{"product_id":"the-art-of-value-investing-isbn-9780470479773","title":"The Art of Value Investing","description":"\u003cb\u003eSays Bill Ackman of Pershing Square Capital Management about \u003ci\u003eThe Art of Value Investing\u003c\/i\u003e:\u003c\/b\u003e  \u003cp\u003e\"I learned the investment business largely from the work and thinking of other investors. \u003ci\u003eThe Art of Value Investing\u003c\/i\u003e 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.\"\u003c\/p\u003e \u003cp\u003eBased on interviews with the world's most-successful value investors, \u003ci\u003eThe Art of Value Investing\u003c\/i\u003e 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?\u003c\/p\u003e \u003cp\u003eWho should read \u003ci\u003eThe Art of Value Investing\u003c\/i\u003e? 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 \u003ci\u003eThe Art of Value Investing\u003c\/i\u003e.\u003c\/p\u003e \u003cp\u003eIntroduction 1\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 “All Sensible Investing Is Value Investing” 5\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat It Means to Be a Value Investor 6\u003c\/p\u003e \u003cp\u003eDoes Quality Matter? 13\u003c\/p\u003e \u003cp\u003eThe Value of Growth 19\u003c\/p\u003e \u003cp\u003eThe Value Mindset 25\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One Field of Play 33\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Circle of Competence 35\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Right Size 36\u003c\/p\u003e \u003cp\u003eIndustry Preference 45\u003c\/p\u003e \u003cp\u003eWhere in the World? 57\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Deficient Market Hypothesis 65\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Human Element 66\u003c\/p\u003e \u003cp\u003eIt’s a Matter of Time 74\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Fertile Ground 81\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIn Search of Uncertainty 82\u003c\/p\u003e \u003cp\u003eSpecial Situations 86\u003c\/p\u003e \u003cp\u003eOperating Turnarounds 93\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Generating Ideas 99\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBehind the Screen 99\u003c\/p\u003e \u003cp\u003eFollow the Lead 106\u003c\/p\u003e \u003cp\u003eReliable Sources 111\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two Building the Case 115\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Cutting Through the Noise 117\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSecond-Level Thinking 118\u003c\/p\u003e \u003cp\u003eMacro versus Micro 120\u003c\/p\u003e \u003cp\u003eBusiness First 127\u003c\/p\u003e \u003cp\u003eWhat Quality Means 131\u003c\/p\u003e \u003cp\u003eCrunching the Numbers 135\u003c\/p\u003e \u003cp\u003eWhat Could Go Wrong? 139\u003c\/p\u003e \u003cp\u003eFrom the Top 147\u003c\/p\u003e \u003cp\u003eHow Important Is Management? 147\u003c\/p\u003e \u003cp\u003eHandicapping the Jockeys 149\u003c\/p\u003e \u003cp\u003eRed Flags 157\u003c\/p\u003e \u003cp\u003eCatalysts 164\u003c\/p\u003e \u003cp\u003eGetting It Done 169\u003c\/p\u003e \u003cp\u003eOrganizing Principles 174\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Getting to Yes 183\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCash (Flow) Is King 184\u003c\/p\u003e \u003cp\u003eMultiple Angles 190\u003c\/p\u003e \u003cp\u003eThe Informed Buyer 192\u003c\/p\u003e \u003cp\u003eModel Behavior 194\u003c\/p\u003e \u003cp\u003ePlaying the Odds 199\u003c\/p\u003e \u003cp\u003eTheories of Relativity 202\u003c\/p\u003e \u003cp\u003ePulling the Trigger 206\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three Active Management 213\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 The Portfolio 215\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eConcentration versus Diversification 215\u003c\/p\u003e \u003cp\u003eThe Size That Fits 222\u003c\/p\u003e \u003cp\u003eCognizance of Correlation 227\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Playing the Hand 233\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTrading Mentality 233\u003c\/p\u003e \u003cp\u003eDealing with Adversity 239\u003c\/p\u003e \u003cp\u003eTaking a Stand 248\u003c\/p\u003e \u003cp\u003eAttracting Activists’ Attention 251\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Guarding Against Risk 257\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMargin of Safety 258\u003c\/p\u003e \u003cp\u003eBuilding a Position 261\u003c\/p\u003e \u003cp\u003eCash Management 263\u003c\/p\u003e \u003cp\u003eMidas Touch 267\u003c\/p\u003e \u003cp\u003eHedging Bets 268\u003c\/p\u003e \u003cp\u003eTo Short or Not to Short? 