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4 of 4 people found the following review helpful
4.0 out of 5 stars An absorbing hands-on demonstration
Books on investing are often laden with theory and light on application. Many readers, on the other hand, want to roll their shirt-sleeves up and be taken into the workshop. What is unmistakable from the opening pages of Jeroen Bos' "Deep Value Investing" is that this is no theoretical text. If what is sought is an opportunity to peer over the shoulder of an experienced...
Published 11 months ago by Jim

versus
3.0 out of 5 stars Very simple read which is good as investment professionals have a habit of complicating things
Very simple read which is good as investment professionals have a habit of complicating things. This book is really an illustration of the net nets concept/high margin of safety with multiple examples. As an investment analyst/fund manager myself I felt that each chapter/stock note was a bit light on detail and furthermore gave little discussion on what catalysts the fund...
Published 5 months ago by Gavin Anthony Harvie


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4 of 4 people found the following review helpful
4.0 out of 5 stars An absorbing hands-on demonstration, 5 Jan 2014
This review is from: Deep Value Investing: Finding bargain shares with big potential (Paperback)
Books on investing are often laden with theory and light on application. Many readers, on the other hand, want to roll their shirt-sleeves up and be taken into the workshop. What is unmistakable from the opening pages of Jeroen Bos' "Deep Value Investing" is that this is no theoretical text. If what is sought is an opportunity to peer over the shoulder of an experienced deep value investor and watch him at work then this book is ideal.

Fifteen of the seventeen chapters in Deep Value Investing are given over to specific case studies. Mr. Bos takes us through his investment analysis, step-by-step, providing the detail (including extended extracts from company announcements) that was available to him at the time of his investment decision. The author does not merely walk us through past successes. He also explores a couple of failures, and leaves the final six chapters for the discussion of current holdings (two of which are currently trading at prices close to those at which Mr. Bos made his initial purchases).

Deep value investing is difficult for many to practice. It involves holding unknown or highly unpopular securities: "names" to which clients may have a visceral negative reaction should they spy them on a list of holdings. Money managers generally do not lose their jobs for dropping performance on the IBMs of this world. But holding a deep value opportunity that does not work may be far less easily forgiven. There are, in short, some pretty good reasons why these sorts of stocks should be favourable investments for those who are able to act dispassionately (i.e. for investors to whom any dollar of loss and any dollar of gain are equally weighted and netted off against each other).

For value investors the overriding concern in relation to this style of investing is generally not one of basic validity but rather one of opportunity. It is commonly assumed that Benjamin Graham's "net-nets" were, and are, available in decent quantity only during periods of distress (such as the great depression or the end of the "dot-com" bubble). They are believed to be so thin on the ground at other times as to make a deep value approach at best a minor supplement to a broader armoury.

In Deep Value Investing Jeroen Bos does much to cast doubt on this common assumption. Few of the case studies relate to stocks bought during the market dislocation immediately following the collapse of Lehman Brothers. That said, Mr. Bos himself speaks in the closing paragraphs of the need to "head into cash and short-term high-quality bonds (gilts) as the markets become more confident". With markets currently (at the time of writing) hitting new highs on a regular basis we may be entering such a period. If so, the resolve of all but the most disciplined will likely be tested.

Deep Value Investing does not, of course, answer every question. Mr. Bos spends his time valuing companies and making investment decisions. He has, in consequence, written an accessible and absorbing book for investors. Those looking for empirical or academic support for deep value investing will have to look elsewhere. Those seeking a detailed discussion of the theory underlying Mr. Bos's art will also not find it here.

The style of the text matches the content. It is businesslike. That said, a thorough review by a keen-eyed style editor could have saved typing errors and style lapses which leave the expression a little rougher than it might be in places.

For those with the discipline, and the freedom, to apply a deep value approach Jeroen Bos' "Deep Value Investing" should prove an absorbing point of reference. It also offers anecdotal support for the continuing validity of this venerable approach to intelligent investment. Art cannot, by its nature, be reduced to strict formulae. Watching an experienced practitioner at work is one of the best means by which a feeling for the art of investment can be developed.
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5 of 5 people found the following review helpful
5.0 out of 5 stars Deep Value Investing in practice, 25 Nov 2013
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This review is from: Deep Value Investing: Finding bargain shares with big potential (Paperback)
I found Jeroen Bos' book gives an interesting and readable insight into how he has used a deep value investing philosophy to guide him when identifying and acquiring investments. He has a great deal of practical experience in this area through his work with Peter Cundill, the noted Canadian value investor, and managing his own fund.

The first part of the book gives an overview of deep value investing and the general areas on which he focuses when evaluating an investment. The remainder of the book looks at how he has applied this technique to actual investments which he has made. For each investment featured, he outlines how he evaluated the investment and the thought process which he went through prior to actually investing. I found this focus on the practical side of investing and the analysis which he performed to become comfortable with the investment particularly helpful, as it showed how a fund manager acts in real life situations.

In addition to the success stories, he has included a couple of his investment failures and analysed why they may not have worked out as originally envisaged. This is useful as it highlights the lessons which he drew from these failures and shows the reader that although this is a potentially successful investing strategy, it is not immune from the risks associated with all types of investing.

