Résumé
The latest edition of the popular collection of in-depth portraits of extraordinary value investors, featuring new profiles and updates
The second edition of The Value Investors presents a collection of investing legend profiles from around the world. Chapters explore the investors' backgrounds, cultures, and personal stories, and reveal how life experiences have shaped their investment strategies and mindsets. This fascinating book shows you that value investing is a dynamic, constantly-changing strategy which, when properly implemented, can provide significant, sustainable benefits. Although the investors profiled come from a diverse range of geographic regions and socio-economic, cultural, and educational backgrounds, they share similar personality traits, temperaments, and investment philosophes.
Thoroughly revised and expanded, the book provides relevant updates on the professional and personal experiences of the investors since the first edition's publication. Complementing the original profiles are several new chapters featuring established value investors including Howard Marks, as well as rising personalities and fund managers such as Alvaro Guzman de Lazaro and Fernando Bernad Marrase. Author Ronald Chan, founder of Hong Kong-based investment management Chartwell Capital Limited, highlights how and why the value investors have consistently beaten the stock market through the years. This book:
Covers multiple generations, geographies, and value investing styles
Presents updated profiles of notable value investors such as Walter Schloss, Irving Kahn and Thomas Kahn, Jean-Marie Eveillard, Mark Mobius, and Teng Ngiek Lian
Profiles international fund and asset managers from the North America, Europe and Asia
Includes a chapter on the making of a successful value investor
The Value Investors: Lessons from the World's Top Fund Managers, 2nd Edition is a must-read for investors looking to diversify their portfolios across different asset classes or geographic areas, finance professionals and students, and general readers with interest in value investing.Foreword xi
Preface xiii
Chapter 1 Master of the Market Cycle 1
Howard Marks, Oaktree Capital Management
From Equity to Credit
A Priority on Avoiding Losses 5
The Pendulum Swing 7
The Negative Art of Investing 8
Nobody Knows 11
Chapter 2 Free to Choose in Value Land 17
Walter Schloss, Walter & Edwin
Schloss Associates
Living through the Great Depression
The Meaning of Survival
Net-Nets
Setting the Right Pace
Know Thyself
Chapter 3 Once Upon a Time on Wall Street 17
Irving Kahn, Kahn Brothers Group
Becoming Graham's Disciple
Preaching Value
A Centenarian Diet
Chapter 4 The Making of a Contrarian 33
Thomas Kahn, Kahn Brothers Group
A Modi?ed Graham Approach 38
The Case for Obscure Securities 42
Market Re?ection 45
Chapter 5 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 6 A Journey to the Center of Value 65
Jean-Marie Eveillard, First Eagle Funds
Valley of Tears 70
The Inef?cient Market 71
The Meaning of Value 74
The Courage to Say No 77
Seeking Protection 79
Chapter 7 The Self-Taught Value Spaniard 83
Francisco Garcia Parames, Cobas Asset
Management
On a Solo Value Hunt 88
Investing Made Simple 90
Austrian Economics and the Market 93
A Global Rebalancing 97
Chapter 8 The Law of Value Attraction 101
Alvaro Guzman de Lazaro & Fernando Bernad Marrase, AzValor Asset Management
A Value Cross-path 105
A Value Reunion 108
The Art of Concentration 110
The A to Z of Value 114
Chapter 9 The Odyssey of a Value Broker 117
Philip Best, Quaero Capital S.A.
Establishing the Best Contacts
Acquiring the Best Techniques
Investing Off the Beaten Path
A Sustainable Investment Platform
Chapter 10 The Income-Conscious Englishman 117
Anthony Nutt, Jupiter Asset Management
Markets Group
A Victorian Mindset 122
Finding the Right Investment Culture 124
Trusting Only Tangible Income 126
The Courage to Keep Going 130
Chapter 11 The Frequent Value Traveler 117
Mark Mobius, Mobius Capital Partners
Reading between the Minds 136
Thinking Big and Small 138
Trouble is Opportunity 141
Feeling the Market 143
Chapter 12 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 13 Value Investing in the Lost Decade 149
Shuhei Abe, SPARX Group
A Musical Beginning 153
Breaking the Language Barrier 155
Learning from the West 156
The Evolution of SPARX 158
Building a Westernized Asia 160
Searching for Value 162
Chapter 14 Eternal Sunshine of the Value Mind 165
V-Nee Yeh, Value Partners Group
A Multidisciplinary Path 168
Seeking a Comfortable Price 171
Finding a Value Partner 172
Spotting Value Minds 176
Becoming a Man of Value 162
Chapter 15 The Formless Value Deal Maker
Kin Chan, Argyle Street Management Limited 168
Navigating in the Slum
Specializing in Distressed Investing 171
An Atypical Investment Structure
The Rise of the 'Can't Do' Spirit 171
Chapter 16 The Accidental Value Investor 181
Cheah Cheng Hye, Value Partners Group
Starting an Investment Hobby Shop 187
Building a Value Temple 189
An Industralized Process 187
A Value March Forward 189
Chapter 17 The Making of a Value Investor 181
Investment Stewardship 187
Intellectual Humility 189
Developing Your Own Rhythm 187
Be Unconventional
The Balance Between Diversification and Concentration
Temperament is Above All 189
Acknowledgements 213
About the Author 217
Index 219RONALD W. CHAN is Chief Investment Officer of Chartwell Capital Limited, an investment management 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. He holds Bachelor of Science degrees in Finance and Accounting from the Stern School of Business at New York University.
