Value Investing: From Graham to Buffett and Beyond

Front Cover
From the "guru to Wall Street's gurus" comes the fundamental techniques of value investing and their applications
Bruce Greenwald is one of the leading authorities on value investing. Some of the savviest people on Wall Street have taken his Columbia Business School executive education course on the subject. Now this dynamic and popular teacher, with some colleagues, reveals the fundamental principles of value investing, the one investment technique that has proven itself consistently over time. After covering general techniques of value investing, the book proceeds to illustrate their applications through profiles of Warren Buffett, Michael Price, Mario Gabellio, and other successful value investors. A number of case studies highlight the techniques in practice.
Bruce C. N. Greenwald (New York, NY) is the Robert Heilbrunn Professor of Finance and Asset Management at Columbia University. Judd Kahn, PhD (New York, NY), is a member of Morningside Value Investors. Paul D. Sonkin (New York, NY) is the investment manager of the Hummingbird Value Fund. Michael van Biema (New York, NY) is an Assistant Professor at the Graduate School of Business, Columbia University.
 

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A very good book for beginners and professionals

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This is one of the best investment books I have ever read. In my view, the "Intelligent Investor" and this book are must reads for anyone who is serious about investing

Contents

Definitions Distinctions Results Risks
3
Fish Where the Fish Are
17
Valuation in Principle Valuation in Practice
31
From Book Value to Reproduction Costs
51
The Earnings Power of WD40
89
The Value of Growth within the Franchise
107
Risk Diversification and Default
147
Investing Is Allocating Capital
161
Investigate Concentrate andWatch
211
Investing in Investors
225
Distressed Sellers Absent Buyers
231
Discipline Patience Focus and Power
245
Keep It Simple and Cheap
263
Small Is Beautiful Especially When
277
References
293
Copyright

Discovering and Unlocking the Private
197

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About the author (2004)

BRUCE C. N. GREENWALD is the Robert Heilbrunn Professor of Finance and Asset Management at Columbia University Graduate School of Business.

JUDD KAHN has taught history, served in city government, and worked as a securities analyst, a CFO, and a management consultant. He has a PhD in history from the University of California, Berkeley.

PAUL D. SONKIN is the investment manager of the Hummingbird Value Fund. He has worked at the SEC, Goldman Sachs, Royce Funds, and First Manhattan Company. He holds an MBA from Columbia.

MICHAEL van BIEMA is a member of the finance faculty of Columbia Business School. Prior to joining the faculty of Columbia, he was a principal at the RONIN Corporation, a management consulting firm, and the cofounder of several technology companies. He has a PhD from Columbia in computer science.

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