Investing legend Warren Buffett once said that "success in investing doesn't correlate with I.Q. once you're above the level of 125. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing." In an attempt to understand exactly what kind of temperament Buffett was talking about, Ronald W. Chan interviewed 12 value-investing legends from around the world, learning how their personal background, culture, and life experiences have shaped their investment mindset and strategy. The Value Investors: Lessons from the World's Top Fund Managers is the result. From 106-year-old Irving Kahn, who worked closely with "father of value investing" Benjamin Graham and remains active today, and 95-year-old Walter Schloss (described by Warren Buffett as the "super-investor from Graham-and-Dodsville"), to the co-founders of Hong Kong-based Value Partners, Cheah Cheng Hye and V-Nee Yeh, and Francisco García Paramés of Spain's Bestinver Asset Management, Chan chose investment luminaries to help him understand the international appeal - and success - of value investing. All of these men became strong advocates of the approach despite considerable age and cultural differences. Chan finds out why. In The Value Investors, readers will also discover how these investors, each of whom has a unique value perspective, have consistently beaten the stock market over the years. Do they share a trait that allows this to happen? Is there a winning temperament that turns the ordinary investor into an extraordinary one? This book answers these questions and more.
Autorentext
Ronald W. Chan is the founder of Chartwell Capital Limited, an investment manage- ment company based in Hong Kong. He is a frequent contributor to financial newspapers and magazines in the Asia-Pacific region, and is the author of Behind the Berkshire Hathaway Curtain: Lessons from Warren Buffett's Top Business Leaders (Wiley). Chan received bachelor of science degrees in finance and accounting from the Stern School of Business at New York University.
Klappentext
Investing legend Warren Buffett once said that "success in
investing doesn't correlate with I.Q. once you're above
the level of 125. Once you have ordinary intelligence, what you
need is the temperament to control the urges that get other people
into trouble in investing."
In an attempt to understand exactly what kind of temperament
Buffett was talking about, Ronald W. Chan interviewed 12
value-investing legends from around the world, learning how their
personal background, culture, and life experiences have shaped
their investment mindset and strategy. The Value Investors:
Lessons from the World's Top Fund Managers is the
result.
From 106-year-old Irving Kahn, who worked closely with
"father of value investing" Benjamin Graham and remains
active today, and 95-year-old Walter Schloss (described by Warren
Buffett as the "super-investor from
Graham-and-Dodsville"), to the co-founders of Hong Kong-based
Value Partners, Cheah Cheng Hye and V-Nee Yeh, and Francisco
García Paramés of Spain's Bestinver Asset
Management, Chan chose investment luminaries to help him understand
the international appeal - and success - of value
investing. All of these men became strong advocates of the approach
despite considerable age and cultural differences. Chan finds out
why.
In The Value Investors, readers will also discover how
these investors, each of whom has a unique value perspective, have
consistently beaten the stock market over the years. Do they share
a trait that allows this to happen? Is there a winning temperament
that turns the ordinary investor into an extraordinary one? This
book answers these questions and more.
Zusammenfassung
Investing legend Warren Buffett once said that success in investing doesn't correlate with I.Q. once you're above the level of 125. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.
In an attempt to understand exactly what kind of temperament Buffett was talking about, Ronald W. Chan interviewed 12 value-investing legends from around the world, learning how their personal background, culture, and life experiences have shaped their investment mindset and strategy. The Value Investors: Lessons from the World's Top Fund Managers is the result.
From 106-year-old Irving Kahn, who worked closely with father of value investing Benjamin Graham and remains active today, and 95-year-old Walter Schloss (described by Warren Buffett as the super-investor from Graham-and-Dodsville), to the co-founders of Hong Kong-based Value Partners, Cheah Cheng Hye and V-Nee Yeh, and Francisco García Paramés of Spain's Bestinver Asset Management, Chan chose investment luminaries to help him understand the international appeal and success of value investing. All of these men became strong advocates of the approach despite considerable age and cultural differences. Chan finds out why.
In The Value Investors, readers will also discover how these investors, each of whom has a unique value perspective, have consistently beaten the stock market over the years. Do they share a trait that allows this to happen? Is there a winning temperament that turns the ordinary investor into an extraordinary one? This book answers these questions and more.
Inhalt
Foreword xi
Preface xiii
Chapter 1 Free to Choose in Value Land 1
Walter Schloss, Walter & Edwin Schloss
Associates
Living through the Great Depression 5
The Meaning of Survival 7
Net-Nets 8
Setting the Right Pace 11
Know Thyself 15
Chapter 2 Once Upon a Time on Wall Street 17
Irving Kahn, Kahn Brothers Group
Becoming Graham's Disciple 22
Preaching Value 25
A Centenarian Diet 30
Chapter 3 The Making of a Contrarian 33
Thomas Kahn, Kahn Brothers Group
A Modified Graham Approach 38
The Case for Obscure Securities 42
Market Reflection 45
Chapter 4 On the Shoulders of Value Giants 47
William Browne, Tweedy, Browne Company
A Valuable Detour 52
Statistics and Beyond 54
Setting a Global Standard 56
The Social Science of Investing 59
The Market Ahead 61
Chapter 5 A Journey to the Center of Value 65
Jean-Marie Eveillard, First Eagle Funds
Valley of Tears 70
The Inefficient Market 71
The Meaning of Value 74
The Courage to Say No 77
Seeking Protection 79
Chapter 6 The Self-Taught Value Spaniard 83
Francisco García Paramés, Bestinver Asset
Management
On a Solo Value Hunt 88
Investing Made Simple 90
Austrian Economics and the Market 93
A Global Rebalancing 97
Chapter 7 The Income-Conscious Englishman 101
Anthony Nutt, Jupiter Asset Management
A Victorian Mindset 105
Finding the Right Investment Culture 108
Trusting Only Tangible Income 110
The Courage to Keep Going 114
Chapter 8 The Frequent Value Traveler 117
Mark Mobius, Templeton Emerging Markets Group
Reading between the Minds 122
Thinking Big and Small 124
Trouble is Opportunity 126
Feeling the Market 130
Chapter 9 The Value-Oriented Businessman 133
Teng Ngiek Lian, Target Asset Management
Learning the Numbers 136
The Art of Contrary Thinking 138
Targeting Good Businesses in Asia 141
The Relativity of Valuation 143
A Value Lifestyle 145
Chapter 10 Value Investing in the Lost Decade 149
Shuhei Abe, SPARX Group
A Musical Beginning 153