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.
'A must-read for all disciples of value investing. In 1934, Graham and Dodd created fundamental security analysis. Greenwald reinforces the worth of this approach, incorporates new advances, and takes their work into the 21st century.' -Mario J. Gabelli, Chairman, Gabelli Asset Management, Inc.
AN INTRODUCTION TO VALUE INVESTING.
Value Investing: Definitions, Distinctions, Results, Risks, Principles
Searching for Value: Fish Where the Fish Are
THREE SOURCES OF VALUE
Valuation in Principle, Valuation in Practice
Valuing the Assets: From Book Value to Replacement Costs
Earning Power Value: Assets Plus Franchise
A Wonderful Little Franchise: The Earning Power of WD-40
Inside Intel: The Value of Growth Within the Franchise
Constructing the Portfolio: Risk, Diversification, and Default Strategies
VALUE INVESTING IN PRACTICE: PROFILES OF EIGHT VALUE INVESTORS
Warren Buffett
Mario Gabelli
Glenn Greenberg
Robert Heilbrunn
Seth Klarman
Michael Price
Walter Schloss
Paul Sonkin
References
Acknowledgements
Index
About Bruce Greenwald, Michael Van Biema and Judd Khan
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.