268\u003c\/p\u003e \u003cp\u003eValue Destroyers 271\u003c\/p\u003e \u003cp\u003ePortfolio Hedging 276\u003c\/p\u003e \u003cp\u003eIs Shorting Inherently Evil? 277\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Making the Sale 281\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy to Sell 282\u003c\/p\u003e \u003cp\u003eSelling by the Numbers 286\u003c\/p\u003e \u003cp\u003eGetting the Timing Right 290\u003c\/p\u003e \u003cp\u003eSale Process 293\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart four Of Sound Mind 297\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Of Sound Mind 299\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCompetitive Spirit 300\u003c\/p\u003e \u003cp\u003eIndependent Thought 303\u003c\/p\u003e \u003cp\u003ePerpetual Student 306\u003c\/p\u003e \u003cp\u003eTo Err Is Human 309\u003c\/p\u003e \u003cp\u003eBe Ever So Humble 312\u003c\/p\u003e \u003cp\u003eThe Final Word 315\u003c\/p\u003e \u003cp\u003eAbout the Authors 317\u003c\/p\u003e \u003cp\u003eIndex 319\u003c\/p\u003e  \u003cp\u003e“John Heins and Whitney Tilson, co-founders of the Value Investor Insight newsletter, have done a thorough job of explaining how to look for stocks that are trading at significant discounts to what they are worth — the concept known as the value style of investing.…the authors present a clear framework for ferreting out undervalued companies.”\u003cbr\u003e —\u003cb\u003e\u003ci\u003eThe New York Times\u003cbr\u003e \u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e“[\u003ci\u003eThe Art of Value Investing\u003c\/i\u003e] is packed with invaluable insights and is relevant to both the novice and the experienced investor. …This book provides a valuable contribution to the industry literature on value investing. It is well written, well organized, and quite enjoyable. \u003ci\u003eThe Art of Value Investing\u003c\/i\u003e should be read by all investors who are seriously interested in enhancing their understanding of this important field.”\u003cbr\u003e —\u003ci\u003e\u003cb\u003eCFA Institute Book Review\u003c\/b\u003e\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eJOHN HEINS \u003c\/b\u003eis the cofounder and President of Value Investor Media, Inc., a media company founded in 2004 to provide investing ideas and insight to sophisticated professional and individual investors, and Editor-in-Chief of \u003ci\u003eValue Investor Insight\u003c\/i\u003e and \u003ci\u003eSuperInvestor Insight\u003c\/i\u003e. Previously, Mr. Heins was President and Chief Executive Officer of Gruner + Jahr USA Publishing, Bertelsmann AG's U.S. magazine subsidiary, Senior Vice President and General Manager of America Online's Personal Finance business, and a reporter and staff writer for \u003ci\u003eForbes\u003c\/i\u003e magazine. He graduated magna cum laude from the University of Pennsylvania's Wharton School with a bachelor's degree in Economics and also holds an MBA from Stanford University's Graduate School of Business.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eWHITNEY TILSON\u003c\/b\u003e is the cofounder of hedge funds Kase Capital and T2 Partners, the Tilson Mutual Funds, Value Investor Media, Inc. and the Value Investing Congress. He coauthored the book, \u003ci\u003eMore Mortgage Meltdown: 6 Ways to Profit in These Bad Times\u003c\/i\u003e, is a CNBC Contributor, has written for \u003ci\u003eForbes\u003c\/i\u003e, the \u003ci\u003eFinancial Times\u003c\/i\u003e, \u003ci\u003eKiplinger's\u003c\/i\u003e, the Motley Fool and TheStreet.com, and was one of the authors of \u003ci\u003ePoor Charlie's Almanack\u003c\/i\u003e, the definitive book on Berkshire Hathaway Vice Chairman Charlie Munger. He was one of five investors included in \u003ci\u003eSmartMoney's\u003c\/i\u003e 2006 \"Power 30,\" and was named by \u003ci\u003eInstitutional Investor\u003c\/i\u003e in 2007 as one of \"20 Rising Stars.\" Previously, Mr. Tilson was a founding member of Teach for America and the Initiative for a Competitive Inner City, and was a consultant at The Boston Consulting Group. He received an MBA with High Distinction from the Harvard Business School and graduated magna cum laude from Harvard College with a bachelor's degree in Government.\u003c\/p\u003e  \u003cp\u003eYou know what value investing is: it's how Warren Buffett made his billions. Perhaps you're even familiar with value investing terminology, such as \u003ci\u003emargin of safety\u003c\/i\u003e and \u003ci\u003eintrinsic value.\u003c\/i\u003e And maybe you've already found success with value investing and know from experience that it's the most reliable way to achieve market-beating returns and accumulate significant wealth. Congratulations!\u003c\/p\u003e \u003cp\u003eWhether you're a complete beginner in need of an A-to-Z value investing primer, an experienced investor looking to expand and fine-tune your repertoire of value investing skills, or an individual or institutional investor looking to identify the best money managers, this book is for you. In writing it, authors John Heins and Whitney Tilson have achieved a remarkable feat: They've brought together the collective wisdom of today's most successful value investors and distilled it into a series of actionable lessons you can put into practice right away.