Value Investing - From Graham to Buffett and Beyond

Explore the modern extension of value investing in this essential text from "the guru to Wall Street's gurus"The substantially rewritten Second Edition of Value Investing: From Graham to Buffett and Beyond delivers an incisive and refined approach to investing grounded on almost 100 years of history, beginning with Graham and Dodd. Founded on the value investing course taught for almost twenty-five years by co-author Bruce Greenwald at Columbia Business School, the book helps investors consistently land on the profitable side of the trade.Readers will learn how to search for underpriced securities, value them accurately, hone a research strategy, and apply it all in the context of a risk management practice that mitigates the chance of a permanent loss of capital.The new edition includes:_ Two innovative new chapters discussing the valuation of growth stocks, a perennial problem for investors in the Graham and Dodd tradition_ New profiles of successful investors, including Tom Rus so, Paul Hilal, and Andrew Weiss_ An extended discussion of risk management, including modern best practices in an environment where it is often divorced from individual security selectionA substantive expansion of an already highly regarded book, Value Investing: From Graham to Buffett and Beyond is the premier text discussing the application of timeless investing principles within a transformed economic environment. It is an essential resource for portfolio managers, retail and institutional investors, and anyone else with a professional or personal interest in securities valuation and investing.Successful value investing practitioners have graced both the course and this book with presentations describing what they really do when they are at work. Find brief descriptions of their practices within, and video presentations available on the web site that accompanies this volume:http://www.wiley.com/go/greenwald/valueinvesting2e

Inhaltsverzeichnis:

Dedication vAcknowledgments ixIntroduction xi1 Value Investing: Definitions, Distinctions, Results, Risks, Principles 12 Searching for Value: Finding the Right Side of the Trade 173 Valuation in Principle, Valuation in Practice 414 Valuing the Assets: From Book Value to Replacement Costs 71Example One: Hudson General 915 Earnings Power Value 103Example Two: Magna International 1236 Growth 1417 "Good" Businesses 1618 The Valuation of Franchise Stocks 187Appendix to Chapter 8: Return Calculations for Franchise Businesses 217Example Three: WD-40 231Example Four: Intel 2539 Research Strategy 30110 Risk Management and Building Portfolios 321Investor Profiles 339Warren Buffett 343Robert H. Heilbrunn 375Walter and Edwin Schloss 381Mario Gabelli 393Glenn Greenberg 395Paul Hilal 399Jan Hummel 403Seth Klarman 407Michael Price 411Thomas Russo 415Andrew Weiss 419Index 423