Deep Value : Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations
Deep Value enumerates and expands upon the resources and strategies available to value investors today, and describes how the economic climate is allowing value investing to re-emerge. Topics include: * Target identification, and determining the most advantageous ends * Strategies and tactics of effective activism * Unseating management and fomenting change * Eyeing conditions for the next M&A boom Activist hedge funds have been quiet since the early 2000s, but economic conditions, shareholder sentiment, and available opportunities are creating a fertile environment for another golden age of activism. Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations provides the in-depth information investors need to get up to speed before getting left behind.
- Hardback | 240 pages
- 176 x 242 x 23mm | 434g
- 18 Aug 2014
- John Wiley & Sons Inc
- New York, United States
- 1. Auflage
Other books in this series
20 Apr 1993
08 Jul 2011
10 Sep 2014
10 Jul 2013
Tobias Carlisle presents an insider's perspective onvaluation and activism in a format that is accessible to bothprofessional and general investors. The value investment philosophyas first described by Benjamin Graham initially identified targetsby their discount to liquidation value. This approach has provenextremely effective; however, those opportunities have all butdisappeared from the modern stock market. To succeed, today'sdeep value investors have adapted Graham's philosophy, embracing its spirit while pushing beyond its confines. In DeepValue, Carlisle examines Graham's 80-year-oldintellectual legacy using modern statistical techniques to offer apenetrating and highly original perspective: that losingstocks--those in crisis with apparently failing businesses anduncertain futures--offer unusually favorable investmentprospects. As the author demonstrates, the evidence reveals anaxiomatic truth about investing: investors aren't rewardedfor picking winners; they're rewarded for uncoveringmispricings.
Deep Value shows the place to look formispricings--in calamity, among the unloved, the ignored, theneglected, the shunned, and the feared.
Back cover copy
"I highly recommend Deep Value. It takes a lively look ata variety of value investing strategies starting with the father ofsecurity analysis, Ben Graham. It outlines how individual investorscan vastly outperform simple index strategies. For these valuestrategies to work, investors must be patient and brave, as itrequires looking at stocks that the herd ignores. It will be auseful addition to any value investor's library."
--Jim O'Shaughnessy, Chairman and Chief Executive Officer, O'Shaughnessy Asset Management, LLC, and author, What Works onWall Street
"Value investing is the most intuitive form of investing everdevised--the attempt to buy one dollar's worth of assets forsixty cents. In his new book, Carlisle provides a thoroughlycontemporary guide to the discipline, informed by killer anecdotes.Deep Value is part historical saga, part treasure map--amust-read for all investors."
--Joshua M. Brown, author, The Reformed Broker blogand the bestselling book Backstage Wall Street; star ofCNBC's The Halftime Report; Chief Executive Officer, Ritholtz Wealth Management
"Deep Value is a refreshing and highly entertaining workthat makes a persuasive case for traditional value investment and arevival of Graham-style 'ownership consciousness'. It is acompelling addition to the value investing canon."
--Vitaliy Katsenelson, Chief Investment Officer, InvestmentManagement Associates, Inc., and author of The Little Book ofSideways Markets
"From accounts of bold corporate raiders and behavioralpsychology to hard quantitative research, Deep Value leavesno stone unturned in a passionate exploration of what makes valueinvesting and activism work."
--Christopher Cole, CFA, Founder and Managing Member, ArtemisCapital Management, LLC
"In Deep Value, Carlisle provides a qualitative andquantitative view of why value investing has worked since the timeof its conception. The book is a unique combination of carefuldescriptions of the value styles and players, backed up by datathat supports the conclusions reached. I strongly recommend thisbook to the value aficionado."
--Michael van Biema, Founder and Chief Investment Officer, vanBiema Value Partners, and co-author, Value Investing: FromGraham to Buffett and Beyond
"Carlisle has written an engaging history of the market and itsinfluence on the evolving theory of value investment. He hasproduced a valuable addition to any value investor's library. I'mglad I read it."
--John L. Schwartz, MD, Chief Executive Officer, andCo-Founder, The Value Investing Congress
"Carlisle's work succeeds on two levels: It is both a grippingaccount of some of the most notable episodes in the history ofshareholder activism as well as an instructive guide to profitingfrom mean reversion and activist opportunities in today's market.Highly recommended!"
--John Mihaljevic, CFA, Managing Editor, The Manual ofIdeas
"Deep Value is a smart, modern take on classic BenjaminGraham-style value investment. It's half history book and halfquant stock screen guidebook. Learn both the history of valueinvesting as well as a practical way to put it to work."
--Mebane Faber, Chief Investment Officer and Portfolio Manager, Cambria Investment Management, LLC, and author, The IvyPortfolio
"Carlisle weaves together a rich tapestry of multi-disciplinaryacademic research, investment theory, and historical anecdotes toproduce the must-read investment book of 2014."
--Jacob L. Taylor and Lonnie J. Rush, Managing Partners ofFarnam Street Investments and Visiting Professors at the UC DavisGraduate School of Management
"Carlisle rigorously shows why value investing will continue towork. Deep Value is a MUST-READ for value investors."
--Wesley R. Gray, PhD, Executive Managing Member, AlphaArchitect, and co-author, Quantitative Value
"Carlisle has persuasively rendered a thought-provokingexamination of a counterintuitive investment theory. The book is asengrossing as it is useful."
--Allen Benello, Chief Executive Officer, White River Partners, LP
"Carlisle's book provides a wonderful combination ofentertaining case studies, synthesized with results from academicresearch and statistical backtesting, to arrive at sometimessurprising conclusions about what works in investing, andwhy."
--Henry Patner, Director of Research, HEG Capital
Table of contents
About Tobias E. Carlisle