{"product_id":"hidden-investment-treasures-isbn-9781394344802","title":"Hidden Investment Treasures","description":"\u003cp\u003e\u003cb\u003ePractical, expert guidance on identifying active investment opportunities in a stock market dominated by passive investors\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003eIn \u003ci\u003eHidden Investment Treasures: How to Find Great Stock Investments as the Investment World Goes Passive,\u003c\/i\u003e veteran portfolio manager Daniel Gladiš, CFA, delivers a foundational and inspiring new playbook for actively capturing higher returns at lower risk in a market dominated today by passive money. \u003c\/p\u003e\u003cp\u003eGladiš walks you through real investment cases exemplifying how to take advantage of growing inefficiency in the financial markets. He demonstrates specific analytical techniques and strategic reasoning essential to uncovering underpriced securities that can yield superior long-term returns. \u003c\/p\u003e\u003cp\u003e\u003cb\u003eGladiš explains:\u003c\/b\u003e \u003c\/p\u003e\u003cul\u003e \u003cli\u003eHow diligent active investors should dig where passive money fails to flow\u003c\/li\u003e \u003cli\u003eWhere value lurks in sectors and firms seen as too boring, little known, unpopular, complicated, or small\u003c\/li\u003e \u003cli\u003eFundamental metrics, tools, and perspectives for recognizing underpriced stocks\u003c\/li\u003e \u003cli\u003eApplying analysis, discipline, and patience to buy at the right price\u003c\/li\u003e \u003cli\u003eHow company managements create—or destroy—shareholder value through capital allocation, acquisitions, and personal temperament\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eWritten for individual investors and professionals, \u003ci\u003eHidden Investment Treasures\u003c\/i\u003e is a must-read for stock pickers, value investors, equity analysts, and wealth managers seeking to improve long-term investment returns in today's market. \u003c\/p\u003e\u003cp\u003eForeword xi\u003cbr\u003e \u003ci\u003eby John Mihaljevic\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003ePreface xxi\u003c\/p\u003e \u003cp\u003eAcknowledgments xxv\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Why? 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHow We Got to This Point 3\u003c\/p\u003e \u003cp\u003ePrice Discovery and Market Trends 5\u003c\/p\u003e \u003cp\u003eWhy? 10\u003c\/p\u003e \u003cp\u003eWhat to Expect in the Remainder of This Book 12\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Berkshire Hathaway: Seeking Treasure in a Company Whose Success Has for Decades Been Playing Out Right in Front of Us 15\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFrom Zero to a Trillion Dollars 16\u003c\/p\u003e \u003cp\u003eIs Berkshire Hathaway a Good Business? 19\u003c\/p\u003e \u003cp\u003eBerkshire Hathaway’s Intrinsic Value 23\u003c\/p\u003e \u003cp\u003eBerkshire’s Future 25\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Asbury Automotive Group: Seeking Treasure Among Cannibals 29\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSignificant Changes to Our Fund’s Portfolio 30\u003c\/p\u003e \u003cp\u003eAbg 32\u003c\/p\u003e \u003cp\u003eThe Importance of Capital Allocation 35\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Alimentation Couche-Tard: Seeking Treasure Among Acquisition Masters 39\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Winking Owl 40\u003c\/p\u003e \u003cp\u003eWhen Are Acquisitions Beneficial? 42\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Burford Capital: Seeking Treasure in People 47\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Young Litigation Finance Sector 48\u003c\/p\u003e \u003cp\u003eDispute with Argentina over $16 Billion 50\u003c\/p\u003e \u003cp\u003eHow to Value Burford Capital Shares 53\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Stellantis: Seeking Treasure in a Company That Everybody Underestimates 57\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDéjà Vu? 58\u003c\/p\u003e \u003cp\u003eThe Future of the Automotive Sector 60\u003c\/p\u003e \u003cp\u003eCash Is King 65\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Jungfraubahn: Seeking Treasure Among Tourism Monopolies 69\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTourism’s Diversity 70\u003c\/p\u003e \u003cp\u003eLocal Monopoly 72\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 NVR: Seeking Treasure Among Companies with Low Capital Requirements 77\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eNew Beginnings and Transformation 78\u003c\/p\u003e \u003cp\u003eSources of Competitive Advantage 83\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Japan: Seeking Treasure in a Country Most Investors Ignore 87\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eJapan’s Break with the Past 88\u003c\/p\u003e \u003cp\u003eA Simple and Effective Form for Investing in Japanese Equities 92\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Oil: Seeking Treasure in a Sector That Is Out of Favor 97\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSome Alarming Statistics 98\u003c\/p\u003e \u003cp\u003eThe Likely Increase in Demand Is Frightening 100\u003c\/p\u003e \u003cp\u003eRelationship Between Energy Consumption, Energy Availability, and Population Wealth 102\u003c\/p\u003e \u003cp\u003eIs the Market Wrong in Estimating Future Oil Prices? 105\u003c\/p\u003e \u003cp\u003eHow We Can Take Advantage of This 107\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Cenovus Energy: Seeking Treasure in a Sector That Is Out of Favor, Part II 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eNature of the Oil Market 114\u003c\/p\u003e \u003cp\u003eIncentive Price 117\u003c\/p\u003e \u003cp\u003eWhy We Chose Cenovus Energy 118\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 KLA Corporation: Seeking Treasure Among Technology Companies 123\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Exactly Is a Technology Company? 