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This book is $2k on amazon.com. I was able to get chapters 5-10 but not the rest. Anyone willing to send me a pdf version if they have it? Would be greatly appreciated. I have lots of books as well ;)

Comments (29)

  • prescient1's picture
  • MittRomney's picture

    excellent book - a must for anyone interested in value investing...

  • ucla's picture

    But the thing is, its actually not that good of a read. Yes, there are a few chapters that are useful (his descriptions on valuation and investing strategies), but beyond that, most of his work is either rehashed principles from other value books or high level and overly simplistic examples. Everything on how wall street works, how brokers are bad, the philosophy behind value investing, his distressed debt examples, etc, fall under these categories. Anyone who has read through buffet partnership letters, graham's work, or any sort of distressed book, has heard this stuff many times before. Plus the entire last few chapters on portfolio management offer pretty much no value add (you would think they would be good given the title, but I'm pretty sure they sucked). For $2k, no thanks. I wouldn't pay more than $50. Then again, free is always nice :)

  • NYFINANCEDUDE's picture

    I am have a full copy, so let me know if you think you are missing anything. Here is some more information about Seth Klarman and his Baupost Group hedge fund

  • nutsaboutWS's picture

    Perfect thanks guys.

    I've got:

    little book that beats market
    stock market genius
    big short
    fin shenanigans
    interp of fin statements
    essentials of investmentrs
    getting started in VI
    merger arb
    etc

    --
    "Those who say don't know, and those who know don't say."

  • In reply to nutsaboutWS
    MittRomney's picture

    nutsaboutWS:
    Perfect thanks guys.

    I've got:

    little book that beats market
    stock market genius
    big short
    fin shenanigans
    interp of fin statements
    essentials of investmentrs
    getting started in VI
    merger arb
    etc

    great list

    i would add:

    Fooling some of the people all the time
    the aggressive conservative investor
    distressed debt investing
    more money than gd

  • nutsaboutWS's picture

    got those too, not aggressive conserv tho.

    also inside the house of money and invisible hands. ive dl's so many lol

    --
    "Those who say don't know, and those who know don't say."

  • baddebt88's picture

    After a while most of these books are just rehashed principles. Once you have the basics down focus on either developing your own ideas or reverse engineering other people's ideas. Grab any of the big fund's annual/quarterly reports, choose an investment that has either been a big winner or loser for the fund and try and figure out why you would invest in it. You will learn 10x as much doing this than going through 30 different books. Its one thing to be given all the metrics in front of you in a book post-trade but quite another to actually go through the 10-ks and manually crunch all the numbers.

  • D M's picture

    Thanks for the link man, appreciate it.

    For someone just starting out learning value investing (slowly working through Intelligent Investor), would you guys say this book is a more or less comprehensive collection of information on value investing? Something where someone has no background and can look at value investing and a more educated light? Or stick to II for now and some simpler stuff and move to this later?

    "You stop being an asshole when it sucks to be you." -IlliniProgrammer
    "Your grammar made me wish I'd been aborted." -happypantsmcgee

  • saidal's picture

    Who writes Interp of Fin Statements and Distressed Debt Investing? Kind of unrelated, but the Real Estate Game by Poorvu is also pretty good.

  • Al Bundy's picture

    Anyone know good books for figuring out how to find intrinsic value of a business? As others have mentioned on this thread, I've read some of the classic value investing books, and half the time I feel like I'm reading the same thing over and over again. I understand what the general philosophy behind value investing is and whatnot, but what I need more help with is determining what is a good value for a business, which metrics should be there, etc.

    I'm not trying to sound like a punk kid who thinks he's hot shit when it comes to value investing because he's read a few books, but is there something that goes more into the quantitative methods of determining value as opposed to just highlighting what value investing is? I know its an imprecise methods and that one must tweak it, etc. but even an intro to this subject that I can use as an outline would be excellent.

    Pretty women make us BUY beer. Ugly women make us DRINK beer.

  • baddebt88's picture

    Figuring out intrinsic value depends on what you are evaluating. If you read say Klarman's book he mentions he uses 3 primary valuation techniques:

    1. Calculating NPV of the business' future cash flow (aka DCF).
    2. Liquidation value. What would the business be worth if it was fully liquidated?
    3. Stock value which is essentially a comp analysis. What is the valuation of similar businesses in public markets or in recent private acquisitions?

    Beyond this, you just need to get at it. This is why I suggested reading beyond a certain point is just not helpful. Each valuation is different as each business is different. There are industry nuances where techniques and metrics you would use to value say insurers will be completely different from how you value a consumer facing biz. There are event based nuances where say a divestiture might have a unique debt structure which affects future cash flows. This list goes on.

    To get a better understanding you have two options:
    1. First look at how the players actually assess investment opportunities. Look at the big plays of fund managers (say General Growth by Ackman), download public filings, and reverse engineer the analysis. Analyze the situation as if you were in Ackman's shoes. What do the fundamentals show? What were the technicals (who holds what and what their motives are)? What are the extrinsic risks v. intrinsic risks?

    Beyond that, go to sites like Value Investors Club and use the guest access to see how a proper investment writeup looks like. What metrics do they look at? How do they go about analyzing the financial statements? Are there any trends you see in finding future investment opportunities similar to this?

    2. Once you have done that, get at it. Choose a business preferably something simple (say a simple manufacturer or consumer facing biz). Read the 10Ks, analyst comments, research. Use the 10Ks to create a financial model. Run all three (NPV, breakup/liquidation, comp) analysis from scratch. You have excel and your eyes...don't need anything else. Once you have done one, ideally get feedback by showing it to contacts or posting it on an investor forum. Use that feedback in your next valuation. Repeat until you are proficient in that industry and then find another industry and repeat.

    There really aren't any shortcuts. But if you focus you can pick this up fast.

  • nutsaboutWS's picture

    I use it for everything. Good one barkatthemoon.

    Doesn't have MoS. 80% of books are on that website though.

    --
    "Those who say don't know, and those who know don't say."

  • saidal's picture

    So ppl have tried library.nu, it isn't suspect or anything? Thanks everyone.

  • D M's picture

    I'd virus scan just to be sure

    "You stop being an asshole when it sucks to be you." -IlliniProgrammer
    "Your grammar made me wish I'd been aborted." -happypantsmcgee

  • Scrambles's picture

    Interpretation of Financial Statements - It's from 1937. Obviously the fundamentals haven't changed, but is there anything newer you're aware of that might relate the material to tech or something equivalent as opposed to railroads?

  • Nyctola's picture

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  • nutsaboutWS's picture

    --
    "Those who say don't know, and those who know don't say."

  • ucla's picture
  • Al Bundy's picture

    Pretty women make us BUY beer. Ugly women make us DRINK beer.