Value Investing: From Graham to Buffett and Beyond
暫譯: 價值投資：從格雷厄姆到巴菲特及其後
Greenwald, Bruce C., Kahn, Judd, Bellissimo, Erin
- 出版商: Wiley
- 出版日期: 2020-11-17
- 售價: $1,510
- 貴賓價: 9.5 折 $1,435
- 語言: 英文
- 頁數: 464
- 裝訂: Hardcover - also called cloth, retail trade, or trade
- ISBN: 0470116730
- ISBN-13: 9780470116739
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商品描述
Let some of the best investors in the world teach you how to be on the right side of the trade.
The first edition of Value Investing: From Graham to Buffett and Beyond was published in 2001. It is still in print, having sold over 100,000 copies. It has been translated into five languages. Business school professors still assign it in their courses. But in the 20 years since the first edition, the economy has changed, the investment world has evolved, and the discipline of value investing has adapted to this new environment. This second edition responds to these developments. It extends and refines an approach to investing that began with Benjamin Graham and David Dodd during the Great Depression and was adapted by Warren Buffett, Charlie Munger, and others to earn returns in an environment in which the opportunity to buy a stock worth a dollar for 50 cents is no longer waiting in plain sight.
The foundation of this book is the course on value investing that Bruce Greenwald taught at Columbia Business School for almost a quarter century. His aim in the course, and our aim in the book, is to help the investor operating in the Graham and Dodd tradition find him or herself on the right side of the trade. The steps include searching for the right securities, valuing them appropriately, honing a research strategy to devote time to the right activities, and wrapping it all within a risk management practice that protects the investor from permanent loss of capital.
The book has been revised throughout, but the biggest change is the addition of more than two chapters on the valuation of growth stocks, which has always been a problem for investors trained in the Graham and Dodd tradition.
Successful value investing practitioners have graced both the course and this book with presentations describing what they really do when they are at work. There are brief descriptions of their practices within, and video presentations available on the web site that accompanies this volume:
http: //www.wiley.com/go/greenwald/valueinvesting2e
In addition to a selection of Warren Buffett's letters, there are presentations by Mario Gabelli, Glenn Greenberg, Paul Hilal, Jan Hummel, Seth Klarman, Michael Price, Thomas Russo, and Andrew Weiss. Although their styles vary, they all are members in good standing of the Graham and Dodd tradition.
商品描述(中文翻譯)
讓一些世界上最優秀的投資者教你如何站在交易的正確一方。
《價值投資：從格雷厄姆到巴菲特及其後》第一版於2001年出版。至今仍在印刷中，銷量超過100,000本，並已翻譯成五種語言。商學院的教授仍然在課程中指定這本書。然而，自第一版以來的20年間，經濟環境已經改變，投資世界也隨之演變，價值投資的學科已適應這一新環境。本書第二版回應了這些發展。它擴展並精煉了一種投資方法，該方法始於大蕭條期間的本傑明·格雷厄姆和大衛·多德，並被沃倫·巴菲特、查理·芒格等人調整，以便在不再明顯存在以50美分購買價值1美元的股票的環境中獲得回報。
本書的基礎是布魯斯·格林瓦爾德在哥倫比亞商學院教授的價值投資課程，該課程持續了近四分之一世紀。他在課程中的目標，以及我們在書中的目標，是幫助遵循格雷厄姆和多德傳統的投資者找到站在交易正確一方的方法。這些步驟包括尋找合適的證券、適當評價它們、磨練研究策略以將時間投入到正確的活動中，並將所有這些包裹在一個風險管理實踐中，以保護投資者免受資本永久損失的影響。
本書已全面修訂，但最大的變化是增加了兩章以上關於成長股估值的內容，這一直是受過格雷厄姆和多德傳統訓練的投資者所面臨的問題。
成功的價值投資實踐者在課程和本書中分享了他們在工作時實際做什麼的演示。書中有他們實踐的簡要描述，並且在隨本書附帶的網站上提供了視頻演示：
http://www.wiley.com/go/greenwald/valueinvesting2e
除了沃倫·巴菲特的信件選集外，還有馬里奧·加貝利、格倫·格林伯格、保羅·希拉爾、簡·哈梅爾、塞斯·克拉曼、邁克爾·普賴斯、托馬斯·魯索和安德魯·維斯的演示。儘管他們的風格各異，但他們都是格雷厄姆和多德傳統的良好成員。
作者簡介
BRUCE C. GREENWALD was Founding Director of the Heilbrunn Center for Graham and Dodd Investing at Columbia Business School from 2001 until his retirement in 2019. In addition to training thousands of students in the mysteries of value investing, he taught oversubscribed courses on the economics of business strategy and globalization. His book Competition Demystified, published in 2005, is still in print. He has also been Chairman of Paradigm Capital Management since its founding in 2007 and the Director of Research at First Eagle Funds from 2007-11, serving as a senior advisor since.
