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

4.12  ·  Rating Details  ·  1,832 Ratings  ·  28 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
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Paperback, 311 pages
Published January 26th 2004 by John Wiley & Sons (first published 2001)
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(showing 1-30 of 3,000)
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Amir
Mar 23, 2013 Amir rated it it was amazing
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,
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Vincent
Dec 28, 2014 Vincent rated it it was amazing
Shelves: business
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
Jul 17, 2014 Justin Morin rated it really liked it
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.
Nick
Jun 02, 2015 Nick rated it liked it
Shelves: investing
This is quite a decent primer on Value Investing - the first half of the book is dedicated to principles of valuation which is such a large topic I'm not sure that a cursory overview adds much to the book. If you're just starting out I imagine it quite useful but there are better books on risk management, portfolio construction and valuation itself (by Nick Radge and Aswath Damadoran for example). The second half is a fantastic journey through the careers of some value investing greats and give ...more
Steve Bradshaw
Nov 25, 2014 Steve Bradshaw rated it really liked it
Shelves: investment
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
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Claire
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
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Brad Felix
May 12, 2014 Brad Felix rated it liked it
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
Jonathan
Nov 17, 2015 Jonathan rated it really liked it
The first two parts are very important for value investors to read and understand in framing financials in terms of investment opportunity. The last part about the various investment managers is just OK - great investors talking about good picks and their process. These are interesting tales, but not always easy to replicate in real life. Every now and then there were good nuggets in Part 3 about process. Otherwise, the first part has great, applicable tools for the investor to use prospectively ...more
Benjamin
Jan 22, 2009 Benjamin rated it it was ok
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
Aug 06, 2013 Allen Li rated it liked it
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
Jun 01, 2012 Christopher Benassi rated it it was amazing
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
Tirath
Aug 21, 2015 Tirath rated it really liked it
This may be the modern book that a newbie should buy and learn value investing from.
His mathematical concepts of growth and ROC are worth a read but dont fit my style.
The mini profiles at the end of the book are good fun.
And the book is full of small examples which would help a student.

Rather useless for someone who is already a value investor.
Daniel
Jan 24, 2016 Daniel rated it really liked it
Este libro ofrece distintas ideas acerca del "value investing" y la evolución que este ha tenido a lo largo de los años. Hace un especial énfasis en las compañías con problemas y las que están en la fase de crecimiento desde el punto de vista de los inversores más famosos que son proclives a ésta filosofía.
Amasa
Apr 05, 2010 Amasa rated it liked it
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.
Ashish
Oct 11, 2015 Ashish rated it really liked it
Shelves: to-read-again
The book is good to read for understanding the value investing techniques. It compares the investment technique of many well-known investors. It is not very well written but must to read if you have not read good material on this topic. The book loses the interest of reader after a while.
Danielle
Feb 28, 2013 Danielle rated it liked it
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 it was amazing
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.
Charles Barr
Dec 14, 2015 Charles Barr rated it it was amazing
Outstanding. You have to slowly read, take notes, and digest this book.

The more advanced treatment of earnings - especially Greenwald's "earnings power value" and Paul Sonkin's simple modified "cap rate" - is what makes the book.
Ken
Sep 22, 2013 Ken rated it really liked it  ·  review of another edition
Shelves: business, investment
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.
Jay
Jan 05, 2016 Jay rated it it was amazing
very good: most value-oriented books are mostly marketing gimmicks, this one is an actual overview. mini-bios at the end (last 100 pgs) are a plus.

Brent Craig
May 26, 2012 Brent Craig rated it really liked it
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
Jan 22, 2012 Timothy Chklovski rated it it was amazing
Most valuable part is probably the case studies in part 2. Prof Greenwald's book Strategy Demystified is a good complement
Tom Qiao
Jul 18, 2015 Tom Qiao rated it it was amazing
Great introduction to an updated value investing approach! Very good supplemental to any value investing course.
Karan Maroo
Jun 15, 2015 Karan Maroo rated it it was amazing
This is the richest book I've read on value investing. An absolute treat for the brains
Alex
Nov 29, 2014 Alex rated it it was amazing
Shelves: investing
very helpful introduction to the EPV and more.
Christoph Suter
Sep 17, 2014 Christoph Suter rated it it was amazing
Outstanding. Will re-read a few more times.
J Duval
Dec 24, 2012 J Duval rated it really liked it
Good read for Value investor
Matthew
Jul 02, 2012 Matthew rated it really liked it
Shelves: markets
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
Lara
Lara marked it as to-read
Jun 29, 2016
Roberto Parada
Roberto Parada marked it as to-read
Jun 28, 2016
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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.
More about Bruce C.N. Greenwald...

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