Value Investing : From Graham to Buffett and Beyond
Bruce Greenwald is one of the leading authorities on value investing. Some of the savviest people on Wall Street have taken his Columbia Business School executive education course on the subject. Now this dynamic and popular teacher, with some colleagues, reveals the fundamental principles of value investing, the one investment technique that has proven itself consistently over time. After covering general techniques of value investing, the book proceeds to illustrate their applications through profiles of Warren Buffett, Michael Price, Mario Gabellio, and other successful value investors. A number of case studies highlight the techniques in practice.
Bruce C. N. Greenwald (New York, NY) is the Robert Heilbrunn Professor of Finance and Asset Management at Columbia University. Judd Kahn, PhD (New York, NY), is a member of Morningside Value Investors. Paul D. Sonkin (New York, NY) is the investment manager of the Hummingbird Value Fund. Michael van Biema (New York, NY) is an Assistant Professor at the Graduate School of Business, Columbia University.
- Paperback | 320 pages
- 150 x 224 x 20mm | 557.92g
- 17 Feb 2004
- John Wiley and Sons Ltd
- John Wiley & Sons Inc
- New York, United States
- New edition
- w. figs.
Other books in this series
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28 Mar 2011
01 Aug 2006
08 Jul 2011
16 Mar 2015
12 Sep 2017
19 Sep 2012
Back cover copy
-FINANCIAL TIMES "A must-read for all disciples of value investing. In 1934, Graham and Dodd created fundamental security analysis. Greenwald reinforces the worth of this approach, incorporates new advances, and takes their work into the twenty-first century."
-Mario J. Gabelli, Chairman, Gabelli Asset Management, Inc.
"The new title most deserving of your time is Value Investing . . . . Its authors 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
"Greenwald is an economist (PhD 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 . . . Greenwald probably won't outsell Graham, but I think he ought to."
-Paul Sturm, SmartMoney magazine
"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."
-George Mannes, TheStreet.com
"Essential reading for anyone looking for a fresh perspective on analyzing companies and selecting investments."
-Pat Dorsey, Morningstar.com
About Bruce C. N. Greenwald
JUDD KAHN has taught history, served in city government, and worked as a securities analyst, a CFO, and a management consultant. He has a PhD in history from the University of California, Berkeley.
PAUL D. SONKIN is the investment manager of the Hummingbird Value Fund. He has worked at the SEC, Goldman Sachs, Royce Funds, and First Manhattan Company. He holds an MBA from Columbia.
MICHAEL van BIEMA is a member of the finance faculty of Columbia Business School. Prior to joining the faculty of Columbia, he was a principal at the RONIN Corporation, a management consulting firm, and the cofounder of several technology companies. He has a PhD from Columbia in computer science.
Table of contents
Preface to the First Edition.
PART I: AN INTRODUCTION TO VALUE INVESTING.
1. Value Investing: Definitions, Distinctions, Results, Risks, Principles.
2. Searching for Value: Fish Where the Fish Are.
PART 11: THREE SOURCES OF VALUE.
3. Valuation in Principle, Valuation in Practice.
4. Valuing the Assets: From Book Value to Replacement Costs.
5. Earning Power Value: Assets Plus Franchise.
6. A Wonderful Little Franchise: The Earning Power of WD-40.
7. Inside Intel: The Value of Growth Within the Franchise.
8. Constructing the Portfolio: Risk, Diversification, and Default Strategies.
PART III: VALUE INVESTING IN PRACTICE: PROFILES OF EIGHT VALUE INVESTORS.
9. Warren Buffett: Investing Is Allocating Capital.
10. Mario Gabelli: Discovering and Unlocking the Private Market Value.
11. Glenn Greenberg: Investigate, Concentrate, and--Watch That Basket.
12. Robert H. Heilbrunn: Investing in Investors.
13. Seth Klarman: Distressed Sellers, Absent Buyers.
14. Michael Price: Discipline, Patience, Focus, and Power.
15. Walter and Edwin Schloss: Keep It Simple, and Cheap.
16. Paul D. Sonkin: Small Is Beautiful, Especially When It's Ugly.