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Value Investing Today [Hardcover]

Charles Brandes
3.3 out of 5 stars  See all reviews (3 customer reviews)
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Book Description

1 Oct 2003
This book includes classic strategies for finding investment gems, updated to address the realities of today's markets. Legendary investment pioneer Benjamin Graham called it his "margin of safety." Warren Buffett used its principles to make millions for patient investors, and amass one of the largest personal investment fortunes in history. It is value investing, and its simple principles of success have allowed investors for nearly a century to buy companies whose stocks were underpriced, then reap the rewards as those companies' true value was recognized and rewarded by the marketplace.First published in 1989, "Value Investing Today" has since become a staple of modern value investing. Now in its revised and updated third edition to reflect today's broad advances in behavioral finance, technology, communications, and productivity, let it provide you with: new chapters on the psychology of investing and the investor-driven focus on corporate governance; updated information on why value investing continues to work across all industries and market environments; and, fresh strategies designed to protect investors from severe loss and preserve the long term value of their portfolios. While the investment landscape has changed dramatically in the past decade, the tenets of value investing have continued to help millions of investors create and preserve wealth.Discover how to make those tenets work for you - today, tomorrow, and into the future - in "Value Investing Today". 'Achieving better-than-average returns depends upon thinking and acting differently than the average market participant' - From the Introduction. Value investing isn't about excitement, or headline-making discoveries, or any of the other things that light up journalists' eyes and stockbrokers' phones. Value investing is instead about companies with solid business fundamentals that, for whatever reason, have a current stock price that is less than their intrinsic value. It is about looking under the hood, kicking the tires, and buying the stock in those companies for seventy cents on the dollar or less."Value Investing Today, Third Edition", is written for investors who understand the importance of knowing what they buy, and who have learned - often through hard, costly experience - that quick fixes more often than not just as quickly fail. This hands-on value investing guidebook will show you how to: identify value companies ahead of the crowd - what to look for, what to avoid, when to buy, when to sell; create an objective investment process to identify - and overcome - the pressures of today's marketplace; think globally, and extend the application of value investing principles to companies in newer or less well-known markets; learn and implement the skills necessary to build and maintain a portfolio of value stocks; and, establish and adhere to a dispassionate, often contrarian investment philosophy and process.Most traders and investors want excitement in their stocks, news events that will propel stock prices into the stratosphere regardless of their true worth. Value investors, on the other hand, want stocks that are unnoticed by the crowd and, most important, selling for less than they are worth. They believe, and history has shown, that these solid companies will continue to perform well, and the gap between their market price and fair value will eventually close. If you're looking for a stock poised to take the world by storm, a quick "ten-bagger," you should probably move on to more adventurous trading how-tos. If however, you are one of those serious investors willing to trade the dazzle of bright lights for the stability of substance and true worth, "Value Investing Today" is destined to show you how to construct a portfolio poised to stand the test of time, and get you to the finish line far.

Frequently Bought Together

Value Investing Today + The Little Book of Value Investing (Little Books. Big Profits)
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Product details

  • Hardcover: 208 pages
  • Publisher: McGraw-Hill Professional; 3 edition (1 Oct 2003)
  • Language: English
  • ISBN-10: 0071417389
  • ISBN-13: 978-0071417389
  • Product Dimensions: 23.7 x 15.8 x 2.4 cm
  • Average Customer Review: 3.3 out of 5 stars  See all reviews (3 customer reviews)
  • Amazon Bestsellers Rank: 156,717 in Books (See Top 100 in Books)

More About the Author

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Product Description

From the Back Cover

Classic Strategies for Finding Investment Gems, Updated to Address the Realities of Today's Markets

Legendary investment pioneer Benjamin Graham called it his "margin of safety." Warren Buffett used its principles to make millions for patient investors, and amass one of the largest personal investment fortunes in history. It is value investing, and its simple principles of success have allowed investors for nearly a century to buy companies whose stocks were underpriced, then reap the rewards as those companies' true value was recognized and rewarded by the marketplace.

First published in 1989, Value Investing Today has since become a staple of modern value investing. Now in its revised and updated third edition to reflect today's broad advances in behavioral finance, technology, communications, and productivity, let it provide you with:

  • New chapters on the psychology of investing and the investor-driven focus on corporate governance
  • Updated information on why value investing continues to work across all industries and market environments
  • Fresh strategies designed to protect investors from severe loss and preserve the long term value of their portfolios

While the investment landscape has changed dramatically in the past decade, the tenets of value investing have continued to help millions of investors create and preserve wealth. Discover how to make those tenets work for you--today, tomorrow, and into the future--in Value Investing Today.

"Achieving better-than-average returns depends upon thinking and acting differently than the average market participant."

--From the Introduction

Value investing isn't about excitement, or headline-making discoveries, or any of the other things that light up journalists' eyes and stockbrokers' phones. Value investing is instead about companies with solid business fundamentals that, for whatever reason, have a current stock price that is less than their intrinsic value. It is about looking under the hood, kicking the tires, and buying the stock in those companies for seventy cents on the dollar or less.

