John Neff on Investing (Anglais) Broché – 30 mars 2001
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Présentation de l'éditeur
Now retired from mutual fund management, Neff is finally ready to share the investment strategies that earned him international recognition as the "investor′s investor", and made him the one to whom other money managers come to manage their money. In John Neff on Investing, Neff delineates, for the first time, the principles of his phenomenally successful low p/e approach to investing, and he describes the strategies, techniques, and investment decisions that earned him a place alongside Warren Buffett and Peter Lynch in the pantheon of modern investment wizards.
Packed with solid advice and guidance for anyone who aspires to using Neff′s unique brand of value investing, John Neff on Investing offers invaluable lessons on using price–earnings ratios as a yardstick, to zeroing in on undervalued stocks, interpreting earnings histories and anticipating new market climates. A narrative of Neff′s early days–My Road to Windsor–reveals the extraordinary mindset and humble circumstances that shaped his winning investment philosophy. By reproducing excerpts from his personal investment diaries, this book offers a unique opportunity to watch Neff in action over the years. A faithful, quarter–in–quarter–out chronicle of a life on Wall Street, the diaries provide unprecedented insights into the thinking behind some of his best (and worst) investment decisions, while tracing the evolution of his innovative investment style.
The first book to fully reveal the long–heralded investment strategies of a Wall Street genius, John Neff on Investing is must reading for investors, brokers, traders, and bankers of every kind.
JOHN NEFF, until his retirement in 1995, was Senior Vice President and Managing Partner of the Wellington Management Company, the Windsor Fund′s investment advisor.
S.L. MINTZ, is New York Bureau Chief of CFO Magazine, a publication of the Economist Group dedicated to the latest financial thinking and how it is being implemented in today′s markets. His other books include Beyond Wall Street (Wiley, 1998) and Five Eminent Contrarians.
Quatrième de couverture
"This book offers important insights into the methods and long–term rewards of ′value′ investing. The serious investor will not want to miss this clear exposition of the successful Neff technique."–BURTON G. MALKIEL, Author of A Random Walk Down Wall Street
"A must read for anyone who is serious about investing."–JOHN REED, Chairman and Co–CEO, Citigroup Inc.
During his thirty–one years as portfolio manager of Vanguard′s Windsor and Gemini Funds, John Neff beat the market twenty–two times while posting a fifty–seven–fold increase in an initial stake–making Windsor the largest mutual fund in the United States in the process.
Now, the "investor′s investor" is ready to share the strategies that earned him international recognition. He delineates, for the first time, the principles of his phenomenally successful low p/e approach to investing, and describes the strategies, techniques, and decisions that earned him a place alongside Warren Buffett and Peter Lynch in the pantheon of modern investment wizards. Packed with advice, guidance, and invaluable lessons in investing, John Neff on Investing reveals for the first time the long–heralded investment strategies of a Wall Street genius.
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L'ensemble est bon mais un peu trop classique. Le livre est construit autour de l'histoire de John Neff depuis son enfance jusqu'à sa retraite en 1995. C'est assez intéressant pour (re)découvrir un demi siècle d'histoire boursière et économique américaine.
Concernant l'intérêt pédagogique de ce livre, je peux dire que pour les débutants il est probablement très intéressant car beaucoup de cas d'investissement sont discutés (quoique de manière assez sommaires) et les principes d'investissement de John Neff sont exposés très simplement et clairement.
Néanmoins pour les professionnels je ne trouve pas qu'il y ai beaucoup de leçon nouvelle à apprendre. Le livre a cependant le mérite de faire réfléchir sur des stratégies et process d'investissement que l'on utilise ou que l'on avait un peu oublié et que l'on réapprend à utiliser.
En synthèse, c'est un livre très abordable et très agréable à lire qui a sa place dans toute bonne bibliothèque d'investisseur au coté des classiques de Ben Graham et James Montier.
