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Bruce C. N. Greenwald

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Value Investing: From Graham to Buffett and Beyond Reprint Edition

by Bruce C. N. Greenwald (Author), Judd Kahn (Author), Paul D. Sonkin (Author),

4.5 687 ratings

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Value Investing: From Graham to Buffett and Beyond (Wiley Finance)
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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.

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Editorial Reviews

From the Inside Flap

"This book deserves a place on every serious investors shelf."
FINANCIAL TIMES

"A must-read for all disciples of value investing. In 1934, Graham and Dodd created fundamental security analysis. Greenwald reinforces the worth of this approach, incorporates new advances, and takes their work into the twenty-first century."
Mario J. Gabelli, Chairman, Gabelli Asset Management, Inc.

"The new title most deserving of your time is Value Investing . . . . Its authors aim to place their work next to Benjamin Grahams 1950 classic, The Intelligent Investor. My 1986 edition came with Warren Buffetts endorsementby far the best book on investing ever written. Value Investing is better."
Robert Barker, BusinessWeek

"Greenwald is an economist (PhD from MIT) who caught the value bug. He has updated and expanded Grahams ideas, and his summer seminars ($2,900 for two days) have become popular with everyone from well-known money managers to Columbia MBAs who couldnt get into Greenwalds class. But now there is a cheaper way . . . Greenwald probably wont outsell Graham, but I think he ought to."
Paul Sturm, SmartMoney magazine

"Greenwalds book is a lively defense of, and handbook for, value investing, complete with glimpses of how its practiced by pros like Warren Buffett and Mario Gabelli."
George Mannes, TheStreet.com

"Essential reading for anyone looking for a fresh perspective on analyzing companies and selecting investments."
Pat Dorsey, Morningstar.com

From the Back Cover

"This book deserves a place on every serious investor’s shelf."
–FINANCIAL TIMES

"A must-read for all disciples of value investing. In 1934, Graham and Dodd created fundamental security analysis. Greenwald reinforces the worth of this approach, incorporates new advances, and takes their work into the twenty-first century."
–Mario J. Gabelli, Chairman, Gabelli Asset Management, Inc.

"The new title most deserving of your time is Value Investing . . . . Its authors aim to place their work next to Benjamin Graham’s 1950 classic, The Intelligent Investor. My 1986 edition came with Warren Buffett’s endorsement–‘by far the best book on investing ever written.’ Value Investing is better."
–Robert Barker, BusinessWeek

"Greenwald is an economist (PhD from MIT) who caught the value bug. He has updated and expanded Graham’s ideas, and his summer seminars ($2,900 for two days) have become popular with everyone from well-known money managers to Columbia MBAs who couldn’t get into Greenwald’s class. But now there is a cheaper way . . . Greenwald probably won’t outsell Graham, but I think he ought to."
–Paul Sturm, SmartMoney magazine

"Greenwald’s book is a lively defense of, and handbook for, value investing, complete with glimpses of how it’s practiced by pros like Warren Buffett and Mario Gabelli."
–George Mannes, TheStreet.com

"Essential reading for anyone looking for a fresh perspective on analyzing companies and selecting investments."
–Pat Dorsey, Morningstar.com

Product details

ASIN ‏ : ‎ 0471463396
Publisher ‏ : ‎ John Wiley & Sons Inc; Reprint edition (January 1, 2004)
Language ‏ : ‎ English
Paperback ‏ : ‎ 300 pages
ISBN-10 ‏ : ‎ 9780471463399
ISBN-13 ‏ : ‎ 978-0471463399
Item Weight ‏ : ‎ 13.6 ounces
Dimensions ‏ : ‎ 6 x 0.75 x 2 inches

Best Sellers Rank: #324,417 in Books (See Top 100 in Books)
- #94 in Business Investments
- #351 in Corporate Finance (Books)
- #2,710 in Investing (Books)

