We want to invest not only in highly capable managers, but also those with clear track records of integrity and acting in shareholders' best interest. I've learned over time that great management teams deliver positive surprises and bad ones deliver negative surprises.
- THE LORD JEHOVAHS OMNIPRESENCE IN HIS UNIVERSE OF THE HOLY BIBLE?
- The Art of Value Investing: How the World's Best Investors Beat the Market.
- ?
- ;
I'm not interested, for example, in CEOs who appear personally greedy. I frequently ask CEOs how they measure success. They often speak about meeting the needs of their various constituencies, including shareholders, employees, customers, and the community. Many have said they measure their success by the rise in the share price. The closer they get to saying they measure success by growth in the company's real economic value per share, the more interested I am. You can usually pick out the empire builders with that question alone—they tend to have a hard time zeroing in on a concrete answer.
The best managers can usually say clearly and with confidence where they see the highest return-on-invested-capital opportunities and what they expect those returns to be. They also are typically smart about buying back their shares—not just on some systematic basis, but opportunistically when they believe the shares are cheap.
Part of being a wise person is resisting the other person's expository—to know nonsense when you see it. If you're like me, you can conceal your contempt for the person even as they speak. Aug 21, InvestingByTheBooks. When I opened up this book my initial reaction was disappointment. It almost exclusively consists of a collection of quotations from the monthly magazine Value Investors Insight. Tilson is also as most would know, a well- know When I opened up this book my initial reaction was disappointment.
Tilson is also as most would know, a well- known value investor in his own right. The concept is simple; line up the questions that should be answered in order to create a well thought out investment philosophy and an effective investment process. Then let a number of investors give their answers.
- Twice Nightly!
- .
- Otros colores (Spanish Edition);
- An Old Heart Goes A-Journeying!
- 2 106,71 RUB.
- Gone with the Railroad.
This means that each question gets several and often contradictory answers. However, the reader gets to survey a ton of the hard won insights various seasoned investors have made over their careers. So does this book give you the distilled collective wisdom of successful practitioners or is it just sketchy snippets without context? Is it a multiple choice menu that allows you to compose your own perfect meal or a recipe for confusion? My marker pen did some ridiculously heavy work while I was reading this text.
Halfway through the book my initial skepticism had been converted into a feeling of having found a goldmine. At times, when several persons give roughly the same answer to a question, it gets slightly repetitive, but at the same time this tells you something. At other times the answers differ and the reader is given great granularity on how that particular topic can be handled. The topics are presented in an order that is well suited for the formulation and execution of an investment process.
The book goes through how to position yourself within value investing with various degrees of focus on quality, growth or just on plain cheap stocks; where to compete with consideration to the skills you got and with the areas and strategies to match; how to search for investment ideas; thoughts on how to do research with all its nuances and choices; and it gives a detailed run through of how to build a portfolio, i.
In reality the process for selling winners should differ from selling losers, the process of selling a franchise type stock should be different from selling a cigar but- type stock and there should also be a finely tuned balance between swapping out portfolio holdings for stocks with better prospects and the benefit of holding on to cases that you really know and minimize trading costs.
Join Kobo & start eReading today
The Art of Value Investing is packed with insights. Clearly something for the value investor! May 08, Sylv C rated it really liked it. Largely a collection of quotes and bite sized insights from respected investors in the business. Good book to have on the shelf as a source of self discipline on those days when irrationality beckons.
Feb 26, Gordon Lindstrom rated it really liked it. This book is a series of quotes from various investment advisors and guru's.
The Art of Value Investing: How the World's Best Investors Beat the Market by John Heins
Interesting to see how they think and react to the various market conditions. Jan 31, Joel Gray rated it liked it. The exact same thing doesnt always work over and over again - the market is too smart for that. The second important way of having a margin of safety is to have more than one way to win, through earnings growth, multiple expansion or free options in the business. By controlling risk and limiting loss through extensive fundamental analysis, strict discipline and endless patience, value investors can expect good results and limited downside.
The future is uncertain - invest accordingly. The real secret to investing is that there is no secret. Smaller to mid-sized companies are generally easier to understand. The distinguishing attribute among successful investors is temperament, rather than brainpower, experience or classroom training. They have the ability to be rational when others are not. There is a clarity that comes with great ideas - you can explain why its a great business and why its cheap.
If you look at sports history, the champions have usually been the best defensive teams, not those with the most exciting offences. We dont like management focused on the share price, at a lot of investment conferences or having lavish offices. If I have to contact management to have something important explained, there is something wrong. On investment committees where everyone has to agree you end up with ideas that dont offend anyone, which are not likely to be very good.
The world doesnt end when we pass on a borderline investment that later works out.
