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The Art of Value Investing. How the World's Best Investors Beat the Market. Wiley Finance Description:

Praise for The Art of Value Investing "I learned the investment business largely from the work and thinking of other investors. The Art of Value Investing is a thoughtfully organized compilation of some of the best investment insights I have ever read. Read this book with care. It will be one of the highest–return investments you will ever make." William A. Ackman, founder, Pershing Square Capital Management "An outstanding addition to the volumes written on value investing. Not only do the authors offer their own valuable insights but they have provided in one publication invaluable insights from some of the most accomplished professionals in the investment business. I would call this publication a must–read for any serious investor." Leon G. Cooperman, founder, Chairman and CEO, Omega Advisors "In this treasure chest of quotes by proven money managers, it is the love of the game and the joy of meeting the challenges put forth by a very demanding business that captivated me. The lessons are like scars and they are revealed here firsthand." Jeff Ubben, founder, ValueAct Capital "A must–read for any serious investor. John and Whitney have produced a veritable bible that reveals the secrets of some of the greatest contemporary investment minds in the world." Jonathon S. Jacobson, founder and CIO, Highfields Capital Management "There's hard–won wisdom on every page from a who's who of value investors. If you want to understand the thinking behind their long–term success, The Art of Value Investing will be valuable reading." David Herro, Harris Associates "John Heins and Whitney Tilson have put together an incredibly well–compiled set of thoughts, many from my favorite peers, on every important topic for investors." Staley Cates, President and CIO, Southeastern Asset Management "I often judge a book by how many times I get my highlighter out and dog–ear pages. On that metric, this book is wonderful simply packed with insight from some of the best long–term investors. Everyone will learn something from this book." James Montier, GMO

Contents:

Introduction 1 Chapter 1

All Sensible Investing Is Value Investing

What It Means to Be a Value Investor 6 Does Quality Matter? 13 The Value of Growth 19 The Value Mindset 25 Part ONE Field of Play 33 Chapter 2 Circle of Competence 35 The Right Size 36

5

Industry Preference 45 Where in the World? 57 Chapter 3 Deficient Market Hypothesis 65 The Human Element 66 It s a Matter of Time 74 Chapter 4 Fertile Ground 81 In Search of Uncertainty 82 Special Situations 86 Operating Turnarounds 93 Chapter 5 Generating Ideas 99 Behind the Screen 99 Follow the Lead 106 Reliable Sources 111 Part TWO Building the Case 115 Chapter 6 Cutting Through the Noise 117 Second–Level Thinking 118 Macro versus Micro 120 Business First 127 What Quality Means 131 Crunching the Numbers 135 What Could Go Wrong? 139 From the Top 147 How Important Is Management? 147 Handicapping the Jockeys 149 Red Flags 157 Catalysts 164 Getting It Done 169 Organizing Principles 174 Chapter 7 Getting to Yes 183 Cash (Flow) Is King 184 Multiple Angles 190 The Informed Buyer 192

Model Behavior 194 Playing the Odds 199 Theories of Relativity 202 Pulling the Trigger 206 Part Three Active Management 213 Chapter 8 The Portfolio 215 Concentration versus Diversification 215 The Size That Fits 222 Cognizance of Correlation 227 Chapter 9 Playing the Hand 233 Trading Mentality 233 Dealing with Adversity 239 Taking a Stand 248 Attracting Activists

Attention 251

Chapter 10 Guarding Against Risk 257 Margin of Safety 258 Building a Position 261 Cash Management 263 Midas Touch 267 Hedging Bets 268 To Short or Not to Short? 268 Value Destroyers 271 Portfolio Hedging 276 Is Shorting Inherently Evil? 277 Chapter 11 Making the Sale 281 Why to Sell 282 Selling by the Numbers 286 Getting the Timing Right 290 Sale Process 293 Part four Of Sound Mind 297 Chapter 12 Of Sound Mind 299

Competitive Spirit 300 Independent Thought 303 Perpetual Student 306 To Err Is Human 309 Be Ever So Humble 312 The Final Word 315 About the Authors 317 Index 319

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