Let some of the best investors in the world teach you how to be on the right side of the trade.
The first edition of Value Investing: From Graham to Buffett and Beyond was published in 2001. It is still in print, having sold over 100,000 copies. It has been translated into five languages. Business school professors still assign it in their courses. But in the 20 years since the...
Let some of the best investors in the world teach you how to be on the right side of the trade.
The first edition of Value Investing: From Graham to Buffett and Beyond was published in 2001. It is still in print, having sold over 100,000 copies. It has been translated into five languages. Business school professors still assign it in their courses. But in the 20 years since the first edition, the economy has changed, the investment world has evolved, and the discipline of value investing has adapted to this new environment. This second edition responds to these developments. It extends and refines an approach to investing that began with Benjamin Graham and David Dodd during the Great Depression and was adapted by Warren Buffett, Charlie Munger, and others to earn returns in an environment in which the opportunity to buy a stock worth a dollar for 50 cents is no longer waiting in plain sight.
The foundation of this book is the course on value investing that Bruce Greenwald taught at Columbia Business School for almost a quarter century. His aim in the course, and our aim in the book, is to help the investor operating in the Graham and Dodd tradition find him or herself on the right side of the trade. The steps include searching for the right securities, valuing them appropriately, honing a research strategy to devote time to the right activities, and wrapping it all within a risk management practice that protects the investor from permanent loss of capital.
The book has been revised throughout, but the biggest change is the addition of more than two chapters on the valuation of growth stocks, which has always been a problem for investors trained in the Graham and Dodd tradition.
Successful value investing practitioners have graced both the course and this book with presentations describing what they really do when they are at work. There are brief descriptions of their practices within, and video presentations available on the web site that accompanies this volume:
In addition to a selection of Warren Buffett’s letters, there are presentations by Mario Gabelli, Glenn Greenberg, Paul Hilal, Jan Hummel, Seth Klarman, Michael Price, Thomas Russo, and Andrew Weiss. Although their styles vary, they all are members in good standing of the Graham and Dodd tradition.
作者简介
· · · · · ·
BRUCE C. GREENWALD was Founding Director of the Heilbrunn Center for Graham and Dodd Investing at Columbia Business School from 2001 until his retirement in 2019. In addition to training thousands of students in the mysteries of value investing, he taught oversubscribed courses on the economics of business strategy and globalization. His book Competition Demystified, published ...
BRUCE C. GREENWALD was Founding Director of the Heilbrunn Center for Graham and Dodd Investing at Columbia Business School from 2001 until his retirement in 2019. In addition to training thousands of students in the mysteries of value investing, he taught oversubscribed courses on the economics of business strategy and globalization. His book Competition Demystified, published in 2005, is still in print. He has also been Chairman of Paradigm Capital Management since its founding in 2007 and the Director of Research at First Eagle Funds from 2007-11, serving as a senior advisor since.
JUDD KAHN is currently a partner in Davidson Kahn Capital Management. He started his professional career as a historian, worked as a consultant and financial executive, and has been involved in investment management since 2000. He has a doctorate in history from UC Berkeley.
ERIN BELLISSIMO is the Managing Director of Notre Dame's Institute for Global Investing. She was a founding director of Columbia's Heilbrunn Center, has worked in hedge funds and banking, and sits on the board of Girls Who Invest. She has a BSBA from Bucknell and an MBA from the Wharton School at the University of Pennsylvania.
MARK COOPER is CIO and Co-founder of MAC Alpha Capital Management and an adjunct professor at Columbia Business School. He previously worked at First Eagle Investment Management, PIMCO, Omega Advisors, Pequot Capital, and JPMorgan. He holds an MBA from Columbia Business School and a SB from MIT.
TANO SANTOS is the David L. and Elsie M. Dodd Professor of Finance and the Faculty Director of Columbia's Heilbrunn Center. He has succeeded Bruce Greenwald as the professor teaching the value investing course. He has a doctorate in economics from the University of Chicago.
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0 有用 马尔代夫的驴 2022-10-06 20:30:08 河南
布鲁斯教授是猛人。
1 有用 Keep Way 2021-11-28 19:35:26
第二版，主要增加了对成长性价值的描述。设定了几个定性和定量的指标来衡量，主要是那三件套（股息率+企业收益增长率+剩余资金配置回报率）。计算方式不可避免的复杂起来而且还带有很多假设，不仅对微观经济要有很深的判断，还要对宏观经济的通胀等也要很了解，要求高了很多...
0 有用 x 2023-05-04 14:41:07 江苏
屠龙刀不是每个人都能驾驭 这个阶段的我能基本读懂这本书的理念 配合上Aswath Damodaran的终极版DCF 理论基础基本完备 但也深知实践起来极其困难 非常非常多的细节需要处理 慢慢来摸索实际操作 里面的东西过于复杂 不太适合个人投资者
0 有用 x 2023-05-04 14:41:07 江苏
屠龙刀不是每个人都能驾驭 这个阶段的我能基本读懂这本书的理念 配合上Aswath Damodaran的终极版DCF 理论基础基本完备 但也深知实践起来极其困难 非常非常多的细节需要处理 慢慢来摸索实际操作 里面的东西过于复杂 不太适合个人投资者
0 有用 马尔代夫的驴 2022-10-06 20:30:08 河南
布鲁斯教授是猛人。
1 有用 Keep Way 2021-11-28 19:35:26
第二版，主要增加了对成长性价值的描述。设定了几个定性和定量的指标来衡量，主要是那三件套（股息率+企业收益增长率+剩余资金配置回报率）。计算方式不可避免的复杂起来而且还带有很多假设，不仅对微观经济要有很深的判断，还要对宏观经济的通胀等也要很了解，要求高了很多...