Review: The Art Of Value Investing
The art of value investing by Witney Tilson and John Heins is an extension to the investment newsletter "Value Investor Insight" they publish. For this newsletter they interviewed the most succesful U.S. value investors. In the Art of Value Investing they offer what they perceive as the most insightful ideas from those interviews grouped by topics like: exit strategy, emotional control, diversification and other practical matters investors deal with on a daily basis.
If you are managing your own portfolio and want to improve your results, this is an invaluable read. Although I don't recommend reading it once through it's perfect to refer to a topic like "how to deal with errors" or "how to stay humble", when you think you might be stumbling into a trap or investing feels just a little too easy lately.
The authors are highly experienced investors themselves and it shows because the knowledge in the book goes beyond the basics and has something to offer for even the most experienced of investors. Among the interviewed are investor legends like Seth Klarman, Donald Yacktman, Christopher Davis, William Ackman, Julian Robertson, Joel Greenblatt, David Einhorn, Ricky Sandler and many others.
The book doesn't steer you so much as give you a menu of approaches that can work. You can shop between the ideas of these highly succesful managers and take what suits your mindset and complements your style to try and improve on your strategy.
Sometimes the legends even have conflicting approaches in certain situations. That is what makes the art of value investing quite interesting. My bookcase is overflowing with investment books but this is one I keep referring back to on a regular basis.
If you like the art of value investing you will also like these investment books. They are not simple surefire formula books but balanced and interesting books. But more accessible and actionable than academic research papers are in general.