Foreword

PART I WHY EVERYTHING YOU LEARNED IN BUSINESS SCHOOL IS WRONG

1 Six Impossible Things before Breakfast, or, How EMH has Damaged our Industry

2 CAPM is Crap

3 Pseudoscience and Finance: The Tyranny of Numbers and the Fallacy of Safety

4 The Dangers of Diversification and Evils of the Relative Performance Derby

5 The Dangers of DCF

6 Is Value Really Riskier than Growth? Dream On

7 Deflation, Depressions and Value

PART II THE BEHAVIOURAL FOUNDATIONS OF VALUE INVESTING

8 Learn to Love Your Dogs, or, Overpaying for the Hope of Growth (Again!)

9 Placebos, Booze and Glamour Stocks

10 Tears before Bedtime

11 Clear and Present Danger: The Trinity of Risk

12 Maximum Pessimism, Profit Warnings and the Heat of the Moment

13 The Psychology of Bear Markets

14 The Behavioural Stumbling Blocks to Value Investing

PART III THE PHILOSOPHY OF VALUE INVESTING

15 The Tao of Investing: The Ten Tenets of My Investment Creed

16 Process not Outcomes: Gambling, Sport and Investment!

17 Beware of Action Man

18 The Bullish Bias and the Need for Scepticism. Or, Am I Clinically Depressed?

19 Keep it Simple, Stupid

20 Confused Contrarians and Dark Days for Deep Value

PART IV THE EMPIRICAL EVIDENCE

21 Going Global: Value Investing without Boundaries

22 Graham’s Net-Nets: Outdated or Outstanding?

PART V THE ‘DARK SIDE’ OF VALUE INVESTING: SHORT SELLING

23 Grimm’s Fairy Tales of Investing

24 Joining the Dark Side: Pirates, Spies and Short Sellers

25 Cooking the Books, or, More Sailing Under the Black Flag

26 Bad Business: Thoughts on Fundamental Shorting and Value Traps

PART VI REAL-TIME VALUE INVESTING

27 Overpaying for the Hope of Growth: The Case Against Emerging Markets

28 Financials: Opportunity or Value Trap?

29 Bonds: Speculation not Investment

30 Asset Fire Sales, Depression and Dividends

31 Cyclicals, Value Traps, Margins of Safety and Earnings Power

32 The Road to Revulsion and the Creation of Value

33 Revulsion and Valuation

34 Buy When it’s Cheap – If Not Then, When?

35 Roadmap to Inflation and Sources of Cheap Insurance

36 Value Investors versus Hard Core Bears: The Valuation Debate

References

Index