Free Ebook Brandes on Value: The Independent Investor, by Charles H. Brandes

Free Ebook Brandes on Value: The Independent Investor, by Charles H. Brandes

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Brandes on Value: The Independent Investor, by Charles H. Brandes

Free Ebook Brandes on Value: The Independent Investor, by Charles H. Brandes

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From the Back Cover

"If you're not different in the way you think from the majority, it's harder to be successful." -- From Chapter 5 Most people love a bargain. But no one likes anything cheap and nonlasting. This is the essence of value investing--finding companies built to last at bargain prices. If this sounds easy, you'll find that it's not. With the right know-how and time, however, it can be done effectively and consistently. You don't hear much about value investing these days, but it is always at work. With time on its side, it is content to take the back burner to trendy investment approaches that dominate the financial and mainstream media. The allure of the "quick fix" from ETFs, alternatives, commodities, quant, risk-on risk-off, IPOs, and private equity certainly captures the investor's imagination more than long-term strategies involving active value stock picking. But if you're a value investor, this is good news. That is, if you're going to succeed at value investing over the long run, the opportunities are usually found where the flock doesn't fly. Brandes on Value is about this independent journey, not just for Charles Brandes, but for the many investors who attribute their success to the unwavering pursuit of value principles.

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About the Author

CHARLES BRANDES is the founder and Chairman of Brandes Investment Partners, L.P., and also a member of the firm's Investment Oversight Committee. Starting his career in 1968 as a broker trainee, Mr. Brandes decided to dedicate his practice to value investing soon after a chance yet inspiring meeting with the man who pioneered this time-tested investment philosophy, Benjamin (Ben) Graham. Considered the father of value investing, Graham authored such books as Security Analysis and The Intelligent Investor--groundbreaking insights that, as Mr. Brandes often puts it, "changed my life." Following this sage advice, Mr. Brandes would found Brandes Investment Partners in 1974--with the enthusiastic support of Ben Graham--based on the Graham-and-Dodd value investment tenets. Since he founded his eponymous firm, Brandes has never wavered from this straightforward Graham-and-Dodd approach, building portfolios one company at a time through the firm's equity and fixed-income strategies to help clients pursue their long-term investment goals.

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Product details

Hardcover: 272 pages

Publisher: McGraw-Hill Education; 1 edition (November 28, 2014)

Language: English

ISBN-10: 9780071849357

ISBN-13: 978-0071849357

ASIN: 0071849351

Product Dimensions:

6.2 x 1 x 9.2 inches

Shipping Weight: 1 pounds (View shipping rates and policies)

Average Customer Review:

4.0 out of 5 stars

7 customer reviews

Amazon Best Sellers Rank:

#929,379 in Books (See Top 100 in Books)

A very interesting book on long term investing. Well written and very accessible.

This books provides a practical application of Benjamin Graham's investment philosophy and investment techniques by a Value Money Manager.

A basic book at best only suitable for someone with a rudimentary understanding of investing.

Not only is this an excellent book for the value investor, but also a very worthy addition to any Benjamin Graham fan's library and/or value practitioner. Though the value methodology is not rocket science, to articulate what value investing 'is not' is a difficult task any author approaching the subject takes on. With two thumbs up, this author succeeds to cogently define both what value investing is, and what it is not, in language most all should grasp. However, as Warren Buffett has been known to quip -- you get the value process in five minutes, or you do not.The book is divided into four parts:Part I -- The Value ProcessPart II -- The Mechanics (a little technical)Part III -- Hard Knocks (earned experience)Part IV -- Take Home NotesAfter reading Part I (three brief chapters), if you do not get it then put the book down. If the chapters do speak to you, continue reading in this very enjoyable book on value investing. Enjoyable? It is hard to say that such a potentially dry subject as investing could be enjoyable, but it was -- therefore excellent marks to both the author and the editor for this new addition to the value investing library. Also and as investing is not about numbers alone, the topics on our own behavioral biases is worthy of credit.All in, if you are willing to spend the time and do the work, whether reading annuals, 10-Ks, 10-Qs, then reading this book will assist you in becoming a better investor. Other references and fine books in the same genre are as follows:The Intelligent Investor: The Classic Text on Value Investing by Benjamin GrahamThe Little Book of Behavioral Investing: How not to be your own worst enemy by James MontierThere's Always Something to Do: The Peter Cundill Investment Approach by Christopher Risso-GillThe Dhandho Investor: The Low-Risk Value Method to High Returns by Mohnish PabraiValue Investing: From Graham to Buffett and Beyond by Bruce C. N. GreenwaldSide Note: The electronic version has several typos with many/many alignment and spacing errors, the hardcopy is fine which I own too.

The book is a journey through all sound investment principles Charles Brandes learned since he launched his investment firm in 1974. The book describes the value investment style that is applied by Brandes Investment Partners in the management of the equity and fixed income funds. Several topics pass the review: the benefits of seeking bargains worldwide; the benefits of value investing for patient value investors; the crisis of 2008; the explanation of behavioral mistakes and how the industry tries to foolish investors all over again with the launch of “new” investments products that are not based on value principles.The long term benefits of stocks are highlighted, together with risk measures that must be taken into account. The description of risk is how value investors see risk: the permanent loss of capital and the risk of overpaying for investments that are hot. Weakness of traditional risk measures such as volatility and beta are explained.The book is a must read for every serious investor. Especially in 2015, when investors are queueing to buy government bonds and passive index linked funds. It enables the reader to learn how to invest his money in a sound way and to stay away from the madness of quick money win and speculation. The book describes just the same investment philosophy that Charles has learnt from his mentor Ben Graham, but with fresh and contemporary insights.

The mantra of value investors is that you have to focus on the long term. Even if you’ve figured out what a company is worth (or at least you think you have), and bought it at a fraction of that value, you may have to wait years before the price in the market reflects that value.So there’s probably no such thing as a successful, impatient value investor. But Charles Brandes is one of the successful ones who’ve demonstrated patience through many market cycles. “Brandes on Value” is partly a how-to guide on value investing while also giving some insights on the personality and history behind an investor who may just have been Ben Graham’s last disciple: Graham mentored Brandes in the last few years of his life. Forty years on, Charles Brandes is still going strong.Most great value investors seem happy to pass on what they’ve learned. That’s probably because these lessons are easy to understand but really hard to implement. As Brandes notes, you’ve got to do the detailed homework. However you’ve then got to go against the crowd while they’re all telling you you’re wrong, and then wait (and sometimes keep on and on waiting) until you’re proved right….if indeed you are.Yes, readers of this book will get their “how-to” advice on value stocks, but there’s more in here than that. Chapters on global investing and bonds may open some eyes to new horizons. Importantly Brandes has a useful section on the real risk in investing: the risk of losing your money over the long-term. While much of the investment industry and academia seem fixated on volatility of returns as defining risk, Brandes reminds us to focus on ways to avoid losing money.“Brandes on Value” includes enough personal anecdotes to flesh out the story of the ups and downs of a life-long value investor. It probably won’t turn you into a value investor overnight. But it will show you the benefits of owning a value portfolio …..if you’ve got the patience to hang in there for the long term.

If you're new or relatively new to value investing, this may provide a decent overview. But for the experienced value investor-- one who has read the classics (Graham, Buffett's essays, Klarman, Dreman, etc.)-- there is very little to be learned here, other than reinforcement of the basics.

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