THE ART OF VALUE INVESTING by John Heins and Whitney Tilson
Authors: Not relevant as the bulk of the book is composed of interviews with top value investors.
Book: The book consists of the collective wisdom of today's most successful value investors, distilled into a series of actionable lessons with a paragraph of extension each. Based on interviews with market-beating money managers, the book addresses questions as:
1. The key skills top market-beaters think of as absolutely indispensable to success.
2. The types of situations and market inefficiencies value investor legends look to exploit.
3. How to generate new investing ideas.
4. How to research companies, with insights on company valuation and deciding what and when to buy.
5. How to maintain mental and emotional discipline.
6. How legendary value investing learn from their mistakes and the key lessons they've learned
7. Portfolio management techniques, including guidance on diversification, risk management, position-sizing, etc.
Opinion: Amazing book, easy to read and full of insights. I bought it without knowing that peculiar style (see additional pictures on the Instagram page) and it was a great surprise. It is great to see de similarities and differences between top investors as Bill Nygren, Joel Greenblatt, Bill Ackman, Seth Klarman, Charlie Munger or Jeffrey Ubben. Bill Ackman says that he learned the investment business largely from the work and thinking of other investors. This book is the best tool available for that. The only bad thing about the book is that it could suffer from huge survivorship bias, that is, we are seeing the successful investors who used those strategies, but what about the ones who failed by applying them?
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