Five Key Lessons from Top Money Managers

Because most of what you read on value is more of the same, I was pleasantly surprised by the book Value Investing: Jerry Seinfeld has a joke about the many options for painkillers in the drug store: When do I want to feel good? Across the twelve managers discussed who come from all over the world , two common themes emerged. They always worry investors! Besides, I am not good at market timing, so when people ask me what I think the market is doing, their guess is as good as mine.

I always tell them that they are smart, but the more complication they try to read into the story, the higher the probability that they will make a mistake. I tell them that there is nothing wrong with making money through simple investment ideas.

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Some people will always get rich betting on future outcomes and being right, but there is too much luck involved in that strategy. What matters instead is finding opportunities with very low current consensus expectations for the future. We know that among these low expectations value stocks, there tend to often be gaps between perception and reality, and it is those gaps that represent persistent market opportunities.

Value Investing: Lessons from the World’s Top Fund Managers

Asking management about long-term plans is also pointless to me because the world changes. No one can predict what will happen, and so what is more important for us as analysts is to discover the underlying strengths and weaknesses of the business ourselves. Given how hard it is to divine the future, these forecasts prices are wrong often enough to create opportunities.

Besides, management always says something good about the company, which may affect my judgment. Value investing is as much about temperament as it is strategy. Try refreshing the page.

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7 customer reviews

Feedback Recent updates Help. Scott Kays - Author. Why is availability limited? The Kindle Book format for this title is not supported on: Add a card Contact support Cancel. I gained a lot from the step by step explanations and examples.

This book taught me how to compute IRR better than my second year finance lecturer did. This book not only gave me valuable information that I can use with my own investments, but it also made my finance studies a lot easier. I think anybody who is interested in investing can gain from this book as I have. Very clear examples and explanations. The information provided can be very useful in deciding whether other investments are worthwhile or not.

Detailed explanation on creating your own investment strategy and what should be included.

Five Key Lessons from Top Money Managers

Explains how by using a simplified strategy. Although the concept of valuation is simple, it is quite hard to come up with reliable valuations for companies in real life. I am just making this clear for those who may think it is easy to apply what it taught. Well, I wish it was longer. But there are plenty of other books to add to this information.

People interested in investments I recommend this book for people who are serious about investing on their own. I gained more from this book than quite a few finance units I took at university.

The small price tag of this book compared to the high cost of university fees makes this book priceless. The concepts were explained better in the book compared to my university lecturers.