124\u003c\/p\u003e \u003cp\u003eReasons for Caution 127\u003c\/p\u003e \u003cp\u003eInvisible Oligopolies 130\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 JPMorgan Chase and OSB Group: Seeking Treasure Among Banks 133\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eValuation of Banks 134\u003c\/p\u003e \u003cp\u003eThe Giant and the Dwarf 138\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 Markel Group: Seeking Treasure in a Company That Investors Regard as Boring 143\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMarkel’s Three Engines 145\u003c\/p\u003e \u003cp\u003eBaby Berkshire 148\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15 Quálitas Controladora: Seeking Treasure in Emerging Markets 151\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInvesting in Emerging Markets 152\u003c\/p\u003e \u003cp\u003eMexican Beauty 156\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16 Teekay Energy Partners: Seeking Treasure in the Pockets of Passive Investors 161\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Coronavirus Poured Sand into the ETF Gears 164\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17 CVS and Microsoft: Two Examples of Different Investment Mistakes 169\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCVS: A Stock We Never Should Have Bought 171\u003c\/p\u003e \u003cp\u003eMicrosoft: A Share We Should Never Have Sold 174\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 18 Berkshire Park 179\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRisk 183\u003c\/p\u003e \u003cp\u003eBibliography 189\u003c\/p\u003e \u003cp\u003eAbout the Author 191\u003c\/p\u003e \u003cp\u003eIndex 193\u003c\/p\u003e \u003cp\u003e\u003cb\u003eDANIEL GLADIŠ\u003c\/b\u003e is the founder of and a portfolio manager at Vltava Fund, a global equity fund. He has over 30 years' experience in investing and is a bestselling author and a leading figure in the Czech capital markets.\u003c\/p\u003e \u003cp\u003eIn \u003ci\u003eHidden Investment Treasures: How to Find Great Stock Investments as the Investment World Goes Passive,\u003c\/i\u003e veteran portfolio manager and investor, Daniel Gladiš, CFA, delivers an exciting and practical playbook for investors interested in capturing higher risk-adjusted returns in financial markets overwhelmingly dominated by passive money.\u003c\/p\u003e \u003cp\u003eGladiš offers real-world investment case studies that highlight how to take advantage of the growing inefficiency of financial markets that are increasingly populated by investors who focus on passively managed index funds. He explores useful analytic techniques and strategic reasoning you can deploy immediately to help you uncover underpriced securities that yield superior long-term results.\u003c\/p\u003e \u003cp\u003e\u003ci\u003eHidden Investment Treasures\u003c\/i\u003e explains the parts of the market that passive money has failed to penetrate and how you can invest in those areas to great effect. It demonstrates where value silently lurks in sectors and firms that are superficially uninteresting, unpopular, complicated, or relatively small. The book also provides you with the metrics, tools, and perspectives you need to recognize when stocks are underpriced so you can benefit from the bargain.\u003c\/p\u003e \u003cp\u003eThe author walks you through the effective and ineffective strategies that company managers use to create and destroy shareholder value. You'll learn about capital allocation techniques, acquisition strategies, and manager temperaments that bolster or impair the worth of companies, and how to accurately assess a company’s likely performance based on those characteristics.\u003c\/p\u003e \u003cp\u003ePerfect for individual investors and finance professionals, \u003ci\u003eHidden Investment Treasures\u003c\/i\u003e is a must-read for stock pickers, value investors, equity analysts, and wealth managers looking for long-term investment opportunities in contemporary financial markets.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePraise for hidden investment treasures\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"\u003ci\u003eHidden Investment Treasures\u003c\/i\u003e is itself a treasure. Fundamental investment analysis the way it's supposed to be done, the book offers a marvelously educational series of business and investing case studies. Required reading for any investor determined to improve their own analytical process.\"\u003cbr\u003e—\u003cb\u003eCHRISTOPHER P. BLOOMSTRAN,\u003c\/b\u003e Semper Augustus Investments Group\u003c\/p\u003e \u003cp\u003e\"Daniel Gladiš, the Czech author of \u003ci\u003eHidden Investment Treasures\u003c\/i\u003e, named his fund after the Vltava. Also known as the Moldau, it is Bohemia's longest river and was immortalized in Bedrich Smetana's symphonic poem Má vlast ('My Homeland'). When it comes to investing, Gladiš is well worth your attention. He has an excellent track record. Moreover, he stands in a long tradition of fiercely independent Czech thinkers, stretching back to Jan Hus, whose reformation challenged entrenched dogma more than a century before Martin Luther. Czechia later resisted domination by both the Austro-Hungarian and Soviet empires. Gladiš, who grew up under communism, witnessed his country's shift to a market economy and forged his perspective as a global investor.\u003c\/p\u003e \u003cp\u003eIn his book, Gladiš offers incisive analysis of a series of investment case studies. I particularly enjoyed his case studies of lesser-known companies, like Jungfraubahn, a monopoly Swiss mountain railway with hidden real estate and pricing power, and Quálitas, the profitable, conservative 'GEICO of Mexico.' But his book also takes an outsider, independent Czech view of companies like Berkshire Hathaway, Markel and Stellantis, an underappreciated auto conglomerate chaired by John Elkann, who also oversees Ferrari through his family office, Exor, in Turin. Gladiš's book is well worth reading and should be on every investor's bookshelf.\"\u003cbr\u003e—\u003cb\u003eGUY SPIER,\u003c\/b\u003e Aquamarine Capital Management LLC\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989360066789,"sku":"NP9781394344802","price":30.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781394344802.jpg?v=1761783810","url":"https:\/\/k12savings.com\/products\/hidden-investment-treasures-isbn-9781394344802","provider":"K12savings","version":"1.0","type":"link"}