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What Would Ben Graham Do Now?: A New Value Investing Playbook for a Global Age

By Jeffrey Towson

Published by FT Press

Published Date: Apr 27, 2011

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Description

As originally conceived by the legendary Benjamin Graham, traditional value investing involves purchasing relatively stable stocks and companies at a percentage below their intrinsic value. But this approach contains many hidden, U.S.-centric assumptions that simply don’t work well in today’s high-growth emerging markets. In this book, leading global value investor Jeffrey Towson extends and modernizes value investing, helping you apply its core principles while you access tremendous opportunities available in today’s fastest-growing markets.

 

Towson introduces the powerful Value Point system that grows out of his experience on the elite investing team selected by Prince Alwaleed, the "Arabian Warren Buffett." While retaining Graham’s relentless focus on price and quality, he shows how to integrate three crucial additional forms of value into your stock assessments: the value of political access in a government-infused investment world, the value of reputation in a world of colliding markets, actors and biases, and the value of capabilities in a multi-local world.

 

Building on these techniques, Towson presents a complete investment playbook for the next five years. Next, he shows how to invest for the next twenty years—successfully navigating the titanic market collisions that will batter investors who aren’t prepared for them.

Table of Contents

Acknowledgments     xv

About the Author     xvi

Preface     xvii

Chapter 1: Introduction     1

Chapter 2: Rethinking Value in a Global Age     17

Chapter 3: Value Point     45

Chapter 4: Investing in Politicized Markets     67

Chapter 5: How Political Access Adds Value     87

Chapter 6: The World Is Biased     107

Chapter 7: The Profits and Perils of Reputation     125

Chapter 8: Capability Deals in Theory     145

Chapter 9: Capability Deals in Practice     169

Chapter 10: Global Tycoons, Value Tanks, and Other “Go for the Jugular” Strategies     189

Chapter 11: It’s Still About Price and Quality     211

Chapter 12: A Global Investment Playbook     235

Chapter 13: After Markets Collide: The Next Twenty Years     265

Notes     281

Index     287

Purchase Info

ISBN-10: 0-13-231173-9

ISBN-13: 978-0-13-231173-1

Format: Safari PTG

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