The Art of Value Investing: How the World’s Best Investors Beat the Market

Book Description

Publication Date: April 29, 2013 | Series: 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.

This is one of the best investing books in existence today. The authors have done a great service for investors, by excerpting interviews from the world’s greatest investors and arranging the excerpts logically by topic. Want to know how Carlo Cannell generates new stock ideas? Page 100. Want to know what Jean-Marie Eveillard says about leverage? Pages 141-142. Want to know what Tom Gayner looks at first when learning about a new business? Page 98. I will keep this book right on my desk and refer to it often. I’ll read it and re-read it for years to come. Whether you’re new to investing or have many years of success and experience, you’ll definitely find this book very useful. I’ve been waiting for someone to do this for a long time, and John Heins and Whitney Tilson finally did it. Well done, John and Whitney. This book deserves to be read by everyone who wants to learn more about business, finance and the fine art of value investing.
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