Reveals the proprietary framework used by an exclusive community of top money managers and value investors in their never-ending quest for untapped investment ideas
Considered an indispensable source of cutting-edge research and ideas among the world's top investment firms and money managers, the journal The Manual of Ideas boasts a subscribers list that reads like a Who's Who of high finance. Written by that publication’s managing editor and inspired by its mission to serve as an "idea funnel" for the world's top money managers, this book introduces you to a proven, proprietary framework for finding, researching, analyzing, and implementing the best value investing opportunities. The next best thing to taking a peek under the hoods of some of the most prodigious brains in the business, it gives you uniquely direct access to the thought processes and investment strategies of such super value investors as Warren Buffett, Seth Klarman, Glenn Greenberg, Guy Spier and Joel Greenblatt.
- Written by the team behind one of the most read and talked-about sources of research and value investing ideas
- Reviews more than twenty pre-qualified investment ideas and provides an original ranking methodology to help you zero-in on the three to five most compelling investments
- Delivers a finely-tuned, proprietary investment framework, previously available only to an elite group of TMI subscribers
- Step-by-step, it walks you through a proven, rigorous approach to finding, researching, analyzing, and implementing worthy ideas
"The Manual of Ideas: The Proven Framework for Finding the Best Value Investments provides an overview of nine value investing strategies, including why each one is expected to work, the uses and misuses of each, and how to identify specific investment opportunities for each strategy. It is a useful book both for those looking for a current overview of value investing and for the more experienced value investor seeking a critical analysis of value investing strategies and thoughts on methods for identification of specific investment opportunities."
—CFA Institute Book Review
“A highly recommended read to prepare for 2014, which could be much trickier than 2013.” (Strictly Financial, December 2013).
Most Helpful Customer Reviews
Format: Kindle Edition Verified Purchase
I spend hours on the weekends going through hundreds of pages on Amazon and John Wiley & Sons website in order to discover new books on value investing. This book by John M. is among the GREATEST books I have read on the subject. I have read the classic books by Ben G. (i.e. Intelligent Investor, Security Analysis, etc.) as well as by the world's most foremost value practitioners and thought leaders (i.e. Howard Mark's book, Bruce Greenwald books, Marty Whitman classics, Charles Ellis, Columbia Business School security analysis faculty textbooks, etc.) Some say that once you read one book on value investing there is no benefit to reading additional books. I disagree with that statement and find that each book, if written by a truly reputable expert on the topic, adds more color to the 'mosaic' of the investment philosophy. I was just blown away with how comprehensive The Manual of Ideas was re: the variety of approaches to the value investing philosophy. Each chapter covers a different element of the overall philosophy. I was so very excited when I first learned this book would come out and actually read the entire first chapter, table of contents, and index before it was published. I knew it was an immediate winner. One of the favorite investors in the world is David Swenson, of Yale Investment Office fame. I have read David S. book multiple times, and was so impressed to learn that the author of this book was trained under him and even was a research assistant for James Tobin (whom, if I am not mistaken was David S. mentor :) I really feel I cannot emphasize enough what an awesome book this is. I have only read it once cover to cover but will re-read it again multiple times as I gain more and more experience. The Manual of Ideas even has a You Tube channel with AWESOME interviews with value investing luminaries. Seeing how in-depth and great this book is I am also considering signing up for the associated newsletter once I finish my JD / MBA program and launch my flagship fund. Just the list of up-and-coming value investing funds mentioned under the Super Investors chapter can have you spending years following SEC 13-F filings for these super investors. In summary, I have spent years reading and studying the portfolios of value investors and though leaders. This book is very new release. To be honest I want to one day write a book on value investing in the tail end of my fund career (we are talking multiple decades down the line). Books like The Manual of Ideas can held form the foundation of my thinking on the investment philosophy knows as value investing. I wish I could give it more than 5 stars I enjoyed it so much.
33 of 39 people found the following review helpfulBy David Merkel on November 3, 2013 Format: Hardcover
I'm a value investor, and one that is not doctrinaire about a narrow set of principles. Yes, I like my eight rules, but they are broad principles that admit a lot of flexibility.
The Manual of Ideas introduces readers to a wide number of ways to source investing ideas that may offer value. There are nine main areas that they highlight:
1) One can invest in a small number of stocks that are worth more dead than alive. Net-net stocks show places where the downside is minimal, and profits could be made if either the company turns around or liquidates.
2) Sometimes companies obscure their value because they do multiple things. The company would be more valuable broken into its constituent parts, which would get a higher valuation in aggregate.
3) You can follow the magic formula, and buy stocks that have high returns on equity and low P/E ratios.
4) You can own stocks managed by talented managers, and I admit that maybe 7 of the 37 stocks I hold fall into that bucket, and I will not readily sell them. The question is how you find those managers. That's not easy, and involves industry knowledge which is not available to all.
5) You can own stocks owned by smart investors, and I admit that I track this every quarter. I get a lot of good ideas from them, but I like to look at the ideas that are cold, because they offer more potential.
6) Buy teensy stocks that no one follows, that are making money and have legitimate business models. You can't put a lot of money to work that way, but if you get it right, it can add value.
7) Buy companies that are undergoing a structural change that adds value. Example: a petroleum refiner decides to spin off a pipeline Master Limited Partnership.
8 ) Buy highly indebted companies that offer the potential of huge gains if the idea works out. Screen out companies that are more likely to lose it all.
9) Buy international companies -- the scrutiny and competition are less -- you may find something genuinely cheap, but make sure they play fair with outside passive minority shareholders.
There are some very good methods here, but what should you decide to pursue? That is the one weakness of the book. The book gives you a significant but not exhaustive tour of the ideas behind value investing. What would have added a lot is an integrated chapter on when it is best to pursue each set of ideas. It is difficult enough for professional investors to know which method is best at a given time, much less amateurs. The time of investors, both professional and amateur, is limited. It would be a great aid to figure out how to prioritize the methods or ideas.
Also, more emphasis on margin of safety would have been useful. We can never get too much of that.
But I would recommend this book strongly to all investors. It will strengthen your idea generation processes.
Who would benefit from this book: Most investors would benefit from reading this book. It will aid them in idea generation.
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- Link: http://www.amazon.com/Manual-Ideas-Framework-Finding-Investments/dp/1118083652
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