The book combines engaging anecdotes with industry research to illustrate the principles and methods of this complex strategy, and explains the reasoning behind seemingly incomprehensible activist maneuvers. Written by an active value investor, Deep Value provides an insider's perspective on shareholder activist strategies in a format accessible to both professional investors and laypeople. The Deep Value investment philosophy as described by Graham initially identified targets by their discount to liquidation value. This approach was extremely effective, but those opportunities are few and far between in the modern market, forcing activists to adapt. Current activists assess value from a much broader palate, and exploit a much wider range of tools to achieve their goals. Deep Value enumerates and expands upon the resources and strategies available to value investors today, and describes how the economic climate is allowing value investing to re-emerge. Topics include: Target identification, and determining the most advantageous ends Strategies and tactics of effective activism Unseating management and fomenting change Eyeing conditions for the next M&A boom Activist hedge funds have been quiet since the early 2000s, but economic conditions, shareholder sentiment, and available opportunities are creating a fertile environment for another golden age of activism. Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations provides the in-depth information investors need to get up to speed before getting left behind.

    Rappaport and Mauboussin provide everything the reader needs to utilize the discounted cash flow model successfully. And they add an important twist: they suggest that rather than forecasting cash flows, investors should begin by estimating the expectations embedded in a company's stock price. An investor who has a fix on the market's expectations can then assess the likelihood of expectations revisions. To help investors anticipate such revisions, Rappaport and Mauboussin introduce an "expectations infrastructure" framework for tracing the process of value creation from the basic economic forces that shape a company's performance to the resulting impact on sales, costs, and investment. Investors who use Expectations Investing will have a fundamentally new way to evaluate all stocks, setting them on the path to success. Managers will be able to use the book to devise, adjust, and communicate their company's strategy in light of shareholder expectations.

    . . a welcome addition to the bookshelf of anyone who wants to take control of his or her financial life.­­United Press InternationalThe bestselling hardcover edition of How to Think Like Benjamin Graham and Invest Like Warren Buffett was widely hailed for its straightforward approach to making wise investment choices. This paperback version makes these same tools and tactics available to a wider audience. Explaining how to analyze investment targets based on honest value instead of hype and mirrors, Lawrence Cunningham's top-ranked book reveals:How to ask valuable questions, and demand meaningful answersMarket-proven methods for evaluating managers and CEOsValue investing techniques that made Warren Buffett a billionaire­­and today's number one investor

    It's filled with practical, workable advice for anyone wanting to build wealth."--Mike Summey, co-author of the bestselling The Weekend Millionaire's Secrets to Investing in Real EstateAnyone who seeks financial wealth must first learn the fundamental truths and models that drive it. The Millionaire Real Estate Investor represents the collected wisdom and experience of over 100 millionaire investors from all walks of life who pursued financial wealth and achieved the life-changing freedom it delivers. This book--in straightforward, no nonsense, easy-to-read style--reveals their proven strategies.The Millionaire Real Estate Investor is your handbook to the tried and true financial wealth building vehicle that rewards patience and perseverance and is available to all--real estate. You'll learn:Myths about money and investing that hold people back and how to develop the mindset of a millionaire investorHow to develop sound criteria for identifying great real estate investment opportunitiesHow to zero in on the key terms of any transaction and achieve the best possible dealsHow to develop the dream team that will help you build your millionaire investment businessProven models and strategies millionaire investors use to track their net worth, understand their finances, build their network, lead generate for properties and acquire themThe Millionaire Real Estate Investor is about you and your money. It's about your financial potential. It's about discovering the millionaire investor in you.

    Hungarian by birth, Nicolas Darvas trained as an economist at the University of Budapest. Reluctant to remain in Hungary until either the Nazis or the Soviets took over, he fled at the age of 23 with a forged exit visa and fifty pounds sterling to stave off hunger in Istanbul, Turkey. During his off hours as a dancer, he read some 200 books on the market and the great speculators, spending as much as eight hours a day studying.Darvas ploughed his money into a couple of stocks that had been hitting their 52-week high. He was utterly surprised that the stocks continued to rise and subsequently sold them to make a large profit. His main source of stock selection was Barron's Magazine. At the age of 39, after accumulating his fortune, Darvas documented his techniques in the book, How I Made 2,000,000 in the Stock Market. The book describes his unique "Box System", which he used to buy and sell stocks. Darvas' book remains a classic stock market text to this day.

