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PRAISE FOR Common Stocks & Common Sense
"Ed Wachenheim has been an extraordinarily successful value investor for decades, and in this well written and engrossing book, he explains his investment approach through case studies, including investments that went well but also some that went badly. The key takeaways are that success requires intense commitment to research, a probabilistic mindset, and the temperament to remain rational in the face of market irrationality."
-ROBERT E. RUBIN, Former U.S. Secretary of the Treasury
"Ed Wachenheim often emphasizes the great value of using one's 'common sense' as an investor. But after he describes how he has analyzed every imaginable dimension and variable of several organizations before deciding whether to buy their stock, we quickly realize that there is nothing even remotely 'common' about his ability to be both prescient and wise. This is a fascinating and enlightening book that is completely accessible to the layman, and should be required reading for professionals."
-NEIL L. RUDENSTINE, Former President of Harvard University
"Ed Wachenheim is a very successful investor who has never sought the limelight. He has written a book on investing which is a kind of confessional, talking openly about his stock picking experiences with humor and candor. Reading about his odyssey over the past several decades will prove to be a useful apprenticeship for both the novice and the experienced investor. I learned a lot and I've been doing it longer than he has."
-BYRON R. WIEN, Vice Chairman, Blackstone Group LP
PRAISE FOR Common Stocks & Common Sense
"Ed Wachenheim has been an extraordinarily successful value investor for decades, and in this well written and engrossing book, he explains his investment approach through case studies, including investments that went well but also some that went badly. The key takeaways are that success requires intense commitment to research, a probabilistic mindset, and the temperament to remain rational in the face of market irrationality."
-ROBERT E. RUBIN, Former U.S. Secretary of the Treasury
"Ed Wachenheim often emphasizes the great value of using one's 'common sense' as an investor. But after he describes how he has analyzed every imaginable dimension and variable of several organizations before deciding whether to buy their stock, we quickly realize that there is nothing even remotely 'common' about his ability to be both prescient and wise. This is a fascinating and enlightening book that is completely accessible to the layman, and should be required reading for professionals."
-NEIL L. RUDENSTINE, Former President of Harvard University
"Ed Wachenheim is a very successful investor who has never sought the limelight. He has written a book on investing which is a kind of confessional, talking openly about his stock picking experiences with humor and candor. Reading about his odyssey over the past several decades will prove to be a useful apprenticeship for both the novice and the experienced investor. I learned a lot and I've been doing it longer than he has."
-BYRON R. WIEN, Vice Chairman, Blackstone Group LP
EDGAR WACHENHEIM III is Founder, Chairman, and CEO of Greenhaven Associates and one of Wall Street's preeminent investors. Greenhaven manages approximately [...] billion in funds for wealthy families, college endowments, and charitable foundations. Wachenheim is a graduate of Williams College and Harvard Business School and is a former securities analyst at Goldman Sachs.
