[ [DOWNLOAD] Deep Value ] Author Tobias E. Carlisle – happypink.co.uk
Artmentalise Munger and Buffett style into some strategy jargonAll in all worth reading but I would ve preferred to spend less if a kindle version was available An outstanding book that s shows and explains why traditional value strategies are still capable of producing market beating returnsWhat I liked about the bookVery simple and easy to read It s about 280 pages and doesn t have too much superfluous writing It s easy to read
and understandBacked by empirical data that is a fairy large sample understandBacked by empirical data that is a fairy large sample is robustProvides a good understanding of the concept of mean reversion and its importance in investingWhat I did not like about the bookDoes not explain the acuirer s multiple as well as it could and should have I figured it out on my own but the book could have explained the formula a bit better and perhaps dedicated a couple pages to demonstrate an example of how it could be calculated from an actual companyThe books is expensive I paid about 60 dollars on I understand it s partly because it s an academic work kind of like buying an article in an investmentfinance research journal But 60 85 dollars going price is a bit excessiveReview summary Interesting and accessible book backed by empirical data Strongly recommend to intermediate to advanced investors particularly those of a value bent Great summary of all forms of value investing their origins evolution and the world today Starts reading like a research paper towards the end but I don t mind it Carlisle makes the case for intrinsic value relative to earnings or the inverse the acuirer s multiple as the only measure of value worth pursuing The author rushes through analyses which makes it difficult to follow the logic at times but provides copious supporting data for his argument in the form of charts tables and other figures so the reader can follow along visually This book is borderline repetitive regarding the concept of mean reversion but at the same time it is a treasure trove of counter intuitive data on market beating deep value portfolios. Ing 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 MA boom Activist hedge funds have been uiet 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. .
Lled and that one cannot gain any competitive advantage over others by improving judgment and analytical skill ou probably will agree with what Carlisle has to say This book basically describes an investing strategy that needs one to believe in as a concept mean reversion and invest in a diversified portfolio of stocks 30 to 50 without knowing a thing about the underlying businessesOn the other hand if The Star Spangled Buddhist you re from the Munger school of thought doing individual stock research and developing a conviction to build a concentrated portfolio will make better sense andou might find Retracing the Expanded Field yourself arguing almost every important point Carlisle makes Of course the difference in this approach being thatou need to develop a good business acumen
and do deep stock research to be abledo deep stock research to be able develop a strong conviction in the first place Depending on Experiencing Architecture your orientationou will find this book to be either very useful or extremely useless I read the book twice once from the point of view of mean reversion based pure uant value diversified portfolio thinker and the other time from the research based business partner type concentrated portfolio thinker I wasn t really convinced about the performance numbers since I think backtests would be hard to replicate in real life Also it is
too difficult to blindly rely on a strategy that has worked in the past withoutdifficult to blindly rely on a strategy that has worked in the past without strong reason to believe why the stock should outperform hence making one refrain from allocating a large portion of the portfolio to such investmentsThe explanations about the past performance of different strategies could ve been shortenedI must mention I did find value in the first half of the book where Carlisle describes different investing styles of Graham Munger Buffett Icahn and Greenblatt For anyone new to value investing this could be interesting especially since Carlisle writes well and has explained various aspects of value investing in a good easily read manner His understanding of Munger and Buffett is also good a uality rare among uants who try to comp. N 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 liuidation 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 allow. Extrapolation is instinctive while mean reversion is notIn
the era of moat and growth investing this book provides much needed empirical evidence from across various timeera of moat and growth
INVESTING THIS BOOK PROVIDES MUCH NEEDED EMPIRICAL EVIDENCE FROMthis book provides much needed empirical evidence from various time and markets on how Graham type of strategies still outperform almost all other approaches A must readWarning The book is like an academic paper with tonnes of surveys and data Not a very fluid read Hands down one of the best books I have read to this date read it twice in 6 months it offers counter intuitive ideas and facts and backed by uality statisticsLong version reviewMean reversion in business is pervasive can think of cyclical nature of businesses High return businesses attract competition and drives down return to the point where the invested capital can no longer make any profit or even endure loss some in the industry then choose to exit and so the returns move gradually to the peak again In a cruel irony businesses find capital in abundance both from retained earnings and outside investors when they need it least and scarce when they need it mos In the first half of the book Tobias Carlisle compares various metrics used to identify deeply undervalued stocks and presents cases from empirical research that show deep value stocks in general outperform growthuality stocks This outperformance is attributed to the phenomenon of mean reversion In the second half and the interesting one Tobias really gets to the heart of deep value investing by depicting cases of deeply undervalued companies from the real world and narrating how corrective forces helped unlock their value to the shareholders This is a collection of very detailed historical case studies with an interesting investing thesis hidden between the lines and in the last chapterI enjoyed it though would prefer thesis less history The best book I ve read this Comparative Environmental Politics year case studies coupled with academic findings just how I like my theory reading A line from the book Rats beat the MBAs sums up the point of this book Ifou re of the belief that biases cannot be contro. 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 .