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The Business of Value Investing: Six Essential Elements to Buying Companies Like Warren Buffett

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Praise for The Business of Value Investing

"Sham Gad's The Business of Value Investing is an excellent primer on value investing. The book chronicles the step-by-step process of successful value investing. It will keep you reading and learning. And learn you will."—Vitaliy Katsenelson, Director of Research at Investment Management Associates, Inc., and author of Active Value Investing: Making Money in Range-Bound Markets

"Sham Gad's new book does a great job ofteaching the most important lesson in the business world:discipline, a predefined and strictly adhered-to philosophy,temperament, hard work, and a willingness to learn from mistakes are much more important than innate¿IQ. The Business of Value Investing spells out exactly what Warren Buffett means whenhe says, 'I am a better businessman because I am an investor;I am a better investor because I'm a businessman.'"—Mark Sellers, Managing Partner, Sellers Capital, LLC


Hesham M. Gad, an up-and-coming value investor, is the Managing Partner of the Gad Partners Funds. Prior to managing the Gad Partners Fund, he ran the Gad Investment Group from 2002 to 2005, a concentrated value fund that delivered annualized returns of 22 percent. He has written hundreds of investment articles and currently contributes to TheStreet.com and Investopedia.com. Gad holds an MBA in finance from the University of Georgia, during which time he met with Warren Buffett for lunch.
Acknowledgments.

Introduction.

Chapter 1 Invest in the Business, Buy the Stock.

Stock Prices are More Noise than Information.

A Businesslike Approach to Valuing the Business.

The Making of a Legend.

A Simple Idea, Really.

Chapter 2 The Only Three Types of Investments You Need to Know.

Stocks Prices Aren't Always Rational.

The Business Side of Investing.

Three Buckets: Undervalued, Overvalued, and Fairly Valued.

Price Determines Value.

Key Takeaways.

Chapter 3 The Six Elements of Intelligent Investing.

All Investing is Value Investing.

Learn From the Masters.

The Sum of Its Parts: A Fundamental Framework.

A Mental Latticework.

Overview of the Six Elements.

Emphasize the Process, Not the Outcome.

Key Takeaways.

Chapter 4 Establish a Sound Investment Philosophy.

The First Element.

Preservation of Capital is the Name of the Game.

Price Paid Determines Value Received.

The Starting Point Matters.

Avoid Using Margin.

Focus on Absolute Returns.

Key Takeaways.

Chapter 5 Develop a Search Strategy.

The Second Element.

Ignore the Media.

Imitation is Sincerest Form of Flattery.

Basic Search Strategies.

Advanced Search Strategy.

Key Takeaways.

Chapter 6 Effective Business Valuation.

The Third Element.

Value Investing 101: Margin of Safety.

Value Investing 201: Intrinsic Value.

Value Investing 301: Seek Businesses with a Wide Moat.

Value Investing 401: Calculating a True Intrinsic Value.

The Value of Management.

Understanding Return on Equity: Microsoft Corporation.

Key Takeaways.

Chapter 7 Have the Discipline to Say No.

The Fourth Element.

In Investing, Discipline is Everything.

Discipline Affects the Price Paid Which Determines the Value You Get.

Be Prepared to Look Stupid.

Don't Split Hairs.

Unveiling Investor A: Warren Buffett.

Discipline is Simple, but Rarely Easy.

Key Takeaways.

Chapter 8 Practicing the Art of Patience.

The Fifth Element.

Swimming Against the Current.

The Benefits of Waiting for a Good Pitch.

Ignorance Can Be Bliss.

The Benefits of a Buy and Hold Approach.

Conservative Tests of Safety a Must.

Key Takeaways.

Chapter 9 Invest Significantly at the Maximum Point of Pessimism.

The Sixth Element.

Putting It All Together.

Pessimism Leads to Value.

Avoid that Which Is Most Valuable.

Remain Flexible in the Approach.

All or Nothing.

Key Takeaways.

Chapter 10 More Than One Way to Find Value.

Case Studies Showing the Approach at Work.

A Reminder: Process First, Outcome Second.

Case Study #1: Finding Value in an Unloved Industry.

Sunrise Senior Living (SRZ).

Case Study #2: Money Machine South of the Border.

Ternium Steel.

Case Study #3: A Tale of Two Shares.

Mueller Water Products.

Fertile Hunting Ground.

Conclusion.

Key Takeaways.

Chapter 11 Avoiding Common Stumbling Blocks.

Growth and Value: Two Sides of the Same Coin.

Book Value: More Than Meets the Eye.

What Matters Most.

Key Takeaways.

Chapter 12 Starting an Investment Partnership.

Two Key Considerations.

Service Providers.

Quality Matters Most. 

Notes.

About the Author.

Index.