The Art Of Value Investing: How The World'S Best Investors Beat The Market

You know what value investing is: it's how Warren Buffett made his billions. Perhaps you're even familiar with value investing terminology, such as margin of safety and intrinsic value. And maybe you've already found success with value investing and know from experience that it's the most reliable way to achieve market-beating returns and accumulate significant wealth. Congratulations!

Whether you're a complete beginner in need of an A-to-Z value investing primer, an experienced investor looking to expand and fine-tune your repertoire of value investing skills, or an individual or institutional investor looking to identify the best money managers, this book is for you. In writing it, authors John Heins and Whitney Tilson have achieved a remarkable feat: They've brought together the collective wisdom of today's most successful value investors and distilled it into a series of actionable lessons you can put into practice right away.

Based on extensive interviews with market-beating money managers, superstar hedge fund managers and mutual fund heroes, and featuring many real-world examples, The Art of Value Investing expertly describes:

The philosophies behind today's most successful value investing strategies

The key skills top market-beaters think of as absolutely indispensable to success

The types of situations and market inefficiencies value investor legends look to exploit

How top value investors generate new investing ideas

How to research companies, with insights on company valuation and deciding what and when to buy

How the best value investors maintain mental and emotional discipline

How value investing superstars learn from their mistakes and the key lessons they've learned

Portfolio management techniques, including guidance on diversification, risk management, position-sizing

But The Art of Value Investing does much more than impart information. It was designed to help you develop an approach to value investing that's just right for you.

Sit ten or a dozen of the most successful practitioners down in a room and you're likely to get as many opinions on which value investment flavor is best. While they're certain to agree on the core principles, when it comes to particulars, such as large-cap versus small-cap, telecom versus transportation, East versus West, onsite research versus pure data analysis, there's bound to be disagreement-some of it vehement.

The trick is to find the combination of tools, techniques and strategies that is right for you, addresses your specific financial goals, and best fits your personality and emotional makeup. And that's where The Art of Value Investing comes in.

Giving you unparalleled access to the thinking of the brightest and best of the value investing world, The Art of Value Investing can save you years of frustrating (and expensive) trial-and-error. With the helping hand of value investing luminaries such as Julian Robertson, Seth Klarman, David Einhorn, Joel Greenblatt, Mason Hawkins, Jean-Marie Eveillard, Bill Ackman and Bill Nygren, to name a few, you'll discover your preferred strategies for exploiting market inefficiencies, researching and valuing companies, identifying industry sectors and geographic regions in which to invest, timing buys and sells, managing your emotions, and much more.

John Heins is the cofounder and President of Value Investor Media, Inc., a media company founded in 2004 to provide investing ideas and insight to sophisticated professional and individual investors, and Editor-in-Chief of Value Investor Insight and Superinvestor Insight. Previously, Mr. Heins was President and Chief Executive Officer of Gruner + Jahr USA Publishing, Bertelsmann AG's U.S. magazine subsidiary, Senior Vice President and General Manager of America Online's Personal Finance business, and a reporter and staff writer for Forbes magazine. He graduated magna cum laude from the University of Pennsylvania's Wharton School with a bachelor's degree in Economics and also holds an MBA from Stanford University's Graduate School of Business.
Whitney Tilson is the cofounder of hedge funds Kase Capital and T2 Partners, the Tilson Mutual Funds, Value Investor Media, Inc. and the Value Investing Congress. He coauthored the book, More Mortgage Meltdown: 6 Ways to Profit in These Bad Times, is a CNBC Contributor, has written for Forbes, the Financial Times, Kiplinger's, the Motley Fool and TheStreet.com, and was one of the authors of Poor Charlie's Almanack, the definitive book on Berkshire Hathaway Vice Chairman Charlie Munger. He was one of five investors included in SmartMoney's 2006 "Power 30," and was named by Institutional Investor in 2007 as one of "20 Rising Stars." Previously, Mr. Tilson was a founding member of Teach for America and the Initiative for a Competitive Inner City, and was a consultant at The Boston Consulting Group. He received an MBA with High Distinction from the Harvard Business School and graduated magna cum laude from Harvard College with a bachelor's degree in Government.