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Wisdom on Value Investing offers author Gabriel Wisdom's insights on succeeding in difficult markets. One of his favorite approaches-which is part classic value investing and part behavioral finance-is called "The Fallen Angels Investment Strategy," and it prepares investors to look past short-term value assumptions in order to capture profits. Throughout this book, Wisdom will show you how to capitalize on value plays where the fundamentals are actually strong, but the "general wisdom" surrounding the security has turned negative. He discusses how stocks with the most promise are ones that Wall Street has marked down without regard to their underlying value, and reveals how this type of intrinsic value discount provides a margin of safety during difficult times, and substantial upside rewards for those who find them early enough.
- Takes value investing one step further by mixing significant amounts of behavioral finance into the analysis
- Prepares investors to take advantage of other's mistakes
- A time-tested strategy for any type of market-up or down
A classic look at value investing with a twist, this book will put you in a better position to succeed in both bull and bear markets.
Includes a Foreword by Mary Buffett and David Clark, authors of Buffettology.
- Sales Rank: #1468448 in Books
- Published on: 2009-10-05
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x .80" w x 6.30" l, .85 pounds
- Binding: Hardcover
- 208 pages
Review
“If you are looking for a book that explains how to screen stocks for a long-term investment, then start with Wisdom on Value Investing. You'll find it as entertaining as it is informative. His tips just might make you a bundle of money, or protect you from costly mistakes.”
—Thomas Bulkowski, thepatternsite.com, October 2009
“ … I liked this book because it presented value investing in a way that wasn’t intimidating. It touched on a lot of investing topics, such as portfolio management and categorizing Fallen Angels, and subjects I haven’t even mentioned and does so in a very casual and conversational way.”
— Jim Wang, bargaineering.com, January 2010
"You really can become a better investor if you pay attention to fundamentals, and look for investments that are underpriced but have good upside potential. You may not score big in a year or two, but you are more likely to see steady gains over the years if you employ some of the techniques in Wisdom's book." ”
— Miranda Marquit, AllBusiness.com, February 2010
From the Inside Flap
Like sheep, we tend to follow a herd mentality—we flock to box office hits, buy the latest in fashion and gadgets—and buy and sell stocks based on the ebb and flow of financial pundits and mainstream investors.
Investing in the stock market is one place, though, where it pays to be a lone wolf. Turn on the TV or pick up a newspaper during times of market turbulence, and watch investors act like lemmings marching to sea. Unfortunately, they are also setting themselves up for failure—and devastating losses.
In Wisdom on Value Investing: How to Profit on Fallen Angels, seasoned investment adviser and popular broadcaster Gabriel Wisdom lays out a different kind of vision for investing in the stock market, or any other market—one that promises to put you on a unique path to success, far from the anguished cries of the investing masses. Wisdom makes the argument that, rather than following fashion, the smart investor stays calm and waits patiently for the incredible deals—the Fallen Angels—that are certain to come along.
Based on Wisdom's professional experience and his popular Fallen Angels investment strategy—which is part classic value investing and part behavioral finance—this wise, easy-to-follow guide reveals:
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How to maximize earnings and minimize losses in any type of market
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The habits of successful investors
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Why you should buy when everyone is complaining and sell when they are celebrating
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The importance of having an exit strategy
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Why we need to learn to live with stock market volatility
Preparing you to take advantage of others' mistakes, Wisdom on Value Investing clearly discusses how stocks with the most promise are ones that Wall Street has temporarily marked down without regard to their underlying value, and explains how this type of value discount provides a margin of safety during difficult times and substantial upside rewards for those who find them early enough.
With this tool for investors of all stripes—whether you have been at the game for a while or are just dipping your toes in the market for the first time—Gabriel Wisdom offers his time-tested, popular strategy to getting a leg up on the complex and difficult art of investing.
From the Back Cover
Praise for wisdom on value investing
"I have worked with Gabriel Wisdom for many years, and he is well positioned to be one of the new Graham and Dodds of this era. This book has much wisdom for investing in the long bear market ahead. I strongly suggest that you study his techniques thoroughly."—Harry S. Dent Jr., Economist and New York Times bestselling author
"Wisdom on Value Investing has found a permanent place on my bookshelf next to my four editions of Graham's Security Analysis and the last thirty years of Berkshire Hathaway annual reports. I can't think of a better book to have at¿your side for making money in these turbulent times."—Mary Buffett and David Clark, internationally acclaimed authors of six books on Warren Buffett's methods
When it comes to buying and selling stocks, why do some people have a magic touch, while others have the kiss of death?
