Strategic Value Investing: Practical Techniques of Leading Value Investors
$12.47
| Author(s) | , , |
|---|---|
| Format |
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| Pages |
337 |
| Published Date |
2014 |
298
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Description
Strategic Value Investing reveals everything you need to know to build a world-class portfolio using value investing as your north star. Written by experts on valuation and financial analysis, this comprehensive guide breaks it all down into an easy-to-implement process. With Strategic Value Investing, you’ll learn how to:
- Distinguish between the various measures of value, including going concern, replacement value, fair market value, book value, and intrinsic value
- Identify undervalued companies before everyone else, and know what to look for, what to avoid, when to buy, and when to sell
Equally important, they provide the tools you need to adhere to this often contrarian approach regardless of your emotions or crowd sentiment. Get in before the crowd―and get out when the price is right with Strategic Value Investing.
Contents:
- What Is Value Investing?
- Why Strategic Value Investing?
- Barriers to Successful Value Investing
- Strategic Selection of Companies: Economic Analysis, Industry Analysis, and Screening
- Company Analysis
- Concepts of Value
- Dividend Discount Models
- Free Cash Flow Models
- Asset-Based Approaches
- Residual Income Models
- Relative Valuation
- Variations on a Theme: Value Investing Styles
- Choosing the Right Style and Valuation Model
- Distressed Investing
- Applying Value Investing to the Market
Strategic Value Investing: Practical Techniques of Leading Value Investors By Stephen Horan, Robert R. Johnson, Thomas Robinson pdf
25 reviews for Strategic Value Investing: Practical Techniques of Leading Value Investors
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Blake Hamilton (verified owner) –
I think book is both novice and professionals with only the basic essential maths. Very good reading in a very compact format. Highly recommended for all those who are serious investors.
Oaklynn Duran (verified owner) –
very well written .up to date & informative
Juliette Strickland (verified owner) –
Loved the probability and statistic part of that book. Never read about that aspect of investing. Very concrete : more than most investment books.
Kataleya Lamb (verified owner) –
didn’t appear organised enough
Lilian Lucero (verified owner) –
For those, you have done some reading on Valuation (Ashwath Dampdaran book) or a CFA course, this book brings nothing new. Waste of money!
Milana Cisneros (verified owner) –
I have read many books on investing in general and value investing in particular. I am also a value investing practitioner. This is the branch of investing I practice as a private investor in Indian stock market. I would rate this book very high. The book is very well written. The concepts are explained clearly. It is not unwieldy. But still covers lot of ground. It won’t be an exaggeration if I say that if you read this book carefully and practice the concepts on many real companies/stocks you will become skilled practitioner. I am not saying successful because that depends on behavioral attributes as much as technical expertise in evaluating and valuing companies. After reading this book you will know how to do security analysis like equity analysts in Wall Street. The book describes financial statement analysis, industry analysis, 3 types of valuation methods and also goes into little bit of earning quality/fraud investigation. The authors are associated with CFA institute so the content and advice are trustworthy. Overall great package and good value for money. The hard cover book is pleasure to hold. I think every investor should have this book on his/her book shelf.
Ismael Stone (verified owner) –
The book is really good, concrete, direct and practical.
Of course, the Bible remains Benjamin Graham’s book, but having a “how to” in hand is very helpful.
Paige Hall (verified owner) –
Simply very well writen and always traight to the point. I have been a CFA charterholder since 1994 – read a lot of books on value investing! this one is pleasant to read and useful as a refresher of old knowlegde as well as update. I gave it to a friend of mine who just passed Claritas: she found it a bit challenging for her level of knowledge, but extremely interesting. thank you!
Keegan Koch (verified owner) –
Being an engineer, there was no room for finance in my college background. Too often, investing books are written over the head of the general investor. That is not the case with this book. It was easy to follow and written in plain english. When more complex ideas were discussed, they were often accompanied by easily understood analogies. The authors are not trying to teach you a “get rich quick” approach, instead they teach, in easily understood terms, a sound investing strategy we all should learn.
Camille Page (verified owner) –
In a world where screaming out ideas on CNBC passes for in-depth analysis, it is refreshing to review all the old tried and true concepts in this well written book. The authors, all CFA’s, walk you through the basic tenets of value investing, replete with real-world examples. If you want the latest “hot” stock, or if you are a sucker for “tips,” this is not the read for you. If you are a serious-minded investor, SVI is a must for your library.
Felipe Morton (verified owner) –
This is a classic textbook for Value Investing, well written, with understandable examples and guidance. I have been checking out books on this subject from the library, and came across this, which I found so useful I decided I needed my own ebook.
Since I already had a pretty good understanding of the concepts and techniques of Value investing, this book was more like a handy review, but with extremely useful real case scenarios that the authors walk through, explaining along the way how different strategies work. YMMV, if you are new to the concept of Value investing, but I think it is written clearly enough to be extremely useful even for a complete novice.
Definitely recommended for anyone interested in learning about investing.
Pablo Winters (verified owner) –
This book is written clearly and simply. Although there is a lot to learn in reading the book, the authors have made the learning process an enjoyable exercise.
In the first few chapters, “value investing” is presented within the context of investment in general. In those fifty pages (worth the price of the book just by themselves), the reader will be able to determine what type of investor he is and how deep he should go in value investing.
