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Value Investing: From Graham to Buffett and Beyond »

Book cover image of Value Investing: From Graham to Buffett and Beyond by Bruce C. N. Greenwald

Authors: Bruce C. N. Greenwald, Judd Kahn, Paul D. Sonkin, Michael van Biema
ISBN-13: 9780471463399, ISBN-10: 0471463396
Format: Paperback
Publisher: Wiley, John & Sons, Incorporated
Date Published: January 2004
Edition: (Non-applicable)

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Author Biography: Bruce C. N. Greenwald

BRUCE C. N. GREENWALD is the Robert Heilbrunn Professor of Finance and Asset Management at Columbia University Graduate School of Business. A leading authority on value investing, productivity, and the economics of information, he teaches executive seminars on value investing for professional investors from leading Wall Street firms. He holds a PhD in economics from MIT.
JUDD KAHN has taught history, served in city government, and worked as a securities analyst, a CFO, and a management consultant. He has a PhD in history from the University of California, Berkeley.
PAUL D. SONKIN is the investment manager of the Hummingbird Value Fund. He has worked at the SEC, Goldman Sachs, Royce Funds, and First Manhattan Company. He holds an MBA from Columbia, where he teaches courses on applied value investing.
MICHAEL van BIEMA is a member of the finance faculty of Columbia Business School, where he teaches corporate finance, entrepreneurial finance, and value investing. Prior to joining the faculty of Columbia, he was a principal at the RONIN Corporation, a management consulting firm, and the cofounder of several technology companies. He has a PhD from Columbia in computer science.

All four authors are members of Morningside Value Investors, LLC, an investment advisory firm.

Book Synopsis

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, reveals the fundamental principles of value investing, the one investment technique that has proven itself consistently over time. After covering general techniques of value investing, the book proceeds to illustrate their applications through profiles of Warren Buffett, Michael Price, Mario Gabellio, and other successful value investors. A number of case studies highlight the techniques in practice.
Bruce C. N. Greenwald (New York, NY) is the Robert Heilbrunn Professor of Finance and Asset Management at Columbia University. Judd Kahn, PhD (New York, NY), is a member of Morningside Value Investors. Paul D. Sonkin (New York, NY) is the investment manager of the Hummingbird Value Fund. Michael van Biema (New York, NY) is an Assistant Professor at the Graduate School of Business, Columbia University.

San Jose Mercury News - David A. Sylvester

No one can doubt there's an urgent need to think clearly about investing, since many investors in Silicon Valley companies have suffered a stock market decline comparable to the Crash of '29. The burned investor could find no better starting place than this superb book by four New York City value investors, all descended from the master of value investing, Benjamin Graham.... They have written one of the most intelligent overviews of investing I've ever read, combining analytical rigor with intuitive description.

Table of Contents

Preface to the Paperback Editionix
Preface to the First Editionxv
Part IAn Introduction to Value Investing
1Value Investing: Definitions, Distinctions, Results, Risks, and Principles3
2Searching for Value: Fish Where the Fish Are17
Part IIThree Sources of Value
3Valuation in Principle, Valuation in Practice31
AppendixThe Present Value of Future Cash Flows48
4Valuing the Assets: From Book Value to Reproduction Costs51
5Earnings Power Value: Assets Plus Franchise71
AppendixThe Value of Brands--Less than Meets the Eye?86
6A Wonderful Little Franchise: The Earnings Power of WD-4089
7Inside Intel: The Value of Growth within the Franchise107
AppendixValuation Algebra: Return on Capital, Cost of Capital, and Growth138
8Constructing the Portfolio: Risk, Diversification, and Default Strategies147
Part IIIValue Investing in Practice: Profiles of Eight Value Investors
9Warren Buffett: Investing Is Allocating Capital161
10Mario Gabelli: Discovering and Unlocking the Private Market Value197
11Glenn Greenberg: Investigate, Concentrate, and--Watch That Basket211
12Robert H. Heilbrunn: Investing in Investors225
13Seth Klarman: Distressed Sellers, Absent Buyers231
14Michael Price: Discipline, Patience, Focus, and Power245
15Walter and Edwin Schloss: Keep It Simple, and Cheap263
16Paul D. Sonkin: Small Is Beautiful, Especially When It's Ugly277
References293
Acknowledgments296
Index297

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