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Strategies & Market Trends : Buffettology

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To: Paul Senior who wrote (2947)	12/17/2001 10:06:58 PM
From: Bob Rudd	Read Replies (2) of 4690

Book recommendations: Value Investing: From Graham to Buffett and Beyond by Bruce C. N. Greenwald, Judd Kahn, Paul D. Sonkin, Michael van Biema I expected pretty much the same old, same old, but these guys surprised me with a three tier approach derived from Graham and Dodd that I had really never found elsewhere. They start with asset valuation...adjusting the balance sheet and consider this the most reliable. Then they do a current earnings valuation based on adjusting earnings to kind of an average owner earnings, but with no consideration of growth. And finally they value the growth factor...keeping it separate and more or less using it as a margin of safety factor. Chapter three thru the intel example gives you most of what's worthwhile in the book. There also are some descriptions of various investors approachs...I skipped the WEB part but the rest were interesting though not inspiring, Gabelli was the best of those with some good stuff on catalysts. I got the book at the library, but may purchase if I find it cheap. Also A.D. is about to release a 2nd edition of Investment Valuation and for the time being has the whole shebang on his website for inspection - go to Books and look around: stern.nyu.edu

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