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The Art of Value Investing: How the World's Best Investors Beat the Market (Wiley Finance) [Hardcover]

John Heins , Whitney Tilson
3.5 out of 5 stars  See all reviews (2 customer reviews)
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Book Description

31 May 2013 Wiley Finance (Book 531)
Says Bill Ackman of Pershing Square Capital Management about The Art of Value Investing : "I learned the investment business largely from the work and thinking of other investors. The Art of Value Investing is a thoughtfully organized compilation of some of the best investment insights I have ever read. Read this book with care. It will be one of the highest–return investments you will ever make." Based on interviews with the world′s most–successful value investors, The Art of Value Investing offers a comprehensive set of answers to the questions every equity money manager should have thought through clearly before holding himself or herself out as a worthy steward of other people′s money. What market inefficiencies will I try to exploit? How will I generate ideas? What will be my geographic focus? What analytical edge will I hope to have? What valuation methodologies will I use? What time horizon will I typically employ? How many stocks will I own? How specifically will I decide to buy or sell? Will I hedge, and how? How will I keep my emotions from getting the best of me? Who should read The Art of Value Investing ? 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 .

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The Art of Value Investing: How the World's Best Investors Beat the Market (Wiley Finance) + The Manual of Ideas: The Proven Framework for Finding the Best Value Investments
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Product details

  • Hardcover: 336 pages
  • Publisher: John Wiley & Sons; 1 edition (31 May 2013)
  • Language: English
  • ISBN-10: 0470479779
  • ISBN-13: 978-0470479773
  • Product Dimensions: 23.1 x 15.7 x 3.3 cm
  • Average Customer Review: 3.5 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon Bestsellers Rank: 59,062 in Books (See Top 100 in Books)
  • See Complete Table of Contents

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“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 concept known as the value style of investing.…the authors present a clear framework for ferreting out undervalued companies.” — The New York Times “[ The Art of Value Investing ] is packed with invaluable insights and is relevant to both the novice and the experienced investor. …This book provides a valuable contribution to the industry literature on value investing. It is well written, well organized, and quite enjoyable. The Art of Value Investing should be read by all investors who are seriously interested in enhancing their understanding of this important field.” — CFA Institute Book Review

From the Inside Flap

You know what value investing is: it's how Warren Buffett made his billions. Perhaps you're even familiar with value investing terminology, such as margin of safety and intrinsic value. And maybe you've already found success with value investing and know from experience that it's the most reliable way to achieve market-beating returns and accumulate significant wealth. Congratulations! Whether you're a complete beginner in need of an A-to-Z value investing primer, an experienced investor looking to expand and fine-tune your repertoire of value investing skills, or an individual or institutional investor looking to identify the best money managers, this book is for you. In writing it, authors John Heins and Whitney Tilson have achieved a remarkable feat: They've brought together the collective wisdom of today's most successful value investors and distilled it into a series of actionable lessons you can put into practice right away. Based on extensive interviews with market-beating money managers, superstar hedge fund managers and mutual fund heroes, and featuring many real-world examples, The Art of Value Investing expertly describes: The philosophies behind today's most successful value investing strategies The key skills top market-beaters think of as absolutely indispensable to success The types of situations and market inefficiencies value investor legends look to exploit How top value investors generate new investing ideas How to research companies, with insights on company valuation and deciding what and when to buy How the best value investors maintain mental and emotional discipline How value investing superstars learn from their mistakes and the key lessons they've learned Portfolio management techniques, including guidance on diversification, risk management, position-sizing, and more But The Art of Value Investing does much more than impart information. It was designed to help you develop an approach to value investing that's just right for you. Sit ten or a dozen of the most successful practitioners down in a room and you're likely to get as many opinions on which value investment flavor is best. While they're certain to agree on the core principles, when it comes to particulars, such as large-cap versus small-cap, telecom versus transportation, East versus West, onsite research versus pure data analysis, there's bound to be disagreement—some of it vehement. The trick is to find the combination of tools, techniques and strategies that is right for you, addresses your specific financial goals, and best fits your personality and emotional makeup. And that's where The Art of Value Investing comes in. Giving you unparalleled access to the thinking of the brightest and best of the value investing world, The Art of Value Investing can save you years of frustrating (and expensive) trial-and-error. With the helping hand of value investing luminaries such as Julian Robertson, Seth Klarman, David Einhorn, Joel Greenblatt, Mason Hawkins, Jean-Marie Eveillard, Bill Ackman and Bill Nygren, to name a few, you'll discover your preferred strategies for exploiting market inefficiencies, researching and valuing companies, identifying industry sectors and geographic regions in which to invest, timing buys and sells, managing your emotions, and much more.

