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Since Benjamin Graham fathered value investing in the 1930s, the method of analysis has spawned a large number of highly successful investors, such as Graham’s own former student and employee, Warren Buffett, who is regarded as one of the most successful investors of modern times.
Over the years, numerous books have been published on Benjamin Graham’s approach. Most of these books present different interpretations of value investing and are generally introductory based. Until now, there has not been an advanced hands-on guide for investors and executives who may want to apply the powerful value investing discipline outside of stocks and bonds.
Applied Value Investing takes the same time-proven approach Graham introduced with David Dodd in their 1934 masterpiece, Security Analysis, and extends it in a variety of unique and practical ways—including mergers and acquisitions, alternative investments, and financial strategy.
This in-depth guide shows financially sophisticated readers how to use value investing in a macroinvesting framework and how to apply it to the emerging area of super catastrophe valuation. It illustrates how to put value investing to use with case studies on:
- Eddie Lampert’s acquisition of Sears
- Warren Buffett’s acquisitions of GEICO and General Reinsurance Corporation
- The recent “new economy” boom and bust, and its aftermath
- The underwriting of the Pepsi Play for a Billion sweepstakes
Applied Value Investing also demonstrates how to incorporate the cornerstones of valuation into an integrated business framework that can be used to assess and manage a franchise (or a firm operating with a sustainable competitive advantage).
In addition to its cutting-edge applications of value investing principles, Applied Value Investing sets itself apart by drawing on material published in leading academic journals to form the foundation of its presentation. However, value investing is inherently practical, and this comprehensive resource provides helpful guidance for successfully implementing value investing strategies in the real world.
To profit like the masters you have to think like them. Applied Value Investing can open new doors to value creating opportunities.
Editorial ReviewsFrom the Back CoverBrand-new ways to apply the investing ideas of GRAHAM and BUFFETT“This thought-provoking work takes value investing to the next level.”
—Seth A. Klarman, President, Baupost Group, L.L.C., Lead Editor of Graham and Dodd’s Security Analysis, 6th Ed.
“After 75 years, Graham and Dodd remains the true North Star for those seeking the Rosetta Stone to unlock values. Professor Joseph Calandro adopts Graham and Dodd’s fundamental premises and uses them to focus on new dynamics.”
—Mario J. Gabelli, CFA, Chairman and CEO, GAMCO Investors, Inc.
“Calandro’s application of Graham and Dodd principles outside the traditional realm of value investing involves multi-disciplinary thinking, a necessary skill for constructively framing and reframing the investment landscape in today’s chaotic world.”
—Mitchell R. Julis, Co-Chairman and Co-CEO, Canyon Partners, L.L.C.
“Applied Value Investing is the most important business book of our time.”
—Dr. John J. Sviokla, Vice Chairman, Diamond Management & Technology Consultants, and former Associate Professor, Harvard Business School
“Calandro’s groundbreaking book integrates [key] lessons into a holistic and practical business framework, which can be used to either assess or manage a business.”
—Robert M. Randall, Editor, Strategy & Leadership, and coauthor of The Portable MBA in Strategy
“If executives will adopt the discipline that Joseph Calandro lays out, they will avoid many, many costly mistakes.”
—Paul B. Carroll, coauthor of Billion-Dollar Lessons
“A must-read for all Graham and Dodd followers, and valuation practitioners.”
—Patrick Terrion, Principal, Founders Capital Management, and author of The Company You Keep
“A useful addition to every value investor’s library.”
—Bruce Greenwald, Robert Heilbrunn Professor of Finance and Asset Management, Columbia Business School
About the AuthorJoseph Calandro, Jr., is the enterprise risk manager of a global financial services firm. He previously taught value investing and risk management courses in the MBA program at the University of Connecticut and worked as a financial management consultant with IBM Global Services.
Product Details
- Series: McGraw-Hill Finance & Investing
- Hardcover: 304 pages
- Publisher: McGraw-Hill; 1 edition (August 14, 2009)
- Language: English
- ISBN-10: 0071628185
- ISBN-13: 978-0071628181
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