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Concentrated Investing
Strategies of the World's Greatest Concentrated Value Investors
Allen C. Benello (Author), Michael van Biema (Author), Tobias E. Carlisle (Author)
9781119012023, Wiley
Hardback, published 17 June 2016
256 pages
23.6 x 16.3 x 2.3 cm, 0.431 kg
“…this is an original approach to both value investing and diversification, and brings a new perspective to some familiar topics.” (Money Week, May 2016)
Discover the secrets of the world's top concentrated value investors Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors chronicles the virtually unknown—but wildly successful—value investors who have regularly and spectacularly blown away the results of even the world's top fund managers. Sharing the insights of these top value investors, expert authors Allen Benello, Michael van Biema, and Tobias Carlisle unveil the strategies that make concentrated value investing incredibly profitable, while at the same time showing how to mitigate risk over time. Highlighting the history and approaches of four top value investors, the authors tell the fascinating story of the investors who dare to tread where few others have, and the wildly-successful track records that have resulted. Turning the notion of diversification on its head, concentrated value investors pick a small group of undervalued stocks and hold onto them through even the lean years. The approach has been championed by Warren Buffett, the best known value investor of our time, but a small group of lesser-known investors has also used this approach to achieve outstanding returns. Concentrated Investing will quickly have you re-thinking the conventional wisdom related to diversification and learning from the top concentrated value investors the world has never heard of.
Preface ix Acknowledgments xiii Introduction Concentrated Investing 1 Chapter 1 Lou Simpson: The Disciplined Investor 5 Chapter 2 John Maynard Keynes: Investor Philosopher 35 Chapter 3 Kelly, Shannon, and Thorp: Mathematical Investors 71 Chapter 4 Warren Buffett: The Kelly-Betting Value Investor 89 Chapter 5 Charlie Munger: Concentration’s Muse 109 Chapter 6 Kristian Siem: The Industrialist 131 Chapter 7 Grinnell College: The School of Concentration 159 Chapter 8 Glenn Greenberg: The Iconoclast 177 Chapter 9 Conclusion 203 About the Authors 221 Index 223
A Portrait of Concentration
The Economics of Concentration
Concentration Quantified
Portfolio Concentration for Value Investors
Quality without Compromise
The Importance of Permanent Capital to the Long-Term Investor
Concentration and Long-Term Investing for Endowment
Simple, Common Sense Research, and Tennis Shoes
The Concentrated Investor’s Temperament
Subject Areas: Finance & accounting [KF]
