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The Art of Quality Investing: How to Invest in the Best Companies in the World
207 pages, Paperback
Published April 15, 2024
22 people are currently reading
375 people want to read
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Displaying 1 - 27 of 27 reviews
July 6, 2024
Minus one star because of the obvious plug at the end for both his own subscription service as a tracking tool from which he gets a referral fee.
I do think the chapter of valuation was unnecessary in its current form (it doesn't really explain how to do a DCF, for instance). Or you give an example or you don't make a whole chapter about it with basically just explaining there are 2 ways of valuation that "don't really mean anything".
Overall, this is a very easy book to read with a good structure to teach you how to invest in quality companies. The guy knows what he is doing, and you can learn a lot from him. But don't let it be the only book you read about investing.
I do think the chapter of valuation was unnecessary in its current form (it doesn't really explain how to do a DCF, for instance). Or you give an example or you don't make a whole chapter about it with basically just explaining there are 2 ways of valuation that "don't really mean anything".
Overall, this is a very easy book to read with a good structure to teach you how to invest in quality companies. The guy knows what he is doing, and you can learn a lot from him. But don't let it be the only book you read about investing.
April 15, 2024
I've been investing for years now, reading a lot of books, but the Dutch version of this book (De Kaviaarformule) I've read recently is one of the best investment books I've read thus far. Approaching and valuating a stock from a quality perspective is an extreme eye opener to me and forced me to reiterate my valuation models to bring them to a much higher level. It also made me realize that quality stocks that are considered as 'expensive' from a multiple perspective, are actually cheaper than other stocks with less qualitative aspects. Investing makes so much sense now I believe very stock picker should read this book!
April 15, 2024
The best book I have ever read about investments. I apply the strategy explained in the book to my investments. This with success!
The book is for both beginners and advanced investors. it's also easy to read.
Guy Van Meervenne
The book is for both beginners and advanced investors. it's also easy to read.
Guy Van Meervenne
January 21, 2025
Very well composed. A nice overview what to look for in quality stocks. great read and I recommend it to every friend who wants to start investing !
April 15, 2024
Great book about Quality investing!
April 22, 2024
A guide on how to select companies that distinguish from the crowd. The book teaches methods and parameters to help find, measure and judge sustainable quality in an overcrowded investment opportunity chaos.
May 9, 2024
Wonderful Beginners Guide to Quality Investing
July 10, 2024
The Art of Quality Investing: How to Invest in the Best Companies in the World - Luc Kroeze
There are books that teach us the principles underlying certain ideas. They help form conceptual images that build frameworks we must then apply to our desired objectives; they don't necessarily have to have practical effects, perhaps all we want is to bask in our bubble bath while enjoying a delicious nougat ice cream, ignorant that the knowledge we've acquired is indeed knowledge, as we wouldn't be able to articulate it in a debate with a worthy opponent. Feynman would consider us truly ignorant.
Other books, however, are much more practical. Without delving too deep into philosophies and fundamental principles, they offer a set of practical tools, taxonomies, and more or less specific rules for implementing processes, tools, or cooking recipes. The Art of Quality Investing is one of these books.
One has always wondered if the quality factor is something essentially qualitative or if there's something quantitative behind it. In the end, being dull and clumsy as one is, poetry is not made for the mouth of a donkey, one has always preferred to focus on numerical indicators, which ruin all the richness of detail, with the vain hope that correlation and persistence are on one's side. The qualitative theme is for artists, for those who know how to use the right hemisphere, those dangerous functional left-handers whom one envies for their ability to read between the lines, guess scenarios, and construct futures.
The book I'm reviewing attempts to address both facets in just 200 pages. For me, the qualitative part has been much more useful. I don't want to deprive you of the pleasure of going through the classification it makes and the guidelines it offers. I think it's very easy, based on the book and with patience and dedication, to build a checklist that allows one to do real fundamental analysis and understand truly important and "common sense" topics. The second part of the book, in my opinion weaker, talks about quantitative facets. I won't comment on their goodness, but they're as good as any others. I don't think any of you will have much difficulty, either in this forum or through your favorite Google or Perplexity, in finding multiple recipes. The authors not too subtly recommend and promote a website for filtering companies according to these criteria; I don't know it and can't comment, but I guess there is some not so hidden interest beyond the referral commission (apologies to the author if that's not the case). However, this doesn't mean it's a bad service.
I won't go into the quantitative criteria. For this, almost without intending to, What I Learned About Investing from Darwin, a book I thoroughly enjoyed and which aims to be more of the first type I described in this already too long review, was much more valuable to me.
