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Value Investing: From Graham to Buffett and Beyond (Wiley Finance) [Paperback]

Bruce C. N. Greenwald , Judd Kahn , Paul D. Sonkin , Michael van Biema
3.8 out of 5 stars  See all reviews (9 customer reviews)
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Book Description

17 Feb 2004 Wiley Finance
From the "guru to Wall Street′s gurus" comes the fundamental techniques of value investing and their applications 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.

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Frequently Bought Together

Value Investing: From Graham to Buffett and Beyond (Wiley Finance) + Intelligent Investor: The Definitive Book on Value Investing - A Book of Practical Counsel + Common Stocks and Uncommon Profits and Other Writings (Wiley Investment Classics)
Price For All Three: £32.14

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Product details

  • Paperback: 320 pages
  • Publisher: John Wiley & Sons; New edition edition (17 Feb 2004)
  • Language: English
  • ISBN-10: 0471463396
  • ISBN-13: 978-0471463399
  • Product Dimensions: 22.8 x 16.4 x 2 cm
  • Average Customer Review: 3.8 out of 5 stars  See all reviews (9 customer reviews)
  • Amazon Bestsellers Rank: 109,946 in Books (See Top 100 in Books)
  • See Complete Table of Contents

Product Description


"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)

"...Greenwald is an excellent guide on this subject..." (Sunday Times, 21 October, 2001) "...contemporary advice can be found in Bruce Greenwald′s excellent Value Investing..." (Sunday Times 23 December 2001) --This text refers to the Hardcover edition.

From the Inside Flap

Described by the New York Times as the "guru to Wall Street′s gurus," Bruce Greenwald is a leading authority on value investing. His courses and seminars on the subject have drawn some of the savviest people in the investment world. Now, along with some colleagues, Greenwald reveals the fundamental principles that have made value investing one of the most consistently profitable investment techniques. In an investment world frequently blinded by excessive optimism, short–term speculation, and other practices ranging from unsound to downright shady, value investing remains a reliable discipline even as it moves into a new century. Built on the works of Benjamin Graham, the father of security analysis, value investing is based on the premise that the underlying value of a financial security is measurable and stable, even though the market price fluctuates widely. The core of value investing is to buy securities when their market prices are significantly below their intrinsic values. Graham called the gap between price and value the "margin of safety." A large margin of safety both increases the potential return and reduces the risk of loss. In Value Investing, the authors enrich the discipline by exploring its history, explaining its underlying principles, and setting guidelines for its successful application. The book covers such indispensable issues as: ∗ Where to look for underpriced securities ∗ How to determine the intrinsic value of a stock ∗ Alternative methods for constructing a portfolio that control risk without restricting investment returns After discussing the basis of value investing, the book describes the proven techniques of some of the greatest value investors in history, including Warren Buffett, Walter Schloss, Mario Gabelli, and Michael Price. By adapting Graham′s strategies to accommodate new investment climates, each has contributed a distinctive thread to make the discipline of value investing stronger and more flexible. Value Investing is a must for any serious investor wishing to gain a better understanding of the principles and practices behind this time–tested approach. It will earn a place on the bookshelf next to Graham and Dodd′s Security Analysis and Graham′s The Intelligent Investor. --This text refers to the Hardcover edition.

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Customer Reviews

Most Helpful Customer Reviews
7 of 7 people found the following review helpful
I totally disagree with an other comment here that this book is complex. It is a very clear and complete introduction to value investing (but, yes, it is useful if you have seen the income statement of a company before). Contrary to 'The Intelligent Investor' of Mr. Graham himself, this book doesn't just discuss the value-investing philosophy, but it also gives some practical guidelines of how to apply value investing in practice, including some calculation examples.
The profiles of the famous value investors give some ideas of different ways to apply this philosophy in practice. It is true that if you have read the letters of Warren Buffett already, this book doesn't give you any new information about him, but who can better explain Mr. Buffetts way of investing than he himself? Overall, this book provides a good introduction to value investing.
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4 of 4 people found the following review helpful
By Mark
I've read The Intelligent Investor as a starter into the world of investing and it is clear why this is considered the "Bible" of investing. But there was a problem for me: where do you find these undervalued businesses? And of course most undervalued businesses are low-priced for good reason.
So upon reading Value Investing I was happy to find that the authors also realised this dilemma and explained a valuation method that I found simple and sensible. As Buffet says: "It's better to be approximately right than exactly wrong." It's hard to predict the future with any investment, but I found this book was right on the money in terms of the underlying philosophy. It even shows how to...which I found refreshing.
For example, the authors explain how to value businesses three different ways, each based on where the business lies on the growth curve. From how to value assets -including what to leave in and what to leave out in your calculations- to how to run a Discounted Cash Flow projection, you can go deep in understanding a business. Like the Intelligent Investor before it, this book aims to take the speculation out of investing.
As a business owner myself, I also learned a lot about my own business, because after all you are investing in a business, not in bits of paper. Now I approach my own business as if it were an equities investment and I have found it a very useful approach because it sharpens how you apply your strategy to the markets you compete in.
The end result is I have been able to understand and price investments that actually work. The Intelligent Investor is essential background, but this book gives you a current perspective and blueprint without breaking any of the tenets put forward by the gurus Dodd and Graham.
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11 of 12 people found the following review helpful
2.0 out of 5 stars Star Trek 27 Oct 2007
The authors announce their intention to bravely go "beyond" Graham and Buffet. I found their effort extraordinarily interesting. Not because it brings new ideas from the frontiers of Value Investing; but rather because it forced me to revalidate old ones.

Written mainly by academics, the book attempts - with undeniable clarity - to provide a simple framework for valuation of a firm using Value Investment principles. First, three sources of value are defined: Asset Value; Earnings Power Value; and Value of Growth. Second, some conceptual tricks are employed to link them in a theoretical structure capable of supporting hours of animated tutorial discussion.

The importance of Asset Value in the scheme derives from the idea that if a firm that has no defenses against competitors it is worth no more, or less, than the replacement value of the assets necessary to set up a similar business.

To illustrate, imagine a defenseless firm that is worth 2x on the stockmarket while its productive assets are worth only 1x. Attracted by the absence of barriers to entry and by the high market value achievable with a substantially lower investment, enterprising businessmen set up similar businesses.

As the new capacity comes on stream the market is inundated with products of the same type and prices and profits consequently fall. The process only ends when the market value of all the firms has fallen to the value of their assets, thus eliminating the differential that attracted new market entrants in the first place.

For this to happen we must have an idealized market of perfect competition: lots of buyers and sellers, undifferentiated products, no barriers to entry, perfect information, etc.
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1 of 1 people found the following review helpful
1.0 out of 5 stars Good grief it's hard work... 2 May 2014
Format:Paperback|Verified Purchase
This book is written in propeller-head language, and typical Wiley double-dutch. Which is fine for propeller heads, but makes it practically impenetrable for most other people. You would have thought that with so many people involved in writing the book, that they would have hired a decent writer to put it all together for them. What these turkeys have done is put together a book for niche section of the population that excludes most other ordinary folks. Instead what you've got is page upon page of damned hard work unless you have the patience to read it at least four or five times to get an understanding of what they're talking about. Life's far too short for such a brain bending merry-go-round and these people should have known better. It's strictly for the birds.
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