Comments on: Value Investing: From Graham to Buffett and Beyond

By: The linkage between ROIC, Market Value, Replacement Value, and a Sustainable Competitive Advantage « The Fallible Investor

Wed, 03 Mar 2010 01:41:20 +0000

[...] P38, ‘Value Investing: From Graham To Buffett And Beyond’, Bruce Greenwald et al, [...]

By: Saj

Saj — Sun, 27 Jul 2008 04:43:18 +0000

Of course, Security Analysis would have to be one of the top books for any aspiring value investor!

By: alexg

alexg — Thu, 03 Jul 2008 06:42:03 +0000

Agree with you to a certain extent. If you look at US Bank (USB) financial statement, its really not that hard to understand. Its when you get into AIG’s, MBIA ,WM,etc… that we start running into problems. I have been burned by AIG and I highly suggest to stay away as you mention. I know Greenwald had a Bloomberg TV interview in which he was recommending AXP in the $55- $60 range. I wonder what he thinks now.

By: PhilR

PhilR — Thu, 03 Jul 2008 06:04:12 +0000

I have read Mr. Greenwald’s book and can safely say that you should stay away from MOST financial companies at the moment. The first step of his approach is to value the assets and I strongly believe that this cannot be done for most financial companies out there. There is simply not enough disclosure as to what they own and it would take thousands and thousands of pages of readings to understand some of the packaged products that are on their books. If you have that type of patience, by all means start reading, but I will spend my time trying to find situations that are more within my circle of competence…

By: Dividend Growth Investor

Dividend Growth Investor — Thu, 26 Jun 2008 13:26:29 +0000

AlexG,

From your review I judge that the value investing book did speak negatively about dot com stocks. But if you calculate any moat for financials like C, BAC, WB etc, does it give you a good buying or a good “not touching” opportunity? I am just curios!

By: alexg

alexg — Wed, 25 Jun 2008 13:45:53 +0000

J-
Thanks for recommending that idea. I will take care of that soon.
I have heard great reviews of Active Value Investing but was a bit turned off when he kept recommending JTX and the stock took a 50% haircut.Maybe I will get around to it once day, but in the mean time I have a couple of books in mind that I want to read .

By: J

Wed, 25 Jun 2008 04:10:36 +0000

I agree – this is an interesting read. Just wondering if you felt like writing a short post with any recommendations from the other (value) investing books you’ve read. There are lots out there, and it isn’t always easy to identify the good ones.

From my reading, obviously “The Intelligent Investor” must be first. I agree with Greenblatt’s “Stock Market Genius” (haven’t picked up the others) and also like Cunningham’s collection of Buffett’s writing (all from the shareholder’s letters, but nicely organised by theme).

My current favourite is “Active Value Investing” by Katsenelson – he makes the argument that the market will revert to (beyond) historical P/Es and historic profit margins; in that scenario, even growing firms will stagnate in terms of price and value investing becomes even more attractive. He can state his own case better than I – check out the interview links at http://contrarianedge.com/ if you are interested.