- Taschenbuch: 320 Seiten
- Verlag: Wiley; Auflage: 1. (17. Februar 2004)
- Sprache: Englisch
- ISBN-10: 9780471463399
- ISBN-13: 978-0471463399
- ASIN: 0471463396
- Größe und/oder Gewicht: 15 x 2,3 x 22,6 cm
- Durchschnittliche Kundenbewertung: 3 Kundenrezensionen
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Value Investing: From Graham to Buffett and Beyond (Wiley Finance) (Englisch) Taschenbuch – 17. Februar 2004
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From the "guru to Wall Street's gurus" comes the fundamental techniques of value investing and their applications Bruce Greenwald is one of the leading authorities on value investing. Some of the savviest people on Wall Street have taken his Columbia Business School executive education course on the subject. Now this dynamic and popular teacher, with some colleagues, reveals the fundamental principles of value investing, the one investment technique that has proven itself consistently over time. After covering general techniques of value investing, the book proceeds to illustrate their applications through profiles of Warren Buffett, Michael Price, Mario Gabellio, and other successful value investors. A number of case studies highlight the techniques in practice. Bruce C. N. Greenwald (New York, NY) is the Robert Heilbrunn Professor of Finance and Asset Management at Columbia University. Judd Kahn, PhD (New York, NY), is a member of Morningside Value Investors. Paul D. Sonkin (New York, NY) is the investment manager of the Hummingbird Value Fund. Michael van Biema (New York, NY) is an Assistant Professor at the Graduate School of Business, Columbia University.
"This book deserves a place on every serious investor's shelf."
"A must-read for all disciples of value investing. In 1934, Graham and Dodd created fundamental security analysis. Greenwald reinforces the worth of this approach, incorporates new advances, and takes their work into the twenty-first century."
-Mario J. Gabelli, Chairman, Gabelli Asset Management, Inc.
"The new title most deserving of your time is Value Investing . . . . Its authors aim to place their work next to Benjamin Graham's 1950 classic, The Intelligent Investor. My 1986 edition came with Warren Buffett's endorsement-'by far the best book on investing ever written.' Value Investing is better."
-Robert Barker, BusinessWeek
"Greenwald is an economist (PhD from MIT) who caught the value bug. He has updated and expanded Graham's ideas, and his summer seminars ($2,900 for two days) have become popular with everyone from well-known money managers to Columbia MBAs who couldn't get into Greenwald's class. But now there is a cheaper way . . . Greenwald probably won't outsell Graham, but I think he ought to."
-Paul Sturm, SmartMoney magazine
"Greenwald's book is a lively defense of, and handbook for, value investing, complete with glimpses of how it's practiced by pros like Warren Buffett and Mario Gabelli."
-George Mannes, TheStreet.com
"Essential reading for anyone looking for a fresh perspective on analyzing companies and selecting investments."
-Pat Dorsey, Morningstar.com
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Benjamin Graham kalkulierte hierbei auf der Grundlage der aktuellen Vermögenswerte, minus sämtlicher Aufwendungen und Außenstände, ohne den Sachanlagen einen Wert beizumessen. Das Resultat setzte er in das Verhältnis zum Marktwert und erhielt so seine sogenannten
"net - net Assets". Diese waren in der Zeit seines Wirkens, beginnend nach dem 1. Weltkrieg noch recht zahlreich.
In der heutigen Zeit, übersteigen die Marktpreise meist die Assetpreise, was zu einer negaiven Sicherheitsmarge (Margin of Safety) führt.
Die Autoren zeigen eine Bewertungsmethode, welche auf drei Bausteinen, abnehmender Wertigkeit basiert.
1. Die Bewertung der Anlagen (Asset Value)
2. Der Kapitalflussrechnung (Earnings Power Value)
3. Dem Wachstum (Value of Growth)
Wenn das Earning Power Value (EPV) die Reproduktionskosten der Anlagen (Assets) für einen beträchtlichen Zeitraum übersteigt, arbeitet dieses Unternehmen mit einem Wettbewerbsvorteil. Das sogenannte "Franchise", bestimmt eine Eintrittsbarriere und einen Konkurrenzvorteil gegenüber Mitbewerbern und ist die wesentliche Quelle einer Marktökonomie, welche den bloßen Wert der reproduzierbaren Firmensachwerte überseitgt.
