The Little Book of Value Investing (Little Book Big Profits Series)

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Overview

Do you care about your money? Then spend a little time with Christopher Browne to understand what investing is all about so you can do a better job of investing.

There are many ways to make money in today's market, but the one strategy that has truly proven itself over the years is value investing. Value investing consists of buying the stock of companies that trade for less than their intrinsic value to profit from their long-term performance. Value investing works. It has ...

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The Little Book of Value Investing

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Overview

Do you care about your money? Then spend a little time with Christopher Browne to understand what investing is all about so you can do a better job of investing.

There are many ways to make money in today's market, but the one strategy that has truly proven itself over the years is value investing. Value investing consists of buying the stock of companies that trade for less than their intrinsic value to profit from their long-term performance. Value investing works. It has produced superior investment results to any other strategy. Best of all, it is easy to understand. As Warren Buffett has said, no more than 125 IQ points are needed. Any more and they are wasted.

Author Christopher Browne has been a part of Tweedy, Browne Company—the oldest value investing firm on Wall Street, which has counted Benjamin Graham among its clients—for more than thirty years, and over the course of his career, he has successfully followed the value approach to investment management, buying bargain stocks around the world.

Now, with The Little Book of Value Investing, he translates this wealth-building strategy in a way that any investor can understand and apply to investing all over the globe. You will learn how to buy stocks like steaks—on sale—no matter where they are sold; how to put your money to work like a banker; and how to buy $1 for 66 cents. Browne's ideas can help prevent you from losing money by spotting false bargains. Most importantly, he clearly illuminates the first rule of investing: don't lose money.

The beauty of value investing is its logical simplicity. Within these pages, high-caliber value manager Christopher Browne illustrates how to identify the "sales flyers," the market offers to profit, while avoiding bubbles and manias. This little book is a treasure trove of insight. In addition to teaching you how to uncover value stocks, you'll also learn how to:

  • Give the companies you invest in a physical
  • Send your stocks to the Mayo Clinic for a checkup with a sixteen-point checklist
  • Find a specialist
  • Stay the course and stay away from fleeting fads

Written in a straightforward and engaging manner, The Little Book of Value Investing will help you to understand and implement one of the most effective investment strategies ever created.

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Editorial Reviews

From Barnes & Noble
In this stand-alone follow-up to The Little Book That Beats the Market, influential money manager Christopher H. Browne introduces readers to all the essentials of value investing, the most reliable and time-tested investment strategy. As in his previous book, Browne refuses to pad his text; this 200-page guide is a quick read that successfully delivers its lessons.
From the Publisher
"Fools would be well-served to place The Little Book of Value Investing on their holiday shopping lists". (Fool.com, December 12, 2006)

"sharply written...gets you fired up about buying stocks" (USA Today, December 4, 2006)

"If you are a value investor by temperament, you will (or should) find a lot that is persuasive in what Christopher Browne has to say about the craft of value investing in a delightful new book out this autumn...It is nicely written and utterly persuasive if long-term investment success is what you are after and your temperament is equipped to handle the psychological pressures of making non-consensus investments." (The Independent, November 2006)

"elegant new treatise on the art of value investing. . ." (Financial Times (UK), October 30, 2006)

"...easily digestible and shortish treatise for anyone who wants to try out this particular investment strategy".  (The Wall Street Journal, October 10, 2006)

"After 37 years of practicing what Graham preached, Browne has distilled the creed into a disarmingly chatty primer. . ." (Bloomberg)

"one of the best guidebooks toward protecting and growing a retirement nest egg. This advice comes from a legend of value investing, and it’s presented with enough clarity that anyone can follow it." (Forbes.com)

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Product Details

  • ISBN-13: 9780470055892
  • Publisher: Wiley
  • Publication date: 9/29/2006
  • Series: Little Books. Big Profits Series, #6
  • Edition number: 1
  • Pages: 208
  • Sales rank: 280,765
  • Product dimensions: 5.41 (w) x 7.17 (h) x 0.85 (d)

Meet the Author

CHRISTOPHER H. BROWNE is a Managing Director of Tweedy, Browne Company LLC and is a member of the firm's management committee. He is also President of the Tweedy, Browne Funds, a mutual fund group. Browne is a graduate of the University of Pennsylvania where he serves as a Charter (Life) Trustee. At Penn, he established the Browne Center for International Politics, and the Browne Distinguished Professorships in the School of Arts and Sciences. Mr. Browne served on the faculty advisory committee of Harvard's John F. Kennedy School of Government program in investment decisions and behavioral finance. He is a trustee of Guild Hall, a regional arts and education center in East Hampton, New York, and of the Long Island Chapter of The Nature Conservancy. Mr. Browne is also a trustee of The Rockefeller University and a member of its executive and investment committees.