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Customer Reviews

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Most Helpful Customer Reviews
3 of 4 people found the following review helpful
2.0 out of 5 stars Limited Value 19 Sep 2013
Format:Kindle Edition
This books is not worth its ,£19+ for the kindle version. For starters, it is just a collection of the musings of other value investors among which are a few unknown names. Secondly, you cannot really learn value investing by just reading this book as no methodology for value investing is provided. Finally, there are much better books on how to practice value investing out there that are also cheaper. Value Investing by Greewald, Kahn, Sonkin and van Biema is one example. If on the other hand you are really interested in this kind of musings then read Howard Marks' excellent "The most important thing...".
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0 of 1 people found the following review helpful
5.0 out of 5 stars A Book Full of Wise and Practical Advice 29 July 2013
In the crowded world of books on value investing comes this helpful compendium of wisdom compiled by editors John Heins and Whitney Tilson. The content derives from interviews conducted in recent years and published in the regular investment newsletter, Value Investor Insight, also edited by the Heins and Tilson.

At around 300 pages, this book comprises hundreds of interesting, thoughtful, and insightful comments from experienced fund managers and investment professionals. Some quotations are short and pithy, while others are several paragraphs long. They cover such diverse matters as researching individual companies, monitoring personal psychological biases, and guarding against risk. The editors have helpfully divided the quotations into four distinct sections, each further subdivided into chapters concentrating on a particular area. Highlights for me include Chapter 3 "Deficient Market Hypothesis"; Chapter 6 "Cutting Through the Noise"; Chapter 11 "Making the Sale", and chapter 12 "Of Sound Mind". Interspersed throughout are the editors' comments which in turn are helpful and educational. An author index at the back is helpful for picking out favourite investors: I was pleased to see Seth Klarman regularly quoted for instance.

This is an ideal book if you know your reading time is often too short for sustained regular reading. Sometimes time pressures make it hard to wade through long books with lenghty chapters. With this book, you can stop / start your reading frequently knowing that each nugget of investing wisdom stands by itself. I've enjoyed having it on my bookshelf for the last couple of months, taking it out regularly for a ten or fifteen minute read.
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Most Helpful Customer Reviews on (beta) 4.6 out of 5 stars  19 reviews
30 of 35 people found the following review helpful
5.0 out of 5 stars Another Book Review from the Aleph Blog 6 Jun 2013
By David Merkel - Published on
I am a value investor. That's what I do for a living, and I do it well. One month ago. I wrote a piece called "Value Investing Flavors." In it, I took a broad view of value investing, because there are many common principles to value investing employed by all, but many variations on implementation. [Note to those reading at Amazon; they don't me post links, but if you Google "Aleph Art of Value Investing" you will find it.]

The Art of Value Investing takes a similarly broad view, quoting well over 100 value investors (I lost count) on topics where professional value investors agree & disagree. The authors have interviewed the grand majority of those cited, and have useful historical quotes from well-known figures familiar with the subject. Better known and more accomplished value investors tend to get more play in the book -- I think the authors chose well.

The book is organized by topic. It covers these questions:

* The importance of a margin of safety
* Buy high margin quality businesses, or cheap low margin businesses?
* What attention should be paid to growth opportunities? (Controversial)
* What is your circle of competence? (I.e. what opportunities do you rule out because you don't get how to value them?)
* How small of a company would you consider buying?
* How much do you incorporate top-down macroeconomic considerations?
* What countries would you not consider buying a company within?
* The advantage of being able to buy and hold for years.
* How careful research often conquers uncertainty.
* Do you buy turnarounds or not? (Controversial)
* How do you generate good buy ideas?
* How do you create a firm that ignores the conventional perspective, and generates correct ideas that few know?
* How do you analyze what could go wrong with a company?
* Do you look for catalysts to unlock value or not? (Controversial)
* Do you analyze value through one framework or many? Cheap going concern or transformation of underused assets? Both?
* Do you manage for absolute value or relative value? I.e., what is the value of safe assets, or even gold?
* When do you establish an position? How do you size it?
* How diversified do you want to be? How do you weight positions?
* How much do you care about stocks being correlated within the portfolio?
* How long are you willing to wait to see if an idea works? When do you admit that you are wrong?
* Are you willing to advise management? Are you willing to fight management? When does it make sense?
* Do you short bad stocks or not?
* When do you sell? Do you do it never, gradually or rapidly?
* How do you maintain a sound mind and humility amid all of the clamor of the markets?
* How do you admit mistakes, so as to avoid them in the future, and show humility to your clients?

