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Tobias Carlisle
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Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations (Wiley Finance) (English Edition) 1° Edizione, Formato Kindle

Edizione Inglese di Tobias E. Carlisle (Autore) Formato: Formato Kindle
4,5 4,5 su 5 stelle 161 voti
Visualizza tutti i formati ed edizioni
The economic climate is ripe for another golden age of shareholder activism

Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations is a must-read exploration of deep value investment strategy, describing the evolution of the theories of valuation and shareholder activism from Graham to Icahn and beyond. The book combines engaging anecdotes with industry research to illustrate the principles and methods of this complex strategy, and explains the reasoning behind seemingly incomprehensible activist maneuvers. Written by an active value investor, Deep Value provides an insider's perspective on shareholder activist strategies in a format accessible to both professional investors and laypeople.

The Deep Value investment philosophy as described by Graham initially identified targets by their discount to liquidation value. This approach was extremely effective, but those opportunities are few and far between in the modern market, forcing activists to adapt. Current activists assess value from a much broader palate, and exploit a much wider range of tools to achieve their goals. Deep Value enumerates and expands upon the resources and strategies available to value investors today, and describes how the economic climate is allowing value investing to re-emerge. Topics include:

  • Target identification, and determining the most advantageous ends
  • Strategies and tactics of effective activism
  • Unseating management and fomenting change
  • Eyeing conditions for the next M&A boom

Activist hedge funds have been quiet since the early 2000s, but economic conditions, shareholder sentiment, and available opportunities are creating a fertile environment for another golden age of activism. Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations provides the in-depth information investors need to get up to speed before getting left behind.

Previous page
  1. ISBN-13
    978-1118747964
  2. Edizione
    1°
  3. Memo
    Su Kindle Scribe
  4. Editore
    Wiley
  5. Data di pubblicazione
    22 luglio 2014
  6. Lingua
    Inglese
  7. Dimensioni file
    3084 KB
  8. Visualizza tutti i dettagli
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Descrizione prodotto

Dalla seconda/terza di copertina

Deep Value offers investors an authoritative exploration of the philosophy of deep value investment. Written by Tobias Carlisle&;an active value investor and the well-known blogger at greenbackd.com&;this important resource describes the evolution of the various theories of intrinsic value and activist investment from Benjamin Graham to Warren Buffett to Carl Icahn and beyond. Filled with engaging anecdotes and meticulous research, the book illustrates the principles and strategies of deep value investing and examines the counterintuitive idea behind its extraordinary performance. Deep Value is a practical guide that reveals little-known valuation metrics that activist investors and other contrarians use to identify attractive, asymmetric investment opportunities with limited downside and enormous upside.

Tobias Carlisle presents an insider&;s perspective on valuation and activism in a format that is accessible to both professional and general investors. The value investment philosophy as first described by Benjamin Graham initially identified targets by their discount to liquidation value. This approach has proven extremely effective; however, those opportunities have all but disappeared from the modern stock market. To succeed, today&;s deep value investors have adapted Graham&;s philosophy, embracing its spirit while pushing beyond its confines. In Deep Value, Carlisle examines Graham&;s 80-year-old intellectual legacy using modern statistical techniques to offer a penetrating and highly original perspective: that losing stocks&;those in crisis with apparently failing businesses and uncertain futures&;offer unusually favorable investment prospects. As the author demonstrates, the evidence reveals an axiomatic truth about investing: investors aren&;t rewarded for picking winners; they&;re rewarded for uncovering mispricings.

Deep Value shows the place to look for mispricings&;in calamity, among the unloved, the ignored, the neglected, the shunned, and the feared.

Dalla quarta di copertina

Deep Value offers investors an authoritative exploration of the philosophy of deep value investment. Written by Tobias Carlisle—an active value investor and the well-known blogger at greenbackd.com—this important resource describes the evolution of the various theories of intrinsic value and activist investment from Benjamin Graham to Warren Buffett to Carl Icahn and beyond. Filled with engaging anecdotes and meticulous research, the book illustrates the principles and strategies of deep value investing and examines the counterintuitive idea behind its extraordinary performance. Deep Value is a practical guide that reveals little-known valuation metrics that activist investors and other contrarians use to identify attractive, asymmetric investment opportunities with limited downside and enormous upside.