Introduction ix
1 My Approach to Investing 1
2 The Brief Story of My Life 17
3 IBM 31
Successful investing is about predicting the future more accurately than the majority of other investors; we predict a change in IBM's cost structure
4 Interstate Bakeries 49
Successful investing often is heavily dependent on the capabilities and incentives of corporate leadership
5 U.S. Home Corporation 63
Investors can become frustrated when their swans are priced as if they are ugly ducks
6 Centex Corporation 67
Large profits can be earned by successfully predicting a major positive change in the fundamentals of a company or an industry
7 Union Pacific (Railroad) 79
Investors often do not adequately differentiate between shortterm discrete problems and long-term systemic weaknesses
8 American International Group (AIG) 91
I went to bed with Miss America and woke up with a witch; this can happen to even the most careful of investors
9 Lowe's 101
Using common-sense logic, we conclude there is a high probability that the U.S. housing market will improve markedly in the near future; investing is logical and probabilistic
10 Whirlpool Corporation 113
Extraordinary patience is required when a deeply undervalued stock continually remains deeply undervalued
11 Boeing 137
Opportunities can occur when great companies develop temporary problems
12 Southwest Airlines 157
When tight markets lead to sharply higher prices for goods or services, earnings and share prices can become buoyant, even for normally unattractive businesses
13 Goldman Sachs 169
Large profits can be earned when perceptions temporarily differ from realities
14 General Motors 187
One must rely on judgment and a sixth sense when the fundamentals of a company become unclear
15 A Letter to Jack Elgart 221
A letter that summarizes my approach to investing and that includes a number of do's and don'ts I found useful in my career
About the Author 233
Index 235
| Erscheinungsjahr: | 2022 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Inhalt: | 256 S. |
| ISBN-13: | 9781119913245 |
| ISBN-10: | 1119913241 |
| Sprache: | Englisch |
| Herstellernummer: | 1W119913240 |
| Einband: | Gebunden |
| Autor: | Wachenheim, Edgar |
| Auflage: | 2nd Edition, Updated edition |
| Hersteller: | Wiley |
| Verantwortliche Person für die EU: | Wiley-VCH GmbH, Boschstr. 12, D-69469 Weinheim, product-safety@wiley.com |
| Maße: | 232 x 153 x 22 mm |
| Von/Mit: | Edgar Wachenheim |
| Erscheinungsdatum: | 07.09.2022 |
| Gewicht: | 0,56 kg |
EDGAR WACHENHEIM III is Founder, Chairman, and CEO of Greenhaven Associates and one of Wall Street's preeminent investors. Greenhaven manages approximately [...] billion in funds for wealthy families, college endowments, and charitable foundations. Wachenheim is a graduate of Williams College and Harvard Business School and is a former securities analyst at Goldman Sachs.
Introduction ix
1 My Approach to Investing 1
2 The Brief Story of My Life 17
3 IBM 31
Successful investing is about predicting the future more accurately than the majority of other investors; we predict a change in IBM's cost structure
4 Interstate Bakeries 49
Successful investing often is heavily dependent on the capabilities and incentives of corporate leadership
5 U.S. Home Corporation 63
Investors can become frustrated when their swans are priced as if they are ugly ducks
6 Centex Corporation 67
Large profits can be earned by successfully predicting a major positive change in the fundamentals of a company or an industry
7 Union Pacific (Railroad) 79
Investors often do not adequately differentiate between shortterm discrete problems and long-term systemic weaknesses
8 American International Group (AIG) 91
I went to bed with Miss America and woke up with a witch; this can happen to even the most careful of investors
9 Lowe's 101
Using common-sense logic, we conclude there is a high probability that the U.S. housing market will improve markedly in the near future; investing is logical and probabilistic
10 Whirlpool Corporation 113
Extraordinary patience is required when a deeply undervalued stock continually remains deeply undervalued
11 Boeing 137
Opportunities can occur when great companies develop temporary problems
12 Southwest Airlines 157
When tight markets lead to sharply higher prices for goods or services, earnings and share prices can become buoyant, even for normally unattractive businesses
13 Goldman Sachs 169
Large profits can be earned when perceptions temporarily differ from realities
14 General Motors 187
One must rely on judgment and a sixth sense when the fundamentals of a company become unclear
15 A Letter to Jack Elgart 221
A letter that summarizes my approach to investing and that includes a number of do's and don'ts I found useful in my career
About the Author 233
Index 235
| Erscheinungsjahr: | 2022 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Inhalt: | 256 S. |
| ISBN-13: | 9781119913245 |
| ISBN-10: | 1119913241 |
| Sprache: | Englisch |
| Herstellernummer: | 1W119913240 |
| Einband: | Gebunden |
| Autor: | Wachenheim, Edgar |
| Auflage: | 2nd Edition, Updated edition |
| Hersteller: | Wiley |
| Verantwortliche Person für die EU: | Wiley-VCH GmbH, Boschstr. 12, D-69469 Weinheim, product-safety@wiley.com |
| Maße: | 232 x 153 x 22 mm |
| Von/Mit: | Edgar Wachenheim |
| Erscheinungsdatum: | 07.09.2022 |
| Gewicht: | 0,56 kg |
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