    Buffett Praise for Common Sense on Mutual Funds "Invoking both Thomas Paine and Benjamin Graham, Jack Bogle outlines a supremely logical plan not only to better investors' returns, but to improve the whole fund industry. This isn't just the best book yet by Bogle, it may well be the best book ever on mutual funds." -DON PHILLIPS, President & CEO, Morningstar, Inc. "Buffett cannot teach you or me how to become a Warren Buffett. Bogle's reasoned precepts can enable a few million of us savers to become in twenty years the envy of our suburban neighbors-while at the same time we have slept well in these eventful times."-PAUL A. SAMUELSON, Massachusetts Institute of Technology Department of Economics "After a lifetime of picking stocks, I have to admit that Bogle's arguments in favor of the index fund have me thinking of joining him rather than trying to beat him. Bogle's wisdom and his commonsense way of explaining things make this book indispensable reading for anyone trying to figure out how to invest in this crazy stock market."-JAMES J. CRAMER, Money Manager and Senior Columnist for TheStreet.com "Written in his characteristic forthright and visionary style, Bogle penetrates the myths and jargon to shed a powerful light on the central issues that confront every investor, no matter what their level of experience or sophistication." -MARTIN L. LEIBOWITZ, Vice Chairman and Chief Investment Officer, TIAA-CREF "Jack Bogle is one of the great pioneer/visionaries of the investment business. In this book, he shares his knowledge, experience, and judgment to enable us to become better investors. The final philosophical chapters provide insights that may help some of us become better people." -BYRON R. WIEN, Chief U.S. Investment Strategist Morgan Stanley Dean Witter

    Swensen offers incontrovertible evidence that the for-profit mutual fund industry consistently fails the average investor. From excessive management fees to the frequent "churning" of portfolios, the relentless pursuit of profits by mutual fund management companies harms individual clients. Perhaps most destructive of all are the hidden schemes that limit investor choice and reduce returns, including "pay-to-play" product-placement fees, stale-price trading scams, soft-dollar kickbacks, and 12b-1 distribution charges. Even if investors manage to emerge unscathed from an encounter with the profit-seeking mutual fund industry, individuals face the likelihood of self-inflicted pain. The common practice of selling losers and buying winners (and doing both too often) damages portfolio returns and increases tax liabilities, delivering a one-two punch to investor aspirations. In short: Nearly insurmountable hurdles confront ordinary investors. Swensen's solution? A contrarian investment alternative that promotes well-diversified, equity-oriented, "market-mimicking" portfolios that reward investors who exhibit the courage to stay the course. Swensen suggests implementing his nonconformist proposal with investor-friendly, not-for-profit investment companies such as Vanguard and TIAA-CREF. By avoiding actively managed funds and employing client-oriented mutual fund managers, investors create the preconditions for investment success. Bottom line? Unconventional Success provides the guidance and financial know-how for improving the personal investor's financial future.

    With nearly 400 pages of in-depth advice, The Book on Rental Property Investing imparts practical and exciting strategies that investors across the world are using to build significant cash flow with rental properties.Brandon Turner―active real estate investor, bestselling author, and co-host of the BiggerPockets Podcast―has one goal in mind: to help you find success and avoid the junk that pulls down so many wannabes. New and experienced investors alike will learn how to build an achievable plan, find incredible deals, analyze properties, build a team, finance rentals, and much more―everything you need to become a millionaire rental property investor.Inside, you’ll discover:- Why many real estate investors fail, and how you can ensure you don’t!- Four unique, easy-to-follow strategies you can begin implementing today- Creative tips for finding incredible deals―even in competitive markets- How to achieve success without touching a toilet, paintbrush, or broom- Actionable ideas for financing rentals, no matter how much cash you have- Advice on keeping your wealth by deferring (and eliminating) taxes- And so much more!

