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UPDATED & EXTENDED 2ND EDITION - with a brand-new foreword by Merryn Somerset Webb
Let the market come to you
Deep Value Investing by Jeroen Bos is an incredibly candid and revealing guide to the secrets of deep value investment. Written by an investor with a long and remarkable track record, it shares for the first time the ins and outs of finding high-potential undervalued stocks before anyone else.
Deep value investing means finding companies that are genuine bargains that can pay back phenomenally over the long term. They are firms so cheap that even if they were to close tomorrow their assets would pay you out at a profit. But if they can turn things around, the rewards will be many times greater ...
These were the favourite shares of Benjamin Graham, author of The Intelligent Investor. Inspired by Graham's classic and with a long history of discovering these great value stocks - sometimes known as 'bargain issues' or 'netnets' - author and investor Jeroen Bos reveals:
- how to use only publicly available information to discover these shares and filter the gold from the dross
- everything he did when analysing, purchasing, monitoring and selling more than ten recent successful deep value investments
- the complete philosophy behind deep value investing, and the ins and outs of this strategy in practice
- what can go wrong and how to minimise the chances of it happening to you.
Deep value investing has a better track record than almost any other approach to the market. Even better, it doesn't require minute and technical knowledge of a company, nor is it fixated on earnings or often-unreliable future projections.
It's all about the balance sheet and patience. This makes it the perfect investing approach for those who want to see phenomenal stock market returns without wasting time or commission costs.
Contents
About the author
Foreword By Michael van Biema
Preface to the 2nd edition
Preface to the 1st edition
Introduction: Being a Deep Value Investor
What you can get out of this book
Finding friendless companies
Teaming up with a super investor
A sweet pick
Part I. The Deep Value Philosophy
1. Deep Value Investing
A neglected method
Bargain issues: true deep value
Benjamin Graham and bargain issues
2. How Deep Value Investing Works
Just the facts
Assets not earnings
Cyclical services shares
A note on comparing stocks
Holding on for the ride
The rest of the book
Part II. Deep Value Successes
3. Spring Group
Company background
Investment case
Outcome
4. Moss Bros
Company background
Investment case
Outcome
5. ArmorGroup International
Company background
Investment case
Outcome
6. Morson Group
Company background
Investment case
Outcome
7. Harvard International
Company background
Investment case
Outcome
8. Velosi
Company background
Investment case
Outcome
9. B.P. Marsh & Partners
Company background
Investment case
Outcome
Part III. Deep Value Failures
10. RAB Capital
Company background
Investment case
Outcome
11. Abbeycrest
Company background
Investment case
Outcome
Part IV. Deep Value Shares of Tomorrow
12. Bloomsbury publishing
Company background
Investment case
Outcome
13. Barratt Developments
Company background
Non-investment case
The waiting game
Investment case
Outcome
14. Gleeson (MJ) Group
Company background
Investment case
Outcome
15. French Connection
Company background
Investment case
Outcome
A work in progress
16. Norcon
Company background
Investment case
Outcome
17. Record
Company background
Investment case
A changing model
Outcome
Part V. All-New Deep Value Case Studies
18. Panmure Gordon & Co. Plc
19. Enteq Upstream.
20. Hargreaves Services.
21. Lamprell Plc.
22. Sanshin Electronics Co, Ltd.
23. Hydrogen Group Plc.
Epilogue
Afterword by Merryn Somerset Webb
Acknowledgements
