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Kazanjian (Wizards of Wall Street), a former executive and business journalist, offers q&a style interviews with leading value investors, those who specialize in finding undervalued stocks and snapping them up for below-market prices. Readers learn how the interviewees feel about mutual funds, intrinsic value, foreign currency and more.
- Sales Rank: #274448 in Books
- Brand: Brand: New York Institute of Finance
- Published on: 2002-05-01
- Released on: 2002-04-30
- Original language: English
- Number of items: 1
- Dimensions: 9.38" h x 1.17" w x 6.32" l,
- Binding: Hardcover
- 336 pages
- Used Book in Good Condition
From Publishers Weekly
Kazanjian (Wizards of Wall Street), a former executive and business journalist, offers q&a-style interviews with leading value investors those who specialize in finding undervalued stocks and snapping them up for below-market prices. Some of these money managers William Miller of Legg Mason Value Trust, David Dreman of Dreman Value Management and Martin Whitman of Third Avenue Funds are well-established advocates of the value approach. Others are relative newcomers, such as the Oakmark Funds' William Nygren and Jean-Marie Eveillard of First Eagle SoGen Funds. The general approach to the interviews is the same: a brief summary of the manager's background, including education and career history, is followed by examples of stocks the managers have bought or sold, how each researches a potential investment and an explanation of his or her approach to buying and selling stock. Along the way, readers learn how the interviewees feel about mutual funds, intrinsic value, foreign currency and more. Kazanjian is well-versed in personal finance and asks solid, if not wildly original, questions. Novice investors wanting an overview of value investing will find this book challenging. More experienced investors will probably be familiar with the strategies of many of these managers. B&w photos.
Copyright 2002 Cahners Business Information, Inc.
From Library Journal
Value investing is buying stock in firms whose share price has fallen below the company's intrinsic value. To limn the concept, TV business commentator and business writer Kazanjian compiled interviews with 20 highly successful value fund managers. Each of the ten- to 20-page interviews concentrates on the "master's" investing philosophy and experience in short and well-focused responses. In the last two very brief chapters, Kazanjian details what the masters have in common and ten keys for successful investing. This is the same format that he used for mutual funds in Wizards of Wall Street. The well-edited volume reads easily and without too much jargon, though it is clearly aimed at the more serious investor. Highly recommended for academic and public libraries with strong investment interest. Patrick J. Brunet, Western Wisconsin Technical Coll. Lib., La Crosse
Copyright 2002 Cahners Business Information, Inc.
From Booklist
The boom and the bust of the 1990s notwithstanding, there is something fascinating about the machinations of Wall Street. Well-credentialed author Kazanjian (Wizards of Wall Street [2000], among others) capitalizes on the investor psychology by interviewing 20 top mutual fund managers who have outperformed their peers by a 16-to-1 ratio. All specialize in value investing, preferring to buy stocks selling below market prices--though that common value can vary dramatically by individual. David Dreman of the eponymous firm defiantly calls himself a contrarian investor, while Martin Whitman of Third Avenue Funds delights in being named a "vulture" who snaps up securities of distressed companies. Every feature, formatted in a question-and-answer style, is refreshingly informal and amazingly revealing. Perhaps the reason for that candor lies in the 10 traits all share, from patience to risk minimization to plain old persistence. Just remember: 80 to 90 percent of investment returns are realized during only 2 to 7 percent of holding time. Barbara Jacobs
Copyright � American Library Association. All rights reserved
Most helpful customer reviews
19 of 19 people found the following review helpful.
Insight from Successful Money Managers
By Rick Spell
This book is a very compelling analysis of 20 highly recognized value investors. The author interviews these investors with similar summary questions. Generally, he tracked their history of how they got into the investment business, how they developed their philosophy, a summary of how they analyze stocks, and any insight they would like to add about their approach. With the questions being similar to each manager, you are able to compare unique journeys by which the investors ended up as value investors. Most of the managers were very similar in their belief that investors have internal philosophies about value investing and you either get it or you don't. But the paths taken by the managers into investing were all different. It was very intriguing that not many grew up wanting to be value investors but rather in many cases just fell into it.
As a proponent of value investing I did not find a particular analytical tool that will change my evaluation method. But I did see how different managers could look at the same problem and see different outcomes. In addition, I heavily marked specific passages to refer back. I intend to research some of the investors in further depth and track changes in their portfolios looking for ideas.
