concentrated investing strategies of the worlds greatest concentrated value investors

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Concentrated Investing

Author : Allen C. Benello
ISBN : 9781119012023
Genre : Business & Economics
File Size : 57. 99 MB
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"Lou Simpson, who managed GEICO's investment portfolio from 1970 to 2011, was chosen by Warren Buffett to succeed him at the helm of Berkshire Hathaway's investment operations until he retired a couple of years ago at the age of 76. Mr. Simpson's track record at GEICO easily qualifies him for the Investing Hall of Fame, yet he has appeared in only a handful of brief newspaper articles over the years. Kristian Siem was once described in Barron's as Norway Warren Buffett. Virtually unknown in the U.S. except to a very small handful of investors, Siem has growth the book value of his closely held holding company, Siem Industries, at 22% annually over the past 25 years by sticking faithfully to two key principles: Always invest in your field of competence, and concentrate your investments. Siem has conducted his business dealings according to a powerful yet simple motto: Arrogance is always a handicap; humility is a virtue. Leucadia National Corporationhas been called the mini-Berkshire Hathaway. Originally a troubled finance company called Talcott Corp., Leucadia was taken over in XX by Ian Cumming and Joe Steinberg, who together achieved a XX% growth in a book value per share to date, with opportunistic investments ranging from Insurance to Real Estate to Casinos. Leucadia has a cult following among value investors, but there has never been a definitive history of the company and of Cumming/Steinberg's record"--

Concentrated Investing

Author : Allen C. Benello
ISBN : 9781119012047
Genre : Business & Economics
File Size : 78. 17 MB
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Discover the secrets of the world's top concentrated value investors Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors chronicles the virtually unknown—but wildly successful—value investors who have regularly and spectacularly blown away the results of even the world's top fund managers. Sharing the insights of these top value investors, expert authors Allen Benello, Michael van Biema, and Tobias Carlisle unveil the strategies that make concentrated value investing incredibly profitable, while at the same time showing how to mitigate risk over time. Highlighting the history and approaches of four top value investors, the authors tell the fascinating story of the investors who dare to tread where few others have, and the wildly-successful track records that have resulted. Turning the notion of diversification on its head, concentrated value investors pick a small group of undervalued stocks and hold onto them through even the lean years. The approach has been championed by Warren Buffett, the best known value investor of our time, but a small group of lesser-known investors has also used this approach to achieve outstanding returns. Discover the success of Lou Simpson, a former GEICO investment manager and eventual successor to Warren Buffett at Berkshire Hathaway Read about Kristian Siem, described as "Norway's Warren Buffett," and the success he has had at Siem Industries Concentrated Investing will quickly have you re-thinking the conventional wisdom related to diversification and learning from the top concentrated value investors the world has never heard of.

Concentrated Investing

Author : Allen C. Benello
ISBN : 9781119012054
Genre : Business & Economics
File Size : 41. 21 MB
Format : PDF, ePub
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Discover the secrets of the world's top concentrated value investors Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors chronicles the virtually unknown—but wildly successful—value investors who have regularly and spectacularly blown away the results of even the world's top fund managers. Sharing the insights of these top value investors, expert authors Allen Benello, Michael van Biema, and Tobias Carlisle unveil the strategies that make concentrated value investing incredibly profitable, while at the same time showing how to mitigate risk over time. Highlighting the history and approaches of four top value investors, the authors tell the fascinating story of the investors who dare to tread where few others have, and the wildly-successful track records that have resulted. Turning the notion of diversification on its head, concentrated value investors pick a small group of undervalued stocks and hold onto them through even the lean years. The approach has been championed by Warren Buffett, the best known value investor of our time, but a small group of lesser-known investors has also used this approach to achieve outstanding returns. Discover the success of Lou Simpson, a former GEICO investment manager and eventual successor to Warren Buffett at Berkshire Hathaway Read about Kristian Siem, described as "Norway's Warren Buffett," and the success he has had at Siem Industries Concentrated Investing will quickly have you re-thinking the conventional wisdom related to diversification and learning from the top concentrated value investors the world has never heard of.

The Value Investors

Author : Ronald Chan
ISBN : 9781118339329
Genre : Business & Economics
File Size : 45. 59 MB
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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 García Paramés 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.

Quality Investing

Author : Torkell T. Eide
ISBN : 9780857195012
Genre : Business & Economics
File Size : 78. 49 MB
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Quality. We all make judgments about it every day. Yet articulating a clear definition of quality in an investing context is challenging. This book addresses the challenge, and distills years of practical investing experience into a definitive account of this under-explored investment philosophy. Finance theory has it that abnormal outcomes do not persist, that exceptional performance will soon enough become average performance. Quality investing involves seeking companies with the right attributes to overcome these forces of mean reversion and, crucially, owning these outstanding companies for the long term. This book pinpoints and explains the characteristics that increase the probability of a company prospering over time - as well as those that hinder such chances. Throughout, a series of fascinating real-life case studies illustrate the traits that signify quality, as well as some that flatter to deceive. The authors' firm, AKO Capital, has a strong track record of finding and investing in quality companies - helping it deliver a compound annual growth rate more than double that of the market since inception. Quality Investing sheds light on the investment philosophy, processes and tough lessons that have contributed to this consistent outperformance.

The Most Important Thing Illuminated

Author : Howard Marks
ISBN : 9780231530798
Genre : Business & Economics
File Size : 88. 32 MB
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In May of 2011, Columbia Business School Publishing released Howard Marks’ The Most Important Thing, a book that distilled the wisdom of Marks’ celebrated client memos into a single volume, making his time-tested investing philosophy available to general readers for the first time. The book was greeted with wide acclaim from investors—professional, casual, aspiring, and armchair alike—and became a business bestseller. Now, Columbia Business School Publishing is proud to announce an innovative digital edition that allows you to read Marks’ words alongside comments, insights and counterpoints from four other renowned investors and investment educators: Christopher Davis, Joel Greenblatt, Paul Johnson and Seth Klarman. See what these investors think of such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. There are also annotations from Howard Marks himself, highlighting some of the themes that run throughout the book, along with a previously unpublished bonus chapter on the importance of reasonable expectations. This edition features a foreword from Bruce Greenwald. Whether you’ve already read The Most Important Thing cover to cover or are new to the book, The Most Important Thing Illuminated will give you an unprecedented look into how America’s top investors make decisions and achieve financial success.

Value Investing

Author : Bruce C. N. Greenwald
ISBN : 0471463396
Genre : Business & Economics
File Size : 47. 6 MB
Format : PDF
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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.

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