Excess Returns: A comparative study of the world’s greatest investors found the book via this awesome chart from Richard Beddard, the book just was released – check out the chart for some interesting data, although I do not fully agree with some of the styles ascribed to these great investors.
H/T Richard Beddard
Charlie Munger And Li Lu On The Need For Patient Investing
A couple of years ago, Charlie Munger and Li Lu co-appeared in an interview in one of China's top finance magazines. As is the case with all of Munger's interviews and appearances, the interview contained some highly valuable insights and intelligent thoughts on life, investing, and psychology. Q2 2020 hedge fund letters, conferences and more Read More
An analysis of the investment approach of the world’s top investors, showing how to achieve market-beating returns. It is possible to beat the market. Taking this as a starting point, Excess Returns sets out to explore how exactly the most famous investors in the world have done it, year after year, sometimes by huge margins.
Excess Returns: A comparative study of the world’s greatest investorsis not a superficial survey of what investors have said about what they do. Rather, Frederik Vanhaverbeke applies a forensic analysis to hundreds of books, articles, letters and speeches made by dozens of top investors over the last century and synthesises his findings into a definitive blueprint of how exactly these investment legends have gone about their work.
Among the legends whose work has been studied are Warren Buffett, Benjamin Graham, Anthony Bolton, Peter Lynch, Charles Munger, Joel Greenblatt, Seth Klarman, David Einhorn, Daniel Loeb, Lou Simpson, Prem Watsa and many more. Among the revealing insights, you will learn of the striking similarities in the craft of great investors, crucial subtleties in their methods that are ignored by many, and the unconscious errors investors commonly make and how these are counter to successful investing. Special attention is given to two often overlooked areas: effective investment philosophy and investment intelligence.
The investing essentials covered include: finding bargain shares; making a quantitative and qualitative business analysis; valuation methods; investing throughout the business cycle; timing buy and sell decisions; and much, much more! Excess Returns is full of timeless and practical insights, presented in a unique style, to help investors focus on the most promising opportunities and lead the way to beating the market.
Chapter A: Investing Philosophy and Styles
Part I: The Investment Process
Chapter B: Finding Bargains
Chapter C: Fundamental Business Analysis
Chapter D: Valuation
Chapter E: Common Process Mistakes and How To Avoid Them
Part II: Buying, Holding and Selling
Chapter F: Different Types of Stock
Chapter G: Buying and Selling Considerations
Chapter H: The Boom-Bust Cycle
Chapter I: Common Buying and Selling Mistakes
Part III: Risk Versus Return
Chapter J: Risk Management
Part IV: The Intelligent Investor
Chapter K: The Intelligent Investor
About the Author
Frederik Vanhaverbeke graduated with High Distinction as a Bachelor and Master in electrical engineering from the University of Ghent. After graduation he obtained a PhD in electrical engineering in 2005. Between 2005 and 2010, he was involved in postdoctoral research projects in Belgium and Singapore in the field of digital telecommunication. Over the past decade, Frederik has built considerable expertise in the areas of stock investing, company analysis, accounting, etc., through the reading of hundreds of books, articles, shareholders’ letters, etc. in his free time. Thanks to his thorough knowledge of best practices in the field of investing he has beaten the market by a substantial margin over the past ten years. Currently, he is employed as a bond portfolio manager at KBC Asset Management, Belgium.