The art of value investing : how the world's best investors beat the market

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. --Book Jacket.;All sensible investing is value investing. What it means to be a value investor ; Does quality matter? ; The value of growth ; The value mindset -- Circle of competence. The right size ; Industry preference ; Where in the world? -- Deficient market hypothesis. The human element ; It's a matter of time -- Fertile ground. In search of uncertainty ; Special situations ; Operating turnarounds -- Generating ideas. Behind the screen ; Follow the lead ; Reliable sources -- Cutting through the noise. Second-level thinking ; Macro versus micro ; Business first ; What quality means ; Crunching the numbers ; What could go wrong? ; From the top. How important is management ; Handicapping the jockeys ; Red flags ; Catalysts ; Getting it done ; Organizing principles -- Getting to yes. Cash (Flow) is king ; Multiple angles ; The informed buyer ; Model behavior ; Playing the odds ; Theories of relativity ; Pulling the trigger -- The portfolio. Concentration versus diversification ; The size that fits ; Cognizance of correlation -- Playing the hand. Trading mentality ; Dealing with adversity ; Taking a stand ; Attracting activists attention -- Guarding against risk. Margin of safety ; Building a position ; Cash management ; Midas torch ; Hedging bets. To short not to short? ; Value destroyers ; Portfolio hedging ; Is shorting inherently evil? -- Making the sale. Why to sell ; Selling by the numbers ; Getting the timing right ; Sale process -- Of sound mind. Competitive spirit ; Independent thought ; Perpetual student ; To err is human ; Be ever so humble. Based on interviews with the world's most-successful value investors, The Art of Value Investing, by John Heins and Whitney Tilson, 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 peoples 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? Authors Tilson and Heins have delegated the task of providing answers to such questions to the experts: the market-beating money managers to whom theyve had unparalleled access as the co-founders of leading investment newsletter Value Investor Insight. That includes such hedgefund superstars as Julian Robertson, Seth Klarman, Leon Cooperman, David Einhorn, Bill Ackman and Joel Greenblatt, as well as mutual-fund luminaries including Marty Whitman, Mason Hawkins, Jean-Marie Eveillard, Bill Nygren and Bruce Berkowitz. 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 strategy 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. 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.

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.

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 .