Based on Gabriel Wisdom's popular Fallen Angels strategy, Wisdom on Value Investing offers you the tools to invest successfully in both bull and bear markets—sharing the top ten traits of the greatest investors in history.
This savvy guide recognizes that markets rise and fall based on emotion, moods, and circumstances, and that people who are aware of this phenomenon—and use it to their advantage—are in a position to make a lot of money.
Laying out his methodology for determining when it is worth investing in a "Fallen Angel" whose stock price has plunged, the tips and strategies found in Wisdom on Value Investing will help you enter today's market with confidence and exit with profits.
Most helpful customer reviews
7 of 9 people found the following review helpful.
A Practitioner's Primer on Value Investing
By Andrew Szabo
There is a pun in the title of the new book, Wisdom on Value Investing (John Wiley, 2009). The author is Gabriel Wisdom, and what he sets out is wisdom concerning the "value investing" style.
Wisdom is a co-founder of American Money Management, LLC and President of the Fallen Angel family of mutual funds. According to the book jacket, he has managed "more than a billion dollars for wealthy investors since 1983." He hosts a daily program on Business Talk Radio Network.
The author favors "fallen angels"--securities offered at prices below their intrinsic value. There are three sources of such situations, he says: the business cycle, excessive pessimism in the market and a one-time "calamity befalling an otherwise sound company" (pp. 18-20). He urges the reader to follow a contrary stance, against prevailing sentiment in the market.
Wisdom suggests as standards of value a number of financial statistics followed by most value investors, including the price to earnings ratio, debt level, return on equity and free cash flow.
One question that many investors puzzle over is when to sell. Wisdom cites three signals: first, if the reason you bought is no longer valid; second, if profits come sooner than expected (in other words, don't succumb to over-optimism); third, if a better opportunity comes along. In practice, those who have an eye for something worth holding a long time are probably best suited for the value style of investing. I'm not sure if Warren Buffett has ever unloaded a company, although a few of his picks (especially early on, such as Dexter Shoe) came out poorly.
At times, the reader may be puzzled by Wisdom's practice of citing investment principles that are in tension with one another, without his resolving or even noting such differences. For example, he cites Shawn Andrew to the effect that the crowd is usually right, except at major turning points (p. 9) but also cites with approval George Soros' statement: "I assume that the markets are always wrong" (p. 131). By the same token, he cites Warren Buffet (p. 1) about how a net saver should buy when prices are sinking, but then he also recommends buying when technical patterns show a rising price trend, albeit close to the bottom.
Although most of this book concerns securities investing, chapter fourteen concern real estate as the "other fallen angel opportunity." He sees evidence for an eighteen year real estate cycle in the United States, following the work of statistician Edward Dewey (1895-1978). The chapter discusses how to watch this recurrent pattern and invest opportunistically. He suggests as examples of fallen angels in this area abandoned properties in working class neighborhoods at the bottom of a business cycle.
Wisdom offers a breakdown (pp. 114-117) of the "twelve most common opportunities for investors": fallen angels; out-of-favor blue chip stocks; spinoffs; overlooked smaller companies; companies run by gifted deal-makers; cyclical companies at the bottom of a cycle; growth at a reasonable price; distressed companies; post-bankruptcies; the part is worth more than the whole; activism in the marketplace; oddballs/innovators.
One section of the books that is highly misleading concerns "book value." The author describes book value as a "bottom-line assessment, by an independent source, of a company's value...arrived at by auditors who seek to determine the actual value of each share of the enterprise, independent of the market price....The process is similar to an appraisal [of] real estate...an estimated fair market value is determined." If these procedures were actually followed by companies, book value would probably be a much more interesting number. In fact, the book value of a company is an accounting measure, equal to a company's assets minus its liabilities, preferred stock and intangibles. The book value of an asset is based on its original cost minus accumulated depreciation. Notoriously, these numbers can deviate wildly from any reasonable estimate of an asset's "fair value" or "market value." How can a seasoned professional like Wisdom, on such a fundamental matter, fall this far from the mark? Did he skip class that day?