The core of the book describes the methods used to estimate the value of a stock; the ultimate objective is to identify those stocks worth buying, by comparing that estimated value to the price available on the market. This is where the author best demonstrate their teaching quality. Without over-symplifying, they use concrete examples to show which method should be used in which situation. They also insist that there is no single recipe and that judgment remains a necessary tool to the investor.
In the last part of the book, the authors have matched specific value styles to well known investors like Buffet, Graham, Neff, etc. In the conclusion, the authors propose to the reader different ways of applying value investing to the market: (i) doing all the work himself, (ii) trusting the approach used by some active value funds, or (iii) reverting to a broad ETF passive value fund with minimal fee. After reading the book, the investor will certainly detain valuable information to make the choice best adapted to his situation and behavior.
Emmeline Kirk (verified owner) –
In this remarkably thorough discussion, the authors explain the basis tenets of value investing, valuation approaches and a framework to build a portfolio based on “value investing”. This is an excellent addition to what I consider the “essential library” for a value investor – (apart from the classics such as Security Analysis) The Manual of Ideas: The Proven Framework for Finding the Best Value Investments , The Art of Value Investing: How the World’s Best Investors Beat the Market , The Five Rules for Successful Stock Investing: Morningstar’s Guide to Building Wealth and Winning in the Market and Why Moats Matter: The Morningstar Approach to Stock Investing (watchlist). The books from Morningstar are a better choice for someone starting out, while Manual of Ideas and this book are better suited for a more experienced investor.
While the book’s detailed treatment of the various valuation models may seem daunting, it is well-presented; a companion website with spreadsheets based on the chapters would have been of great value (though they are relatively easy to make and some are available readily online). This (and the above-cited books) book clearly drives home the point of needing patience, dedication and time for homework for being a successful value investor. As such some readers may be tempted to subscribe to recommendation sites/newsletters with a decidedly “value investing” bent or limiting to actively managed value funds or stick with an indexing approach. Some of those (Manual of Ideas, for example) cost close to $1000/year, while others like Morningstar’s are more accessible. Whether one chooses to build their portfolio from scratch or use shortlisted ideas from sites/newsletters, it is critical to understand the approach, the assumptions inherent in valuation models, and associated risks. To that end, this book performs admirably. One wishes the authors had provided online versions of the screens/valuation models to allow for more experimentation. Nevertheless, a well-written, detailed treatment of value investing.
Robin Moreno (verified owner) –
An excellent add-on to any value investing library.
Alessandro Oliver (verified owner) –
Highly recommend.
Catalina Terry (verified owner) –
This is the best book I have ever read in investing ! everything is crystal clear and goes into extensive detail! literally taking Walmart’s earnings and analyszing every piece of data from the income to cashflow statement I really enjoyed it. More books should go into detail like this book
London Boyle (verified owner) –
Excellent! Full of insights backed up by serious studies. Extremely well researched and applicable to real investing.
Kaysen Li (verified owner) –
Nice read. A bit like most value investing books out there already but worth reading for sure.
Thomas Ayala (verified owner) –
Very useful. Easy to read and understand.
Mallory Conway (verified owner) –
Very good book thal I would recommend to anybody interested in stock investing. A lot of very practical an useful information presented in a very well organized way. Well worth the prize paid.
James Dalton (verified owner) –
Very useful book for INVESTORS and not traders. How to evaluate companies and buy stock in them as an owner of the company for the long haul and not going after the quick speculation. Basically how to get rich slowly and minimize your risk.
Victor Alvarado (verified owner) –
In the same vein as many other equity value-investing books. Definitely worth a read.
4 stars because the editing is poor. The book is replete with errors, incorrect tables and incorrect references. Unfortunate for a book that would have otherwise received a 5 star. Hopefully a second edition will fix these.
Orlando Bernal (verified owner) –
Strategic Value Investing is written in three sections. The first section discusses the background of value investing, the second discusses a variety of ways to value securities, and the third discusses formulating a strategy for assembling a portfolio of quality value securities. Having read The Intelligent Investor and Security Analysis, I found the second and third sections of this book the most helpful.
The book is very clearly written, in plain English.
This will be a great addition to any investor’s library.
Armani Fox (verified owner) –
This book is a good reference on stock valuation models. I’ve dipped into several chapters, which tend to be on the academic / theoretical side. The moral of the book is that value investing works well in the long run. It has great discussion of the various valuation metrics. I intend to study this book more carefully when I finish reading the complementary book, What Works on Wall Street.
Jason Newman (verified owner) –
The authors have trained more professional investment analysts across the world than anyone else on the planet, so when they write something that is accessible to individual investors, it’s certainly worth considering. It’s written at a level that addresses a big gap between how-to-invest magazine articles and graduate finance texts. I was also struck by how helpful it could have been to read this before starting on the Chartered Financial Analyst program, because it offers a cognitive framework that would have come in handy when it’s time to dive deep into the CFA material. I also hope any retail financial advisor that has ever said the word “undervalued” to a client knows the concepts covered here, too.
Luckily, the material is written in a conversational style that is both intelligent and engaging at the same time. It covers important concepts in an appropriate level of detail along with good context and some thoughtful anecdotes. I’ve read a lot of finance texts over the years, and this is one I can easily recommend to others.