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Common Stocks and Common Sense: The Strategies, Analyses, Decisions, and Emotions of a Particularly Successful Value Investor

4.25  ·  Rating details ·  210 ratings  ·  28 reviews
Deep insight and candid discussion from one of Wall Street's best investorsCommon Stocks and Common Sense provides detailed insight into common stock investing, using a case-study approach based on real-world investments. Author Edgar Wachenheim is the 28-year CEO of Greenhaven Associates, boasting an average annual portfolio comparable to Warren Buffet's. In this book, he ...more
Hardcover, 224 pages
Published April 25th 2016 by Wiley (first published 2016)
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Average rating 4.25  · 
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 ·  210 ratings  ·  28 reviews


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Duy Nguyen
Jan 16, 2018 rated it really liked it
Better than expected. Though the analyses at some cases were simplistic, they still represent the core theses behind each case. Valuation work is also simplified, but in these cases the pitches were so fat that once he understood the qualitative aspect that differed from the market consensus, he was on to a great investment. Bits and bites on how to access revenue growth of the comp were very useful.
Trung Nguyen Dang
Apr 30, 2020 rated it it was amazing
Great book for people interested in investing in stocks. It was written by Edgar Wachenheim, a fund manager with great track record (18-19% over a relatively long 24-25 years period).
The book covers briefly the author's background, what made him motivated to manage money as well as why or how he has been developed independent thinking since young.
The book also covers the emotion side of investing in stocks and why certain psychology/emotional trait is more suited to investing. Other than those
...more
Daniel
Oct 13, 2017 rated it really liked it
Close to being a 5-star. Unusually many good insights and practical advice for an investment book.

The book is written by an investor that has done the real thing with large amounts, so his words are not merely opinions like a lot of investment writing but has actually worked very well in practice.

Besides general investment process discussions there are 12 real case studies of investments Edgar made while running Greenhaven Associates. While I'm sure they were carefully selected (11 out of 12 w
...more
David García
Feb 08, 2021 rated it really liked it
The book navigates across the thinkings ot Ed Wachenheim and it does address some important aspects such as watching the history of some markets and not just the business. It is interesting how he takes decisions against the current and becomes success and somehow when written it seems so logical. Chapter highlights for me are the Boeing, Lowe's, Southwest Airlines and the best part was the final chapter which makes emphasis on the lessons learned across the book. Full of financial terms but sti ...more
Stephanus
Jul 24, 2020 rated it it was amazing
very clear explanation of why the author would land on an investment decision why he wouldn't. a good book to read for understanding the fundamentals of inventing ...more
Lily
Feb 25, 2021 rated it it was amazing
simple & straightforward
Terry
Jan 17, 2018 rated it really liked it
Shelves: investing
A book written by investment manager Edgar Wachenheim, who has achieved admirable investment results (19% annualized return for 25 years). The book is a collection of case studies of how and why he bought and sold certain stocks.

Wachenheim’s investment philosophy is to buy undervalued stocks but with improving fundamentals in a growth industry. He found ideas that have very attractive valuation, and then conduct research, uses his networks to talk to people who know the companies and then he ha
...more
Sarthak Mane
Sep 16, 2020 rated it it was ok
A bit boring book if you ask me, since he does analysis of companies only. would have been more interesting if all the chapters were like the last chapter. neverthless, i did learn from this book. thank you edgar wachenheim.
Shyam Sundar R
Nov 07, 2018 rated it really liked it
This book helps the reader understand the thought process and methodology of the author and thus gives the reader a sense of work,research which is required to buy a stock.
Aditya
Oct 26, 2017 rated it it was amazing
Excellent book with very good case studies..Although authors approach to valuation is something I don't agree with but his research on each of 13 stocks discussed in this book is beyond excellence
...more
Wong King peng stephen
Feb 05, 2019 rated it it was amazing
Practical with a lot of examples rather than a value investment book full of theories.
David
Nov 21, 2020 rated it it was amazing
Excellent book on value investing using a case study approach
Ganesh
Apr 05, 2021 rated it it was amazing
Shelves: fintwit
Would highly recommend this book - learnings based on case study methodology. This is a rare book, which actually discusses the thought process behind the author's investments. ...more
ajay Kumar
Apr 30, 2018 rated it it was ok
it was a ok book to read..good part doesnt take much time to read...but dont think you learn much from the book. its just lots of successful examples and more of gut feel investment
Adrian Zaharescu
Jan 29, 2021 rated it really liked it
Great book for those who want to learn by example. Takes you through the author's thought process. I wish there were more examples of bad investments to learn from. ...more
Chris
Dec 16, 2016 rated it it was amazing
I thoroughly enjoyed this book by this highly successful but also very low profile value fund manager. There are eleven fairly brief case studies of investments across various sectors and the rationale behind the decision to invest in those particular companies at that time. I would have preferred the chapters to be longer but even so this is a great book by someone who does this for a living.
Juli
Mar 13, 2018 rated it liked it
Common Stocks and Common Sense is a book of case studies, through which the reader shares in the long-range experience of a successful value investor. In it, Edward Wachenheim describes his approach, as well as his thought processes and experiences with investments throughout his career (case studies include IBM, Interstate Bakeries, U.S. Home Corporation, Centex, Union Pacific, American International Group, Lowe's, Whirlpool, Boeing, Southwest Airlines, and Goldman Sachs).

He ends the book with
...more
Sumit
Dec 16, 2016 rated it liked it
Good for light reading. The author is a successful value investor and discusses some of his successful investments and the rationale behind them. Without going too much into technical details and mathematical analysis, the author describes high level qualitative ideas and his reasoning for making said investments. There has been only one case study of an unsuccessful investment, the book would have benefited had the author discussed some of his other mistakes, thus increasing the instructional v ...more
Mark
Dec 26, 2016 rated it it was amazing  ·  review of another edition
Simple strategy excellent results

A good summary of a very seasoned and successful investor and supported by case studies of recent investments. There is nothing new in his investing approach however like the title of the book suggests it is simple and reinforced by taking a medium term view vs The short-term view of the market.
Mike
Jun 05, 2016 rated it really liked it
Fairly typical investment book from a little known, highly successful value investor. The case studies are nice because it talks in specifics instead of generalities like many books. It gives some insight into his thought process being applied. However the book does contradict itself in places and the valuation discussions are highly simplistic in order to fit into a small book.
Liam Polkinghorne
Jan 14, 2017 rated it liked it
Engaging case study structure. Value investors who purchase companies that are facing short-term market pessimism, but are strong enough to survive those periods, and there is a catalyst for a rebound. Sell when the market becomes more optimistic or positive expectations are discounted in the price.
Mikael
Jan 31, 2017 rated it really liked it
Good book with great case studies and the authors thought process in his stock picks.
Harsh Thaker
Jan 16, 2017 rated it really liked it
The lessons of value investing through case studies are simply must read for any investor
Gregory Blotnick
author loves the sound of his own voice
Sau
May 30, 2016 rated it it was amazing  ·  review of another edition
Good

Nice case studies and letter. Always good to hear from a practitioner. Lots of examples and scenarios. Well written book.
Manan
Sep 29, 2016 rated it it was amazing
Nice use of case studies to explain investment philosophy. Simple and highly informative book.
Amol
rated it it was amazing
Nov 19, 2017
Oskar
rated it really liked it
Jan 15, 2017
Knape
rated it it was amazing
Sep 08, 2018
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