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Value Investing: From Graham to Buffett and Beyond

4.21  ·  Rating details ·  4,372 ratings  ·  80 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, revea
Paperback, 311 pages
Published January 26th 2004 by Wiley (first published May 31st 2001)
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Apr 07, 2012 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,
Jan 08, 2015 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
Alex Song
Mar 25, 2017 rated it liked it
I read the first half of this book, put it down for a few months, and then picked it up again. I probably shouldn't have done that.

First half: great.
Second half: not great.

First half basically reads like a textbook. A good discussion of various methodologies and value investing strategies. Second half is very little value-add. Basically a few case studies / biographies / investor letters from some of the luminaries in the value investment world. They felt stale. I wonder if any of them are still
Hisham Mannaa
Dec 27, 2016 rated it it was amazing
Chapters 4 to 7 will change the way you value companies forever! a must read
Liam Polkinghorne
Feb 01, 2020 rated it liked it
Provides a good basic overview, useful for those new to value investing. Enjoyed the investor profiles in the second part of the book, especially of Glenn Greenberg of Chieftain Capital. Deep research on a small number of stocks, all four team members have to agree before a stock enters the portfolio. Will look to do more reading on him.
Harikrishnan Thamattoor
Mar 28, 2018 rated it really liked it
A good read - The foundation of the book is laid based on the concepts introduced by Benjamin Graham - who is commonly credited with establishing Security analysis as a firm discipline. The author tried to build on the works of Benjamin Graham and on that of his successors and incorporated the advances in value investing that have appeared over the last 40 years.

The book is divided into three parts. Part one is the introduction, part two is the crux of this book. Part 3 gives us bird’s eye view
Jan 12, 2018 rated it it was amazing
Shelves: investing
This review has been hidden because it contains spoilers. To view it, click here.
Joe Cosentino
Feb 22, 2018 rated it liked it
I read this book because I'm currently enrolled in Greenwald's Value Investing course and wanted to dig a bit deeper. This book is very good for anyone interested in the basic precepts of value investing (basically, looking for good companies that are currently out of favor with the stock market). Bruce gives a good summary of the traditional value approach as devised by Benjamin Graham and David Dodd, and also profiles a handful of more contemporary value investors (Warren Buffett, Mario Gabell ...more
Jun 14, 2013 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 facilitating gr ...more
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
Nov 03, 2015 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
Aug 21, 2015 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.
Aug 27, 2015 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.
Christoph Suter
Jun 04, 2014 rated it it was amazing
Outstanding. Will re-read a few more times.
Jul 02, 2014 rated it it was amazing
Shelves: investing
very helpful introduction to the EPV and more.
Tom Qiao
Jul 18, 2015 rated it it was amazing
Great introduction to an updated value investing approach! Very good supplemental to any value investing course.
Dec 30, 2015 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.

Karan Maroo
Jan 13, 2015 rated it it was amazing
This is the richest book I've read on value investing. An absolute treat for the brains ...more
Aug 22, 2018 rated it it was amazing
Ben Graham taught value investing with David Dodd at Columbia, starting in 1928. Since then, Columbia has been the academic center for value investing. Graham and his disciples have been extremely successful, mainly because they used Graham’s investment concepts. But as competition improved, Graham’s rules for valuation of stocks needed updating as well. After some years in the shadow of Modern Portfolio Theory, Professor Greenwald brought back value investing teaching to Columbia in 1993. The l ...more
Peter S
May 10, 2019 rated it it was amazing
Another great book on value investing - the key to which, I believe is: “Opportunities lie in the gap between value and price.” Different value investors have different ideas about value, but they are always in search of good value.

The book has one of the best ratios of insightful + salient information per page. B/c of that it took a little longer than I had anticipated to read (had to take a lot of notes!). First half of the book went through the tenets of value investing, how it has evolved, h
Leo Desmedt
May 12, 2020 rated it really liked it
Value Investing

From Graham to Buffet and many more successful personalities. This book teaches you 'the better way' towards sustainable investment of individual stocks.

This book shows various strategies from value investors containing diverse implementations, each investor has a set a rules in alignment with their investing style.

The principles of value investing created by Ben Graham is a complementary to "The Intelligent Investor", offering a more pragmatic viewpoint and some practical techniq
Nam KK
Dec 23, 2019 rated it liked it
I enjoyed Greenwald's Competition Demystified very much, and Value Investing offers another revisit on companies' competitive advantages from the valuation standpoint. It is very worth reading for the first half. Because of Greenwald's value investing approach and of the time of the book (my version was in 2001), the book places a heavy focus on the company's book, lesser on earnings power, and much less on growth.

Reading the book nearly 20 years after it was published, I don't agree nor disagr
Mahadevan Sreenivasan
Oct 07, 2020 rated it it was amazing
This book has been an eye opener to me. For all those people who keep preaching on Discounted Cash Flow (DCF) valuation or other relative valuation techniques using P/E, P/B etc, Greenwald talks about the uncertainty of future earnings. Tools like DCF suffer from a major problem - the need to predict future earnings which is difficult to predict even for the company stakeholders. Greenwald's method looks at what it takes to value a company if it wants to sustain without any growth.

Chapters 4 - 7
Apr 29, 2020 rated it it was amazing
Shelves: value-investing
This review has been hidden because it contains spoilers. To view it, click here.
May 16, 2017 rated it it was amazing
Real Value

In my opinion this book is by far the best thing that has been written about Value Investing since Graham's Security Analysis. Clearly and precisely (With real emblematic cases developed) stating the bases and different aspects taken by the best exponents of the school since its inception. Highly recommended
Tana Rajszel
Aug 26, 2017 rated it it was amazing
Shelves: favorites, investment
An investment philosophy bible. No fluff, no repetition and no redundancy. Practical theories of what worked and what didn't from real case studies on the fundamentals of value investing. Also love how the author wrapped up the guidance with stories from famous value investors, and their lessons learned.

I can totally see my self re-read this book frequently.
Wayne Coltrane
Sep 10, 2017 rated it it was amazing  ·  review of another edition
Shelves: business
What they don't teach in business school

The first half of the book was deep in valuation and risk analysis. Although I work in this area in real estate, I learned a great deal in these chapters but it required careful concentration and understanding. The second half applied the principles with real value investors bringing everything together.
Gaurav Juneja
Jan 21, 2018 rated it liked it
The book is considered by many as a must-read for value investors. In my humble opinion, it is an instructive read for beginners but I did not find it a very valuable resource. Nonetheless, I liked the case study on Intel and the profile on Warren Buffet (which contains extracts from his annual shareholder letters).
Kaustubh Chaharia
Mar 19, 2018 rated it it was amazing
Shelves: investing
Warren Buffett in his 1996 Berkshire Hathaway Letter to Shareholders wrote - "In our view, though, investment students need only two well-taught courses - How to Value a Business, and How to Think About Market Prices." Value Investing by Bruce Greenwald certainly wins the bid for the 1st course, in my opinion, so far. A must read and re-read for seekers of mispriced bets. ...more
Mar 31, 2018 rated it it was amazing
Probably the only book highlighting the most pragmatic approach to value investing, the three methods described in the book (Asset Reproduction, EPV and Growth) are explained in full details. This book also provides the wisdom which sounds logical but is contrary to modern investment theory. Overall it is the best book I have read on Value Investing after "The Intelligent Investor". ...more
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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

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“value investors prefer to estimate the intrinsic value of a company by looking first at the assets and then at the current earnings power of a company. Only in exceptional cases are they willing to factor in the value of potential growth.” 0 likes
“sustainable,” 0 likes
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