Customer Reviews:
4.5 687 ratings

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Bruce C. N. Greenwald
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Bruce C. Greenwald ist einer der landesweit fuhrenden Okonomen. Er ist zurzeit Professor fur Finance and Asset Management an der Columbia Universitat. Er berat weltweit zu verschiedenen Themen wie Kapitalmarkte, Businessstrategien, Corporate Finance und Arbeitsleistung.
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Paul D. Sonkin
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Paul D. Sonkin (New York, NY) was a portfolio manager at GAMCO Investors / Gabelli Funds. He was a co-Portfolio Manager of the TETON Westwood Mighty Mites Fund, a value fund which primarily invests in micro-cap equity securities. Sonkin has over 28 years of experience researching small, micro and nanocap companies. Prior to analyzing stubs, spin-offs and micro-cap companies for GAMCO, Mr. Sonkin was for 14 years the portfolio manager of The Hummingbird Value Fund and the Tarsier Nanocap Value Fund. Sonkin was previously a senior analyst at First Manhattan & Co., and an analyst and portfolio manager at Royce & Associates, Inc. His employment also includes stints at Goldman Sachs & Co. and the U.S. Securities and Exchange Commission. He holds an MBA from Columbia Business School and a B.A. in Economics from Adelphi University. For 17 years, Sonkin was an adjunct professor at Columbia Business School, where he taught courses on security analysis and value investing. For over 14 years, he was a member of the Executive Advisory Board of The Heilbrunn Center for Graham & Dodd Investing at Columbia Business School. He is a co-author of Value Investing: From Graham to Buffett and Beyond (2001) Pitch the Perfect Investment (2017) and The Enduring Value of Roger Murray (2022).
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Customer reviews

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scgrant

Value Investing

Reviewed in the United States on November 2, 2011

Verified Purchase

Its pretty rare to find a book that actually has something to say about value investing that is an improvement over the original book from Ben Graham, The Intelligent Investor (1934 edition). Value Investing delivers a good overview of the value investing approach and then also delivers hands on practical advice about some recent innovations in equity analysis for value investors.

Using the approach popularized by Ben Graham this book describes the theoretical approach and then walks through two detailed examples of how to apply the notion of enterprise value to WD-40 and Intel. With detailed analysis of financials from both companies the book demonstrates how to understand financial structures that help predict and quantify a company's competitive advantage.

I've read a lot of value investing books that talk about competitive advantage, but this is the first book I've found that attempts to demonstrate directly from the balance sheet how to calculate the economics of that competitive advantage.

I still want to apply everything I've read here to a dozen companies and see how well the analysis works in the real world, but the theoretical framework appears to offer a very easy way to determine who really has a franchise and then place a fair value on that advantage and establish a fair price for the stock.

13 people found this helpful

Helpful

Jeff - Denver

Good for the next crises

Reviewed in the United States on July 9, 2013

Verified Purchase

Value investing is one style of investing. The current market is not made for this style there will need to be another melt-down to be a small, successful value investor. People point to Warren Buffet as the best value investor there is - he certainly is the most visible and successful - and people forget many of his rules of engagement. Berkshire makes between 8 and 20 billion dollars a year and W.B. maintains a war chest between 40 and 80 billion dollars while looking for something to buy. How many of us can walk into BofA and purchase the top of the line, 'redeem me first' stocks? If you walked in the door with a suite case filled with 5 billion dollars you could also - this does not make BofA a good stock nor a good purchase for the average Joe. Even with all that Value Investing is still a good investing strategy when the market allows.

4 people found this helpful

Helpful

Paige Turner

Must-read for serious investors of any stripe

Reviewed in the United States on August 12, 2006

Verified Purchase

A must-read for investors of any stripe, growth or value. This book, written by a couple of the most popular professors at Columbia Business School, explains the innovations in the field of value investing as practiced by some of the most successful investors in the field. (fair disclosure: I took Prof. Greenwald's courses in 2007) This book successfully bridges the gap between the traditional Graham & Dodd style of value investing to what works today. Although it's a paperback, it's written with the density of a textbook. The writing style is not light, and the actual meat of the book takes some time to wade through. If you don't have some experience in accounting or corporate finance, then Joel Greenblatt's The Little Book That Beats the Market is good to read first.

