett and Beyond Paperback – Jan 26 2004


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Product Details

  • Paperback: 320 pages
  • Publisher: Wiley; 1 edition (Jan. 26 2004)
  • Language: English
  • ISBN-10: 0471463396
  • ISBN-13: 978-0471463399
  • Product Dimensions: 15.2 x 2.2 x 22.9 cm
  • Shipping Weight: 558 g
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (17 customer reviews)
  • Amazon Bestsellers Rank: #11,506 in Books (See Top 100 in Books)
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Product Description

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) --This text refers to the Hardcover edition.

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

--This text refers to the Hardcover edition.

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Customer Reviews

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Most helpful customer reviews

2 of 2 people found the following review helpful By Svetoslav Tassev on Feb. 21 2002
Format: Hardcover
The back cover of this book modestly proclaims that Mr. Greenwald is the "guru of Wall Street's gurus". I don't know what kind of gurus there are on Wall Street but if Mr. Greenwald is their mentor then I really feel sorry for them.
The very next day after I finished reading 'Value Investing' I attended a presentation, sponsored by NYSSA's Private Wealth Management Committee, where the author (editor?) presented the book. The presentation confirmed my first impressions: Not only is Mr. Greenwald confused about what Value Investing is but he doesn't seem to understand some fundamental concepts in Finance. For example, he claims that Compaq's major problem stems from the fact that the company put Alta Vista at market value on the balance sheet and then they had to write it off. Hasn't Mr. Greenwald heard about sunk costs? Investing in Alta Vista may have been a poor decision that destroyed shareholders' value but it is something that pertains to the past. It is not something that will continue to influence the firm's operating results in the future.
Greenwald claims that using asset valuation based on reproduction costs provides more accurate estimate of what the company might be worth then using NPV. According to him, NPV is too difficult to estimate and therefore is almost useless. I agree that NPV is difficult to estimate but if it was easy then everyone could be rich, right? In order to do better an individual investor must have a competitive advantage. Competitive advantage is something that one can do but the competition cannot. If balance sheet reading is easier than future cash flow forecasting then more investors should be able to do the former rather than the later. But if many people can do it then it does not give any competitive advantage.
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2 of 2 people found the following review helpful By A Customer on Feb. 14 2002
Format: Hardcover
I have read numerous books on the topic of investing, including Security Analysis, The Intelligent Investor, Common Stocks and Uncommon Profits, One Up on Wall Street, Beat the Street, The Warren Buffett Way, and more. But this book is the most detailed and usefully instructive that I have found - at least since The Intelligent Investor. If you have an interest in accurately modeling the investment philosophies of the most successful investors, you will find this book to be invaluable.
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1 of 1 people found the following review helpful By A Customer on Oct. 26 2001
Format: Hardcover
Not a bad stab at the basics, but the debt owed to others is immense. One third of the book consists of excerpts from Warren Buffett's Essays, disorganized, and better read in the collection THE ESSAYS OF WARREN BUFFETT: LESSONS FOR CORPORATE AMERICA (a full compilation by topic, well organized and rave reviewed). The hats off to some other top investors too, whose profiles are shallow and would be better to read them directly too. The rest is a skeleton outline, better delivered in several other books on the masters like Buffett and teacher Ben Graham (neither of whom, incidentally, even believe there is such a thing as the title of this book suggests there is--value investing is a redundancy they say, though the authors of this book don't grasp that basic point).
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Format: Hardcover
Ben Graham may have done for investing what Euclid did for geometry, but the Graham student must take a long and winding road to collect and organize Grahamian "theorems." Greenwald modernizes and thoughtfully organizes the value framework originally expounded by Graham, and shows how investors might take -and in the final section of the book, how several master investors DO take- Graham's notion of buying dollar bills for fifty cents and apply this central idea in creative ways to some of the less frequented areas of the market.
Greenwald et.al. show a terrific aptitude for remaining informal and conversational while maintaining brevity and orderliness. Neophytes are unlikely to encounter a clearer, more concise explanation of 'discounting future cash flows', and most students of value investing will be well-served by Greenwald's order of equity valuation: (1) Asset Value, (2) Earnings Power, (3) Growth, all of which are clearly explained. Additionally, Greenwald discusses a useful addition to common metrics such as 'net asset value' and 'liquidation value' with the concept of 'replacement cost'. Greenwald also acknowledges and thoughtfully attempts to quantify the value investor's less traditionally acknowledged principle of 'franchise value', which he judiciously attributes to Warren Buffett as the latter's singular contribution to investment analysis.
The book's admirable brevity is also its primary shortcoming. Whereas Graham included senior debt and convertible debt vehicles both in Security Analysis and in his investment practices, this text is for all practical purposes only an examination of equities. If the authors of "Value Investing" ever opt to write about a value approach to bonds and other instruments, I'll bet they'd have a captive audience.
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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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