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Description of A Modern Approach to Graham and Dodd Investing

"What happened in the market? What lies ahead? Investors should be required to read Tom Au's A Modern Approach to Graham and Dodd Investing. Tom delivers a commonsense road map for baby boomer professional and individual investors navigating the treacherous investment waters. This is the best investment book I have read in twenty-three years."
- Scott Kingsley Swift, Vice President, Merrill Lynch, CFM

"Many times I've found myself reading through investment classics, wishing that they were more relevant to our present world; the information companies report, market conditions, today's business culture, and the expectations modern stock investors have developed based on a large set of alternative investment choices. Finally, my wish, and those of other investors who’ve felt the same, has been granted by Thomas Au and his soon-to-be classic, A Modern Approach to Graham and Dodd Investing."
- Marc H. Gerstein, Director of Investment Research, Reuters

"In an age of easy money and easy credit, Thomas Au's A Modern Approach to Graham and Dodd Investing reminds us that successful investing is a product of long-term prudent strategies based on disciplined investment decisions. This work is an excellent and timely in-depth analysis on value investing which is a must read, particularly during these volatile financial times."
- David Marshall, President, Emerson Partners, LLC

"This is an informative, readable book that presents a comprehensive framework for practitioners of deep value investing. Thomas Au, a proven investor in the value world, shows that the principles of value investing can be applied to a broad range of investment issues from analyzing the key line items on the corporate balance sheet to international investing and dynamic asset allocation. Au's underlying message is that value investors have long time horizons, both in looking back at historical precedents and in looking forward, well beyond the next quarterly earnings report. Most importantly, the book is filled with real-time, real-world examples where Au applied the value approach to construct a winning portfolio. Au is gold!"
- Leland Crabbe, Portfolio Manager, Credit Suisse Asset Management

"A refreshing look at the methods for ensuring a margin of safety in one’s investments developed by one of the true masters. Sadly, in this liquidity-driven bubble market, investors have once again lost their way. This book will grow in acknowledgement as today’s stock market ‘sheep’ are once again led to their slaughter for having ignored such wisdom."
- Richard J. Greene, Thunder Capital Management

"Tom Au's update of Graham and Dodd's security analysis is a must read for any serious investor. With the technology bubble behind us, investors have come back to the proven principles of value investing. Tom has put together a powerful framework for value investing in the twenty-first century."
- Gerard Watson, Managing Director, Santander Investments

Title Information

ISBN:

9780471584155

Pages:

352 pages

Format:

Hardback

Product Code:

18143

Publisher:

John Wiley & Sons Ltd

Published:

20/04/2004

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About Thomas P. Au

THOMAS P. AU is a Vice President and Portfolio Manager for the investment arm of a large insurance and healthcare provider. His specialty is emerging and international markets. He has also worked for Unifund, an emerging markets firm in Geneva, Switzerland. Previously, he was an analyst for Value Line, an investment information company in New York City, serving in various capacities from 1983 to 1994. Mr. Au has received his BA, cum laude, with a double major in economics and history, from Yale University, and an MBA in finance from New York University.

Contents of A Modern Approach to Graham and Dodd Investing

Part 1: Basic Concepts
1. Introduction
2. Investment Evaluation and Strategies

Part 2: Fixed Income Evaluation
3. Foundation of Fixed Income
4. Fixed Income Issues of Corporations
5. Distressed Fixed Income

Part 3: Equity Evaluation
6. Cash Flows and Capital Expenditures
7. Analysis of Asset Value
8. Some Observations on the Value of Dividends
9. Some Warnings About the Use of Earnings in Valuation
10. Sales Analysis

Part 4: Special Vehicles for Investment
11. A Graham and Dodd Approach to Mutual Funds
12. A Graham and Dodd Approach to International Investing
13. A Graham and Dodd View of Real Estate

Part 5: Portfolio Management
14. The Question of Asset Allocation
15. The Concepts of Graham Dodd versus Modern Theories
16. Case Studies in Graham and Dodd Investing
17. A Real Time Experiment

Part 6: Some Contempory Issues
18. A Historical View of the Dow and the Market
19. Some Disquieting Thought on the Excessive Credit Creation
20. Generational Cycles in the American Stock Market