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Descriptions du produit

Présentation de l'éditeur

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.

Quatrième de couverture

"This book deserves a place on every serious investor’s shelf."
FINANCIAL TIMES

"A must–read for all disciples of value investing. In 1934, Graham and Dodd created fundamental security analysis. Greenwald reinforces the worth of this approach, incorporates new advances, and takes their work into the twenty–first century."
Mario J. Gabelli, Chairman, Gabelli Asset Management, Inc.

"The new title most deserving of your time is Value Investing . . . . Its authors aim to place their work next to Benjamin Graham’s 1950 classic, The Intelligent Investor. My 1986 edition came with Warren Buffett’s endorsement ‘by far the best book on investing ever written.’ Value Investing is better."
Robert Barker, BusinessWeek

"Greenwald is an economist (PhD from MIT) who caught the value bug. He has updated and expanded Graham’s ideas, and his summer seminars ($2,900 for two days) have become popular with everyone from well–known money managers to Columbia MBAs who couldn’t get into Greenwald’s class. But now there is a cheaper way . . . Greenwald probably won’t outsell Graham, but I think he ought to."
Paul Sturm, SmartMoney magazine

"Greenwald’s book is a lively defense of, and handbook for, value investing, complete with glimpses of how it’s practiced by pros like Warren Buffett and Mario Gabelli."
George Mannes, TheStreet.com

"Essential reading for anyone looking for a fresh perspective on analyzing companies and selecting investments."
Pat Dorsey, Morningstar.com



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Détails sur le produit

  • Broché: 320 pages
  • Editeur : John Wiley & Sons; Édition : New edition (17 février 2004)
  • Collection : Wiley Finance
  • Langue : Anglais
  • ISBN-10: 0471463396
  • ISBN-13: 978-0471463399
  • Dimensions du produit: 15,2 x 2,2 x 22,9 cm
  • Moyenne des commentaires client : 4.7 étoiles sur 5  Voir tous les commentaires (3 commentaires client)
  • Classement des meilleures ventes d'Amazon: 29.920 en Livres anglais et étrangers (Voir les 100 premiers en Livres anglais et étrangers)
  • Table des matières complète
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Couverture | Copyright | Table des matières | Extrait | Index | Quatrième de couverture
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Commentaires client les plus utiles

1 internautes sur 1 ont trouvé ce commentaire utile  Par Sergio8000 sur 3 avril 2011
Format: Broché
Ce livre donne une vision à jour de l'investissement value.
Il est à recommander à tout investisseur discipliné qui aime acheter une entreprise pour moins cher que ce qu'elle vaut.
Vous trouverez des méthodes concrètes vous permettant d'estimer correctement la valeur d'un business pour acheter avec une marge de sécurité.

Je trouve que l'auteur est un peu sévère avec la méthode d'évaluation par d'un business par calcul du DCF (Discounted Cash Flow), qui est particulièrement adaptée pour les business à cash flow à peu près prévisibles (ceux qu'aime Buffett), et dont la méthode EPV donnée par l'auteur est en fait équivalente à condition de prendre une croissance 0 dans le DCF. Buffett et Klarman utilisent cette méthode et ça marche plutôt bien pour eux.

Je recommande fortement ce livre pour toute personne familière avec les notions de base de l'investissement et capable de prendre du recul par rapport au contenu.

Pour les néophytes, je recommanderais de lire "L'investisseur intelligent" de Benjamin Graham, Margin Of Safety de Seth Klarman et "Et si vous en saviez assez pour gagner en bourse ?" de Peter Lynch avant de vous lancer dans ce bouquin là.
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Format: Broché Achat vérifié
J'ai bien aimé le livre puisqu'il propose une approche actualisée de la valorisation des entreprises. La méthode " reproduction cost" permet d'identifier des opportunités à l'inverse de la méthode "net-net". Seul bémol, dans un des exemple, page 102 je n'ai pas compris comment l'auteur a calculé le "excess cash and investment". Comme délà expliqué avant on doit rajouter le cash et enlever la dette. On faisant ça j'arrive à un chiffre positif
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Par THIERRY sur 22 octobre 2012
Format: Broché
C'est la bible pour les investisseurs à long terme !

Michael van Biema vient régulièrement en France (son épouse est française) et c'est toujours un grand plaisir de discuter avec lui.

