When I think of wild-eyed high-livin' hard-partyin' good ol' crazy-money go-go boys, I think of Chris Browne of the Tweedy, Browne fund managers:
He's written this book, part of a Wiley series that started with "The Little Book That Beats the Market", to talk about Tweedy, Browne's value-investing criteria. It's no big surprise that he's a fan of Graham & Buffett (Tweedy cleared the trades on Buffett's original purchase of the Berkshire Hathaway textile mills). It's also nothing new to those who've read the other books & letters by these investors.
If you've never paid attention to value investing before then this is a good place to start-- a small 5"x8" 176-page book with wide margins, a big font, and short words.
If you're already a value-investing veteran (or skeptic), I enjoyed Browne's comments on international investing (starting in chapter 6 and subsequent pages) and on finding undervalued assets. If you think GAAP has some silly valuation rules for U.S. companies, they're even more arcane & obtuse overseas and there are twice as many undervalued assets waiting to be discovered. A lot of those cheap international assets are also U.S. companies whose expansion future lies in places like China & India.
"When the student is ready, the teacher will appear". I don't know if I finally achieved readiness with this book or if Browne explains things so clearly that it even got my attention, but he presents the best list of value-seeking criteria that I've ever read. After five years of wondering & frustration (and pestering Brewer) I think I'm finally ready to start using a set of organized value-screening search tools.
I guess my highest praise is that instead of waiting for our local library I spent real money for this book (Happy Holidays!). Note that I sing these paeans even as we've been selling off Tweedy, Browne Global Value for Powershares' International Dividend ETF. I think we've absorbed enough of his philosophy over the years to be able to handle it without paying a 1.38% expense ratio for fund bloat, high cash levels, hand-holding, & currency hedging. And I guess after TBGVX closed to new investors they have a lot of time on their hands.
TMF has also published their own review of Browne's book.
He's written this book, part of a Wiley series that started with "The Little Book That Beats the Market", to talk about Tweedy, Browne's value-investing criteria. It's no big surprise that he's a fan of Graham & Buffett (Tweedy cleared the trades on Buffett's original purchase of the Berkshire Hathaway textile mills). It's also nothing new to those who've read the other books & letters by these investors.
If you've never paid attention to value investing before then this is a good place to start-- a small 5"x8" 176-page book with wide margins, a big font, and short words.
If you're already a value-investing veteran (or skeptic), I enjoyed Browne's comments on international investing (starting in chapter 6 and subsequent pages) and on finding undervalued assets. If you think GAAP has some silly valuation rules for U.S. companies, they're even more arcane & obtuse overseas and there are twice as many undervalued assets waiting to be discovered. A lot of those cheap international assets are also U.S. companies whose expansion future lies in places like China & India.
"When the student is ready, the teacher will appear". I don't know if I finally achieved readiness with this book or if Browne explains things so clearly that it even got my attention, but he presents the best list of value-seeking criteria that I've ever read. After five years of wondering & frustration (and pestering Brewer) I think I'm finally ready to start using a set of organized value-screening search tools.
I guess my highest praise is that instead of waiting for our local library I spent real money for this book (Happy Holidays!). Note that I sing these paeans even as we've been selling off Tweedy, Browne Global Value for Powershares' International Dividend ETF. I think we've absorbed enough of his philosophy over the years to be able to handle it without paying a 1.38% expense ratio for fund bloat, high cash levels, hand-holding, & currency hedging. And I guess after TBGVX closed to new investors they have a lot of time on their hands.
TMF has also published their own review of Browne's book.