The classic, seminal work in the field, Value Investing has been updated in a new, second edition to include the latest trends and a close look at some of the emerging investors who continue in the value investing tradition of Ben Graham and Warren Buffett. Featuring an exploration of the history of value investing and those that brought this investment approach to the fore, you will also discover the real-world techniques you can use to propel your own portfolio using a sound, proven approach to discovering value.

In the modern era, investors are increasingly caught up in so-called hot tips, can't-miss startups, excessive optimism, and short-term speculation. Value investing is the antithesis to these short-sighted approaches, and stresses what Ben Graham—the father of value investing—referred to as the 'margin of safety' when describing the gap between an equity's price and its value.

• Provides an overview of the techniques of value investing as practiced by some of the greatest value investors of all time
• Includes an exploration of the history of value investing, including an explanation of underlying principles and successful execution of value investing techniques
• Features updates in the new edition that include an analysis of the investment returns of value investing versus growth strategies
• Offers profiles of some of the emerging players in the field of value investing, including Andrew Weiss, Joel Greenblatt, Mason Hawkins, and Bill Nygren

Value Investing, Second Edition is your guide to implementing value investing principles in your own portfolio, complete with a look at the approaches used by the best value investors past and present.

Bruce C.N. Greenwald (New York, NY) is the Robert Heilbrunn Professor of Finance and Asset Management at Columbia University and is the academic Director of the Heilbrunn Center for Graham & Dodd Investing. He teaches the same Value Investing course at Columbia University that was originally started by Benjamin Graham.

Barbara Kiviat (New York, NY) is a business reporter for TIME magazine. She received the Provost's Undergraduate Research Award from Johns Hopkins University in 2001, prior to starting her career in journalism.

Introduction  

Chapter 1 Value Investing: Definitions, Distinctions, Results, Risks, Principles

Chapter 2 Searching for Value: Finding the Right Side of the Trade

Chapter 3 Valuation in Principle, Valuation in Practice: Assets, Earnings Power, and Growth, Maybe

Chapter 4 Valuing the Assets: From Book Value to Replacement Costs

Example 1 Hudson General

Chapter 5 Earnings Power Value

Example 2 Magna International

Chapter 6 Growth 

Chapter 7 “Good Businesses”

Chapter 8 The Valuation of Franchise Stocks

Chapter 8 Appendix

Example 3 WD-40

Example 4 Intel

Chapter 9 Research Strategy

Chapter 10 Risk Management and Building Portfolios