Le livre de Seth Klarman auquel fait allusion l'autre commentaire est, à ma connaissance, malheureusement introuvable.
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Amazon.com: 42 commentaires
58 internautes sur 59 ont trouvé ce commentaire utile 
Must-read for serious investors of any stripe 12 août 2006
Par Paige Turner - Publié sur Amazon.com
Format: Broché Achat vérifié
A must-read for investors of any stripe, growth or value. This book, written by a couple of the most popular professors at Columbia Business School, explains the innovations in the field of value investing as practiced by some of the most successful investors in the field. (fair disclosure: I took Prof. Greenwald's courses in 2007) This book successfully bridges the gap between the traditional Graham & Dodd style of value investing to what works today. Although it's a paperback, it's written with the density of a textbook. The writing style is not light, and the actual meat of the book takes some time to wade through. If you don't have some experience in accounting or corporate finance, then Joel Greenblatt's The Little Book That Beats the Market is good to read first.

The substance of this book is a process for modern value investing: value investing is not investing in lousy companies just because they appear cheap. The authors also teach a structured way to value a company. Finally, the authors address how to value growth.

First, before reading this book I had the mistaken impression that value investing was all about investing in the ugliest, least interesting company you could find just because it had a low P/E ratio. I was completely wrong! (Maybe I have attended too many stock pitch sessions and heard too many poultry stocks and encyclopedia companies get pitched.) Modern value investing, according the authors: "When B. Graham went scouring financial statements looking for his net-nets, it did not concern him that he may have known little about the industry in which he found his targets. All he was concerned with were asset values and a margin of safety by that measure. A contemporary value investor had better be able to identify and understand the sources of a company's franchise and the nature of its competitive advantages. Otherwise he or she is just another punter, taking a flier rather than making an investment." What a breath of fresh air to read this passage.

Second, this book lays out a structured way to value a company by first looking at reproduction costs of assets, then earnings power, and finally the value of profitable growth. I, like the authors, find traditional DCF valuations to be plagued by false precision. The authors' more practical method starts by adjusting the balance GAAP balance sheet to calculate the cost of the assets for a potential business entrant. Next, the company is valued based on the earnings generates consistently, assuming no growth. A key insight is the value of the franchise: the difference between asset value and Earnings Power Value is the value created by a company that has significant competitive advantage. Last, the value of profitable growth is considered.

As a self-admitted recovering growth stock addict, I learned from this book that value investors are skeptical about growth for two reasons. One reason is that it is so hard to predict, but more important, many times growth is not worth much. Unless the return on capital (ROC) of the company is higher than the cost of capital, growth does not create value. (I am a slow learner; Greenblatt's example in The Little Book That Beats the Market of opening an additional gum store is even clearer to me.) The growth matrix and formulas in the book were a revelation to me. The surprising thing is how little multiple expansion a stock deserves based on growth. Unless a company truly has a franchise, expanding into other areas and "diversifying" the business often destroys value. And growth for growth's sake will not make a stock go up.

This book brings value investing into the modern stock market. Modern value investors still use traditional valuation principles in a structured way, but they also consider the value of growth and the attractiveness of the business. What a relief, I not restricted to buying typewriter and pay phone stocks! The authors quote Warren Buffett: It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
61 internautes sur 65 ont trouvé ce commentaire utile 
Good content, but confusing 19 août 2005
Par A Simple Guy - Publié sur Amazon.com
Format: Broché Achat vérifié
Good content and good approach. I'm a fan of value investing. The book teaches the reproduction cost of assets and the earning power value. It also hints on how to incorporate growth.

The problem is that information is all scattered around and the wording is not very reliable. The authors mix capital with ROIC with ROE. They also don't make it clear when they mean cost of capital or WACC. Also, the definitions are not there and that creates confusion.

I found a few typos in tables. The values are carried from one table to another and sometimes are rounded sometimes are not. Some entries in the tables just don't mean anything because the values are never used nor referred to. That's a very bad practice for authors coming from academia. They should know better.

The book would improve to a 5-star rating had them fixed all typos, explained all terms, and put all calculations in tables in math formulas instead of just saying something along the lines of "we multiply the WACC by the ROIC and divide by the tax rate and we get a P/E of 10.5". (Example exagerated). Suggestion: List all the steps so we can follow. Add text to explain whats being done. Refer to rows and columns in the table so we know what values came from where. Also, clearly differentiate between tables with original facts (e.g., balance sheet from annual report) from tables that contain either speculation or derived numbers. Anything discounted or adjusted is speculation or derived.
12 internautes sur 12 ont trouvé ce commentaire utile 
the most comprehensive review on value 20 septembre 2006
Par Antonios Wisa - Publié sur Amazon.com
Format: Broché
In short, this book is grounded on economics and common sense. It summarizes "the intelligent investor", "security analysis", and the modern books on Buffett pretty well (there are other paths to heaven besides Buffett's). Its verbiage is beautifully chosen and a joy to read, especially for avid value investors. Best of all it is a scholarly work - if you're sick and tired of the commercial investing books that flood bookstores, buy this book.
8 internautes sur 8 ont trouvé ce commentaire utile 
Must-read for value investors! 1 juillet 2007
Par Davy Bui - Publié sur Amazon.com
Format: Broché
What I Liked About It
* Details several valuation methods that I haven't seen in other non-academic, mainstream investing books.
* Several real-world examples to apply valuation methods
* Great treatment of brands vs. franchises

