Wall Street on Sale: How to Beat the Market as a Value Investor

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9780071342056: Wall Street on Sale: How to Beat the Market as a Value Investor

Wall Street on Sale is the inside story on how Warren Buffett, John Templeton, and other value investing legends built huge fortunes by never overpaying in the stock market. This common-sense guidebook, written to help both the novice and the seasoned pro, summarizes the major themes of value investing, the consistently successful strategy designed to increase your chances of success while reducing your exposure to risk.

Featuring over 150 valuable website addresses, this myth-shattering book will show you how to: Calculate the true worth of any company within pennies per share; Identify companies that can consistently increase their earnings, net worth, and intrinsic value over time; Act as a contrarian, ignoring market hype and noise to evaluate companies based solely on their investment merits.

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Review:

"A comprehensive, yet easy to follow, guide."

From the Author:

Beating the market is as simple as Buffett makes it sound.
"Wall Street on Sale"

By Timothy P. Vick, Editor, Today’s Value Investor

Dear Investor:

"Wall Street on Sale" began as a primer on the methods of Warren Buffett and Benjamin Graham, whose stock-picking principles have proven superior to all others. But rather than regurgitate the oft-quoted biographical material on Graham and Buffett, I set out to reconstruct—in plain English—all their main tenets and strategies, using numerous case studies of companies and fellow money managers to show you how to pick undervalued stocks.

Indeed, it’s no coincidence that many of the 20th century’s greatest money managers—Buffett, Templeton, Neff, Schloss, Gabelli, Ruane, Price, Dreman, and others—all practice a variation on Graham’s value investing techniques.

When I entered this industry as an analyst fresh out of graduate school, I was mesmerized by formulas, spreadsheets, and textbook examples of business strategy. What a blow it was to find that the methods so revered by business faculty, exploited by fellow analysts, and recalibrated by Nobel Laureates didn’t work any better than a dart board. Is it any wonder why your broker or fund manager can’t beat the market any more? It’s because they all try desperately to beat each other—an impossibility since they all studied the same formulas and are trained to look at information identically.

What my experience in this field, and my hundreds of conversations with individual investors, have taught me can be summed up in a few simple dictums:

1. You can’t swim with the crowd. The fact that most investors respond irrationally to information or fail to value a company before purchasing it works to the advantage of those who view facts soberly.

2. Narrow your task to that of evaluating businesses, not forecasting the market, economy, interest rates, or future earnings.

3. Don’t be swayed by share-price movements, for they often reflect irrational responses to events. If you accept that the market acts rationally, and that stock prices are always reasonable, you doom yourself to mediocre performance.

4. Don’t be a price taker in the market. That is, you should never assume that a $30 price tag on a stock means the company is worth exactly $30. It may be worth $50. These days, it’s probably worth $10.

5. Wall Street’s mission is to sell you something and to create quantitative justifications to induce you to trade.

6. No amount of technical or mathematical know-how can substitute for old-fashioned financial statement analysis.

7. The only "system" that has really worked—and will ever work—is one that links share price to the company’s performance. Find out what a company is truly worth, buy below that price, and you will beat the market over time.

How crucial is beating the market? Consider that if you started with $10,000 and obtained a 10% annual return for 30 years, you would have $174,000 at the end. If, however, you could increase that return to, say, 14%, you would have $510,000. That’s quite a reward. To get it, you need only be prudent and diligent.

"Wall Street on Sale" shows you how to be both prudent and diligent. I honestly believe you will find "Wall Street on Sale" to be one of the most readable, educational and useful primers on investing you will read.

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