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Book: Value Investing: From Graham to Buffett and Beyond (Wiley Finance) :: Robert Kiyosaki|Books :: Book
Date: Thursday, 08 January, 2009 :: 04:26
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Value Investing: From Graham to Buffett and Beyond (Wiley Finance)
List Price: USD $19.95
from USD $10.00
Product Group: book
Manufacturer: Wiley
Studio: Wiley
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Editorial Review: Product Description
"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
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Reviews:
Average Customer Review: 
Summary: If you're going to do it, do it properly
Date: 2009-01-01 - 
Comment: I have little doubt that true value investing -- buying stocks that are priced way below their intrinsic value -- is a sound strategy; but many investors reduce "value investing" down to a simple matter of checking the (forecast) key ratios of Dividend Yield, Price / Earnings, and PEG.
My own research in Stock Fundamentals On Trial: Do Dividend Yield, P/E and PEG Really Work? demonstrates that buying stocks simply on the basis of forecast high yield, low P/E, or low PEG was no more effective than -- and probably much worse than -- trying to time the onset of general bull and bear markets using an Index Fund. In fact, a pseudo-value investor would probably resort to market timing anyway; in the sense that he would sell out his 'value' stocks when the price fell, before they realized their true value.
My point is that if you are going to practise "value investing" then you need to do so properly, not from a simplistic cursory inspection the fundamental ratios. You need a more in-depth study of a company's financial standing and prospects. Which is where this book comes in. And the original book The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition).
Tony Loton, author --
Stock Fundamentals On Trial: Do Dividend Yield, P/E and PEG Really Work?
Summary: For the Serious Value Investor
Date: 2008-12-30 -
Comment: This book was on the Curriculum for a Value Investing Class during my MBA at UCONN. This helps investors move beyond Ratios (i.e. PE, EBITDA, ROI, ROC) and move into true Valuation.
It makes you look at balance sheets and reproduce the income and assets of a company into a definable net worth.
In true Graham and Dodd style, you need to assign a 30% margin of safety.
Summary: A Good book
Date: 2008-12-23 - 
Comment: This is a neat book about value investing. It tells about how to value a business using several different ways. This is for someone who is a serious beginner. Then the book goes on to examine several companies by giving you there balance sheets and helping you work out the valuations of these companies. This part makes for a little more dense reading.
The best part of the book by far is the last part where it tells you how 8 very well known investors picked their stocks. People like Warren Buffet, Marlio Gabellii, and Glenn Greenburg... This part of the book makes for very interesting reading and is well worth the cost of the book for this part alone.
Summary: Overview of different value investing styles.
Date: 2008-11-05 -
Comment: This book is an overview of different approaches to value investing. The last half of the book has profiles of different value investors which I found to be an interesting read. The first half briefly describes how to value assets and earning power of a company and while there are some quite instructive points here as well I do have some problems with the writing style which often takes the form of rants and assumes alot from the reader.
So I would only recommend this book to someone already familiar with the topic of value investing and how it is practiced. For a beginner I would instead recommend the book: Getting Started in Value Investing, by Charles Mizrahi. For the next level I would recommend: Analysis For Financial Management, by Robert Higgins. Both of these books are much better at explaining the fundamental principles of value investing for novices.
4 of 6 people found the following review helpful:
Summary: Not a Value Investing Book
Date: 2008-01-01 - 
Comment: 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.
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The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition)
Common Stocks and Uncommon Profits and Other Writings (Wiley Investment Classics)
The Little Book That Beats the Market (Little Books. Big Profits)
The Essays of Warren Buffett : Lessons for Corporate America
The Interpretation of Financial Statements
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