Value Investing Today, Third Edition, is written for investors who understand the importance of knowing what they buy, and who have learned--often through hard, costly experience--that quick fixes more often than not just as quickly fail. This hands-on value investing guidebook will show you how to:

  • Identify value companies ahead of the crowd--what to look for, what to avoid, when to buy, when to sell
  • Create an objective investment process to identify--and overcome--the pressures of today's marketplace
  • Think globally, and extend the application of value investing principles to companies in newer or less well-known markets
  • Learn and implement the skills necessary to build and maintain a portfolio of value stocks
  • Establish and adhere to a dispassionate, often contrarian investment philosophy and process

Most traders and investors want excitement in their stocks, news events that will propel stock prices into the stratosphere regardless of their true worth. Value investors, on the other hand, want stocks that are unnoticed by the crowd and, most important, selling for less than they are worth. They believe, and history has shown, that these solid companies will continue to perform well, and the gap between their market price and fair value will eventually close.

If you're looking for a stock poised to take the world by storm, a quick "ten-bagger," you should probably move on to more adventurous trading how-tos. If however, you are one of those serious investors willing to trade the dazzle of bright lights for the stability of substance and true worth, Value Investing Today is destined to show you how to construct a portfolio poised to stand the test of time, and get you to the finish line far

About the Author

Charles H. Brandes, CFA is founder and a managing partner of Brandes Investment Partners, LLC, an investment firm serving institutional and private clients with more than $50 billion under management as of December 31, 2002. A Chartered Financial Analyst for more than 25 years, Brandes had the tremendous fortune early in his career to meet and learn from Benjamin Graham, long considered the father of security analysis and value investing. He was able to learn firsthand the techniques Graham used to uncover bargain securities, and has used those basic principles as the foundation to achieve consistently superior results for his clients.


Inside This Book (Learn More)
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Front Cover | Copyright | Table of Contents | Excerpt | Index
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Customer Reviews

3.3 out of 5 stars
3.3 out of 5 stars
Most Helpful Customer Reviews
2 of 2 people found the following review helpful
3.0 out of 5 stars A Good Appetizer 1 Jan 1999
By A Customer
Format:Hardcover
Charles Brandes had the good fortune to be the broker of the day when Benjamin Graham walked into his La Jolla office one day. Benjamin Graham was then retired and living in La Jolla. Charles Brandes quickly became a convert to value investing and with some encouragement from Benjamin Graham, started Brandes Investment Management. Today, his firm has the distinction of being rated #1 for the last ten years in the category of U.S. investment managers of foreign stocks. Like John Templeton, he applied value investing principles to foreign financial markets with outstanding results.
Value Investing Today by Charles Brandes is a primer for those who want to learn more about investing in foreign markets. The purpose of the book is to cover general principles rather than a detailed discussion of security analysis. Foreign investing is more complicated because of the difference in accounting principles and other considerations. This is a good place to learn the basics but for the meat and potatoes on value investing, see Benjamin Graham's Security Analysis.
Comment | 
Was this review helpful to you?
2 of 2 people found the following review helpful
5.0 out of 5 stars Explains simply modern value investing. 6 July 1999
By A Customer
Format:Hardcover
Successful money manager, Charles Brandes, explains in plain language the important lessons taught by Benjamin Graham. He lays out simply how to screen companies for inclusion in an optimal portfolio, how to construct a portfolio, and how the patient investor can achieve extraordinary returns. Importantly, he demystifies foreign investing and builds on Graham's tenets with a thoughtful discourse on international security analysis. He makes an important case for a heavy weighting in non-US equities, and he defends his case for a 100% position in common equities to the exclusion of preferred equities and bonds. "Value Investing Today" is a must-read for the long-term wealth builder.
Comment | 
Was this review helpful to you?
1 of 2 people found the following review helpful
2.0 out of 5 stars Get Value Investing Today out of the library 7 Nov 1997
By A Customer
Format:Hardcover
I recently purchased Value Investing Today hoping to find a book that would give me information on how to select value stocks. Instead, what I found was a book that just skimmed the surface on value investing. The interesting part about the book was its emphasis on foreign stocks as value investments. But then the book went into detail as to accounting differences between countries - squashing the idea that an individual could pick single foreign stocks. I think this book would be good for someone who had no idea what value investing was and just wanted to get a broad overview of the subject / technique. I would not recommend this book to someone who was looking for any kind of in depth information. While this book did have some interesting / valuable pieces of information, I don't see it as a book that an investor would refer to often. My suggestion: Get the book out of the library and read it once.
Comment | 
Was this review helpful to you?
Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com: 3.1 out of 5 stars  11 reviews
16 of 19 people found the following review helpful
2.0 out of 5 stars Get Value Investing Today out of the library 7 Nov 1997
By Paul Tennis (72477.3710@compuserve.com) - Published on Amazon.com
Format:Hardcover
I recently purchased Value Investing Today hoping to find a book that would give me information on how to select value stocks. Instead, what I found was a book that just skimmed the surface on value investing. The interesting part about the book was its emphasis on foreign stocks as value investments. But then the book went into detail as to accounting differences between countries - squashing the idea that an individual could pick single foreign stocks. I think this book would be good for someone who had no idea what value investing was and just wanted to get a broad overview of the subject / technique. I would not recommend this book to someone who was looking for any kind of in depth information. While this book did have some interesting / valuable pieces of information, I don't see it as a book that an investor would refer to often. My suggestion: Get the book out of the library and read it once.
9 of 10 people found the following review helpful
3.0 out of 5 stars A Good Appetizer 1 Jan 1999
By A Customer - Published on Amazon.com
Format:Hardcover
Charles Brandes had the good fortune to be the broker of the day when Benjamin Graham walked into his La Jolla office one day. Benjamin Graham was then retired and living in La Jolla. Charles Brandes quickly became a convert to value investing and with some encouragement from Benjamin Graham, started Brandes Investment Management. Today, his firm has the distinction of being rated #1 for the last ten years in the category of U.S. investment managers of foreign stocks. Like John Templeton, he applied value investing principles to foreign financial markets with outstanding results.
Value Investing Today by Charles Brandes is a primer for those who want to learn more about investing in foreign markets. The purpose of the book is to cover general principles rather than a detailed discussion of security analysis. Foreign investing is more complicated because of the difference in accounting principles and other considerations. This is a good place to learn the basics but for the meat and potatoes on value investing, see Benjamin Graham's Security Analysis.
5 of 5 people found the following review helpful
5.0 out of 5 stars Tests for Safety, Four step test for value, determining Share Price Value 27 Oct 2009
By Golden Lion - Published on Amazon.com
Format:Hardcover
Tests for Safety

