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(More customer reviews)Joe Calandro solidly lays out the case for investing building historically on Graham and Dodd but recognizing that today's market practitioners face an increasingly sophisticated capital market structure. As a student of and expert in risk assessment, Calandro makes the case that patient, value-based investing in the updated modern Graham-Dodd model would serve corporations well in pondering their M&A activity. He lays out how even the world's most admired holding company, Berkshire-Hathaway, had success with GEICO but made mistakes in their valuation profile for arguably their most important acquisition, General Reinsurance.
Opportunities to value the key factors that seemingly drive corporations' M&A--franchise, growth, and margin of safety--are both values and risks, and should be viewed as such. But the upside potential must be carefully scrutinized and, as Calandro so poignantly discusses throughout his book, brought down the understandable, calculable factors that can be widely socialized and agreed. To do otherwise simply nourishes the hyperbole of the proposed merger and perpetuates that they hunch-based `synergy' model of merger will work. Really. This time the synergies will come true. For sure. We are thankful for Applied Value Investing and its ability to ignore hyperbole at the individual company level and particularly in the current market crises, whether it is in currency markets, real-estate markets, bond markets, or equity markets.
So stop wondering if value investing is passe and the world has moved onto a more 'mature' model. A century ago, no wiser words were said: `those who cannot remember the past, are condemned to repeat it'...sage advice in this era of uncertainty and market disruption. This book is a MUST READ for serious investors and those who assess risk.
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Applied Value Investing: The Practical Application of Benjamin Graham and Warren Buffett's Valuation Principles to Acquisitions, Catastrophe Pricing and Business ExecutionSince Benjamin Graham fathered valueinvesting in the 1930s, the method of analysishas spawned a large number of highly successfulinvestors, such as Graham's own formerstudent and employee, Warren Buffett, who isregarded as one of the most successful investorsof modern times.
Over the years, numerous books have beenpublished on Benjamin Graham's approach.Most of these books present different interpretationsof value investing and are generallyintroductory based. Until now, there has notbeen an advanced hands-on guide for investorsand executives who may want to applythe powerful value investing discipline outsideof stocks and bonds.
Applied Value Investing takes the same time-provenapproach Graham introduced withDavid Dodd in their 1934 masterpiece,Security Analysis, and extends it in a variety ofunique and practical ways—including mergersand acquisitions, alternative investments,and financial strategy.
This in-depth guide shows financially sophisticatedreaders how to use value investing in amacroinvesting framework and how to applyit to the emerging area of super catastrophevaluation. It illustrates how to put value investingto use with case studies on:
Eddie Lampert's acquisition of Sears
Warren Buffett's acquisitions of GEICOand General Reinsurance Corporation
The recent "new economy" boom andbust, and its aftermath
The underwriting of the Pepsi Playfor a Billion sweepstakes
Applied Value Investing also demonstrates howto incorporate the cornerstones of valuationinto an integrated business framework thatcan be used to assess and manage a franchise(or a firm operating with a sustainable competitiveadvantage).
In addition to its cutting-edge applicationsof value investing principles, Applied ValueInvesting sets itself apart by drawing on materialpublished in leading academic journals toform the foundation of its presentation. However,value investing is inherently practical, andthis comprehensive resource provides helpfulguidance for successfully implementing valueinvesting strategies in the real world.
To profit like the masters you have to thinklike them. Applied Value Investing can opennew doors to value creating opportunities.
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