Learn more about
The danger we seek to avoid is the temptation or pressure to make too many borderline investments that later turn out badly. Sep 09, David Glad rated it liked it. The wisdom in it is awesome, but the coherence just did not do it for me. It really seemed like it could have just been a series of blog posts organized entirely different from the book.. I loved John Train's The Money Masters specifically because it profiled each person individually rather than meshing them together upon some investment aspect.
Which given so many personalities means it sounds contradictory.. As a consequence of Wikipedia and similar investment wikis, you probably will not see many books like The Money Managers these days becoming bestsellers due to too much breadth and the relative lack of depth failing to reach the intended audience.
Plus side is the scatterbrain nature of quotes means whether you have 30 seconds or 30 minutes, you can pore through some of the audiobook whenever you have a moment. Still probably worth having in your collection if you have an appreciation for this subject. Oct 31, Brian Zheng rated it it was amazing. A great book consisted of a collection of quotes from some most reputable value investors in the world, such as Seth Klarman, Howard Marks, and Will Browne. The book is arranged neatly topic by topic, for example, the size of the bet and when to sell.
One thing learned form the book is value investing is more of a mindset and principle than a fixed playbook. Different investor has different field and style they prefer. The Art of Value investing had several good insights, but I thought it was too much of short, sentence quips from various professional investors. I was hoping for more of an in-depth review of value investing.
Nov 16, Steve rated it it was ok. A great collection of quotes from some of the great minds in finance. This book doesn't have much practical application unless you work in the financial industry or are an active stock trader who deals in individual stocks. I did not get much out of it, personally. Sep 28, Tirath rated it liked it. It's a great compilation of other investors' quotes over the years.
So, while there are things to mark and highlight, that's about it. At no point during the book does one really sit back and wonder. But Tilson is an interesting chap, so one ought to get his book. Sep 21, Jonathan Perez rated it it was amazing. Impressive collection of famous value investors' thoughts on various key topics, from investor psychology and stock selection to risk management. A gold mine of ideas. That made me want to learn more about all of them.
Thank you Steve Forbes for recommending this book. This book extracts the knowledge of the greatest value investors and categorizes it in a way that creates a great contextual philosophy. Tap Dancing to Work. One Up On Wall Street. Hedge Fund Market Wizards. There's Always Something to Do. Market Sense and Nonsense. The Ultimate Dividend Playbook. How Not to Be Wrong. The Little Book of Behavioral Investing. The Big Secret for the Small Investor. The Obstacle Is the Way. The Little Book of Value Investing.
Technical Analysis of the Financial Markets. The Intelligent Investor, Rev. A Wall Street Revolt. The Signal and the Noise.
- Pain and Addiction: A Challenging Co-Occurring Disorder.
- What is Kobo Super Points?.
- Spätlese: Texte aus vier Jahrzehnten (German Edition)?
- ;
- See a Problem?.
- ?
How to Make Money in Stocks: The Business of Value Investing. When Breath Becomes Air. Robert B Cialdini PhD. Liar's Poker 25th Anniversary Edition: The Five Dysfunctions of a Team. Go Set a Watchman. Thinking, Fast and Slow. The Power of Habit. The Gods of Guilt.
It is as vital a resource for the just starting out investor as for the sophisticated professional one. The former will find a comprehensive guidebook for defining a sound investment strategy from A-to-Z; the latter will find all aspects of his or her existing practice challenged or reconfirmed by the provocative thinking of their most-successful peers. It also is a must read for any investor institutional or individual charged with choosing the best managers for the money they are allocating to equities.
Choosing the right managers requires knowing all the right questions to ask as well as the answers worthy of respect and attention both of which are delivered in The Art of Value Investing. The co-Editor of Value Investor Insight and co-founder of the Value Investing Congress details his proven investment approach The Art of Value Investing takes the lifelong process of learning how to identify profitable investment opportunities and streamlines these lessons into strategies that will help you build a successful investment portfolio.
Authors John Heins and Whitney Tilson divide each of the general money-making opportunities he has identified into separate chapters, made more practical and relevant by the use of detailed, real-life case studies. They then describe how to avoid investment pitfalls-or alternatively stated, where to look for short opportunities-which are again brought to life by specific examples. The final section offers an overview of the psychological and behavioral biases that hinder sound investment decision-making and how to overcome them to ensure continued financial success.
Account Options
Filled with key insights and successful strategies for Buffett-like market beating returns Written by one of the leading authorities on value investing Maps out the essentials of value investing with real life examples In todays shaky financial climate, value investing remains a reliable discipline. The Art of Value Investing puts this approach in perspective and shows you how it can be used to improve your investment performance. Additional Details Series Volume Number.
John Heins and Whitney Tilson, co-founders of the Value Investor Insight newsletter, have done a thorough job of explaining how to look for stocks that are trading at significant discounts to what they are worth?
The New York Times? This book provides a valuable contribution to the industry literature on value investing.