Contents

Cover

Series

Title Page

Copyright

Introduction

Chapter 1: “All Sensible Investing Is Value Investing”

WHAT IT MEANS TO BE A VALUE INVESTOR

DOES QUALITY MATTER?

THE VALUE OF GROWTH

THE VALUE MINDSET

Part One: Field of Play

Chapter 2: Circle of Competence

THE RIGHT SIZE

INDUSTRY PREFERENCE

WHERE IN THE WORLD?

Chapter 3: Deficient Market Hypothesis

THE HUMAN ELEMENT

IT'S A MATTER OF TIME

Chapter 4: Fertile Ground

IN SEARCH OF UNCERTAINTY

SPECIAL SITUATIONS

OPERATING TURNAROUNDS

Chapter 5: Generating Ideas

BEHIND THE SCREEN

FOLLOW THE LEAD

RELIABLE SOURCES

Part Two: Building the Case

Chapter 6: Cutting Through the Noise

SECOND-LEVEL THINKING

MACRO VERSUS MICRO

BUSINESS FIRST

WHAT QUALITY MEANS

CRUNCHING THE NUMBERS

WHAT COULD GO WRONG?

FROM THE TOP

CATALYSTS

GETTING IT DONE

ORGANIZING PRINCIPLES

Chapter 7: Getting to Yes

CASH (FLOW) IS KING

MULTIPLE ANGLES

THE INFORMED BUYER

MODEL BEHAVIOR

PLAYING THE ODDS

THEORIES OF RELATIVITY

PULLING THE TRIGGER

Part Three: Active Management

Chapter 8: The Portfolio

CONCENTRATION VERSUS DIVERSIFICATION

THE SIZE THAT FITS

COGNIZANCE OF CORRELATION

Chapter 9: Playing the Hand

TRADING MENTALITY

DEALING WITH ADVERSITY

TAKING A STAND

ATTRACTING ACTIVISTS' ATTENTION

Chapter 10: Guarding Against Risk

MARGIN OF SAFETY

BUILDING A POSITION

CASH MANAGEMENT

MIDAS TOUCH

HEDGING BETS

Chapter 11: Making the Sale

WHY TO SELL

SELLING BY THE NUMBERS

GETTING THE TIMING RIGHT

SALE PROCESS

Part Four: Of Sound Mind

Chapter 12: Of Sound Mind

COMPETITIVE SPIRIT

INDEPENDENT THOUGHT

PERPETUAL STUDENT

TO ERR IS HUMAN

BE EVER SO HUMBLE

The Final Word

About the Authors

Index