The authors focus on:
1. Ease of understanding the business
2. Geographic and customer diversification
3. Growth potential
4. Presence of a sustainable competitive advantage
5. Pricing power
6. Market leadership
7. Competent management
8. Resistance to recessions
9. Resilience to disruptions
I think it's very interesting to delve into these principles, and of course, one doesn't learn to do things by reading, but by trying to put the teachings into practice
The chapters on Valuation and Portfolio Configuration are much more anodyne, and I think I would turn to other sources. Particularly, I'm increasingly interested in Mauboussin and Munger's inversion concept and trying to create models where price is an input and parameters are an output, parameters such as expected growth and income that, converted into output by induction, can allow us to make a comparison on the reasonableness of the price and the hypotheses posed by these parameters.
I recommend the book for those little grasshoppers like the undersigned who learn by imitation "wax on, wax off" (apologies to the younger ones) before forming their own pipe dreams.
Review in Spanish here: https://foro.masdividendos.com/t/the-...
There are books that teach us the principles underlying certain ideas. They help form conceptual images that build frameworks we must then apply to our desired objectives; they don't necessarily have to have practical effects, perhaps all we want is to bask in our bubble bath while enjoying a delicious nougat ice cream, ignorant that the knowledge we've acquired is indeed knowledge, as we wouldn't be able to articulate it in a debate with a worthy opponent. Feynman would consider us truly ignorant.
Other books, however, are much more practical. Without delving too deep into philosophies and fundamental principles, they offer a set of practical tools, taxonomies, and more or less specific rules for implementing processes, tools, or cooking recipes. The Art of Quality Investing is one of these books.
One has always wondered if the quality factor is something essentially qualitative or if there's something quantitative behind it. In the end, being dull and clumsy as one is, poetry is not made for the mouth of a donkey, one has always preferred to focus on numerical indicators, which ruin all the richness of detail, with the vain hope that correlation and persistence are on one's side. The qualitative theme is for artists, for those who know how to use the right hemisphere, those dangerous functional left-handers whom one envies for their ability to read between the lines, guess scenarios, and construct futures.
The book I'm reviewing attempts to address both facets in just 200 pages. For me, the qualitative part has been much more useful. I don't want to deprive you of the pleasure of going through the classification it makes and the guidelines it offers. I think it's very easy, based on the book and with patience and dedication, to build a checklist that allows one to do real fundamental analysis and understand truly important and "common sense" topics. The second part of the book, in my opinion weaker, talks about quantitative facets. I won't comment on their goodness, but they're as good as any others. I don't think any of you will have much difficulty, either in this forum or through your favorite Google or Perplexity, in finding multiple recipes. The authors not too subtly recommend and promote a website for filtering companies according to these criteria; I don't know it and can't comment, but I guess there is some not so hidden interest beyond the referral commission (apologies to the author if that's not the case). However, this doesn't mean it's a bad service.
I won't go into the quantitative criteria. For this, almost without intending to, What I Learned About Investing from Darwin, a book I thoroughly enjoyed and which aims to be more of the first type I described in this already too long review, was much more valuable to me.
The authors focus on:
1. Ease of understanding the business
2. Geographic and customer diversification
3. Growth potential
4. Presence of a sustainable competitive advantage
5. Pricing power
6. Market leadership
7. Competent management
8. Resistance to recessions
9. Resilience to disruptions
I think it's very interesting to delve into these principles, and of course, one doesn't learn to do things by reading, but by trying to put the teachings into practice
The chapters on Valuation and Portfolio Configuration are much more anodyne, and I think I would turn to other sources. Particularly, I'm increasingly interested in Mauboussin and Munger's inversion concept and trying to create models where price is an input and parameters are an output, parameters such as expected growth and income that, converted into output by induction, can allow us to make a comparison on the reasonableness of the price and the hypotheses posed by these parameters.
I recommend the book for those little grasshoppers like the undersigned who learn by imitation "wax on, wax off" (apologies to the younger ones) before forming their own pipe dreams.
Review in Spanish here: https://foro.masdividendos.com/t/the-...
April 17, 2024
Summary
If you have any interest in learning about Quality Investing or “how to buy and hold the best companies in the world at the right price”, then this is the book for you.
I enjoyed reading it, learned something new, and highly recommend it!
Below you can find a detailed review:
Form factor and layout
- I have the paperback version and I like that the size is more like a hardcover book (a bit bigger in
size compared to your ‘classic’ paperback format).
- The font size is perfect for my aging eyes
Readability
- This book is an easy read. Each chapter is divided into small blocks of knowledge which creates a
certain flow.
- The text is sprinkled with images and quotes which greatly enhance readability
- The length of the book is perfect. To quote Antoine de Saint-Exupéry: 'Perfection is achieved, not
when there is nothing more to add, but when there is nothing left to take away.' -> Every word
needs to be in this book.
