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基本説明
Chan interviewed 12 value-investing legends from around the world, learning how their personal background, culture, and life experiences have shaped their investment mindset and strategy.
Full Description
Investing legend Warren Buffett once said that success in investing doesn t correlate with I.Q. once you re above the level of 125. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing. In an attempt to understand exactly what kind of temperament Buffett was talking about, Ronald W. Chan interviewed 12 value-investing legends from around the world, learning how their personal background, culture, and life experiences have shaped their investment mindset and strategy. The Value Investors: Lessons from the World s Top Fund Managers is the result. From 106-year-old Irving Kahn, who worked closely with father of value investing Benjamin Graham and remains active today, and 95-year-old Walter Schloss (described by Warren Buffett as the super-investor from Graham-and-Dodsville ), to the co-founders of Hong Kong-based Value Partners, Cheah Cheng Hye and V-Nee Yeh, and Francisco Garcia Parames of Spain s Bestinver Asset Management, Chan chose investment luminaries to help him understand the international appeal and success of value investing.
All of these men became strong advocates of the approach despite considerable age and cultural differences. Chan finds out why. In The Value Investors, readers will also discover how these investors, each of whom has a unique value perspective, have consistently beaten the stock market over the years. Do they share a trait that allows this to happen? Is there a winning temperament that turns the ordinary investor into an extraordinary one? This book answers these questions and more.
Contents
Foreword xi Preface xiii Chapter 1 Free to Choose in Value Land 1 Walter Schloss, Walter & Edwin Schloss Associates Living through the Great Depression 5 The Meaning of Survival 7 Net-Nets 8 Setting the Right Pace 11 Know Thyself 15 Chapter 2 Once Upon a Time on Wall Street 17 Irving Kahn, Kahn Brothers Group Becoming Graham s Disciple 22 Preaching Value 25 A Centenarian Diet 30 Chapter 3 The Making of a Contrarian 33 Thomas Kahn, Kahn Brothers Group A Modified Graham Approach 38 The Case for Obscure Securities 42 Market Reflection 45 Chapter 4 On the Shoulders of Value Giants 47 William Browne, Tweedy, Browne Company A Valuable Detour 52 Statistics and Beyond 54 Setting a Global Standard 56 The Social Science of Investing 59 The Market Ahead 61 Chapter 5 A Journey to the Center of Value 65 Jean-Marie Eveillard, First Eagle Funds Valley of Tears 70 The Inefficient Market 71 The Meaning of Value 74 The Courage to Say No 77 Seeking Protection 79 Chapter 6 The Self-Taught Value Spaniard 83 Francisco Garcia Parames, Bestinver Asset Management On a Solo Value Hunt 88 Investing Made Simple 90 Austrian Economics and the Market 93 A Global Rebalancing 97 Chapter 7 The Income-Conscious Englishman 101 Anthony Nutt, Jupiter Asset Management A Victorian Mindset 105 Finding the Right Investment Culture 108 Trusting Only Tangible Income 110 The Courage to Keep Going 114 Chapter 8 The Frequent Value Traveler 117 Mark Mobius, Templeton Emerging Markets Group Reading between the Minds 122 Thinking Big and Small 124 Trouble is Opportunity 126 Feeling the Market 130 Chapter 9 The Value-Oriented Businessman 133 Teng Ngiek Lian, Target Asset Management Learning the Numbers 136 The Art of Contrary Thinking 138 Targeting Good Businesses in Asia 141 The Relativity of Valuation 143 A Value Lifestyle 145 Chapter 10 Value Investing in the Lost Decade 149 Shuhei Abe, SPARX Group A Musical Beginning 153 Breaking the Language Barrier 155 Learning from the West 156 The Evolution of SPARX 158 Building a Westernized Asia 160 Searching for Value 162 Chapter 11 Eternal Sunshine of the Value Mind 165 V-Nee Yeh, Value Partners Group A Multidisciplinary Path 168 Seeking a Comfortable Price 171 Finding a Value Partner 172 Spotting Value Minds 176 Becoming a Man of Value 178 Chapter 12 The Accidental Value Investor 181 Cheah Cheng Hye, Value Partners Group Starting an Investment Hobby Shop 187 Building a Value Temple 189 An Industrialized Process 191 A Value March Forward 195 Chapter 13 The Making of a Value Investor 199 A Humble Portfolio Construction 202 The Art of Valuation 204 Reading for Ideas 205 More than Just the Fundamentals 206 Timing for an Exit 208 Having the Right Temperament 209 Acknowledgments 213 About the Author 217 Index 219
