Based on interviews with the world's most-successful value investors,
The Art of Value Investing — by Value Investor Insight co-founders
John Heins and Whitney Tilson — offers a comprehensive set of answers
to the questions every equity money manager should have thought through
clearly before holding himself or herself out as a worthy steward of other
people's money. What market inefficiencies will I try to exploit? How will
I generate ideas? What will be my geographic focus? What analytical edge
will I hope to have? What valuation methodologies will I use? What time horizon
will I typically employ? How many stocks will I own? How specifically will I
decide to buy or sell? Will I hedge, and how? How will I keep my emotions from
getting the best of me?
Who should read The Art of Value Investing?
It is as vital a resource for the just-starting-out investor as for the
sophisticated professional one. The former will find a comprehensive guidebook
for defining a sound investment strategy from A-to-Z; the latter will find all
aspects of his or her existing strategy challenged or reconfirmed by the
provocative thinking of their most-successful peers. It also is a must-read for
any investor — institutional or individual — charged with choosing the best
managers for the money they are allocating to equities. Choosing the right
managers requires knowing all the right questions to ask as well as the answers
worthy of respect and attention — both of which are delivered in The Art of Value Investing.