Summary

The latest edition of the popular collection of in-depth portraits of extraordinary value investors, featuring new profiles and updates

The second edition of The Value Investors presents a collection of investing legend profiles from around the world. Chapters explore the investors’ backgrounds, cultures, and personal stories, and reveal how life experiences have shaped their investment strategies and mindsets. This fascinating book shows you that value investing is a dynamic, constantly-changing strategy which, when properly implemented, can provide significant, sustainable benefits. Although the investors profiled come from a diverse range of geographic regions and socio-economic, cultural, and educational backgrounds, they share similar personality traits, temperaments, and investment philosophes.

Thoroughly revised and expanded, the book provides relevant updates on the professional and personal experiences of the investors since the first edition's publication. Complementing the original profiles are several new chapters featuring established value investors including Howard Marks, as well as rising personalities and fund managers such as Álvaro Guzmán de Lázaro and Fernando Bernad Marrase. Author Ronald Chan, founder of Hong Kong-based investment management Chartwell Capital Limited, highlights how and why the value investors have consistently beaten the stock market through the years. This book:

Covers multiple generations, geographies, and value investing styles
Presents updated profiles of notable value investors such as Walter Schloss, Irving Kahn and Thomas Kahn, Jean-Marie Eveillard, Mark Mobius, and Teng Ngiek Lian
Profiles international fund and asset managers from the North America, Europe and Asia
Includes a chapter on the making of a successful value investor

The Value Investors: Lessons from the World's Top Fund Managers, 2^nd Edition is a must-read for investors looking to diversify their portfolios across different asset classes or geographic areas, finance professionals and students, and general readers with interest in value investing.

Author Biography

Ronald W. Chan is Chief Investment Officer and Co-Portfolio Manager at Chartwell Capital Limited (http://www.chartwell-capital.hk/), an investment management company based in Hong Kong that provides investors and high-net-worth individuals with regional investment and business intelligence. He founded the company in 2007. In 2016, Ronald was appointed by The Stock Exchange of Hong Kong Limited to serve as a member of the Listing Committee Panel, and just last year the Hong Kong Trade Development Council appointed him to serve as a member of the Belt and Road Committee. Ronald holds Bachelor of Science degrees in Finance and Accounting from the Stern School of Business at New York University.

Foreword xi

Preface xiii

Chapter 1 Master of the Market Cycle 1

Howard Marks, Oaktree Capital Management

From Equity to Credit

A Priority on Avoiding Losses 5

The Pendulum Swing 7

The Negative Art of Investing 8

Nobody Knows 11

Chapter 2 Free to Choose in Value Land 17

Walter Schloss, Walter & Edwin

Schloss Associates

Living through the Great Depression

The Meaning of Survival

Net-Nets

Setting the Right Pace

Know Thyself

Chapter 3 Once Upon a Time on Wall Street 17

Irving Kahn, Kahn Brothers Group

Becoming Graham’s Disciple

Preaching Value

A Centenarian Diet

Chapter 4 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 5 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 6 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 7 The Self-Taught Value Spaniard 83

Francisco García Paramés, Cobas Asset

Management

On a Solo Value Hunt 88

Investing Made Simple 90

Austrian Economics and the Market 93

A Global Rebalancing 97

Chapter 8 The Law of Value Attraction 101

Álvaro Guzmán de Lázaro & Fernando Bernad Marrase, AzValor Asset Management

A Value Cross-path 105

A Value Reunion 108

The Art of Concentration 110

The A to Z of Value 114

Chapter 9 The Odyssey of a Value Broker 117

Philip Best, Quaero Capital S.A.

Establishing the Best Contacts

Acquiring the Best Techniques

Investing Off the Beaten Path

A Sustainable Investment Platform

Chapter 10 The Income-Conscious Englishman 117

Anthony Nutt, Jupiter Asset Management

Markets Group

A Victorian Mindset 122

Finding the Right Investment Culture 124

Trusting Only Tangible Income 126

The Courage to Keep Going 130

Chapter 11 The Frequent Value Traveler 117

Mark Mobius, Mobius Capital Partners

Reading between the Minds 136

Thinking Big and Small 138

Trouble is Opportunity 141

Feeling the Market 143

Chapter 12 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 13 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 14 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 162

Chapter 15 The Formless Value Deal Maker

Kin Chan, Argyle Street Management Limited 168

Navigating in the Slum

Specializing in Distressed Investing 171

An Atypical Investment Structure

The Rise of the ‘Can’t Do’ Spirit 171

Chapter 16 The Accidental Value Investor 181

Cheah Cheng Hye, Value Partners Group

Starting an Investment Hobby Shop 187

Building a Value Temple 189

An Industralized Process 187

A Value March Forward 189

Chapter 17 The Making of a Value Investor 181

Investment Stewardship 187

Intellectual Humility 189

Developing Your Own Rhythm 187

Be Unconventional

The Balance Between Diversification and Concentration

Temperament is Above All 189

Acknowledgements 213

About the Author 217

Index 219

Supplemental Materials

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