Value investing isn't for everyone. Like practically everything in life, however, you can't know for sure until you’ve tried it and seen how, where, and especially when value investing can get results. Anyone can stumble onto bargains. But knowing whether the companies behind the cheapest stocks and bonds are the genuine articles for the long run is part science and part judgment.
Brandes on Value is your opportunity to experience both sides of the equation. From the time-tested
Graham-and-Dodd fundamentals introduced in the 1930s to the contemporary lessons of Japan's lost decades, the financial crisis of 2008-2009 and the rapid globalization of the investment arena, Brandes on Value is a modern take on a classic approach to a timeless discipline.
Through real-world examples and time-tested perspectives on classic Graham-and-Dodd principles, Brandes on Value: The Independent Investor is more than just a "how to" for value investors. It also answers "how come" and "how now" in the modern investment world--one that is too often distracted by short-term thinking and short-lived trends.
ON MARKET CYCLES and how boom-and-bust speculation lays the foundation for value investing opportunities that are often hidden in plain sight.
ON INVESTOR PSYCHOLOGY and why behavioral biases work against the average investor and in favor of the patient, persistent value strategist.
ON PRODUCT TRENDS and the trappings of old ineffective investments constantly repackaged into new ones.
ON "MR. MARKET" and proof that value investing pioneer Ben Graham's bipolar parable is more vocal now than ever.
ON RISK and its misperceptions that lead to costly long-term setbacks for individual and institutional investors.
ON VALUE and why this investment discipline with roots in the 1930s is more relevant and needed than ever before.
|Publisher:||McGraw-Hill Professional Publishing|
|Product dimensions:||5.90(w) x 9.10(h) x 1.20(d)|
About the Author
CHARLES BRANDES is the founder and Chairman of Brandes Investment Partners, L.P., and also a member of the firm's Investment Oversight Committee. Starting his career in 1968 as a broker trainee, Mr. Brandes decided to dedicate his practice to value investing soon after a chance yet inspiring meeting with the man who pioneered this time-tested investment philosophy, Benjamin (Ben) Graham. Considered the father of value investing, Graham authored such books as Security Analysis and The Intelligent Investor--groundbreaking insights that, as Mr. Brandes often puts it, "changed my life."
Following this sage advice, Mr. Brandes would found Brandes Investment Partners in 1974--with the enthusiastic support of Ben Graham--based on the Graham-and-Dodd value investment tenets. Since he founded his eponymous firm, Brandes has never wavered from this straightforward
Graham-and-Dodd approach, building portfolios one company at a time through the firm's equity and fixed-income strategies to help clients pursue their long-term investment goals.
Table of Contents
Author's Notes: Forging My Value Mindset and Grasping the Baton ix
Part I Why Value Investing?
1 Here We Go Again 3
2 Fundamentals: What Is Value Investing? 18
3 The Value Pedigree and the Rewards of Value Investing 28
Part II Value Investing in the Real World
4 Behavioral Biases: Why Value Investing Works 41
5 The Search for Value 55
6 By the Numbers 67
7 Why Go Overseas? 82
8 Searching for Value in a Volatile and Dynamic Global Arena 92
9 Analysis and Action 107
Part III Lessons Learned and Principles Applied
10 Staying Committed: Mr. Market Takes Value to Task-Part 1 127
11 Staying Committed: Mr. Market Takes Value to Task-Part 2 142
12 Staying on Target: Investigating Investor Behavior 154
13 Staying Focused: Everything Old Is New Again 163
14 Staying Active: The Stock Picker's Edge in a Passive World 173
Part IV Value in an Effective Portfolio
15 Are Stocks an Intelligent Investment? 185
16 Value Investing in the Bond World 195
17 Managing Risk and Diversifying a Portfolio 206
18 Which Way to the Market? 218
19 Staying the Course 230