1. Debt-to-Equity is less than 1
2. Current Assets are twice liabilities
3. Total Debt is less than twice net current assets
4. Annual earnings growth is at least 7 percent over the last ten years
5. No more than two year-to-year earnings declines of more than 5 percent during the last ten years.

Four step test for value

1. No losses within the past 5 years
2. Total debt is less than 100 percent of tangible equity
3. Share price is less than book value per share
4. Earnings yield is at least twice the yield on long term 20 year bonds

Share Price value
1. If a stock's price was less than two-thirds of net-net current assets per share. Investors buy excess cash for 67 cents on the dollar and get a full claim on the company's permanent assets for free. The company must be generating profits.

To calculate intrinsic value investors rigorously examine qualities such as financial strength and earnings strength in context of the companies past results., its current operation, and its future prospects

What does price to earnings mean? If a share costs $20 and reports a $3 Earning per Share than P/E equals 6.7. The buyer is paying $6.70 for every $1 of earnings.

What is Net Current Assets? Net current assets is the amount of capital a company creates or consumes in a period of time. Net Current Assets = current assets - current liabilities.

What are Current Assets? Current assets is the amount of cash and cash equivalents (or inventory, etc that can be converted to cash quickly to pay the bills) and current liabilities are the bills that are due.

What is Book Value per Share? Book value per share =par value of an outstanding preferred stock - liabilities / outstanding shares of stock.

How do you calculate the Fair Market Value of the Stock? Benjamin Grahams NCAVPS =current assets - total liabilities / shares outstanding
8 of 11 people found the following review helpful
5.0 out of 5 stars Explains simply modern value investing. 6 July 1999
By A Customer - Published on Amazon.com
Format:Hardcover
Successful money manager, Charles Brandes, explains in plain language the important lessons taught by Benjamin Graham. He lays out simply how to screen companies for inclusion in an optimal portfolio, how to construct a portfolio, and how the patient investor can achieve extraordinary returns. Importantly, he demystifies foreign investing and builds on Graham's tenets with a thoughtful discourse on international security analysis. He makes an important case for a heavy weighting in non-US equities, and he defends his case for a 100% position in common equities to the exclusion of preferred equities and bonds. "Value Investing Today" is a must-read for the long-term wealth builder.
5 of 7 people found the following review helpful
2.0 out of 5 stars Very shallow 22 Nov 2006
By Fat Pitching - Published on Amazon.com
Format:Hardcover
Books on value investing, as I observed, have two apporaches: Quantitative & Qualitative.

Quali: The Intelligent Investor & The little book on value investing.

Quant: Value investing from graham to buffett, John Neff on Investing.

This book is qualitative and very shallow. Good for people who have no idea of value investing.

The book, I speculate, is more like a brochure/prospectus of their mutual fund.

Although there is no "magin formula", I had read many value investing books that illustrate somewhat concrete and detailed approach to analyzing fin statements and ratios. This is book way way too shallow.
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