What Needed Work
* Various investor profiles unnecessarily fill the 2nd half of the book.
* Attempts at quantifying "franchise" felt a bit forced.

Greenwald's book ranks at the very top of my investing bookshelf. I read this after having read Graham, Greenblatt, Klarman, Lynch, P. Fisher, Cramer (yes, that Cramer!), Dorsey, Buffett, and Browne among others. Amazingly, this book broached a number of topics not covered by those prominent authors. As such, this book is required reading for the discerning investor.

The most important concepts this book gave me were valuation methods based on net asset value (NAV) and earnings power value (EPV). Before this, I had trouble valuing companies that didn't generate steady cash flow or have commodity assets. Now I have more angles from which to examine a prospect and find undervalued companies besides running a DCF analysis. We've heard about past opportunities where you could have bought a company like McDonalds for the price of its real estate and gotten the business for free. Greenwald shows you how to find these opportunities using his asset valuation methods. He also gives you the tools to fairly value "tech" companies (or any enterprise with heavy intangible capital). Less convincing is his discussion of earnings power value but nonetheless, it's still helpful to be able to examine a company's earnings ability.

Greenwald also spends time discussing problems with discount cash flow analysis (DCF) as well as franchises. While his thoughts on these subjects were thought-provoking, I don't completely agree with his conclusions.

On DCF, Greenwald says that trying to project future growth rates 5-10 years forward is folly and will distort your DCF analysis. While he is right that future growth projections are problematic, that doesn't mean DCF isn't helpful for individual investors. Greenwald concedes that his preferred methodologies require, in some instances, in-depth knowledge of the business and industry of the company being examined. The non-professional (me!) may not have this expertise and any estimates of asset worth or capital costs would be just as faulty as analyst growth estimates. In fact, an adjusted future growth rate derived from a number of industry-knowledgeable analysts may be more generally accurate (if imprecise).

The main knock against the book is the whole second half consisting of eight investor profiles. There's nothing wrong with them per se except that they are in the book at all. If I had wanted a book on famous value investors, I would have picked up something by Kirk Kazanjian. The chapter on Warren Buffett is almost exclusively quotations taken from freely available public reports and Seth Klarman has written his own book on investing.

I've written a more-indepth review at my enlightened-american website but in summary, my advice is to soak in the 1st half of the book and skip the 2nd half entirely. Dig into an annual report instead and start applying what Greenwald's shown you.
5 internautes sur 5 ont trouvé ce commentaire utile 
The best book on investing I have ever read 2 mars 2009
Par Houman Tamaddon - Publié sur Amazon.com
Format: Broché
I had been waiting for an outstanding book like this one for years. I finally found it! The book is divided into two main parts. The first part describes value investing and lays out the foundations on how to go about valuing investments with an emphasis on companies' stocks. The second part describes the approaches of some value investors with the greatest number of pages dedicated to Warren Buffett.

Greenwald et al lay out the principles of value investing in a manner that is basic enough that any intermediate investor can easily follow and yet, unlike many other books, not so basic that is becomes meaningless or insults the readers. There is some basic algebra but nothing too complicated. As Warren Buffett says you do not need to understand complicated math to be a great investor.

The authors also do a great job in explaining why pursuing growth is not a contradiction for value investors. Pursuit of growth strategy may seem at odds with traditional value investing as taught by Ben Graham, but the authors explain the evolution of the discipline clearly. Many criticize value investors as not being really value-oriented when they pursue growth. Value investing can describe different strategies. Two cooks may specialize in Chinese food but can come up with completely different dishes. This does not mean that one of them is not really cooking Chinese dishes. Similarly there is nothing contradictory about a value investor purchasing a growth stock. I thought the authors did a great job explaining this concept to readers. The second part of this book describes nicely how different cooks specializing in Chinese dishes can cook in significantly different manners.

This is an outstanding book and the authors have done their readers a huge service. Ben Graham's Security Analysis and Intelligent Investor are the bibles for many value investors, but this contemporary book is both more enjoyable and readable. I highly recommend it.
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