Content
- The book provides context on what quality investing means
- It gives you a 13-point checklist you can use
- Each point is discussed in detail to show you how to identify quality companies
- The valuation chapter provides an introduction to how to value these companies
- Finally, a chapter on portfolio management teaches how to manage a portfolio and more -
importantly when to sell a position while always taking a long-term view
- Several companies are mentioned as an example to illustrate the different concepts
Can you take action?
Yes. This is not a mere theoretical book. The book provides a checklist and advice which you can implement while reading. You can use the book as a reference afterwards while implementing your investment process.
Who is this for?
- Beginning investors will receive a wealth of information. They will learn the most by reading this book.
- More experienced investors will be able to improve their skills and process even further. I consider myself experienced (but still a lot to learn) and have made improvements to my own checklists and process based on this book (example: You can talk about revenue, but what does Quality revenue look like beyond just its growth metrics?)
And after reading this book?
- You can implement what you’ve learned
- You can dive even deeper into the rabbit hole of Quality Investing by checking out
www.compoundingquality.net/p/book
If you have any interest in learning about Quality Investing or “how to buy and hold the best companies in the world at the right price”, then this is the book for you.
I enjoyed reading it, learned something new, and highly recommend it!
Below you can find a detailed review:
Form factor and layout
- I have the paperback version and I like that the size is more like a hardcover book (a bit bigger in
size compared to your ‘classic’ paperback format).
- The font size is perfect for my aging eyes
Readability
- This book is an easy read. Each chapter is divided into small blocks of knowledge which creates a
certain flow.
- The text is sprinkled with images and quotes which greatly enhance readability
- The length of the book is perfect. To quote Antoine de Saint-Exupéry: 'Perfection is achieved, not
when there is nothing more to add, but when there is nothing left to take away.' -> Every word
needs to be in this book.
Content
- The book provides context on what quality investing means
- It gives you a 13-point checklist you can use
- Each point is discussed in detail to show you how to identify quality companies
- The valuation chapter provides an introduction to how to value these companies
- Finally, a chapter on portfolio management teaches how to manage a portfolio and more -
importantly when to sell a position while always taking a long-term view
- Several companies are mentioned as an example to illustrate the different concepts
Can you take action?
Yes. This is not a mere theoretical book. The book provides a checklist and advice which you can implement while reading. You can use the book as a reference afterwards while implementing your investment process.
Who is this for?
- Beginning investors will receive a wealth of information. They will learn the most by reading this book.
- More experienced investors will be able to improve their skills and process even further. I consider myself experienced (but still a lot to learn) and have made improvements to my own checklists and process based on this book (example: You can talk about revenue, but what does Quality revenue look like beyond just its growth metrics?)
And after reading this book?
- You can implement what you’ve learned
- You can dive even deeper into the rabbit hole of Quality Investing by checking out
www.compoundingquality.net/p/book
April 15, 2024
The quest for a good investment strategy isn't always straightforward, but fortunately, there are excellent books that can serve as reliable guides. One such book is the recently released 'The Art of Quality Investing' by Compounding Quality and Luc Kroeze. In their book, the authors describe the criteria they believe one should consider to select companies best equipped for the future. Additionally, they provide various tools to determine the right moment to invest your money. It's a very practical and easily readable book, essentially serving as a manual to refer back to with every decision.
I recently had the pleasure of meeting Luc and Pieter, and I must confess, I know few more passionate investors. Their knowledge of selecting and valuing stocks is truly phenomenal. Moreover, they're both super friendly guys who are eager to share their expertise with everyone, including through the book they released.
'The Art of Quality Investing' is a real enrichment for me. I'm certain I'll be picking up the book regularly.
I recently had the pleasure of meeting Luc and Pieter, and I must confess, I know few more passionate investors. Their knowledge of selecting and valuing stocks is truly phenomenal. Moreover, they're both super friendly guys who are eager to share their expertise with everyone, including through the book they released.
'The Art of Quality Investing' is a real enrichment for me. I'm certain I'll be picking up the book regularly.
April 15, 2024
"Quality investing" is a book that every investor should read. Written by Luc Kroeze, a pioneer in the field of value investing, this book offers deep insights into the philosophy and practice of quality investing in an accessible way. Luc emphasizes the importance of patience, discipline and a thorough analysis of companies before investing. He explains how value investing is about finding companies with strong fundamentals and a long-term competitive advantage regardless of price. By sharing practical examples and his own experiences, Brandes makes the principles of value investing accessible to both novice and experienced investors. "Quality investing" is an essential guide to help you make wise and successful investment decisions.
April 15, 2024
Reading “De Kaviaarformule” of Luc Kroeze has made me comfortable being able to pick the right companies to invest in. I had paid enough learning money but I needed Luc’s approach to radically change my bad investing habits.
It is great to see that Luc’s book has been translated in English now and will become a worldwide reference in quality investing.
The collaboration with Pieter Slegers of Compounding Quality will add tremendous value to the application of the “Kaviaarformule”.
