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Index
Preface
1 Value Investing: Definitions, Distinctions, Results, Risks, and Principles
2 Searching for Value: Fish Where the Fish Are
3 Valuation in Principle, Valuation in Practice
Appendix: The Present Value of Future Cash Flows
4 Valuing the Assets: From Book Value to Reproduction Costs
5 Earnings Power Value: Assets Plus Franchise
Appendix: The Value of Brands-Less than Meets the Eye?
6 A Wonderful Little Franchise: The Earnings Power of WD-40
7 Inside Intel: The Value of Growth within the Franchise
Appendix: Valuation Algebra: Return on Capital, Cost of Capital, and Growth
8 Constructing the Portfolio: Risk, Diversification, and Default Strategies
9 Warren Buffett: Investing Is Allocating Capital
10 Mario Gabelli: Discovering and Unlocking the Private Market Value
11 Glenn Greenberg: Investigate, Concentrate, and-Watch That Basket
12 Robert H. Heilbrunn: Investing in Investors
13 Seth Klarman: Distressed Sellers, Absent Buyers
14 Michael Price: Discipline, Patience, Focus, and Power
15 Walter and Edwin Schloss: Keep It Simple, and Cheap
16 Paul D. Sonkin: Small Is Beautiful, Especially When It's Ugly
References
Acknowledgments
Index
No rational investor admits to searching for securities selling for more than their underlying value
It is reassuring, therefore, that some large investment management institutions that have adopted sy
The final piece of evidence is those money managers whom Warren Buffett called the `superinvestors o
This basic process also works in the opposite direction. If the market value of First-in falls subst
Second, under many commonly encountered strategic situations, growth in sales and even growth in ear
The same holds true for property, plant, and equipment. Detailed knowledge of the real estate and th
from one another in the manner and degree to which their reproduction cost may deviate from book val
In the entire world there are few brand names as widely recognized as Mercedes-Benz. It is universal
• By raising search costs through extending and complicating the offered range of services and enhan
As shown in Table 6.5, the company's depreciation has been less by a small amount than the portion o
If we consider advertising and promotion and SG&A as off-balance sheet assets-something a new entran
The switching costs are high, at least relative to the price of the product and the low frequency of
The relevant equation is V = Dividend x 1/R - G, where R is cost of capital and G the growth rate of
With our earnings power (adjusted EBIT fully taxed) and discount rate in hand, we are almost ready t
Value investors reject both parts of the theory. They think stock selection does matter, and they do
and the efficient market hypothesis. Value investors would not be in business if they did not believ
late 1980s and early 1990s as savings and loans were converting from a mutual to a stockholder form
What kind of return did he anticipate? The Eurobonds paid 12 percent interest once a year. When the
Walter Schloss started his limited partnership in the middle of 1955. He tracks his performance from
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