* A second edition to the classic and widely popular Value Investing, which was hailed as better than Benjamin Graham s 1950, The Intelligent Investor.

PRAISE FOR VALUE INVESTING

"This book deserves a place on every serious investor's shelf."
—Financial Times

"The First Edition of Value Investing was instantly recognized as a classic. The value investing style was out of favor in 1999 when that First Edition came out, as it is now. The reversal that followed was swift and brutal for those who had abandoned the time proven strategies of value investing. This edition, revised and updated, with much new content, is even better. Buy it. Study it. Profit from it."
—Bill Miller, Founder, Chairman, and Chief Investment Officer, Miller Value Partners

"Since the Global Financial Crisis, and especially thus far in 2020, 'growth investing' has significantly outperformed 'value.' Some say value investing is dead, while others say the success of growth investing has been driven by recent good company performance and a virtuous circle stemming from the rise in passive investing. It's important to adapt to changes in the world but just as important not to lose track of the time-tested principles regarding what makes for good underlying value in an investment. This book is an invaluable guide to an approach that investors must comprehend regardless of which side of the fence they stand on."
—Howard Marks, Co-chairman and Co-founder, Oaktree Capital Management; author, Mastering the Market Cycle: Getting the Odds on Your Side

"Value Investing is a must-read book for serious investors and students of investing. Academic value guru Bruce Greenwald along with Judd Kahn update their earlier work to explore how value investing steps have changed—or not—in the time of financial crises, pandemics, and euphoria about technology stocks. While there may be few dollar bills discoverable for 50 cents today, Greenwald and Kahn—with a cast of leading investors in the book—offer a rigorous guide for today's markets."
—Glenn Hubbard, Dean Emeritus and Russell L. Carson Professor of Finance and Economics, Columbia Business School

"This definitive book on value investing is now fully revised and updated, with growth as a debate-inspiring X factor. When should you pay for it, when not? It's an inescapable question that the smartest investors deeply rooted in the Graham and Dodd tradition now ask themselves all the time. By addressing growth as a key variable for great investing, the Second Edition packs even more wisdom and insights for intelligent investors looking to outperform in a rapidly changing world."
—John Mihaljevic, CFA, Chairman, MOI Global; author, The Manual of Ideas: The Proven Framework for Finding the Best Value Investments

"Greenwald and Kahn shine in this updated and expanded edition of Value Investing. I keep a copy on my desk and you should too. Read it."
—Wesley R. Gray, PhD, CEO, Alpha Architect; co-author, Quantitative Value and Quantitative Momentum

Explore the modern extension of value investing in this essential text from "the guru to Wall Street’s gurus"

The substantially rewritten Second Edition of Value Investing: From Graham to Buffett and Beyond delivers an incisive and refined approach to investing grounded on almost 100 years of history, beginning with Graham and Dodd. Founded on the value investing course taught for almost twenty-five years by co-author Bruce Greenwald at Columbia Business School, the book helps investors consistently land on the profitable side of the trade.

Readers will learn how to search for underpriced securities, value them accurately, hone a research strategy, and apply it all in the context of a risk management practice that mitigates the chance of a permanent loss of capital.

The new edition includes:

• Two innovative new chapters discussing the valuation of growth stocks, a perennial problem for investors in the Graham and Dodd tradition
• New profiles of successful investors, including Tom Russo, Paul Hilal, and Andrew Weiss
• An extended discussion of risk management, including modern best practices in an environment where it is often divorced from individual security selection

A substantive expansion of an already highly regarded book, Value Investing: From Graham to Buffett and Beyond is the premier text discussing the application of timeless investing principles within a transformed economic environment. It is an essential resource for portfolio managers, retail and institutional investors, and anyone else with a professional or personal interest in securities valuation and investing.

Successful value investing practitioners have graced both the course and this book with presentations describing what they really do when they are at work. Find brief descriptions of their practices within, and video presentations available on the web site that accompanies this volume:

http://www.wiley.com/go/greenwald/valueinvesting2e