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The Value Investors: Lessons from the World's Top Fund Managers

ISBN: 978-1-118-33929-9
250 pages
September 2012
The Value Investors: Lessons from the World

Investing legend Warren Buffett once said that “success in investing doesn’t correlate with I.Q. once you’re above the level of 125. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.”

In an attempt to understand exactly what kind of temperament Buffett was talking about, Ronald W. Chan interviewed 12 value-investing legends from around the world, learning how their personal background, culture, and life experiences have shaped their investment mindset and strategy. The Value Investors: Lessons from the World’s Top Fund Managers is the result.

From 106-year-old Irving Kahn, who worked closely with “father of value investing” Benjamin Graham and remains active today, and 95-year-old Walter Schloss (described by Warren Buffett as the “super-investor from Graham-and-Dodsville”), to the co-founders of Hong Kong-based Value Partners, Cheah Cheng Hye and V-Nee Yeh, and Francisco García Paramés of Spain’s Bestinver Asset Management, Chan chose investment luminaries to help him understand the international appeal – and success – of value investing. All of these men became strong advocates of the approach despite considerable age and cultural differences. Chan finds out why.

In The Value Investors, readers will also discover how these investors, each of whom has a unique value perspective, have consistently beaten the stock market over the years. Do they share a trait that allows this to happen? Is there a winning temperament that turns the ordinary investor into an extraordinary one? This book answers these questions and more.

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Foreword xi

Preface xiii

Chapter 1 Free to Choose in Value Land 1
Walter Schloss, Walter & Edwin Schloss Associates

Living through the Great Depression 5

The Meaning of Survival 7

Net-Nets 8

Setting the Right Pace 11

Know Thyself 15

Chapter 2 Once Upon a Time on Wall Street 17
Irving Kahn, Kahn Brothers Group

Becoming Graham’s Disciple 22

Preaching Value 25

A Centenarian Diet 30

Chapter 3 The Making of a Contrarian 33
Thomas Kahn, Kahn Brothers Group

A Modified Graham Approach 38

The Case for Obscure Securities 42

Market Reflection 45

Chapter 4 On the Shoulders of Value Giants 47
William Browne, Tweedy, Browne Company

A Valuable Detour 52

Statistics and Beyond 54

Setting a Global Standard 56

The Social Science of Investing 59

The Market Ahead 61

Chapter 5 A Journey to the Center of Value 65
Jean-Marie Eveillard, First Eagle Funds

Valley of Tears 70

The Inefficient Market 71

The Meaning of Value 74

The Courage to Say No 77

Seeking Protection 79

Chapter 6 The Self-Taught Value Spaniard 83
Francisco García Paramés, Bestinver Asset Management

On a Solo Value Hunt 88

Investing Made Simple 90

Austrian Economics and the Market 93

A Global Rebalancing 97

Chapter 7 The Income-Conscious Englishman 101
Anthony Nutt, Jupiter Asset Management

A Victorian Mindset 105

Finding the Right Investment Culture 108

Trusting Only Tangible Income 110

The Courage to Keep Going 114

Chapter 8 The Frequent Value Traveler 117
Mark Mobius, Templeton Emerging Markets Group

Reading between the Minds 122

Thinking Big and Small 124

Trouble is Opportunity 126

Feeling the Market 130

Chapter 9 The Value-Oriented Businessman 133
Teng Ngiek Lian, Target Asset Management

Learning the Numbers 136

The Art of Contrary Thinking 138

Targeting Good Businesses in Asia 141

The Relativity of Valuation 143

A Value Lifestyle 145

Chapter 10 Value Investing in the Lost Decade 149
Shuhei Abe, SPARX Group

A Musical Beginning 153

Breaking the Language Barrier 155

Learning from the West 156

The Evolution of SPARX 158

Building a Westernized Asia 160

Searching for Value 162

Chapter 11 Eternal Sunshine of the Value Mind 165
V-Nee Yeh, Value Partners Group

A Multidisciplinary Path 168

Seeking a Comfortable Price 171

Finding a Value Partner 172

Spotting Value Minds 176

Becoming a Man of Value 178

Chapter 12 The Accidental Value Investor 181
Cheah Cheng Hye, Value Partners Group

Starting an Investment Hobby Shop 187

Building a Value Temple 189

An Industrialized Process 191

A Value March Forward 195

Chapter 13 The Making of a Value Investor 199
A Humble Portfolio Construction 202

The Art of Valuation 204

Reading for Ideas 205

More than Just the Fundamentals 206

Timing for an Exit 208

Having the Right Temperament 209

Acknowledgments 213

About the Author 217

Index 219

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Ronald W. Chan is the founder of Chartwell Capital Limited, an investment manage- ment company based in Hong Kong. He is a frequent contributor to financial newspapers and magazines in the Asia-Pacific region, and is the author of Behind the Berkshire Hathaway Curtain: Lessons from Warren Buffett's Top Business Leaders (Wiley). Chan received bachelor of science degrees in finance and accounting from the Stern School of Business at New York University.

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September 13, 2012
Investment Philosophies from 12 Value-Investing Legends of the World

The Value Investors: Lessons from the World's Top Fund Managers’ features the career highlights of twelve value-investing legends from around the world, revealing how their personal background, culture, and life experiences have shaped their investment mindset and strategy.

Individual investors who wish to diversify their portfolio across different asset classes or geographically will learn from the lessons presented in ‘The Value Investors’ of the men who became strong advocates of the approach despite considerable age and cultural differences. They are:

  1. Mark Mobius
  2. William Browne
  3. Francisco Garcia Paramés
  4. Shuhei Abe
  5. Irving Kahn
  6. Thomas Kahn
  7. Anthony Nutt
  8. V-Nee Yeh
  9. Walter Schloss
  10. Jean-Marie Eveillard
  11. Teng Ngiek Lian
  12. Cheah Cheng Hye

Investing legend Warren Buffett once said that "success in investing doesn't correlate with I.Q. once you're above the level of 125. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing."

In an attempt to understand exactly what kind of temperament Buffett was talking about, Ronald W. Chan interviewed these value-investing legends to help him understand the international appeal—and success—of value investing.

Readers will discover how these investors, each of whom has a unique value perspective, have consistently beaten the stock market over the years. Do they share a trait that allows this to happen? Is there a winning temperament that turns the ordinary investor into an extraordinary one? This book answers these questions and much more.

Hardcover and e-book available now
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www.wiley.com/buy/9781118339299 for links to purchase online at Amazon, Kinokuniya, MPHOnline.com or Wiley.com.

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