Luc Kroeze and Pieter Slegers are must-follows for every quality investor.
It is great to see that Luc’s book has been translated in English now and will become a worldwide reference in quality investing.
The collaboration with Pieter Slegers of Compounding Quality will add tremendous value to the application of the “Kaviaarformule”.
Luc Kroeze and Pieter Slegers are must-follows for every quality investor.
April 19, 2024
After having read the book "The Caviar formula"( "De Kaviaarformule" in Dutch) by Luc Kroeze, I am so pleased that international quality investors can now also benefit from this sublime investment strategy. Highly recommended, no: a MUST, for anyone who cares about their hard-earned savings and a careless future! Now available on Amazon.com in English under the title: "The Art of Quality Investing". Buy the paperback version if you care about our envirement and its carrying less weight with your book on holliday or on the train to your work. ;O)
April 15, 2024
The concept of quality investing involves finding genuine quality companies and investing in these gems. Although this sounds easy, this is one of the books that makes it clear, it explains in clear language how we should approach quality investing, which quantitative and qualitative aspects are important, ensuring that many investors will certainly be satisfied.
Both Luc Kroeze as well as Compounding Quality are true value investors by heart and it shows. An absolute recommendation!
Both Luc Kroeze as well as Compounding Quality are true value investors by heart and it shows. An absolute recommendation!
April 15, 2024
The Art of Quality Investing is a must-read for anyone interested in investing. Whether you're a beginner or a seasoned investor, this book provides insights and a strategic approach to detect and recognize quality companies. It serves as a guide to navigate through the forest of analyses and advice, leading you to the trees with the strongest roots and most delicious fruits.
Jochen Vandenbergh
Jochen Vandenbergh
April 15, 2024
I've read the dutch version of this book and I would recommend it to anyone who is interested in following a tried and true method of beating the S&P500 in a sustainable way. The book elaborates on the principle of 'better to buy an excellent company for a fair price rather than a fair company for an excellent price" and educates you in how to identify those companies.
June 16, 2025
Przeczytane, teraz czas na:
1. zgłoszenie do wydawcy wszystkich błędów, głównie stylistycznych ale nie tylko
2. powrót do początku i przestudiowanie treści wraz z robieniem notatek bo to nie jest książka do czytania tylko do działania.
Spora część pokrywa się z tym co omawiał Tomek Trela na swoim kursie.
1. zgłoszenie do wydawcy wszystkich błędów, głównie stylistycznych ale nie tylko
2. powrót do początku i przestudiowanie treści wraz z robieniem notatek bo to nie jest książka do czytania tylko do działania.
Spora część pokrywa się z tym co omawiał Tomek Trela na swoim kursie.
April 15, 2024
If you are serious about investing, this book is one of the very few books you HAVE to read!
The book convincingly shows you how to distinguish between noise and signal.
I could write a much longer review but I suggest you just discover what I would write yourself.
The book convincingly shows you how to distinguish between noise and signal.
I could write a much longer review but I suggest you just discover what I would write yourself.
April 16, 2024
Great book that provides a clear flamework and explains thorougly using examples how to recognize the characteristics of quality stocks.
On top of that, everything is explained in a way that is easy to understand even for people that are not busy in the world of financing on a day-to-day basis.
On top of that, everything is explained in a way that is easy to understand even for people that are not busy in the world of financing on a day-to-day basis.
April 21, 2024
Excellent book. The authors know quality investing in detail, but reduce the complexity to a handy checklist that everyone can use. If you are overwhelmed by the countless finance metrics and need a tool to be able to say something meaningful about a company, then this book is your partner!
April 21, 2024
This book explains, in a very comprehensible way, the conditions quality shares must meet. Both via numerical parameters and on the basis of qualitative conditions. Highly recommended and is not just another book. But has very great value and content.
April 15, 2024
Great book on quality investing. Luc taught me a lot about quality investing.
What Benjamin Graham is to Warren Buffett, Luc Kroeze is to me. This book is the 'bible of quality investing' in my opinion.
What Benjamin Graham is to Warren Buffett, Luc Kroeze is to me. This book is the 'bible of quality investing' in my opinion.
April 17, 2024
Great read for everyone who wants to learn about investing in the best companies in the world
April 20, 2024
Heel goed boek.
Alles wordt duidelijk uitgelegd.
Goede adviezen voor zowel de nieuwe als ervaren beleggers.
Aanrader.
Alles wordt duidelijk uitgelegd.
Goede adviezen voor zowel de nieuwe als ervaren beleggers.
Aanrader.
April 21, 2024
Great book when you want to learn how to find quality stocks!
May 14, 2024
I am delighted to have read this book in dutch. It changed my life forever.
December 31, 2025
Good introductory book, greatly simplified.
Displaying 1 - 27 of 27 reviews