JUDD KAHN is currently a partner in Davidson Kahn Capital Management. He started his professional career as a historian, worked as a consultant and financial executive, and has been involved in investment management since 2000. He has a doctorate in history from UC Berkeley.
ERIN BELLISSIMO is the Managing Director of Notre Dame's Institute for Global Investing. She was a founding director of Columbia's Heilbrunn Center, has worked in hedge funds and banking, and sits on the board of Girls Who Invest. She has a BSBA from Bucknell and an MBA from the Wharton School at the University of Pennsylvania.
MARK COOPER is CIO and Co-founder of MAC Alpha Capital Management and an adjunct professor at Columbia Business School. He previously worked at First Eagle Investment Management, PIMCO, Omega Advisors, Pequot Capital, and JPMorgan. He holds an MBA from Columbia Business School and a SB from MIT.
TANO SANTOS is the David L. and Elsie M. Dodd Professor of Finance and the Faculty Director of Columbia's Heilbrunn Center. He has succeeded Bruce Greenwald as the professor teaching the value investing course. He has a doctorate in economics from the University of Chicago.
作者簡介(中文翻譯)
布魯斯·C·格林瓦爾德（BRUCE C. GREENWALD）自2001年起至2019年退休，擔任哥倫比亞商學院海爾布倫格雷厄姆與多德投資中心的創始主任。除了培訓數千名學生了解價值投資的奧秘外，他還教授關於商業策略經濟學和全球化的熱門課程。他於2005年出版的書籍《Competition Demystified》至今仍在印刷中。他自2007年創立以來一直擔任Paradigm Capital Management的董事長，並於2007年至2011年擔任First Eagle Funds的研究總監，自那時起擔任高級顧問。
賈德·卡恩（JUDD KAHN）目前是Davidson Kahn Capital Management的合夥人。他的職業生涯始於歷史學家，曾擔任顧問和財務高管，自2000年以來一直參與投資管理。他擁有加州大學伯克利分校的歷史博士學位。
艾琳·貝利西莫（ERIN BELLISSIMO）是聖母大學全球投資研究所的常務董事。她曾是哥倫比亞海爾布倫中心的創始主任，並在對沖基金和銀行業工作，現任Girls Who Invest的董事會成員。她擁有巴克內爾大學的商業管理學士學位和賓夕法尼亞大學沃頓商學院的MBA學位。
馬克·庫珀（MARK COOPER）是MAC Alpha Capital Management的首席投資官及共同創辦人，並擔任哥倫比亞商學院的兼任教授。他曾在First Eagle Investment Management、PIMCO、Omega Advisors、Pequot Capital和摩根大通工作。他擁有哥倫比亞商學院的MBA學位和麻省理工學院的學士學位。
塔諾·聖托斯（TANO SANTOS）是哥倫比亞海爾布倫中心的David L.和Elsie M. Dodd金融學教授及院系主任。他接替布魯斯·格林瓦爾德教授，教授價值投資課程。他擁有芝加哥大學的經濟學博士學位。