Tobias Carlisle presents an insider's perspective on valuation and activism in a format that is accessible to both professional and general investors. The value investment philosophy as first described by Benjamin Graham initially identified targets by their discount to liquidation value. This approach has proven extremely effective; however, those opportunities have all but disappeared from the modern stock market. To succeed, today's deep value investors have adapted Graham's philosophy, embracing its spirit while pushing beyond its confines. In Deep Value, Carlisle examines Graham's 80-year-old intellectual legacy using modern statistical techniques to offer a penetrating and highly original perspective: that losing stocks—those in crisis with apparently failing businesses and uncertain futures—offer unusually favorable investment prospects. As the author demonstrates, the evidence reveals an axiomatic truth about investing: investors aren't rewarded for picking winners; they're rewarded for uncovering mispricings.

Deep Value shows the place to look for mispricings—in calamity, among the unloved, the ignored, the neglected, the shunned, and the feared.

Dettagli prodotto

  • ASIN ‏ : ‎ B00M2V6Y28
  • Editore ‏ : ‎ Wiley; 1° edizione (22 luglio 2014)
  • Lingua ‏ : ‎ Inglese
  • Dimensioni file ‏ : ‎ 3084 KB
  • Da testo a voce ‏ : ‎ Abilitato
  • Screen Reader ‏ : ‎ Supportato
  • Miglioramenti tipografici ‏ : ‎ Abilitato
  • X-Ray ‏ : ‎ Non abilitato
  • Word Wise ‏ : ‎ Abilitato
  • Memo ‏ : ‎ Su Kindle Scribe
  • Lunghezza stampa ‏ : ‎ 236 pagine
  • Recensioni dei clienti:
    4,5 4,5 su 5 stelle 161 voti

Informazioni sull'autore

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Tobias Carlisle

Tobias Carlisle

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Recensioni clienti

4,5 su 5 stelle
4,5 su 5
161 valutazioni globali

Recensione migliore da Italia

Simari
4,0 su 5 stelle A great book, you need to read it if you follow the value strategy to invest
Recensito in Italia il 20 ottobre 2014
Acquisto verificato
The book is a path in the financial world through a quantitative lens.

It starts from Graham (Net net approach),

pass to Joel Greenblatt work, go to behavioral economics and then land to Activist, the new frontier of people able to cause changing in companies.

Seen the evidence (studies done and results), if you embrace the theoretical context you will start to invest in that direction, more value concentrated in comparison to quality.

Buffet “wonderful companies” (as he says in the book) exist but they are really hard to find. At same time you suppose to have the same insight (hard belief or hard arrogance), I add.

A great book, you need to read it if you follow the value strategy to invest
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casp
5,0 su 5 stelle The history of activist investing for everybody.
Recensito nel Regno Unito il 27 aprile 2017
Acquisto verificato
This was a very enjoyable read. You will read about how,among others, Icahn, thinks and operates.This is a history of activist investing as well as a guide to profiting from mean reversion. Not your first investment book but a good read.
2 persone l'hanno trovato utile
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calin
5,0 su 5 stelle Deep Value is required reading for new and experienced value investors.
Recensito in Canada il 13 luglio 2015
Acquisto verificato
Deep Value is required reading for new and experienced value investors. Tobias' extensive research and thoughtful insights build upon Ben Graham's ground breaking work in the Intelligent Investor and Security Analysis. His discussion on mean reversion and the acquirer's multiple alone are worth the purchase price. I highly recommend it.
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Steve W
5,0 su 5 stelle Gripping read...here's why...
Recensito negli Stati Uniti il 2 settembre 2014
Acquisto verificato
I am glad I picked up Deep Value by Tobias Carlisle.

Not since David Dreman's, "Contrarian Investment Strategies - The Next Generation" that I read in the late '90's, have I read such an important and interesting book on value investing. Yes, Deep Value by Tobias E. Carlisle is that good!