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Table of Contents

Foreword.

Acknowledgments.

Introduction.

Chapter One: Buy Stocks like Steaks . . . On Sale.

Chapter Two: What’s It Worth?

Chapter Three: Belts and Suspenders for Stocks.

Chapter Four: Buy Earnings on the Cheap.

Chapter Five: Buy a Buck for 66 Cents.

Chapter Six: Around the World with 80 Stocks.

Chapter Seven: You Don’t Need to Go Trekking with Dr. Livingston.

Chapter Eight: Watch the Guys in the Know.

Chapter Nine: Things That Go Bump in the Market.

Chapter Ten: Seek and You Shall Find.

Chapter Eleven: Sifting Out the Fool’s Gold.

Chapter Twelve: Give the Company a Physical.

Chapter Thirteen: Physical Exam, Part II.

Chapter Fourteen: Send Your Stocks to the Mayo Clinic.

Chapter Fifteen: We Are Not in Kansas Anymore! (When in Rome).

Chapter Sixteen: Trimming the Hedges.

Chapter Seventeen: It’s a Marathon, Not a Sprint.

Chapter Eighteen: Buy and Hold? Really?

Chapter Nineteen: When Only a Specialist Will Do.

Chapter Twenty: You Can Lead a Horse to Water, But . . . .

Chapter Twenty-One: Stick to Your Guns.

Don’t Take My Word for It.

Bibliography.

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Customer Reviews

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Sort by: Showing all of 4 Customer Reviews
  • Anonymous

    Posted September 26, 2009

    Big Book of Value

    This book shows you the proven way to approach the stock market, and be successful

    Was this review helpful? Yes  No   Report this review
  • Posted January 1, 2009

    more from this reviewer

    I Also Recommend:

    Good fundamentals do not 'guarantee' good results

    This book opens by implying that when people shop for meat, electrical goods, and other products, they are always on the lookout for good 'value' items that are 'on sale': buy beef when it's cheap, switch to pork when it's cheap etc. In contrast; when buying stocks, people tend to buy "fashionable" stocks at high prices. While the latter is true, I'm not sure that the former is true at all.<BR/><BR/>I think people are just as likely to buy top-of-the-range food items because everyone else is, and are inclined to buy the "sizzle" rather than the "sausage". The other problem with this analogy is that people are not generally buying consumer items as an investment -- to sell on at a higher price in the future, or to derive an income from.<BR/><BR/>Nevertheless, the point of the analogy is to encourage you to buy umbrellas when it's sunny (and no-one relasises their true value) and sell them when it's rainy (and everyone wants one). This theory is totally sound, as long as:<BR/><BR/>1) You don't buy a faulty batch of umbrellas, which will never realise their true value.<BR/>2) It rains in the not-too-distant future, ideally in line with when you (or the weather presenter) forecast it to rain.<BR/><BR/>I have found two problems with value investing in it's simplest form, which I tested using real historic data in "Stock Fundamentals On Trial: Do Dividend Yield, P/E and PEG Really Work?". First: that fundamental ratios such as Dividend Yield, P/E, and PEG are not necessarily good indicators of future prospects (i.e. they don't guarantee fault-free umbrellas). Second: Analysts' forecasts can be spectacularly wrong, as 2007-2008 has demonstrated.<BR/><BR/>Despite my reluctance to embrace value investing (and to wait a long time for the returns that may or may not materialize), I do believe that this book may be very timely. If ever there was a time when stocks were selling at "on sale" prices in certain sectors, maybe that time is now.<BR/><BR/>If you think now is the right time to go value-hunting, you will find this book to be an engaging introduction which is accessible to all levels of readership.

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  • Anonymous

    Posted January 19, 2007

    a reviewer

    This short book is surely among the most concise, informative investment guides ever written. Christopher H. Browne manages to make stock market investing as simple and straightforward as shopping for groceries. He sketches quickly, but in adequate detail, the main principles of value investing, offers guidance on how to use such basic information as P/E ratios, points the way to free online stock-screening services and, yet, makes no big promises about market success. His message is that value investors who do their homework patiently and thoroughly may expect good returns eventually. Instead of aggressive trading, he emphasizes the virtue of not taking action. We recommend this succinct tutorial to every investor.

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  • Anonymous

    Posted March 18, 2012

    No text was provided for this review.

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