If you want to understand the nuances of how a firm doing value investing works, I can't think of a better book, because this book implicitly goes over all of the choices that a value investor has to make. What factors will I focus on, and what will I ignore? How detailed will my analysis be? How much will I diversify? How will I make choices among so many stocks vying for my attention amid all of the news noise?

I have strong views on value investing myself, but I questioned my own ideas as I read the replies of those more successful than me.


Initially, as I read the book, I wondered if a better book could be made by organizing by each firm, rather than topic. By the end of the book, I realized I was wrong. Not all firms have opinions on many questions, and doing the book by topic highlights the variation in opinions across a wide spectrum of organizations.

Who would benefit from this book: Amateur and professional value investors will benefit from this book; if the reader does not want to put the effort into learning value investing, this book will be of no use to him.
12 of 13 people found the following review helpful
4.0 out of 5 stars More for inspiration than methodology... 15 July 2013
By James M. Bogin - Published on
The Art of Value Investing is a book, and it's about investing, but it's not really an investment book in the traditional sense of the word. Each chapter is filled with inspirational paragraphs, quotes, quips, and ideas from individual value investors, both famous and less famous. It's the kind of book you might like to have on your shelf next to your desk, and pull down every now and again for inspiration, to remind yourself of your quest and what matters in investment. It's not really the sort of book you would want to sit down and read at one go in a coffee shop. Still, I'm happy to own this book and enjoy opening it up to random pages. It's very readable. All of the people quoted on the back cover saying what a wonderful book this is, are also quoted inside the book. This is a little annoying to me. But'll want to have this on your shelf.
2 of 2 people found the following review helpful
4.0 out of 5 stars Good companion to "The Manual of Ideas" 22 Oct 2013
By Gary500k - Published on
Format:Hardcover|Verified Purchase
I bought this as a companion to "The Manual of Ideas" by John Mihaljevic. This book covers the same territory from idea analysis to execution and portfolio management but uses multiple 1-2 paragraph quotes from well known value investors on each topic.
1 of 1 people found the following review helpful
5.0 out of 5 stars Exactly what the title says 16 May 2014
By Ant Gara - Published on
Format:Hardcover|Verified Purchase
As mentioned in my last review, I’ve recently been on a kick of reading investment books that are more or less profiles/interviews of famed investors, rather than the same write up you read of Buffett or Lynch in almost every other one. The Art of Value Investing is neither a profile-style piece like Hedge Fund Market Wizards nor a profile-per-chapter like The Value Investors or Greenwald’s Value Investing book. Rather, it is a collection of snippets from different value-style managers on various topics, such as the EMH, measuring risk, idea generation, and overall investment philosophy.

Normally my reviews are a lot longer, with pros and cons, but to be honest, there’s no need for that here. The subject matter is covered extensively, and many times on the same subject two investors will give completely contradictory responses (perhaps most notably when it comes to diversification, half seem to loathe it, the other half seem to revere it). That’s EXACTLY what I was looking for in a book like this, and the authors deliver in spades. On top of that, there are also preferred quantitative measures discussed in the book, such as ROIC, FCF Yield, C-Score, etc. I always like learning about which quantitative metrics professionals use, and that area is covered here as well.

Of course, as other reviewers have noted, the point of books like these is to not only get a more thorough understanding of how the professionals do it, but to better understand your own investment process and philosophy. As every professional says, there isn’t one “right” way to go about investing, some have the mental temperament for a concentrated, less diverse portfolio, while others need a sound nights sleep to function properly and thus prefer diversification. It all depends on the individual. If you use this book as a mirror, to get a better handle on how YOU should invest, then you will get as much of it as possible.

Highly recommended.
1 of 1 people found the following review helpful
4.0 out of 5 stars Great Collection of Quotes 7 April 2014
By Noah Saperstein - Published on
Format:Kindle Edition|Verified Purchase
Lots of nuggets of wisdom here. Definitely worth it to keep as a reference for motivation and insight. Excellent compilation!
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