Dies kann beispielsweise durch
- Staatliche Lizenzen
- Bevorzugte Kundenwahl
- Eine Kostenposition, welche sich auf langlebige Patente stützt, erreicht werden.
Die Autoren zeigen dies anhand von Beispielen, durch die Berechnung des EPV, welches in Relation zum Buchwert und Marktwert gesetzt wird.
Wachstum (Growth), wird außer Acht gelassen, denn den Erlös, welchen die Firmen aus ihrem investierten Kapital verdienen, entspricht den Kosten des investierten Kapitals, so dass kein Überschuss erwirtschaftet wird. Das EPV zeigt lediglich den inneren Wert eines Unternehmens, ungeachtet seines zukünftigen Wachstums.
Die Differenz zwischen dem Unternehmenswert (Asset Value) und dem EPV, macht das " Franchise" aus und stellt den Wettbewerbsvorteil gegnüber den Mitbewerbern dar.
Entsprechend steht das Wachstum an letzter Stelle der Auswahlkriterien. Dieses generiert nur zusätzlichen Wert, wenn es innerhalb eines Wettbewerbsvorteils (Franchise) geschiet und die Kapitalkosten geringer sind als das generierte Wachstum.
Ist das Wachstum gleich den Kapitalkosten, wird kein zusätzlicher Wert generiert. Innerhalb eines Wettbewerbsnachteils, zerstört Wachstum sogar Firmenwert.Die Autoren exemplifizieren diese Bewertungsansätze, anhand real existierender Unternehmen.
Im zweiten Teil des Buches, kommen acht Investoren, allen voran Warren Buffett, zu Wort und geben Einblicke in ihr Investitionsverhalten, denn
selbst innerhalb des Value Investings bestehen unterschiedliche Verfahrensansätze
Insgesamt ein sehr lehrreiches, wenn auch akademisches Werk, welches zeigt, dass richtiges investieren, das Ergebnis von eingehendem Research und sachlich fundierter, planvoller Kalkulation darstellt. und mit einem erheblichen Arbeitsaufwand verbunden ist.
Keinesfalls basiert erfolgreiches Investieren auf der Meinung breiter Massen, oder dem Bauchgefühl, denn damit ist nur eines garantiert - der Verlust.
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!!!
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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In times when most Value Investing books seem to be obsessed with coming up with the optimal ratios to screen thousand of stocks, I think it is valuable to find a book that does not take shortcuts. There’s a huge difference between buying a stock at a discount from its intrinsic value and building a portfolio based on a statistically optimized ranking of stocks.
The second part of the book is a bonus track where they present the story and approach of the most successful Value investors -Buffett included.
1. The possession of a mandate that limits what you can do, specifically- what sort of outfits you can pursue as investments, how big these outfits can be, and how much money you can throw at each outfit
2. The possession of a large, and often growing, pile of funds with which to invest
3. The possession of a few good ideas, but not nearly enough for the amount of funds that you have available to invest
4. The inability to devote time, resources and brainpower to research every nook and cranny of the market in the search for suitable ideas/investments
5. The longing to look like a genius or a guru; however, this natural and important desire is checked by the greater desire to avoid looking stupid when all is said and done and performance reviews are due
The typical treatment regimen for the Institutional Mentality is as follows:
1. Actively mimic the competition in all things. So, this means that if everyone is into AAPL, you're into it, too. And if everyone is using hedging and borrowing stock to dress up year-end portfolio results, you are, too. (what Dreman calls the herd mentality and Buffett refers to as the impetus to adopt lemming-like behavior)
2. Diversify- even amongst those things you know little or nothing about. This will ensure mediocrity.
3. Spread funds around so as to limit potentially embarrassing losses (and on the flip-side, limit potentially lucrative, out-sized gains). This will ensure that the stated objective of investing is not achieved. (Croupiers fear not, for you will be obscenely compensated for failing your 'clients' and your fiduciary responsibility. Small investors should be very fearful, as this is the retirement money and the kids' college fund we are handling- see the last sentence on Page 158.)
