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"It's hard to talk clearly about investing and make sense to ordinary readers at the same time. Katsenelson gives a lucid explanation of today's markets with sound advice about how to make money while avoiding the traps that the market sets for exuberant bulls and frightened bears alike."
—Thomas G. Donlan, Barron's
"A thoroughly enjoyable read. Provides a clear framework for equity investing in today's 'sideways' and volatile markets useful to everyone. Clear thinking and clear writing are not often paired - well done!"
—Dick Weil, CEO, Janus Capital Group
"The bible for how to invest in the most tumultuous financial market environment since the Great Depression. A true guidebook for how to build wealth prudently."
—David Rosenberg, Chief Economist & Strategist, Gluskin Sheff + Associates Inc.
"A wonderful, grounded read for new and seasoned investors alike, Katsenelson explains in plain English why volatility and sideways markets are a stock picker's best friend."
—The Motley Fool, www.Fool.com
Praise for Active Value Investing
"This book reads like a conversation with Vitaliy: deep, insightful, inquisitive, and civilized."
—Nassim Nicholas Taleb, author of The Black Swan
"Thoroughly enjoyable. . . for the thoughtful and often entertaining way in which it is delivered. . . Katsenelson takes his reader step by step into the mind of the value investor by relating, in a fictional addendum to Fiddler on the Roof, the story of Tevye's purchase of Golde, the cow. He also describes his own big-time gambling evening (he was willing to lose a maximum of $40) and that of a half-drunken, rowdy fellow blackjack player to stress the importance of process. He then moves on to the fundamental principles of active value investing. What differentiates this book from so many others on value investing is that it describes, sometimes through the use of case studies, the thinking of a value investor. Not just his models or his metrics but his assessments. Katsenelson is an empiricist who weighs facts, looks for contraindications, and makes decisions. He makes value investing come alive. This may be a little book, but it's packed with insights for both novices and experienced investors. And it is a delight to read."
—Seeking Alpha
Contents
Foreword xi
Acknowledgments xxii
Introduction xxiii
Chapter One Fasten Your Seat Belt 1
Chapter Two A Sideways View of the World 9
Chapter Three Don't Shoot the Messenger 23
Chapter Four Tevye Was a Rich Man 41
Chapter Five What We Can Learn from Gamblers 59
Chapter Six Brought to You by the Letter "Q" (for Quality) 65
Chapter Seven Brought to You by the Letter "G" (for Growth) 87
Chapter Eight Brought to You by the Letter "V"(for Valuation) 105
Chapter Nine Add It Up 117
Chapter Ten Nip/Tuck 133
Chapter Eleven The Born-Again Value Investor 143
Chapter Twelve Applying Darwinism to the Sales Process 161
Chapter Thirteen You Are Not As Dumb—or Smart—As You Think 175
Chapter Fourteen On a Scavenger Hunt for Stocks 181
Chapter Fifteen Farewell, Blissful Ignorance 189
Chapter Sixteen Think Different 211
Chapter Seventeen I Could Be Wrong, but I Doubt It 223