The substance of this book is a process for modern value investing: value investing is not investing in lousy companies just because they appear cheap. The authors also teach a structured way to value a company. Finally, the authors address how to value growth.

First, before reading this book I had the mistaken impression that value investing was all about investing in the ugliest, least interesting company you could find just because it had a low P/E ratio. I was completely wrong! (Maybe I have attended too many stock pitch sessions and heard too many poultry stocks and encyclopedia companies get pitched.) Modern value investing, according the authors: "When B. Graham went scouring financial statements looking for his net-nets, it did not concern him that he may have known little about the industry in which he found his targets. All he was concerned with were asset values and a margin of safety by that measure. A contemporary value investor had better be able to identify and understand the sources of a company's franchise and the nature of its competitive advantages. Otherwise he or she is just another punter, taking a flier rather than making an investment." What a breath of fresh air to read this passage.

Second, this book lays out a structured way to value a company by first looking at reproduction costs of assets, then earnings power, and finally the value of profitable growth. I, like the authors, find traditional DCF valuations to be plagued by false precision. The authors' more practical method starts by adjusting the balance GAAP balance sheet to calculate the cost of the assets for a potential business entrant. Next, the company is valued based on the earnings generates consistently, assuming no growth. A key insight is the value of the franchise: the difference between asset value and Earnings Power Value is the value created by a company that has significant competitive advantage. Last, the value of profitable growth is considered.

As a self-admitted recovering growth stock addict, I learned from this book that value investors are skeptical about growth for two reasons. One reason is that it is so hard to predict, but more important, many times growth is not worth much. Unless the return on capital (ROC) of the company is higher than the cost of capital, growth does not create value. (I am a slow learner; Greenblatt's example in The Little Book That Beats the Market of opening an additional gum store is even clearer to me.) The growth matrix and formulas in the book were a revelation to me. The surprising thing is how little multiple expansion a stock deserves based on growth. Unless a company truly has a franchise, expanding into other areas and "diversifying" the business often destroys value. And growth for growth's sake will not make a stock go up.

This book brings value investing into the modern stock market. Modern value investors still use traditional valuation principles in a structured way, but they also consider the value of growth and the attractiveness of the business. What a relief, I not restricted to buying typewriter and pay phone stocks! The authors quote Warren Buffett: It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

89 people found this helpful

Helpful

william amor

Listen n learn...

Reviewed in the United States on October 7, 2023

Verified Purchase

Buffett knows bozos and cliwns follow to get rich...but he just born at right time...

Listen...it's October 2023...

cash is king

do not get sucked into a dead cat bounce...

even if you feel good ..

stocks always bounce...

just sayin ain't prayin and JesuschristiscomeinDAflesh

mid summer take a look and maybe cherry pick...

tis the season to toe in...my gut says...

imho, dead cat bounces attributable to shorts loading...

cause, soon...

msm will pump...

LOOK OUT BELOW!

😆 🤣 😂 😹

Helpful

El Artesano

A book on conservative valuation

Reviewed in the United States on August 14, 2018

Verified Purchase

The book is divided in two parts. The first part is dedicated to explaining the valuation approach the authors follow, which is based on the classic Graham-Dodd tradition but adapted to the current times. This part alone is worth the price of the book. There are not many books that cover this topic in such detail. Note also that the authors do not believe in the DCF approach and therefore take a very conservative approach to valuation.

In times when most Value Investing books seem to be obsessed with coming up with the optimal ratios to screen thousand of stocks, I think it is valuable to find a book that does not take shortcuts. There’s a huge difference between buying a stock at a discount from its intrinsic value and building a portfolio based on a statistically optimized ranking of stocks.

The second part of the book is a bonus track where they present the story and approach of the most successful Value investors -Buffett included.

Enjoy!

25 people found this helpful

Helpful