    Wealthy, powerful, and potentially dangerous, hedge fund moguls have become the It Boys of twenty-first ­century capitalism. Ken Griffin of Citadel started out trading convertible bonds from his dorm room at Harvard. Julian Robertson staffed his hedge fund with college athletes half his age, then he flew them to various retreats in the Rockies and raced them up the mountains. Paul Tudor Jones posed for a magazine photograph next to a killer shark and happily declared that a 1929-style crash would be "total rock-and-roll" for him. Michael Steinhardt was capable of reducing underlings to sobs. "All I want to do is kill myself," one said. "Can I watch?" Steinhardt responded. Finance professors have long argued that beating the market is impossible, and yet drawing on insights from physics, economics, and psychology, these titans have cracked the market's mysteries and gone on to earn fortunes. Their innovation has transformed the world, spawning new markets in exotic financial instruments and rewriting the rules of capitalism. More than just a history, More Money Than God is a window on tomorrow's financial system. Hedge funds have been left for dead after past financial panics: After the stock market rout of the early 1970s, after the bond market bloodbath of 1994, after the collapse of Long Term Capital Management in 1998, and yet again after the dot-com crash in 2000. Each time, hedge funds have proved to be survivors, and it would be wrong to bet against them now. Banks such as CitiGroup, brokers such as Bear Stearns and Lehman Brothers, home lenders such as Fannie Mae and Freddie Mac, insurers such as AIG, and money market funds run by giants such as Fidelity-all have failed or been bailed out. But the hedge fund industry has survived the test of 2008 far better than its rivals. The future of finance lies in the history of hedge funds.

    No wonder he's compiled such an amazing record of success as a money manager. Every investor can benefit from the wisdom he offers in his new book. Don't miss it! --Paul Tudor Jones Tudor Investment Corporation Here's a simple review in three steps: 1. Buy this book! 2. Read this book! 3. See step 2. For those who can't take a hint, Victor Sperandeo with T. Sullivan Brown has written a gem, a book of value for everyone in the markets, whether egghead, novice or seasoned speculator. --John Sweeney Technical Analysis of Stocks and Commodities Get Trader Vic-Methods of a Wall Street Master by Victor Sperandeo, read it over and over and you'll never have a losing year again. --Yale Hirsch Smart Money I have followed Victor Sperandeo's advice for ten years, and the results have been outstanding. This book is a must for any serious investor. --James J. Hayes, Vice President, Investments Prudential Securities Inc. This book covers all the important aspects of making money and integrates them into a unifying philosophy that includes economics, Federal Reserve policy, trading methods, risk, psychology, and more. It's a philosophy everyone should understand. --T. Boone Pickens, General Partner Mesa Limited Partnership This book gave me a wealth of new insights into trading. Whether you're a short-term trader or a long-term investor, you will improve your performance by following Sperandeo's precepts. --Louis I. Margolis Managing Director, Salomon Brothers, Inc.

    They may make a lucky bet, realize a sizable profit, and find themselves full of confidence. Their next high-stakes gamble might backfire, not only hitting them in the balance sheet but also taking a mental and emotional toll. Even veteran investors can be caught off guard: a news item may suddenly cause havoc for an industry they've invested in; crowd mentality among fellow investors may skew the market; a CEO may turn out to be unprepared to effectively guide a company. How can one stay focused in such a volatile profession? If you can't trust your past successes to plan and predict, how can you avoid risky situations in the future?In Big Money Thinks Small, veteran fund manager Joel Tillinghast shows investors how to avoid making these mistakes. He offers a set of simple but crucial steps to successful investing, including: - Know yourself, how you arrive at decisions, and how you might be susceptible to self-deception.- Make decisions based on your own expertise, and do not invest in what you don't understand.- Select only trustworthy and capable colleagues and collaborators.- Learn how to identify and avoid investments with inherent flaws.- Always search for bargains, and never forget that the first responsibility of an investor is to identify mispriced stocks.Patience and methodical planning will pay far greater dividends than flashy investments. Tillinghast teaches readers how to learn from their mistakes--and his own, giving investors the tools to ask the right questions in any situation and to think objectively and generatively about portfolio management.

