Value Investing: From Graham to Buffett and Beyond (Wiley Finance)
by Bruce C. N. Greenwald, Judd Kahn, Paul D. Sonkin, Michael van Biema
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Book Summary Information
Author: Bruce C. N. Greenwald, Judd Kahn, Michael van Biema, Paul D. SonkinEdition: Paperback
Published: 2004-01-26
ISBN: 0471463396
Number of pages: 320
Publisher: Wiley
Book Reviews of Value Investing: From Graham to Buffett and Beyond (Wiley Finance)
Book Review: Not a Value Investing Book
Summary: 2 Stars
This book is not about value investing, it is about modern security analysis, which is exactly what Graham warned against. It places an emphasis on growth over actual value. One of Graham's fundamental principles was that future growth is completely unreliable and any analysis based on it is just a speculator's way of justifying his gamble. While I liked the book's coverage on franchises and competitive advantage it highlights the fact that fundamentals weren't discussed at all.
Here is the biggest example of why this book is so far off the mark. It highlights Intel as a value investment. The stock currently has a P/E of 25x and has always been over priced from a valuation standpoint. Not only that but Intel's only possible competitive advantage is size. Yes modern value investors look for good companies with long term competitive advantage but not at a high cost. Buffett was famous for sitting out the dotcom boom because they were not value investments.
The only reason this book was not a one star book were the biographies of value investors in the second half of the book.
Summary of Value Investing: From Graham to Buffett and Beyond (Wiley Finance)
From the "guru to Wall Street's gurus" comes the fundamental techniques of value investing and their applicationsBruce 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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