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5 von 6 Kunden fanden die folgende Rezension hilfreich
4.0 von 5 Sternen Successful, Long-Term Paths to Outperforming the Averages!, 11. Mai 2007
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Donald Mitchell "Jesus Loves You!" (Thanks for Providing My Reviews over 127,000 Helpful Votes Globally) - Alle meine Rezensionen ansehen
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Rezension bezieht sich auf: Value Investing: From Graham to Buffett and Beyond (Wiley Finance) (Taschenbuch)
Value investing is so unpopular now, that many do not know about this highly successful form of investing as practiced by its greatest masters. Value Investing helps to overcome that ignorance among the newest generation of investors. That is good and timely, because we seem to be entering a time when value investors often make their greatest coups.

If you believe that the stock market is totally efficient (current prices accurately discount everything that is or could be known about the company to accurately price a company's securities), you will think this book is irrelevant. If you think that stock prices normally over or under value a company's worth, you will find this book fascinating.

If you want to have a decent chance of learning how to outperform indexed mutual funds, this book is one of a handful that can help you. The methods and investors outlined in this book have successfully beaten the market averages for decades. So whether you try to do apply the concepts for yourself, or have your money invested by one of these top value investment managers, value investing is a discipline that can help you achieve superior investing results.

In some of the many back tests run in recent years to test for market efficiency concerning stock prices, simply buying stocks with low price/earnings and price/book ratios proved to outperform the market averages. More thoughtful stock-picking can do even better.

But the ideas in this book are far more important than that. Value Investing shows the many ways that situations where securities are underpriced can be found and exploited. The masters of this approach do a lot of fundamental homework, and look carefully from several different perspectives.

Many people identify value investing with Benjamin Graham and the early Warren Buffett. This book expands that perspective by also profiling Mario Gabelli, Glenn Greenberg, Robert Heilbrunn, Seth Klarman, Michael Price, Water and Edwin Schloss, and Paul Sonkin. You will find out about how they were educated, the value disciplines they have used, their long-term track records, and how they differ from one another.

You should realize that value investing is above-all an intellectual and cross-checking exercise (a bit like chess), far removed from emotion of day-trading and the thrills of following trading momentum. You need to be patient. Years can pass without any good opportunities arising. You will often sell stocks far before their ultimate peak. So you will have to think about how well the psychology of the careful hunter with one bullet in your rifle matches the way you like to do things. One of the hardest things to accommodate is that your results will look worst when everyone else is picking up easy money, mindlessly, by running with the herd of rampaging bulls.

As helpful as this book is, Value Investing has a number of weaknesses. First, new investors will probably get a little lost in the discussions. The authors usually begin at a level of understanding that people who have attended business school have. Second, you will find it hard to run down more details on concepts you don't quite get. Third, you will get a flavor of what each investor has done . . . but not the full detail. So, think of this as a wine tasting. If you find some styles you like, plan to do more reading and studying. Fourth, if you were only taught the investing creed according to efficient markets, you will probably wonder what all the fuss is about. The book could have used more references to the new research that challenges the assumptions built into CAPM (the Capital Asset Pricing Model).

In your personal life, do you ever find it rewarding to get a great bargain on something of value that you care about? If so, value investing may be for you. The sense of satisfaction is similar, and the financial rewards can be greater.

Be cautious as you apply any investing method to outperform the market averages. Limit the size of your potential losses until you have fully developed your skill.

Look carefully, think . . . and be skeptical! There are many people trying to make the future seem rosier than it will be.
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2 von 2 Kunden fanden die folgende Rezension hilfreich
4.0 von 5 Sternen Hervoragender Inhalt, nicht immer hervorragend beschrieben, 26. Juli 2013
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Rezension bezieht sich auf: Value Investing: From Graham to Buffett and Beyond (Wiley Finance) (Taschenbuch)
Hallo,

ich bin von den in diesem Buch vorgestellten Bewertungskonzepten begeistert. Das praktische Nachvollzeihen der Konzepte ist durchaus möglich, wenngleich nicht einfach, da das Buch an verschiedenen Stellen verschiedene Aspekte aufgreift, die meiner Meinung nach nicht ganz einfach zusammen zu bringen sind. Des Weiteren sind sicher gutre Grundkenntnisse der Unternehmensbewertung Voraussetzung zum Verstehen der Inhalte.
Nichtsdestotrotz, ein sehr lehrreiches Buch im Geiste des Value Investing!!!
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Value Investing: From Graham to Buffett and Beyond (Wiley Finance)
Value Investing: From Graham to Buffett and Beyond (Wiley Finance) von Michael van Biema (Taschenbuch - 17. Februar 2004)
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