Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors

Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors

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Product Details

ISBN-13: 9781119012023
Publisher: Wiley
Publication date: 04/25/2016
Pages: 256
Sales rank: 859,539
Product dimensions: 6.10(w) x 9.10(h) x 1.00(d)

About the Author

ALLEN C. BENELLO, CFA, is the chairman of White River Investment Partners, LLC, a private investment firm in San Francisco.

MICHAEL VAN BIEMA is the founder and man- aging principal of van Biema Value Partners, LLC, and coauthor of Value Investing.

TOBIAS E. CARLISLE is a partner at Carbon Beach Asset Management, LLC, and author of the books Deep Value and Quantitative Value and the Greenbackd.com blog.

Table of Contents

Preface ix

Acknowledgments xiii

Introduction

Concentrated Investing 1

Chapter 1 Lou Simpson: The Disciplined Investor 5

A Portrait of Concentration

Chapter 2 John Maynard Keynes: Investor Philosopher 35

The Economics of Concentration

Chapter 3 Kelly, Shannon, and Thorp: Mathematical Investors 71

Concentration Quantified

Chapter 4 Warren Buffett: The Kelly-Betting Value Investor 89

Portfolio Concentration for Value Investors

Chapter 5 Charlie Munger: Concentration’s Muse 109

Quality without Compromise

Chapter 6 Kristian Siem: The Industrialist 131

The Importance of Permanent Capital to the Long-Term Investor

Chapter 7 Grinnell College: The School of Concentration 159

Concentration and Long-Term Investing for Endowment

Chapter 8 Glenn Greenberg: The Iconoclast 177

Simple, Common Sense Research, and Tennis Shoes

Chapter 9 Conclusion 203

The Concentrated Investor’s Temperament

About the Authors 221

Index 223

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