It would be helpful for the reader to have some knowledge of value investing and a company's balance sheet as much of the analysis is focused on the balance sheet. However, it would still be useful for those who are interested in investing in general and wish to learn more about this specific area.
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1 of 1 people found the following review helpful
5.0 out of 5 stars Refreshingly Clear, Simple and Useful, 28 May 2014
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This review is from: Deep Value Investing: Finding bargain shares with big potential (Paperback)
Over the years, I have built up a library of value investing books. Many of these books are masterpieces and close at hand. Nonetheless, I found Jeroen’s book tremendously useful; first and foremost because it is refreshingly simple, clear and practical. Jeroen's book communicates the principles of deep value investing very effectively through a series of stock examples and cases. This is the best way possible - because the reader is immediately able to appreciate how investing on the basis of asset protection (of the Graham ilk) works in practice (as opposed to vague philosophical principles or theoretical tenants). This, in my view is what really sets Jeroen's book apart. By extension, the book is abundantly transparent - laying out all the workings and assumptions - so that the reader is able to follow and understand exactly why conviction was developed (or not developed) in a particular investment idea. Detailed company data that was reviewed may be obtained from the online appendix. Furthermore, Jeroen is honest and transparent enough to devote a couple of chapters to deep value failures. Again this is both hugely refreshing and instructive.

I love value investing, and will continue to collect content on this fascinating subject. However one observation (criticism) is evident. Emphasis on practical application is significantly underrepresented in books / content that is publicly available on the subject. Comprehensive illustrations of how to apply the principles of value investing to establish realistic and accurate intrinsic values to specific stocks and situations are few and far between. To this end, Jeroen's book is worth its weight in gold. Valuation is both an art and a science - particularly as one moves down the balance sheet. But this doesn't stop an author from laying out his / her assumptions, workings and mindset / thinking. Jeroen has - in my view - done exactly that. I can’t wait for the Sequel / Deep Value investing 2!
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3.0 out of 5 stars Very simple read which is good as investment professionals have a habit of complicating things, 11 July 2014
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Very simple read which is good as investment professionals have a habit of complicating things. This book is really an illustration of the net nets concept/high margin of safety with multiple examples. As an investment analyst/fund manager myself I felt that each chapter/stock note was a bit light on detail and furthermore gave little discussion on what catalysts the fund manager saw for realising value in what were cheap stocks (other than the UK house builder examples).

Given the reasonable performance of the Church House funds as of late, and the inclusion of some of the most recent best ideas, I was left wondering how much of this book was about self promotion.

That being said, if an individual/professional investor can pick up this book and implement even a single idea as a result of this read then it represents very good value indeed.
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3.0 out of 5 stars investing book, 25 May 2014
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This review is from: Deep Value Investing: Finding bargain shares with big potential (Paperback)
its ok if a bit dull , begginers might find it helpful but experienced investors will be unimpressed. Cant help feeling the guy just got lucky with his investments on several occasions and investing can be like that .
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5.0 out of 5 stars very useful application of ben graham during a market cycle, 6 April 2014
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This review is from: Deep Value Investing: Finding bargain shares with big potential (Paperback)
From memory, Ben Graham's last words on the subject were in an interview in around 1974, at the depths of a ferocious bear market, where he actually suggested that one should take just two thirds of the net net value, to provide a sufficient margin of safety. It seemed he was adjusting his formula for the market conditions of the time, which with hindsight was not too helpful. Hence it is fascinating to see a fund manager applying this method of value investing, for success and some failures, during various stages of the market. Whilst there is a school described by Warren Buffet, following these methods, though I am not aware of any detailed descriptions. I must declare an interest, in that I was a colleague of Jeroen at Panmure Gordon, working on another area, and always found him a stimulating guy to talk to. So well done Jeroen. regards Robin Gilbert (robinjgilbert@gmail.com)
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5.0 out of 5 stars Best book on Value Investing since the Intelligent Investor, 21 Mar 2014
This review is from: Deep Value Investing: Finding bargain shares with big potential (Paperback)
It is not often that a great book on Value Investing comes by, there has been many decades since the Intelligent Investor, but finally a true book on value investing has arrived.

Bos doen't merely explain the concept and theories of Deep Value Investing, but shows through his examples the processes he uses in researching, analysing, buying, holding and selling these stocks. The case studies Jeroen uses are the perfect way in explaining his techniques and not only does he highlight his successful picks, he also writes up on his failures and one's that he currently has in play. You only have to look at the current share prices of French Connection, MJ Gleeson and Barratt Developments to see that Jeroen is one of the 21st Century's greatest value investors.

A definite must-buy for any investor interested in finding true value and the techniques in implementing it.
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5.0 out of 5 stars Great Investment Insights from a Great Investor, 3 Feb 2014
This review is from: Deep Value Investing: Finding bargain shares with big potential (Paperback)
Jeroen Bos provides a very instructive narrative on the philosophy behind his successful deep value investment approach and specific case studies that exemplify this approach in practice. In an investment world seeking excitement through the income statement and short-termism, Jeroen Bos' balance sheet focused, patient and disciplined investment approach is a refreshing antidote. The real-life investment examples, and the author's humble assessment of lessons learned from investment successes and failures, make this book a wonderful learning guide to improving one's own investment process. Thank you Jeroen!
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0 of 2 people found the following review helpful
3.0 out of 5 stars Cigar Button Investing Explained, 20 Jan 2014
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This review is from: Deep Value Investing: Finding bargain shares with big potential (Paperback)
Putting cigar button investing from B. Graham into practice with real life example.
Interesing reading showing practical examples and proof that you can still apply today...
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