I'm surprised the book was so poorly received by so many. I learned quite a bit, found the format to be helpful and look forward to following these investors in more depth. I've come to the conclusion that there is no book that answers all the questions novice stock investors may have but rather it is a slow journey where you pick up investing nuggets along the way.
14 of 16 people found the following review helpful.
Value Investing makes sense. However, don't get hyped and certainly, no one will promise you 15%, year after year.
By Golden Lion
Christopher Brown
1. First look for stocks with a Price/Earning or Price/Book less than 80% of all stocks.
2. These stocks must outperform the indexes
3. Make sure the company has good management and solid plans and strategies for growth
4. Focus on stocks with above market returns (7%). The stocks market returns must exceed the cost of money and inflation.
5. Invest and hold
6. Act like a business owner of the stock and now a momentum trader
7. The top money managers with 20 year records are value guys. Take for example, American Express, this stock compound 22%, for 10 years.
David Dreman
1. Buy low Price/Book, Low Price/Earnings, low Price/Cash flow stocks.
2. Contrarian investing has out performed markets spanning 50 years and the S&P for the last 10 years.
3. Buy good blue-chip stocks, which, on the whole, are growth stocks with 10-15 % growth.
4. Seek a solid balance sheet and above average dividends
5. Volatility is helpful. Contrarians are looking for top-performing stocks that have been knocked down. They love bear markets. Bear markets represent bargins, too buy cheap, wait until the market recognizes the value, and sell when price changes and other factors combine to suggest a sell. Bear markets allow the contrarian to purchase 10,20, 30 percent growers at a cheap price.
William Fries
1. Emerging franchises are younger companies and represent good potential for growth and emergence into saturated markets.
2. Establish a target price based on 12 to 18 month interval. Note that an analyst has 1/14 billion chance predicting price within 5%.
3. As a stock reaches its 12 to 18 month target price; we look to see what has changed.
4. One of the biggest mistakes is to sell emerging franchises to early.
5. The sale of really great companies can lead to lost opportunities.
James Gilligan
1. I'm particularly interested in how the company is getting to profitability
a. By examining trends in sales and administrative expenses
b. We want to see how the ratios stack up against the competition
2. To determine normalized earnings, we predict what sales should be, and then put a margin that the company has been able to generate over time on those sales.
a. Historically, 8 times Peak earnings to get Price
3. If the current earning estimate is higher than normalized earnings, we are not interested.
a. The best companies grow between 8-15%
b. The return on capital that exceeds the cost of capital
c. Sell a stock when the story turns out wrong or when you find something better.
James Gipson
1. Buy companies that can be easily understood.
2. When buying a stock, look at what might go wrong. Weight out the risks.
3. Sell when the price goes up or the value goes down.
4. Hold as long as the stock has value, the company is growing, and operations are good
5. Measure the value in ratio to the cash flow
6. Buy a stock that over the next 5 years will outperform the market
7. The market between 2000-2010 prediction is that it will experience a 10% return.
8. Growth investors do well, they do well because the companies they bought grew faster and longer than the market believed. The value investor bought when the company was undervalued; undervaluation was caused when the market becoming pessimestic about a negative event, as a result the market overreacted and panic sold; the value buyers realizing the overreaction and the value of these companies bought cheap; the market realized their mistake and began to buying up the valueable stock, raising the price, and the value buyers recognized overvaluation and sold for a 20-30% profit.
9. The problem for a value investor is finding stocks that look statistically expensive, but are cheap.
10. Management activity is important; the business value and management ability to execute a profit plan. Management must play the confidence game and create the perception they can provide value.
Ronald Muttlenkamp
1. P/E of 17 is the mean (Boggle would agree)
2. 4.5 is the normal interest rate (this was a revelation)
3. A value oriented P/E should be no more than 2.5 multipled by the growth rate
4. Find a value stock means going to the value line
a. It must have a good return on equity (14%+)
b. Fairly priced
c. P/E value must below the ROE
d. If the company is good and no management changes and the price suddenly drops then buy more and leverage profits on the return to fair price.
6 of 7 people found the following review helpful.
Got this for graduation
By Duff McPherson
I got this book for graduation and enjoyed every page of it. I learned a lot about how professional investors choose stocks, and it put what's going on in the current market into better context for me. The profiles are all concise and to the point, and I was surprised about how much the managers were willing to reveal about how they uncover investments. (By the way, I was reading through some of the other reviews. It seems like one person keeps writing the same unfounded negative review over and over. Unfortunately, it's clear this person hasn't read the book. It has nothing to do with technology stocks or the bubble.)
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