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The Value Investors: Lessons from the World's Top Fund Managers

Book Description

Investing legend Warren Buffett once said that "success in investing doesn't correlate with I.Q. once you're above the level of 125. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing."

In an attempt to understand exactly what kind of temperament Buffett was talking about, Ronald W. Chan interviewed 12 value-investing legends from around the world, learning how their personal background, culture, and life experiences have shaped their investment mindset and strategy. The Value Investors: Lessons from the World's Top Fund Managers is the result.

From 106-year-old Irving Kahn, who worked closely with "father of value investing" Benjamin Graham and remains active today, and 95-year-old Walter Schloss (described by Warren Buffett as the "super-investor from Graham-and-Dodsville"), to the co-founders of Hong Kong-based Value Partners, Cheah Cheng Hye and V-Nee Yeh, and Francisco García Paramés of Spain's Bestinver Asset Management, Chan chose investment luminaries to help him understand the international appeal - and success - of value investing. All of these men became strong advocates of the approach despite considerable age and cultural differences. Chan finds out why.

In The Value Investors, readers will also discover how these investors, each of whom has a unique value perspective, have consistently beaten the stock market over the years. Do they share a trait that allows this to happen? Is there a winning temperament that turns the ordinary investor into an extraordinary one? This book answers these questions and more.

Table of Contents

  1. Cover
  2. Contents
  3. Title
  4. Copyright
  5. Foreword
  6. Preface
  7. Chapter 1: Free to Choose in Value Land
    1. Living through the Great Depression
    2. The Meaning of Survival
    3. Net-Nets
    4. Setting the Right Pace
    5. Know Thyself
  8. Chapter 2: Once Upon a Time on Wall Street
    1. Becoming Graham’s Disciple
    2. Preaching Value
    3. A Centenarian Diet
  9. Chapter 3: The Making of a Contrarian
    1. A Modified Graham Approach
    2. The Case for Obscure Securities
    3. Market Reflection
  10. Chapter 4: On the Shoulders of Value Giants
    1. A Valuable Detour
    2. Statistics and Beyond
    3. Setting a Global Standard
    4. The Social Science of Investing
    5. The Market Ahead
  11. Chapter 5: A Journey to the Center of Value
    1. Valley of Tears
    2. The Inefficient Market
    3. The Meaning of Value
    4. The Courage to Say No
    5. Seeking Protection
  12. Chapter 6: The Self-Taught Value Spaniard
    1. On a Solo Value Hunt
    2. Investing Made Simple
    3. Austrian Economics and the Market
    4. A Global Rebalancing
  13. Chapter 7: The Income-Conscious Englishman
    1. A Victorian Mindset
    2. Finding the Right Investment Culture
    3. Trusting Only Tangible Income
    4. The Courage to Keep Going
  14. Chapter 8: The Frequent Value Traveler
    1. Reading between the Minds
    2. Thinking Big and Small
    3. Trouble is Opportunity
    4. Feeling the Market
  15. Chapter 9: The Value-Oriented Businessman
    1. Learning the Numbers
    2. The Art of Contrary Thinking
    3. Targeting Good Businesses in Asia
    4. The Relativity of Valuation
    5. A Value Lifestyle
  16. Chapter 10: Value Investing in the Lost Decade
    1. A Musical Beginning
    2. Breaking the Language Barrier
    3. Learning from the West
    4. The Evolution of SPARX
    5. Building a Westernized Asia
    6. Searching for Value
  17. Chapter 11: Eternal Sunshine of the Value Mind
    1. A Multidisciplinary Path
    2. Seeking a Comfortable Price
    3. Finding a Value Partner
    4. Spotting Value Minds
    5. Becoming a Man of Value
  18. Chapter 12: The Accidental Value Investor
    1. Starting an Investment Hobby Shop
    2. Building a Value Temple
    3. An Industrialized Process
    4. A Value March Forward
  19. Chapter 13: The Making of a Value Investor
    1. A Humble Portfolio Construction
    2. The Art of Valuation
    3. Reading for Ideas
    4. More than Just the Fundamentals
    5. Timing for an Exit
    6. Having the Right Temperament
  20. Acknowledgments
  21. About the Author
  22. Index