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Ronald W. Chan is the founder of Chartwell Capital Limited, an investment manage- ment company based in Hong Kong. He is a frequent contributor to financial newspapers and magazines in the Asia-Pacific region, and is the author of Behind the Berkshire Hathaway Curtain: Lessons from Warren Buffett's Top Business Leaders (Wiley). Chan received bachelor of science degrees in finance and accounting from the Stern School of Business at New York University.
Foreword xi
Preface xiii
Chapter 1 Free to Choose in Value Land 1
Walter Schloss, Walter & Edwin Schloss Associates
Living through the Great Depression 5
The Meaning of Survival 7
Net-Nets 8
Setting the Right Pace 11
Know Thyself 15
Chapter 2 Once Upon a Time on Wall Street 17
Irving Kahn, Kahn Brothers Group
Becoming Graham’s Disciple 22
Preaching Value 25
A Centenarian Diet 30
Chapter 3 The Making of a Contrarian 33
Thomas Kahn, Kahn Brothers Group
A Modified Graham Approach 38
The Case for Obscure Securities 42
Market Reflection 45
Chapter 4 On the Shoulders of Value Giants 47
William Browne, Tweedy, Browne Company
A Valuable Detour 52
Statistics and Beyond 54
Setting a Global Standard 56
The Social Science of Investing 59
The Market Ahead 61
Chapter 5 A Journey to the Center of Value 65
Jean-Marie Eveillard, First Eagle Funds
Valley of Tears 70
The Inefficient Market 71
The Meaning of Value 74
The Courage to Say No 77
Seeking Protection 79
Chapter 6 The Self-Taught Value Spaniard 83
Francisco García Paramés, Bestinver Asset Management
On a Solo Value Hunt 88
Investing Made Simple 90
Austrian Economics and the Market 93
A Global Rebalancing 97
Chapter 7 The Income-Conscious Englishman 101
Anthony Nutt, Jupiter Asset Management
A Victorian Mindset 105
Finding the Right Investment Culture 108
Trusting Only Tangible Income 110
The Courage to Keep Going 114
Chapter 8 The Frequent Value Traveler 117
Mark Mobius, Templeton Emerging Markets Group
Reading between the Minds 122
Thinking Big and Small 124
Trouble is Opportunity 126
Feeling the Market 130
Chapter 9 The Value-Oriented Businessman 133
Teng Ngiek Lian, Target Asset Management
Learning the Numbers 136
The Art of Contrary Thinking 138
Targeting Good Businesses in Asia 141
The Relativity of Valuation 143
A Value Lifestyle 145
Chapter 10 Value Investing in the Lost Decade 149
Shuhei Abe, SPARX Group
A Musical Beginning 153
Breaking the Language Barrier 155
Learning from the West 156
The Evolution of SPARX 158
Building a Westernized Asia 160
Searching for Value 162
Chapter 11 Eternal Sunshine of the Value Mind 165
V-Nee Yeh, Value Partners Group
A Multidisciplinary Path 168
Seeking a Comfortable Price 171
Finding a Value Partner 172
Spotting Value Minds 176
Becoming a Man of Value 178
Chapter 12 The Accidental Value Investor 181
Cheah Cheng Hye, Value Partners Group
Starting an Investment Hobby Shop 187
Building a Value Temple 189
An Industrialized Process 191
A Value March Forward 195
Chapter 13 The Making of a Value Investor 199
A Humble Portfolio Construction 202
The Art of Valuation 204
Reading for Ideas 205
More than Just the Fundamentals 206
Timing for an Exit 208
Having the Right Temperament 209
Acknowledgments 213
About the Author 217
Index 219
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