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Value Investing: From Graham to Buffett and Beyond
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Value Investing: From Graham to Buffett and Beyond

4.11 of 5 stars 4.11  ·  rating details  ·  1,087 ratings  ·  20 reviews
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, reveal
Paperback, 311 pages
Published January 26th 2004 by John Wiley & Sons (first published 2001)
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We hear a lot of people talking about value investing (and quite as many talking about other investing ways). Many of the speakers try to use different and creative ways to “fit” their own theories and strategies into the value investing box, many misrepresent the basic concepts of value investing reasoning that new times require new tools

Value investing is not a new concept. It was defined and taught by Professor Benjamin Graham more than eighty years ago. Professor Graham researched, defined,
If you consider yourself a hardcore value investor, and really want to delve deep into the nuts and bolts of the methodology, then this is the supreme guidebook for you. There are several methods you'll read in this book, which you will find nowhere else. A great example of this would be the theory of attaining a company's real earnings power by excluding advertising & marketing costs related to growth. In other words, what would the company earn if it didn't have any expenses on facilitatin ...more
Justin Morin
An excellent book which provides a general understanding on current techniques for evaluating companies from a 'value investment' perspective. Also provides 8 interesting value investor profiles from Buffet to Klarman.
I found the investor profiles in the third section more useful than the rest.

Some of the earlier chapters are followed by short appendices, those were helpful.

In some cases, the approaches discussed involve investing enough money in a business to have control over its direction which isn't practically useful for me.

Also, published in 2001, it felt dated as it heralded investment research strategies used before the internet and thus financial data was widely available. Even the book often admits
Steve Bradshaw
A well-grounded but sometimes dry exposition and defense of value investing peppered with Buffett- and Graham-isms. A good read to round out ones education as a value investor.

I enjoyed the quote early in the book, originally form Horace's Ars Poetica but also featured in the first edition of Security Analysis,

"Many shall be restored that now are fallen and many shall fall that now are in honor."

This really gets to the heart of why value investing succeeds time and again. As humans we extrapolat
Quite a good, useful, read. The first half of the book gives a fairly comprehensive run-down on the theory of value investing. Principally, this is analysing a company's intrinsic value by examining: first, the net value of assets on the balance sheet, in terms of reproduction cost; second, the current earnings power; third, the potential growth -- in that order of importance. Greenwald uses simple examples to explain how to revalue the balance sheet line items up or down, as well as the thought ...more
Brad Felix
Interesting concepts in what Greenwald claims is a natural evolution of value investing. Unfortunately, I can't buy into his thoughts on sustainable competitive advantages. It is humorous to me that both Microsoft and Intel are used as examples. We have seen both of these businesses disrupted by new entrants in the past few years. Perhaps this is unfair because it's Technology, but perhaps we shouldn't assume all industries have sustainable competitive advantages. If relying upon this framework, ...more
This is a good book if you can handle a book whose first half is mostly equations and explanations of how to arrive at them and/or calculate them. I appreciated it, but got stuck when I hit the point when I stopped being able to easily understand the equations without scratching my head and figuring out what was going on.

Once I got past the equations, it was an easier read. I'm sure if you went to business school, this book is a breeze. Having gone to theater school, it was a tough read.
Allen Li
Interesting walk through of value investing and strategies such as buying companies that are selling for less than their assets / NWC, earnings power value, the value of growth, and more. The profiles of the value investors weren't as good as in More Money Than God or even Money Masters - didn't go as in depth and was rather dry. Overall, the strength of the book is the discussion of how to value assets and think of businesses from a true value investor's perspective.
Christopher Benassi
This book only gets better and better as one continues to progress through its entirety. The idea of EPV, PMV, and franchise value relative to value investing was a novel idea to me and very interesting. Taking a thorough amount of time and being diligent in understanding each chapter was the best thing I could have done. Definitely going to re-read this in the future for further understanding
A sketchy outline of an investing style that the author himself admits doesn't work for 70% of its practitioners, followed by some anecdotal promotion of the lucky leaders in the field. I only give it three stars because the lengthy excerpts from Warren Buffets old stockholder letters make for good reading.
Not as good as The Intelligent Investor, but some interesting insights. I felt like it made more sense for an investment professional than a casual investor looking to understand a bit more about investing. It was pretty dry, with quite a bit of math (yikes!).
Michael Demaray
Sep 26, 2007 Michael Demaray rated it 5 of 5 stars
Recommends it for: Value Investors
If you want a good discourse of book value, and an updated approach to Graham/Dodd you'll find it here. The book is separated into two sections. The first is the discussion of using book value/earnings power and the second is profiles of several value investors.
Overall a strong addition to any value investor's repertoire. The biographies of successful value investors and their method of investing are nice but the real gem is the middle section on analyzing and valuing assets.
Brent Craig
This is a good book that has just the right mixture of simple and complex. The author does a good job of putting the system "in English."
Timothy Chklovski
Most valuable part is probably the case studies in part 2. Prof Greenwald's book Strategy Demystified is a good complement
Sergei Nemirovsky
Very good book on value investing - not too long, not too short, sufficiently in-depth and written in clear language.
very helpful introduction to the EPV and more.
Christoph Suter
Outstanding. Will re-read a few more times.
J Duval
Good read for Value investor
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Bruce Corman Norbert Greenwald is a professor at Columbia University's Graduate School of Business and Director of Research at FirstEagle Funds. Described by the New York Times as "a guru to Wall Street's gurus," Greenwald is an authority on value investing with additional expertise in productivity and the economics of information.
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