Value Investing goes on to reveal the theory and practice behind one approach to investing, and the many subtle variations that a few of its more famous practitioners bring to it. It accurately details how the approach has deviated from that of The Father of Value Investing, Benjamin Graham, who sought his so-called `net-net stocks' (stocks which are valued solely based on their balance sheets- specifically, based on their current assets less all their liabilities, current and non-current), and morphed into the various flavors as practiced by many devotees of the approach circa Y2K. Along the way, it also spends a lot of time successfully slaying the sacred cows of modern portfolio theory, discounted cash flow analysis (and the ever-present growth projections that come with it) and the elusive hunt for growth. Additionally, it also makes a good, solid case for fundamental analysis, which, oddly enough, is up-ended by the profiles of a few of the value investors profiled in-depth who basically eschew it and the one lone value investor who swears by discounted cash flow analysis- the very technique for which the authors have a dim view. In passing, the authors waited until nearly the end of the book to present their take (and an adequate and succinct one at that) on the differences between contrarian investing and value investing, something which I personally feel should have been addressed in detail at the beginning of the book.
The approaches presented function best when evaluating the worth of companies that make use of tangible, physical assets to produce wealth (though they may need to make significant investments in knowledge capital beforehand via research and development and then translate that knowledge through physical capital into a tangible product). In general, I found the book lacking in specifics on how to evaluate those highly profitable outfits whose principal assets are intangibles in the form of computer code, accumulated data and other forms of knowledge capital that do not as a rule require significant investments in physical plant (and the use of associated debt capital) in order to produce wealth.
In addition to covering the institutional imperative and outlining the basic underpinnings of value investing, the book also provides two thoroughly worked examples using the fundamental principles of value investing as well as profiles of a few of the leading lights- the luminaries- of value investing. These luminaries all put their own idiosyncratic spin on value investing. Some emphasize comparable sales (of assets or whole companies), while others emphasize growth within the context of an identifiable franchise. Still others focus solely on the balance sheet, while others focus on earnings power value. A couple focus squarely on negative sentiment combined with an eye on either assets or earnings, while others look for catalysts or motivated sellers (here for reasons that have little or nothing to do with the present or future prospects of the outfit).
Overall, I found the book to be a very worthwhile read, considering 1) the length of time it took me to read it (almost three months), 2) how many times I had to stop and re-read certain sections, 3) how many passages I underlined within the book, 4) the volume of notes I took when reading the book and 5) the complete, 180-degree reversal I had in my thinking and approach to investing after reading this book. I would have to say that I learned a few new tricks (and also uncovered a few new traps) while reading this book, and while I am always partial to Buffett's take on value investing (his terse words on the nature of earnings alone are priceless, and confirms everything I have been saying to folks about the market and certain stocks of late), even Buffett had to show the proper respect to Schloss & Schloss, two balance-sheet-centric value investors whom Buffett admired for achieving extraordinary results with little in the way of resources beyond a list of willing clients of modest means and a proven method, learned underneath the feet of The Master's Master, Ben Graham. Next up on my list is to read everything I can on Schloss & Schloss.
Readers with an interest in the topic of value investing in practice should consult Kirk Kazanjian's Value Investing with the Masters, and Ronald W. Chan's The Value Investors: Lessons from the World's Top Fund Managers.
Using the approach popularized by Ben Graham this book describes the theoretical approach and then walks through two detailed examples of how to apply the notion of enterprise value to WD-40 and Intel. With detailed analysis of financials from both companies the book demonstrates how to understand financial structures that help predict and quantify a company's competitive advantage.
I've read a lot of value investing books that talk about competitive advantage, but this is the first book I've found that attempts to demonstrate directly from the balance sheet how to calculate the economics of that competitive advantage.
I still want to apply everything I've read here to a dozen companies and see how well the analysis works in the real world, but the theoretical framework appears to offer a very easy way to determine who really has a franchise and then place a fair value on that advantage and establish a fair price for the stock.