\u003c\/p\u003e \u003cp\u003eBased on extensive interviews with market-beating money managers, superstar hedge fund managers and mutual fund heroes, and featuring many real-world examples, \u003ci\u003eThe Art of Value Investing\u003c\/i\u003e expertly describes:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eThe philosophies behind today's most successful value investing strategies\u003c\/li\u003e \u003cli\u003eThe key skills top market-beaters think of as absolutely indispensable to success\u003c\/li\u003e \u003cli\u003eThe types of situations and market inefficiencies value investor legends look to exploit\u003c\/li\u003e \u003cli\u003eHow top value investors generate new investing ideas\u003c\/li\u003e \u003cli\u003eHow to research companies, with insights on company valuation and deciding what and when to buy\u003c\/li\u003e \u003cli\u003eHow the best value investors maintain mental and emotional discipline\u003c\/li\u003e \u003cli\u003eHow value investing superstars learn from their mistakes and the key lessons they've learned\u003c\/li\u003e \u003cli\u003ePortfolio management techniques, including guidance on diversification, risk management, position-sizing, and more\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eBut \u003ci\u003eThe Art of Value Investing\u003c\/i\u003e does much more than impart information. It was designed to help you develop an approach to value investing that's just right for you.\u003c\/p\u003e \u003cp\u003eSit ten or a dozen of the most successful practitioners down in a room and you're likely to get as many opinions on which value investment flavor is best. While they're certain to agree on the core principles, when it comes to particulars, such as large-cap versus small-cap, telecom versus transportation, East versus West, onsite research versus pure data analysis, there's bound to be disagreement—some of it vehement.\u003c\/p\u003e \u003cp\u003eThe trick is to find the combination of tools, techniques and strategies that is right for you, addresses your specific financial goals, and best fits your personality and emotional makeup. And that's where \u003ci\u003eThe Art of Value Investing\u003c\/i\u003e comes in.\u003c\/p\u003e \u003cp\u003eGiving you unparalleled access to the thinking of the brightest and best of the value investing world, \u003ci\u003eThe Art of Value Investing\u003c\/i\u003e 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.\u003c\/p\u003e  \u003cp\u003e\u003cb\u003ePraise for \u003ci\u003eThe Art of Value Investing\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"I learned the investment business largely from the work and thinking of other investors. \u003ci\u003eThe Art of Value Investing\u003c\/i\u003e 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.\"\u003cbr\u003e —\u003cb\u003eWilliam A. Ackman\u003c\/b\u003e, founder, Pershing Square Capital Management\u003c\/p\u003e \u003cp\u003e\"An outstanding addition to the volumes written on value investing. Not only do the authors offer their own valuable insights but they have provided in one publication invaluable insights from some of the most accomplished professionals in the investment business. I would call this publication a must-read for any serious investor.\"\u003cbr\u003e —\u003cb\u003eLeon G. Cooperman\u003c\/b\u003e, founder, Chairman and CEO, Omega Advisors\u003c\/p\u003e \u003cp\u003e\"In this treasure chest of quotes by proven money managers, it is the love of the game and the joy of meeting the challenges put forth by a very demanding business that captivated me. The lessons are like scars and they are revealed here firsthand.\"\u003cbr\u003e —\u003cb\u003eJeff Ubben\u003c\/b\u003e, founder, ValueAct Capital\u003c\/p\u003e \u003cp\u003e\"A must-read for any serious investor. John and Whitney have produced a veritable bible that reveals the secrets of some of the greatest contemporary investment minds in the world.\"\u003cbr\u003e —\u003cb\u003eJonathon S. Jacobson\u003c\/b\u003e, founder and CIO, Highfields Capital Management\u003c\/p\u003e \u003cp\u003e\"There's hard-won wisdom on every page from a who's who of value investors. If you want to understand the thinking behind their long-term success, \u003ci\u003eThe Art of Value Investing\u003c\/i\u003e will be valuable reading.\"\u003cbr\u003e —\u003cb\u003eDavid Herro\u003c\/b\u003e, Harris Associates\u003c\/p\u003e \u003cp\u003e\"John Heins and Whitney Tilson have put together an incredibly well-compiled set of thoughts, many from my favorite peers, on every important topic for investors.\"\u003cbr\u003e —\u003cb\u003eStaley Cates\u003c\/b\u003e, President and CIO, Southeastern Asset Management\u003c\/p\u003e \u003cp\u003e\"I often judge a book by how many times I get my highlighter out and dog-ear pages. On that metric, this book is wonderful—simply packed with insight from some of the best long-term investors. Everyone will learn something from this book.\"\u003cbr\u003e —\u003cb\u003eJames Montier\u003c\/b\u003e, GMO\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990163210469,"sku":"NP9780470479773","price":47.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470479773.jpg?v=1761786745","url":"https:\/\/k12savings.com\/products\/the-art-of-value-investing-isbn-9780470479773","provider":"K12savings","version":"1.0","type":"link"}