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Value Investing: From Graham to Buffett and Beyond Reprint Edition

4.5 out of 5 stars 702 ratings

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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 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

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
  • Publication date ‏ : ‎ January 1, 2004
  • Edition ‏ : ‎ Reprint
  • Language ‏ : ‎ English
  • Print length ‏ : ‎ 300 pages
  • ISBN-10 ‏ : ‎ 9780471463399
  • ISBN-13 ‏ : ‎ 978-0471463399
  • Item Weight ‏ : ‎ 1.12 pounds
  • Dimensions ‏ : ‎ 6 x 0.75 x 2 inches
  • Customer Reviews:
    4.5 out of 5 stars 702 ratings

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Customer reviews

4.5 out of 5 stars
702 global ratings

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Customers say

Customers find this book to be a valuable resource on value investing, with one customer noting its structured approach to company valuation. The writing style receives positive feedback for being clear and easy to read.

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26 customers mention "Writing style"19 positive7 negative

Customers appreciate the writing style of the book, finding it clear, concise, and easy to read.

"...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..." Read more

"...of stocks, I think it is valuable to find a book that does not take shortcuts...." Read more

"...The writing style is not light, and the actual meat of the book takes some time to wade through...." Read more

"...the book was probably included mostly to provide filler, but it is easy reading and contains some useful information." Read more

19 customers mention "Readability"19 positive0 negative

Customers find the book readable and interesting, with one mentioning it provides a clear-cut inspiring summary, and many noting that anything Greenwald writes is good.

"...This book is a delight to read and a "must have" for value investors." Read more

"Good content and good approach. I'm a fan of value investing. The book teaches the reproduction cost of assets and the earning power value...." Read more

"Good book. Well written.The book shows a different approach in terms of valuation...focusing more in reposition cost than in DCF..." Read more

"This is a great book that covers the concept and the history of value investing...." Read more

Top reviews from the United States

  • Reviewed in the United States on August 12, 2006
    Format: PaperbackVerified 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
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  • Reviewed in the United States on July 9, 2013
    Format: PaperbackVerified 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
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  • Reviewed in the United States on November 2, 2011
    Format: PaperbackVerified 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
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  • Reviewed in the United States on August 14, 2018
    Format: PaperbackVerified 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!
    26 people found this helpful
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Top reviews from other countries

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  • Vishal Patel
    5.0 out of 5 stars Finding opportunities
    Reviewed in Canada on November 30, 2020
    Format: PaperbackVerified Purchase
    One of the best book I have ever read on value investing. Deep understanding and pretty straight forward guidance. Must read for any investor.
  • Amit Malegaonkar
    5.0 out of 5 stars Five Stars
    Reviewed in India on March 24, 2017
    Format: PaperbackVerified Purchase
    Excellent book for prof Greenwald. Systematic handling of subject and the great explaination for the Intel case study.
  • OrfenOrfenOrfen
    5.0 out of 5 stars Worth it for for the 1st Appendix alone
    Reviewed in the United Kingdom on September 10, 2013
    Format: PaperbackVerified Purchase
    So, what's in the Appendix to chapter 3 that makes it so good ? Only the best explanation of 'The Present Value of Future Cash Flows' I have ever read. Come to think of it, the rest of the first half is worth studying as well.

    There are one or two surprises in the 'Buffett and Beyond' section, enough to make you read it to the end anyway.
  • Cláudio Humberto Moura Filho
    5.0 out of 5 stars Recomendo!
    Reviewed in Brazil on April 12, 2021
    Format: PaperbackVerified Purchase
    Excelente livro, conteúdo simples e preciso. É necessário um nível mais avançado de inglês para a leitura.
    Report
  • Blackbird
    5.0 out of 5 stars Muy interesante
    Reviewed in Spain on May 18, 2017
    Format: PaperbackVerified Purchase
    Muy buen libro donde se detallan los principios elementales del value investing, aplicándolos a algunos casos reales. Sólo la primera parte del libro justifica su compra.

    Tras la parte teórica, se incluyen las biografías inversoras de algunas figuras clave de esta manera de invertir. Esto puede resultar menos interesante/útil.

    En la parte negativa (mínima), algunas de las pocas fórmulas que contiene están mal escritas y deberían corregirse.