Jan 27, 2015 - Here's and excerpt from the Google talk where Whitney Tilson discusses his four steps that he looks at when looking at a potential business to invest in. Click image below for full PDF of slides from Tilson's Google talk. John Heins & Whitney Tilson: 'The Art of Value Investing' Talks at Google.
About the author JOHN HEINS is the cofounder and President of Value Investor Media, Inc., a media company founded in 2004 to provide investing ideas and insight to sophisticated professional and individual investors, and Editor-in-Chief of Value Investor Insight and SuperInvestor Insight. Previously, Mr.
Heins was President and Chief Executive Officer of Gruner + Jahr USA Publishing, Bertelsmann AG's U.S. Magazine subsidiary, Senior Vice President and General Manager of America Online's Personal Finance business, and a reporter and staff writer for Forbes magazine. He graduated magna cum laude from the University of Pennsylvania's Wharton School with a bachelor's degree in Economics and also holds an MBA from Stanford University's Graduate School of Business.
WHITNEY TILSON is the cofounder of hedge funds Kase Capital and T2 Partners, the Tilson Mutual Funds, Value Investor Media, Inc. And the Value Investing Congress. He coauthored the book, More Mortgage Meltdown: 6 Ways to Profit in These Bad Times, is a CNBC Contributor, has written for Forbes, the Financial Times, Kiplinger's, the Motley Fool and TheStreet.com, and was one of the authors of Poor Charlie's Almanack, the definitive book on Berkshire Hathaway Vice Chairman Charlie Munger. He was one of five investors included in SmartMoney's 2006 'Power 30,' and was named by Institutional Investor in 2007 as one of '20 Rising Stars.' Previously, Mr. Tilson was a founding member of Teach for America and the Initiative for a Competitive Inner City, and was a consultant at The Boston Consulting Group.
He received an MBA with High Distinction from the Harvard Business School and graduated magna cum laude from Harvard College with a bachelor's degree in Government. More Says Bill Ackman of Pershing Square Capital Management about The Art of Value Investing: 'I learned the investment business largely from the work and thinking of other investors. The Art of Value Investing is a thoughtfully organized compilation of some of the best investment insights I have ever read. Read this book with care.
It will be one of the highest-return investments you will ever make.' Based on interviews with the world's most-successful value investors, The Art of Value Investing 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?
Whitney Tilson The Art Of Value Investing Pdf
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 practice 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. Introduction 1 Chapter 1 “All Sensible Investing Is Value Investing” 5 What It Means to Be a Value Investor 6 Does Quality Matter?
Whitney Tilson The Art Of Value Investing Pdf
13 The Value of Growth 19 The Value Mindset 25 Part ONE Field of Play 33 Chapter 2 Circle of Competence 35 The Right Size 36 Industry Preference 45 Where in the World? 57 Chapter 3 Deficient Market Hypothesis 65 The Human Element 66 It’s a Matter of Time 74 Chapter 4 Fertile Ground 81 In Search of Uncertainty 82 Special Situations 86 Operating Turnarounds 93 Chapter 5 Generating Ideas 99 Behind the Screen 99 Follow the Lead 106 Reliable Sources 111 Part TWO Building the Case 115 Chapter 6 Cutting Through the Noise 117 Second-Level Thinking 118 Macro versus Micro 120 Business First 127 What Quality Means 131 Crunching the Numbers 135 What Could Go Wrong? 139 From the Top 147 How Important Is Management?
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