I'm a quantitative or empirical minded guy. I like tables. I absolutely LOVE "What Works on Wall Street" (any edition!). I can read performance tables all day. It is rare for a book like Deep Value, that is absolutely full of individual stories and their market adventures; to hold my attention. Deep Value did. The stories are a lot of fun and incredibly purposeful - making the point of the chapter. Tobias' writing is amazingly good. I guess that shouldn't be too surprising (he is an active blogger after all on his greenbackd.com site). Nonetheless, the writing talent struck me. It's also rare these days for me to finish a book (and I love reading)...at least without (a) skimming through at least some parts or (b) buying and starting another book part way through. With Deep Value, I read every word of every page from start to finish! I had that sense of joy you get when you are reading a book that you know is a new favourite, along with that sad feeling when you get to the end and just wished there was a bit more. Not that there was a need for more...the author is extremely thorough with his topic.

Another rarity for a book like this...on the one hand you get a fun read and a lot of insights and lessons learned. But (and this is for the empirical minded like myself)...on the other hand, every single claim is backed up by research. The various conclusions in this book are NOT simply the opinions of the author. You get the evidence. (Analysis table lovers like me don't get left out - there are a good handful dispersed throughout to keep you going :) )

Some might be familiar with Icahn et al, but I really only knew about Ben Graham (again, because I have come at value investing from a purely numbers based approach). So, for people like me, you will get a wonderful history of some characters in (deep) value investing.

Just a small point, but worth mentioning...I bought this book on kindle and everything was great: formatting, tables etc. The book had also clearly been very thoroughly edited. Not that I'm the type to look for them, but I usually notice one or two errors here and there...but I never noticed any (perhaps I was too engrossed). Another small point still worth mentioning...unlike SO many books, I don't think the author ever even mentioned his blog NOR did the author even once mention his investing firm (eyquem.net). As we all know, many otherwise decent books are somewhat spoilt by the over-advertising throughout by the author. But there was not even a tiny mention. This book was written with a pure passion for the topic (and, I suspect, a genuine joy of sharing knowledge with others).

An absolute classic on a certain aspect of value investing, you won't be disappointed with Deep Value. Although it will continue to sit on my kindle, I now need to order a hardback edition...because I want to be able to put a copy of this book right next to Contrarian Investment Strategies on my book shelf. I can pay the book and the author no higher compliment.
19 persone l'hanno trovato utile
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GD
5,0 su 5 stelle Warning- This style not suitable for faint hearted
Recensito in India il 13 gennaio 2015
Acquisto verificato
Deep Value is all about extreme contrarian investing. This book goes beyond Dreman's Contrarian investment strategies and advocates techniques based on solid research that are completely un-intuitive. The author has described and explained the 60 year research based on various value factors. And identifies the one that works the best even among already good and predictive value factors. Carlisle also gives good case studies of American and New Zealand activist investors. What they look for when they select the stocks, how they unlock the value and benefit themselves and other minority investors.
The author also touches on little bit of investor psychology and its implications.
I found the book very useful. It presents solid research findings. Compares one method with another and identifies the best performing method. Frankly some of the findings were shocking to me. In stock market it is not what seems to be intuitive that works best. The reality is lot different than what believe to be true. For example....his analysis of magic formula emulating Buffet methodology and finding that ROIC is pulling down the returns rather than enhancing the return. You will make more money if you ignore ROIC and invest in absolute dogs of the market who are losing money for last many years!!!
I am not sure how many investors will be able to implement some of the recommendations because you will need to go against very human grain....and become almost unemotional and objective machine executing trades which are stomach churning. Not sure if such humans exist though. Most people may find Buffet's method preferable although you may earn couple of points less in the market. At least you will be able to stick to that methodology because that intuitively makes sense to humans- Buy excellent companies at fair price and make them compound over years- -- like true businessman.

But this book is a gem for true contrarians and misfits.
4 persone l'hanno trovato utile
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Amazon Customer
2,0 su 5 stelle Average/ don’t buy
Recensito nel Regno Unito il 19 giugno 2023
Acquisto verificato
Decent book , very anecdotal though not much in the way of education on deep value techniques. Not very applicable to a retail investor either. Not worth the price tag , better off watching DFV on YouTube.
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