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The Art of Value Investing: How the World's Best Investors Beat the Market, by John Heins, Whitney Tilson
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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.
- Sales Rank: #103633 in Books
- Published on: 2013-04-29
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x 1.15" w x 6.20" l, 1.15 pounds
- Binding: Hardcover
- 336 pages
Review
“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.”
—The New York Times
“[The Art of Value Investing] 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. The Art of Value Investing should be read by all investors who are seriously interested in enhancing their understanding of this important field.”
—CFA Institute Book Review
From the Inside Flap
You know what value investing is: it's how Warren Buffett made his billions. Perhaps you're even familiar with value investing terminology, such as margin of safety and intrinsic value. 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!
Whether 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.
Based on extensive interviews with market-beating money managers, superstar hedge fund managers and mutual fund heroes, and featuring many real-world examples, The Art of Value Investing expertly describes:
- The philosophies behind today's most successful value investing strategies
- The key skills top market-beaters think of as absolutely indispensable to success
- The types of situations and market inefficiencies value investor legends look to exploit
- How top value investors generate new investing ideas
- How to research companies, with insights on company valuation and deciding what and when to buy
- How the best value investors maintain mental and emotional discipline
- How value investing superstars learn from their mistakes and the key lessons they've learned
- Portfolio management techniques, including guidance on diversification, risk management, position-sizing, and more
But The Art of Value Investing does much more than impart information. It was designed to help you develop an approach to value investing that's just right for you.
Sit 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.
The 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 The Art of Value Investing comes in.
Giving you unparalleled access to the thinking of the brightest and best of the value investing world, The Art of Value Investing 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.
From the Back Cover
Praise for 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."
—William A. Ackman, founder, Pershing Square Capital Management
"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."
—Leon G. Cooperman, founder, Chairman and CEO, Omega Advisors
"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."
—Jeff Ubben, founder, ValueAct Capital
"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."
—Jonathon S. Jacobson, founder and CIO, Highfields Capital Management
"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, The Art of Value Investing will be valuable reading."
—David Herro, Harris Associates
"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."
—Staley Cates, President and CIO, Southeastern Asset Management
"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."
—James Montier, GMO
Most helpful customer reviews
17 of 18 people found the following review helpful.
More for inspiration than methodology...
By James M. Bogin
The Art of Value Investing is a book, and it's about investing, but it's not really an investment book in the traditional sense of the word. Each chapter is filled with inspirational paragraphs, quotes, quips, and ideas from individual value investors, both famous and less famous. It's the kind of book you might like to have on your shelf next to your desk, and pull down every now and again for inspiration, to remind yourself of your quest and what matters in investment. It's not really the sort of book you would want to sit down and read at one go in a coffee shop. Still, I'm happy to own this book and enjoy opening it up to random pages. It's very readable. All of the people quoted on the back cover saying what a wonderful book this is, are also quoted inside the book. This is a little annoying to me. But still.....you'll want to have this on your shelf.
15 of 16 people found the following review helpful.
Could be Great, but Falls Short
By Greywolf
This book just might contain all of the secrets to successful investing, but you will need to figure out much of it on your own. The biggest problem with the book is that it intentionally does not draw any conclusions. The authors even open by saying “we’ve provided a full range of potential answers and the justification for each.” The problem is that the justification is not always fully flushed out, leaving the reader to determine what the best strategy might be. Additionally, the authors state the book is for the “just-starting-out investor.” I have read dozens of investment books over the last 30 years, thank god this was not one of the first, for the book does very little to explain the rational being the ideas espoused.
If one were to take the time to synthesis the information in the book a cohesive investment strategy could be developed, but the flaw in the book is that the author did not do that for the reader. Instead they provided quotes from professional money managers and let the reader figure out which advice to follow and what to ignore.
Many of the ideas are very contradictory, or not very applicable to the individual investor. One example would be the discussion on number of securities to hold. How many stocks held by a fund with billions under management and numerous analysts is mostly irrelevant to the individual investor.
The important parts of this book could easily have been condensed to pamphlet size. Much of what is quoted is essentially meaningless. . Insight such as “we generally want to own only those things that can be bought out” is not very useful to me when making a decision on what to invest in.
The authors did the research to gather all of the insight from the pros, the problem is they did very little with it to make it valuable to the average reader or investor. I’m left feeling that if I were to spend many more hours I could take the information in the book and put it in a more useful format, but why would I do that when those books already exists?
39 of 47 people found the following review helpful.
Another Book Review from the Aleph Blog
By David Merkel
I am a value investor. That's what I do for a living, and I do it well. One month ago. I wrote a piece called "Value Investing Flavors." In it, I took a broad view of value investing, because there are many common principles to value investing employed by all, but many variations on implementation. [Note to those reading at Amazon; they don't me post links, but if you Google "Aleph Art of Value Investing" you will find it.]
The Art of Value Investing takes a similarly broad view, quoting well over 100 value investors (I lost count) on topics where professional value investors agree & disagree. The authors have interviewed the grand majority of those cited, and have useful historical quotes from well-known figures familiar with the subject. Better known and more accomplished value investors tend to get more play in the book -- I think the authors chose well.
The book is organized by topic. It covers these questions:
* The importance of a margin of safety
* Buy high margin quality businesses, or cheap low margin businesses?
* What attention should be paid to growth opportunities? (Controversial)
* What is your circle of competence? (I.e. what opportunities do you rule out because you don't get how to value them?)
* How small of a company would you consider buying?
* How much do you incorporate top-down macroeconomic considerations?
* What countries would you not consider buying a company within?
* The advantage of being able to buy and hold for years.
* How careful research often conquers uncertainty.
* Do you buy turnarounds or not? (Controversial)
* How do you generate good buy ideas?
* How do you create a firm that ignores the conventional perspective, and generates correct ideas that few know?
* How do you analyze what could go wrong with a company?
* Do you look for catalysts to unlock value or not? (Controversial)
* Do you analyze value through one framework or many? Cheap going concern or transformation of underused assets? Both?
* Do you manage for absolute value or relative value? I.e., what is the value of safe assets, or even gold?
* When do you establish an position? How do you size it?
* How diversified do you want to be? How do you weight positions?
* How much do you care about stocks being correlated within the portfolio?
* How long are you willing to wait to see if an idea works? When do you admit that you are wrong?
* Are you willing to advise management? Are you willing to fight management? When does it make sense?
* Do you short bad stocks or not?
* When do you sell? Do you do it never, gradually or rapidly?
* How do you maintain a sound mind and humility amid all of the clamor of the markets?
* How do you admit mistakes, so as to avoid them in the future, and show humility to your clients?
If you want to understand the nuances of how a firm doing value investing works, I can't think of a better book, because this book implicitly goes over all of the choices that a value investor has to make. What factors will I focus on, and what will I ignore? How detailed will my analysis be? How much will I diversify? How will I make choices among so many stocks vying for my attention amid all of the news noise?
I have strong views on value investing myself, but I questioned my own ideas as I read the replies of those more successful than me.
Quibbles
Initially, as I read the book, I wondered if a better book could be made by organizing by each firm, rather than topic. By the end of the book, I realized I was wrong. Not all firms have opinions on many questions, and doing the book by topic highlights the variation in opinions across a wide spectrum of organizations.
Who would benefit from this book: Amateur and professional value investors will benefit from this book; if the reader does not want to put the effort into learning value investing, this book will be of no use to him.
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