Applied Value Investing: The Practical Application of Benjamin Graham and Warren Buffett's Valuation Principles to Acquisitions, Catastrophe Pricing and Business Execution / Edition 1

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Since Benjamin Graham fathered value

investing in the 1930s, the method of analysis

has spawned a large number of highly successful

investors, such as Graham’s own former

student and employee, Warren Buffett, who is

regarded as one of the most successful investors

of modern times.

Over the years, numerous books have been

published on Benjamin Graham’s approach.

Most of these books present different interpretations

of value investing and are generally

introductory based. Until now, there has not

been an advanced hands-on guide for investors

and executives who may want to apply

the powerful value investing discipline outside

of stocks and bonds.

Applied Value Investing takes the same time-proven

approach Graham introduced with

David Dodd in their 1934 masterpiece,

Security Analysis, and extends it in a variety of

unique and practical ways—including mergers

and acquisitions, alternative investments,

and financial strategy.

This in-depth guide shows financially sophisticated

readers how to use value investing in a

macroinvesting framework and how to apply

it to the emerging area of super catastrophe

valuation. It illustrates how to put value investing

to use with case studies on:

  • Eddie Lampert’s acquisition of Sears
  • Warren Buffett’s acquisitions of GEICO

    and General Reinsurance Corporation

  • The recent “new economy” boom and

    bust, and its aftermath

  • The underwriting of the Pepsi Play

    for a Billion sweepstakes

Applied Value Investing also demonstrates how

to incorporate the cornerstones of valuation

into an integrated business framework that

can be used to assess and manage a franchise

(or a firm operating with a sustainable competitive


In addition to its cutting-edge applications

of value investing principles, Applied Value

Investing sets itself apart by drawing on material

published in leading academic journals to

form the foundation of its presentation. However,

value investing is inherently practical, and

this comprehensive resource provides helpful

guidance for successfully implementing value

investing strategies in the real world.

To profit like the masters you have to think

like them. Applied Value Investing can open

new doors to value creating opportunities.

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Product Details

  • ISBN-13: 9780071628181
  • Publisher: McGraw-Hill Professional Publishing
  • Publication date: 7/24/2009
  • Edition number: 1
  • Pages: 304
  • Sales rank: 528,348
  • Product dimensions: 6.30 (w) x 9.10 (h) x 1.20 (d)

Meet the Author

Joseph Calandro, Jr., is the enterprise

risk manager of a global financial

services firm. He previously taught value investing

and risk management courses in the

MBA program at the University of Connecticut

and worked as a financial management

consultant with IBM Global Services.

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Table of Contents

1. Net Asset Valuation and Earnings Power valuation
2. Applying base case valuation to M&A: Sears
3. Growth based margin of safety acquisitions:GEICO
4. Risk: General Reinsurance Corp.
5. Macro-Investing
6. Alternative Investments including catastrophe-based alternatives
7. Buffett, Graham’s principles applied to business management

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