Reddit reviews Value Investing: From Graham to Buffett and Beyond

https://www.amazon.com/Value-Investing-Graham-Buffett-Beyond/dp/0471463396

read this, it's all you will need to begin. going through financial statements will be a drudge at first, but keep it up and you will become very proficient.

• The Intelligent Investor - Benjamin Graham
  
  
• Security Analysis - Benjamin Graham
  
  
• The Interpretation of Financial Statements - Benjamin Graham
  
  
• Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports - Howard Schilit
  
  
• Applied Value Investing - Joseph Calandro
  
  
• Analysis for Financial Management - Robert Higgins
  
  
• Margin of Safety - Seth Klarman
  
  
• Common Stocks and Uncommon Profits and Other Writings - Philip Fisher
  
  
• One Up On Wall Street - Peter Lynch
  
  
• Beating The Street - Peter Lynch
  
  
• The Essays of Warren Buffett - Warren Buffett
  
  
• Snowball: Warren Buffett and The Business of Life - Alice Schroeder
  
  
• Buffett Beyond Value - Prem Jain
  
  
• Value Investing: From Graham to Buffett and Beyond - Bruce Greenwald
  
  
• You Can Be A Stock Market Genius - Joel Greenblatt
  
  
• The Little Book That Beats The Market - Joel Greenblatt
  
  
• The Big Secret for the Small Investor: A New Route to Long-Term Investment Success - Joel Greenblatt
  
  
• Reminiscences of a Stock Operator - Edwin Leferve
  
  
• Fooled By Randomness - Nassim Taleb
  
  
• The Black Swan - Nassim Taleb
  
  
• Poor Charlie's Almanack - Charlie Munger
  
  
• Rediscovered Benjamin Graham - Janet Lowe
  
  
• The Theory of Investment Value - John Burr Williams
  
  
• Seeking Wisdom: From Darwin to Munger - Peter Bevelin
  
  
• Security Analysis and Business Valuation on Wall Street - Jeffrey Hooke
  
  
• Value Investing: Tools and Techniques for Intelligent Investment - James Montier
  
  
• Investment Valuation: Tools and Techniques for Determining the Value of Any Asset - Aswath Damodaran
  
  
• The Dark Side of Valuation - Aswath Damodaran
  
  
• Financial Statements: A Step-by-Step Guide to Understanding and Creating Financial Reports - Thomas Ittelson
  
  
• Buyout - Rick Rickertsen
  
  
• Influence: The Psychology of Persuasion - Robert Cialdini
  
  
• Why Smart People Make Big Money Mistakes: Lessons from the New Science of Behavioral Economics - Gary Belsky
  
  
• The Warren Buffett Way - Robert Hagstrom
  
  
• The Most Important Thing - Howard Marks
  
  
• Competition Demystified - Bruce Greenwald
  
  
• Accounting For Value - Stephen Penman
  
  
• Distressed Debt Analysis - Stephen Moyer
  
  
• Bankruptcy Investing - Ben Branch
  
  
• The Vulture Investors - Hilary Rosenberg
  
  
• Creating Value Through Corporate Restructuring - Stuart Gilson
  
  
• Distress Investing - Martin J Whitman
  
  
• The Aggressive Conservative Investor - Martin J Whitman

Here's some for the value investor:


Security Analysis - Graham and Dodd

Value Investing: From Graham to Buffet and Beyond - Bruce Greenwald, et al.

Value Investing: Tools and Techniques - James Montier

The Little Book of Behavioral Investing: How not to be your own worst enemy - James Montier

Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor - Seth Klarman

Security Analysis and Business Valuation on Wall Street - Jeffry Hooke

De intrinsieke waarde is imho lastig te bepalen en eerder een sentimentskwestie. Het verschil tussen bezettingen en schulden is niet zo moeilijk. Maar hoe ga je om met de goodwill? Wat is de kennis en kunde van het personeel? Welke 'nieuwe' producten liggen er op de plank en wat zijn de verwachte resultaten daar van....

leesvoer genoeg, maar afgaan op rekensommetjes als dcf, rentabiliteitswaarde enz. is maar een klein deel van het geheel.