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In JOHN NEFF ON INVESTING, one of the true masters of Wall Street tells us exactly how he compiled this amazing record. With collaborator Steven Mintz, he explains what kinds of stocks he looked for (in a nutshell, low p/e stocks of companies growing earnings in excess of 7% annually, often paying a respectable dividend) and a long list of qualifications concerning just what makes one low p/e stock better than another. (A low p/e company growing too fast is suspect. A dividend yield isn't always a must. Cyclical stocks should offer lower p/e multiples. The list goes on and on.) Just as importantly, Neff shares the wisdom of a lifetime in the investment business, outlining the pitfalls that can trap the unwary investor. (See Chapter 9, CARE AND MAINTENANCE OF A LOW P/E PORTFOLIO.
The meat of Neff's discussion of his investment style is included in the middle third of the book. Armed with this advice, an investor can easily begin to screen the stock market for companies that fit the Neff mold. (MSN MoneyCentral Investor, at [...] offers a powerful and free screening tool. There are many others.)
Elsewhere, Neff devotes the first third of his book to talking about his formative years in the investment business prior to taking over the Windsor Fund. In the final third of the book, he provides a journal describing his investment activities at the helm of the Windsor Fund. He talks about critical buy-sell decisions, why he made them, and how they worked out ... and also describes the ever-changing market environment in which he was making them. (Reading this book is a great reminder that large-cap growth stocks don't always lead the market, as they have for the past five years. As such, it should help investors be better prepared the next time market leadership changes.)
If you had the chance to sit down and talk with John Neff for a few weeks about his career and his investment style, what you would get, though likely not so well structured, would be this book. I'd love to spend those weeks with John Neff. But I wouldn't give up the chance to have read this book, either. Few investors have achieved more than Neff, and his story deserves a place on any investor's reading list. ###
Mr. Neff's idea of "inflection points" in the market is useful and in Chapt. 14 "Deja Vu" where he covers the current market he appears to predict the recent correction in NASDAQ and internet stocks. The book is unusually silent on 1994-95, the last two years of his management when Windsor underperformed the S&P 500 although earlier periods of underperformance are well covered. The book although published in 1999 is to no surprise silent on the abysmal underperformance of Windsor from 95-99 by Mr. Neff's disciple Mr. Freeman although Mr. Freeman is highly praised in the book. The book is an interesting narrative on management of a mutual fund and contains some useful information on the market and stock selection but not nearly as helpful as hoped for.
Other value investing books I have seen can give you the detail that you may feel lacking in this book. Certainly the second part of the book where he supposedly elaborates on his technique is rather shallow to the experienced and discerning eye. Do not expect a terribly comprehensive, technical case study approach in this one. It is--as he state--more a conversation.
The third section though is what makes this book intriguing for me. It is something I haven't come across yet and is what redeems this book. Here you have a respected investing master giving a journal like account describing how he applied his investment methodology and the key factors he took note of in the changing environments in which he applied them. Perhaps someone who has intensely studied the stock market the past 30 years may not get much out of it but for someone who hasn't, this offers unique insight on how to deal with all sorts of market conditions. Other books may be more analytical and may give you all sorts of formulas and benchmarks to select stocks but what Neff is giving in this book is his experience as a value investor and I cannot help but feel that is even more valuable. A simple illustration of the value of this is that it gives an actual real account of how long it actually took for his low-PE method to payoff during the early 70s which is a lot more convincing than saying ad nauseum "you have to invest for the long term" without warning that you might have to live for a year or more with a 17% loss and that that is part and parcel of the strategy. He gives his sterling precedent for you to follow, and in his telling, an idea of the pitfalls and ways of dealing with them.
I cannot help but feel that Neff could have communicated this all more clearly or found some way to relate his ideas better--and that is the reason I don't give it 5 stars--but if you are willing to sift through his accounts you'll undoubtedly find a wealth of investing wisdom.
To any who doubt: This book was written in 1999 and towards the end he says that if the growth stocks of the Nasdaq were to stumble, as he thought they would have to, the kinds of things he would be looking at would be REITs, housing stocks, financials, and energy. Boy I wish I had read this sooner and followed his advice! Aside from heathcare and tobacco, he seems to have gotten everything else right. How many of us would have known what to get into? Perhaps even more interesting: how would we have arrived at the answer?