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John Neff on Investing


John Neff has proven time and again over the past three decades that bucking the system can pay off big. During his illustrious career as a money manager, Neff flew in the face of conventional wisdom by consistently passing over the big growth stocks of the moment in favor of inexpensive, underperforming ones-and he usually won. During his thirty-one years as portfolio manager for Vanguard's Windsor and Gemini Funds, he beat the market twenty-two times, through every imaginable stock market climate, while posting a fifty-seven-fold increase in an initial stake. When Windsor closed its doors to new investors in 1985, it was the largest mutual fund in the United States.
* Now retired from mutual fund management, Neff is ready to share the investment strategies thatearned him international recognition as the "investor's investor." In John Neff on Investing, Neff delineates, for the first time, the principles of his phenomenally successful low p/e approach to investing, and describes the strategies, techniques, and investment decisions that earned him a place alongside Warren Buffett and Peter Lynch in the pantheon of modern investment wizards.
* Packed with solid advice and guidance for anyone who aspires to using Neff's unique brand of value investing, John Neff on Investing offers invaluable lessons on using price-earnings ratios as a yardstick, zeroing in on undervalued stocks, interpreting earnings histories, and anticipating new market climates. A narrative of Neff's early days-"My Road to Windsor"-reveals the extraordinary mindset and humble circumstances that shaped hiswinning investment philosophy.
* John Neff on Investing offers a unique opportunity to watch Neff in action over the years through excerpts from his personal investing journals. A faithful quarter-in-quarter-out chronicle of a life on Wall Street, the journals provide unprecedented insight into the thinking behind some of Neff's best (and worst) investment decisions, while tracing the evolution of his innovative investment style.
* The first book to reveal fully the long-heralded investment strategies of a Wall Street genius, John Neff on Investing is must reading for investors of every stripe.


"You can count on your fingers the number of investment managers that have been able to beat the market over long periods of time. John Neff is one of those extraordinary professionals. Written with grace, humor, and irrepressible Neffian style, this book offers important insights into the methods and long-term rewards of 'value' investing. The serious investor will not want to miss this clear exposition of the successful Neff technique." - Burton G. Malkiel
Author, A Random Walk Down Wall Street,7th edition

"This book is a must read for anyone who is serious about investing. John Neff's record is well known, and these pages make clear how and why he accomplished what he did. I also recommend it to corporate CEOs who see the same world from the other side of the fence." - John Reed Chairman and Co-CEO, Citigroup Inc.

"John Neff is the investment profession's investment professional. Nobody has ever managed a large mutual fund so very well for so very long a time. And no one is likely to do so ever again." - Charles Ellis Author of Winning the Loser's Game, From the Foreword to John Neff on Investing

JOHN NEFF, until his retirement in 1995, was Senior Vice President and Managing Partner of the Wellington Management Company, the Windsor Fund's investment advisor.

S. L. MINTZ is New York Bureau Chief of CFO magazine, a publication of the Economist Group dedicated to the latest financial thinking and how it is being implemented in today's markets. His other books include Beyond Wall Street (Wiley, 1998) and Five Eminent Contrarians.

Journey East.

Grubbing It Out.

Basic Training.

Banker's Hours.

Baptism by Fire.

Taking Command at Windsor.


Elements of Style.

The Bargain Basement.

Care and Maintenance of a Low P/E/


The Silly Season.

Four Yards and a Cloud of Dust.

The Right Stuff.

Good Guys Perservere.

Déjà Vu.

Epilogue: Rivers and Markets.