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lees dit eens; https://www.amazon.com/Value-Investing-Graham-Buffett-Finance/dp/0471463396/ref=sr_1_1?ie=UTF8&keywords=Value+Investing:+From+Graham+to+Buffett+and+Beyond+by+Bruce+Greenwald&qid=1341610267&s=books&sr=1-1

this is my list for anyone starting

• Greenwald's Value Investing https://www.amazon.com/Value-Investing-Graham-Buffett-Beyond/dp/0471463396
  
• Fooled by Randomness
  
• Pat Dorsey's The Five Rules for Successful Stock Investing, you can also watch some talks on youtube, interesting stuff about the significance of moats
  
• Quality of Earnings by Thornton L. O'glove, older book but essential for earnings analysis.
  
• Guy Spier's Education of a Value Investor.

The intelligent investor is a great book to pick out what you should be looking for in a stock and why it's important to look at those things. Operationalizing those teachings in the modern market is a bit more difficult, and things have changed considerably since graham.

First book: II for sure.

Second book:

https://www.amazon.com/dp/0471463396/ref=cm_sw_r_cp_awdb_RU76yb2AM26NX

Value Investing: From Graham to Buffett and Beyond by Bruce Greenwald is easily the best book I’ve read for what you’re looking for. Gives you worked valuation case studies and explains how to properly account for growth.

I would use the same concepts to value intangible assets as I would tangible assets. In short, I would use Discounted Cash Flow (DCF), Comps, and Replacement Cost. Use multiple methods to pin down a valuation range. The problem I believe you and most others run into while doing so is lack of detailed knowledge of the intangible assets or industry.

It makes sense to use DCFs for intangible assets that are monetized (Think Pharma Patents, Licensed Trademarks, etc). This method exhibits all the downsides to using DCFs (Uncertain Forecasted Cash Flows, Appropriateness of Discount Rates, etc). In other situations it would be much harder. For instance, what value would you attribute to the Coca-Cola brand? In my mind, it would be hard to separate the value of the brand from the company's massive distribution network.

You could use comps to value intangibles that aren't being monetized. The problem is that intangible assets are usually tough to compare and there may not be enough recent transactions in that area to even pin down a starting point. A prominent recent transaction can radically change the value assigned to a portfolio of patents. Look what happened to the value of IDCC after Nortel's wireless patents were auctioned. It would help to have specific knowledge of the individual intangible assets so you can adjust comp values based on scope, useful remaining life, likelihood of lawsuits, history, etc.

Replacement cost is a useful concept to compare those other two values to. Bruce Greenwald uses this method in Value Investing: From Graham to Buffett and Beyond. Replacement cost should be on the lower end of the valuation range of intangible assets. These assets are somewhat unique or are at least without an available functional equivalent so a buyer would pay much more than replacement cost for certain intangibles. Think in terms of how much did a company spend to generate this asset. How many years of SG&A were spent developing a list of clients? How many years of R&D were spent generating a portfolio of patents? How many years of marketing expense would it cost to build that brand? How much would it cost to build a functional equivalent?

OptionsHouse requires a minimum of $1,000 to open an account. They also have pretty low transactions fees if you end up doing more trading than buy and hold. OptionsHouse also has a virtual account that is an excellent tool and one I highly recommend trying before using your real money.

All that said, I'd really recommend reading a couple of books before you jump in. When looking to buy and sell stocks there are different strategies which you'll know doubt pick up upon by reading the various replies to your post. There is the buy and hold versus a more active trading by buying on dips and selling on peaks.

Also evaluating the company and its stock is divided among the fundamental evaluation versus the technical evaluation. There are tools out there to help, vuru.com for instance can assist you in the fundamental evaluation. Technical analysis is basically looking at the price history, reading the charts, looking for technical indicators of when a stock might be oversold or over bought, and looking for buy and sell signals. StockCharts.com has a chart school section that can help learn about technical analysis.

If you get the impression that this subject is a bit intimidating and you have a lot to learn, well it is, and you do. I'm not trying to dissuade you from buying stocks but I really, really recommend reading and learning as much as you can before jumping in. With little knowledge and understanding on the subject you may get lucky and buy a stock that will increase in value, then again you are just as likely to pick something that will lose value and you'll just get frustrated.

Here are three books I recommend reading before you start to at least help you understand a bit more about what you are getting into.

Fundamental

Amazon - Value Investing

Technical and understanding markets and their cycles

Amazon - The Visual Investor: How to Spot Market Trends

Practical and the psychology behind markets and trading

Amazon - Trading for a Living: Psychology, Trading Tactics, Money Management