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The Art of Value Investing: How the World's Best Investors Beat the Market
Says Bill Ackman of Pershing Square Capital Management aboutThe Art of Value Investing:
"I learned the investment business largely from the work andthinking of other investors. The Art of Value Investing is athoughtfully organized compilation of some of the best investmentinsights I have ever read. Read this book with care. It will be oneof the highest-return investments you will ever make."
Based on interviews with the world's most-successful valueinvestors, The Art of Value Investing offers a comprehensiveset of answers to the questions every equity money manager shouldhave thought through clearly before holding himself or herself outas a worthy steward of other people's money. What marketinefficiencies will I try to exploit? How will I generate ideas?What will be my geographic focus? What analytical edge will I hopeto have? What valuation methodologies will I use? What time horizonwill I typically employ? How many stocks will I own? Howspecifically 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 asvital a resource for the just starting out investor as for thesophisticated professional one. The former will find acomprehensive guidebook for defining a sound investment strategyfrom A-to-Z; the latter will find all aspects of his or herexisting practice challenged or reconfirmed by the provocativethinking of their most-successful peers. It also is a must read forany investor – institutional or individual – chargedwith choosing the best managers for the money they are allocatingto equities. Choosing the right managers requires knowing all theright questions to ask as well as the answers worthy of respect andattention – both of which are delivered in The Art ofValue Investing.