    One was mathematician Claude Shannon, neurotic father of our digital age, whose genius is ranked with Einstein's. The other was John L. Kelly Jr., a Texas-born, gun-toting physicist. Together they applied the science of information theory—the basis of computers and the Internet—to the problem of making as much money as possible, as fast as possible.Shannon and MIT mathematician Edward O. Thorp took the "Kelly formula" to Las Vegas. It worked. They realized that there was even more money to be made in the stock market. Thorp used the Kelly system with his phenomenonally successful hedge fund, Princeton-Newport Partners. Shannon became a successful investor, too, topping even Warren Buffett's rate of return. Fortune's Formula traces how the Kelly formula sparked controversy even as it made fortunes at racetracks, casinos, and trading desks. It reveals the dark side of this alluring scheme, which is founded on exploiting an insider's edge.Shannon believed it was possible for a smart investor to beat the market—and Fortune's Formula will convince you that he was right.

    Samuelson, First American Nobel Prize Winner in Economics "The best book there is about the stock market and all that goes with it." —The New York Times Book Review "Anyone whose orientation is toward where the action is, where the happenings happen, should buy a copy of The Money Game and read it with due diligence." —Book World " 'Adam Smith' is a veteran observer and commentator on the events and people of Wall Street.... His thorough knowledge of financial affairs gives his observations a great degree of authenticity. But the joy of reading this book comes from his delightful sense of humor. He is a lively and ingeniously witty writer who never stoops to acerbity. None of the solemn, sacred cows of Wall Street escapes debunking." —Library Journal

    Mandelbrot, one of the century's most influential mathematicians, is world-famous for making mathematical sense of a fact everybody knows but that geometers from Euclid on down had never assimilated: Clouds are not round, mountains are not cones, coastlines are not smooth. To these classic lines we can now add another example: Markets are not the safe bet your broker may claim. In his first book for a general audience, Mandelbrot, with co-author Richard L. Hudson, shows how the dominant way of thinking about the behavior of markets-a set of mathematical assumptions a century old and still learned by every MBA and financier in the world-simply does not work. As he did for the physical world in his classic The Fractal Geometry of Nature, Mandelbrot here uses fractal geometry to propose a new, more accurate way of describing market behavior. The complex gyrations of IBM's stock price and the dollar-euro exchange rate can now be reduced to straightforward formulae that yield a far better model of how risky they are. With his fractal tools, Mandelbrot has gotten to the bottom of how financial markets really work, and in doing so, he describes the volatile, dangerous (and strangely beautiful) properties that financial experts have never before accounted for. The result is no less than the foundation for a new science of finance.

    Written by an investor with a long and remarkable track record, it shares for the first time the ins and outs of finding high-potential undervalued stocks before anyone else.Deep value investing means finding companies that are genuine bargains that can pay back phenomenally over the long term. They are firms so cheap that even if they were to close tomorrow their assets would pay you out at a profit. But if they can turn things around, the rewards will be many times greater ...These were the favourite shares of Benjamin Graham, author of 'The Intelligent Investor'. Inspired by Graham's classic and with a long history of discovering these great value stocks - sometimes known as 'bargain issues' or 'netnets' - author and investor Jeroen Bos reveals:- how to use only publicly available information to discover these shares and filter the gold from the dross- everything he did when analysing, purchasing, monitoring and selling more than ten recent successful deep value investments- the complete philosophy behind deep value investing, and the ins and outs of this strategy in practice- what can go wrong and how to minimise the chances of it happening to you.Deep value investing has a better track record than almost any other approach to the market. Even better, it doesn't require minute and technical knowledge of a company, nor is it fixated on earnings or often-unreliable future projections.It's all about the balance sheet and patience. This makes it the perfect investing approach for those who want to see phenomenal stock market returns without wasting time or commission costs.