Perhaps the most impressive part of the book is Chapter 15, concerning "Ten Fallen Angels for the Next Five Years." Here are five large capitalization stocks he recommended early this year, the price he recommended them at (on 3/30/2009) and their present price per share (market close, 11/6/2009):
- General Dynamics (GD, $41.59; now $65.58, up 58%);
- Google (GOOG, $348.06; now $551.10, up 58%);
- Jacobs Engineering (JEC, $38.66; now $43.81, up 13%);
- Johnson & Johnson (JNJ, $$52.60; now $60.30, up 15%).
- Visa (V, $55.60; now $43.81, up 13%)
Among smaller companies, re recommended - Hansen Natural (HANS, $36; now $34.46, down 4%);
- Sketchers (SKX, $6.67; now $22.80, up 242%) (!);
- World Fuel Services (INT, $31.63; now 51.36, up 62%);
- Move (MOVE, $1.45; now $1.66, up 14%);
- Lincare Holdings (LNCR, $21.80; now $33.10, up 52%).
Not bad for a 221 day holding period! One might say, "Oh, almost everything has done much better since March 2009," but that would be to deprive the author unfairly of the courage of his timing of publication. And in fact, this portfolio beat the market handily. The mean gain was 50% for these ten stocks. Over the same interval, the S&P 500 gained 36% and the Russell 2000 40%.
Journalist Joe Tash aided in the writing of the book, which is clear and understandable. The book is aimed at individual investors, and many would profit from the lucid presentation of basic value investing principles. On the whole, despite some flaws and inconsistencies, this book is worth adding to the bookshelf of serious investors.
Among other works deserving a place on the value investors' bookshelf, I would mention Benjamin Graham's classic, The Intelligent Investor (1949), David Dreman's New Contrarian Investment Strategy(1982), Timothy Vick's Wall Street on Sale (1998), Martin Whitman/Martin Shubik, The Aggressive Conservative Investor (1979). Among more recent works, consider Joel Greenblatt, The Little Book that Beats the Market (2005) and Christopher Browne/Roger Lowenstein, The Little Book of Value Investing (2006).
(The author of this review, Andy Szabo, is founder of MindBodyForce.com)
2 of 3 people found the following review helpful.
Focus On Your Investments More Closely With Wisdom's Book
By Amazon Book Lover
Gabriel Wisdom has a financial radio show that plays in my area every day at 4:00 pm and when I'm in the car driving around town its fun to listen in. He's always had great guests on his show from value and fundamental investors to technical analysis traders and everything in between. His knack for summing up the material in an easy to comprehend way is refreshing.
What I like about his book, Wisdom on Value Investing, is how in Chapter 10 he shows exactly how to pick what he refers to as "Fallen Angels". These are high quality stocks that have fallen in price, and as Wisdom says, "...the best time to buy stocks - or anything else - is when no one else wants them...". My approach has generally been to use charts and technical analysis. This book is getting me started on blending in more fundamental concepts into the mix like evaluating revenue growth, earnings growth, and return on equity and debt to equity ratios. It will enable me to filter some of my investments and trades with a new perspective.
These days we all have to focus on our investments more closely to prevent damage to our portfolios. This book is recommended for doing just that.
2 of 3 people found the following review helpful.
Successful investing isn't rocket science; it's harder!
By Bennett McDowell, TradersCoach.com
Wisdom is right on the money with his new book. Isn't it true that when everyone else experiences fear, it is the best time to swoop in for the greatest opportunity? Of course it is all about knowing how to seize the opportunity and profit from it. You'll learn that here, how to find the stocks that are down but have a high probability to rise. I also like how Wisdom is not afraid of having an exit strategy, which most financial advisors don't generally understand the importance of. When you've got markets plummeting at 1,000 points a clip, wouldn't it make sense to exit your long positions before the crash? Yes, it does, and Wisdom shows you how. Bottom line is if you want to profit from value investing this book will get you on the right track.
PS: Michael Moore, portfolio manager, has a great quote in the book "...Successful investing isn't rocket science; it's harder..." that sums it up nicely.
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