Concise Guide to Value Investing: How to Buy Wonderful Companies at a Fair Price


The business performance creates the value -
the price creates the OPPORTUNITY.

No-one likes to pay too much for something. We all like to thing that what we buy is ' good value'. It's not different when we purchase a share in company listed on the stock market.

In the Concise Guide to Value Investing, Brian McNiven reveals how to calculate the true value of a company to find out whether you  are paying a fair price. This fascinating book explores:

  • value investing versus speculation
  • the difference between price and value
  • variable values of a dollar of earnings
  • accounting misrepresentation
  • the characteristics of a wonderful business
  • the StockVal® valuation formula.

Two of the world's most successful investors, Warren Buffett and Charlie Munger, are self-confessed value investors. McNiven often draws on their wisdom to support his approach to value investing,which he defines as buying a share at a price lower than its calculated value. Only investors who have the ability to calculate value can call themselves 'value investors'.

Brian McNiven is the author of Stock Valuation, A Wonderful Company at a Fair Price and Market Wise. He makes his living investing on the Australian stock market and is the developer of StockVal® a stock valuation program.

1. What is value investing?

2. Dividend huggers.

3. Price and Value.

4. Portfolio diversification.

5. Variable values of a dollar of earnings.

6. Stock valuation.

7. Accounting misrepresentation.

8. Characteristics of a wonderful business.

9. Sustainability of business performance.

10. Growth, acquisitions and buybacks.

11. Evaluating corporate management.

12. Economic impact of interest rates.

13. Financial fundamentals.

14. When to sell.

15. Strategies and considerations.

List of abbreviations.