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The latest edition of the popular collection of in-depth portraits of extraordinary value investors, featuring new profiles and updates
The second edition of The Value Investors presents a collection of investing legend profiles from around the world. Chapters explore the investors' backgrounds, cultures, and personal stories, and reveal how life experiences have shaped their investment strategies and mindsets. This fascinating book shows you that value investing is a dynamic, constantly-changing strategy which, when properly implemented, can provide significant, sustainable benefits. Although the investors profiled come from a diverse range of geographic regions and socio-economic, cultural, and educational backgrounds, they share similar personality traits, temperaments, and investment philosophes.
Thoroughly revised and expanded, the book provides relevant updates on the professional and personal experiences of the investors since the first edition's publication. Complementing the original profiles are several new chapters featuring established value investors including Howard Marks, as well as rising personalities and fund managers such as Álvaro Guzmán de Lázaro and Fernando Bernad Marrase. Author Ronald Chan, founder of Hong Kong-based investment management Chartwell Capital Limited, highlights how and why the value investors have consistently beaten the stock market through the years. This book:
Covers multiple generations, geographies, and value investing styles
Presents updated profiles of notable value investors such as Walter Schloss, Irving Kahn and Thomas Kahn, Jean-Marie Eveillard, Mark Mobius, and Teng Ngiek Lian
Profiles international fund and asset managers from the North America, Europe and Asia
Includes a chapter on the making of a successful value investor
The Value Investors: Lessons from the World's Top Fund Managers, 2nd Edition is a must-read for investors looking to diversify their portfolios across different asset classes or geographic areas, finance professionals and students, and general readers with interest in value investing.
Contents
Foreword xiii
Preface xv
Chapter 1 Master of the Market Cycle 1
Howard Marks, Oaktree Capital Management
From Equity to Credit 6
A Priority on Avoiding Losses 10
The Pendulum Swing 14
The Negative Art of Investing 17
Nobody Knows 20
Chapter 2 Free to Choose in Value Land 24
Walter Schloss, Walter & Edwin Schloss Associates
Living through the Great Depression 28
The Meaning of Survival 31
Net-Nets 32
Setting the Right Pace 36
Know Thyself 39
Chapter 3 Once Upon a Time on Wall Street 42
Irving Kahn, Kahn Brothers Group
Becoming Graham's Disciple 48
Preaching Value 51
A Centenarian Diet 56
Chapter 4 The Making of a Contrarian 59
Thomas Kahn, Kahn Brothers Group
A Modified Graham Approach 64
The Case for Obscure Securities 69
Market Reflection 72
Chapter 5 On the Shoulders of Value Giants 75
William Browne, Tweedy, Browne Company
A Valuable Detour 81
Statistics and Beyond 82
Setting a Global Standard 85
The Social Science of Investing 88
The Market Ahead 91
Chapter 6 A Journey to the Center of Value 94
Jean-Marie Eveillard, First Eagle Funds
Valley of Tears 99
The Inefficient Market 101
The Meaning of Value 105
The Courage to Say No 108
Seeking Protection 110
Chapter 7 The Self-Taught Value Spaniard 114
Francisco García Paramés, Cobas Asset Management
On a Solo Value Hunt 119
Investing Made Simple 122
Austrian Economics and the Market 125
A Global Rebalancing 129
Chapter 8 The Law of Value Attraction 133
Álvaro Guzmán de Lázaro and Fernando Bernad Marrase, AzValor Asset Management
A Value Cross-Path 137
A Value Reunion 141
The Art of Concentration 144
The A to Z of Value 148
Chapter 9 The Odyssey of a Value Broker 151
Philip Best, Quaero Capital S.A.
Establishing the Best Contacts 157
Acquiring the Best Techniques 162
Investing Off the Beaten Path 164
A Sustainable Investment Platform 168
Chapter 10 The Income-Conscious Englishman 173
Anthony Nutt, Jupiter Asset Management
A Victorian Mindset 178
Finding the Right Investment Culture 181
Trusting Only Tangible Income 184
The Courage to Keep Going 188
Chapter 11 The Frequent Value Traveler 190
Mark Mobius, Mobius Capital Partners
Reading between the Minds 195
Thinking Big and Small 197
Trouble is Opportunity 200
Feeling the Market 205
Chapter 12 The Value-Oriented Businessman 208
Teng Ngiek Lian, Target Asset Management
Learning the Numbers 211
The Art of Contrary Thinking 214
Targeting Good Businesses in Asia 217
The Relativity of Valuation 219
A Value Lifestyle 222
Chapter 13 Value Investing in the Lost Decade 225
Shuhei Abe, SPARX Group
A Musical Beginning 230
Breaking the Language Barrier 232
Learning from the West 232
The Evolution of SPARX 235
Building a Westernized Asia 238
Searching for Value 239
Chapter 14 Eternal Sunshine of the Value Mind 243
V-Nee Yeh, Value Partners Group
A Multidisciplinary Path 246
Seeking a Comfortable Price 250
Finding a Value Partner 251
Spotting Value Minds 255
Becoming a Man of Value 257
Chapter 15 The Formless Value Deal Maker 260
Kin Chan, Argyle Street Management Ltd.
Navigating in the Slum 266
Specializing in Distressed Investing 269
An Atypical Investment Structure 271
The Rise of the "Can't Do" Spirit 276
Chapter 16 The Accidental Value Investor 279
Cheah Cheng Hye, Value Partners Group
Starting an Investment Hobby Shop 286
Building a Value Temple 288
An Industrialized Process 291
A Value March Forward 295
Chapter 17 The Making of a Value Investor 298
Investment Stewardship 301
Intellectual Humility 303
Developing Your Own Rhythm 306
Be Unconventional 308
The Balance Between Diversification and Concentration 309
Temperament is Above All 311
Acknowledgments 313
About the Author 316
Index 317
