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The Manual of Ideas is the indispensable resource top investment firms like Berkshire Hathaway rely on for cutting edge research and investment ideas. As the definitive source for value investing opportunities, this book takes you inside the minds of the world's top money managers to learn how they generate the bright ideas that lead to big profits. This new second edition includes insights from more than 100 exclusive interviews with leading fund managers to give you access to the thought processes of super value investors including Warren Buffett, Tom Gayner, and Joel Greenblatt. Real-life case studies bring each approach to life, revealing key lessons along the way, and new tables and charts illuminate important concepts to provide a quicker, easier read.
Successful investing begins with idea generation. Following the crowd will only get you so far, and the most successful investors from around the globe have developed their own approaches to identifying the right opportunities at the right time. This book lays out a gold mine of a framework to help you generate your own new and profitable value investment ideas.
Creative thinking is the unexpected lifeblood of investing, which is why great ideas are the focus of this book. If you're ready to take investing to the next level, you're going to have to realign your thinking-and The Manual of Ideas is your roadmap to untapped opportunity.
JOHN MIHALJEVIC, CFA, serves as Managing Editor of Latticework.com and Chairman of MOI Global, which he founded in 2008. Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. From 2005-2016, John managed a private partnership, Mihaljevic Partners LP. He is a winner of the Value Investors Club's prize for best investment idea. John is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder. He resides near Zurich, Switzerland.
Foreword to the First Edition ix
Foreword to The Manual of Ideas (Second Edition) xi
Preface xv
Part One MINDSET
Chapter 1 Identify as a Capital Allocator: Put Your Capital Where It Is Treated Best 3
Passive Versus Active Investing 4
Role of Capital Allocator 9
Owner Mentality 17
Stock Selection Framework 21
Key Takeaways 23
Notes 25
Chapter 2 Invert, Always Invert: To Finish First, First Finish 27
Following the Crowd 30
If You Don't Blow Up 37
Ergodicity: Win Infinite Games 40
Entropy: A Lesson from Thermodynamics 43
Key Takeaways 46
Notes 48
Part Two IDEA GENERATION
Chapter 3 Ben Graham Bargains: Deep Discounts to Readily Ascertainable Net Asset Value 51
The Approach: Why It Works 52
Uses and Misuses of Deep Value Investing 63
Screening for Graham-Style Bargains 71
Beyond Screening: Working Through a List of Deep Value Candidates 74
Asking the Right Questions of Graham-Style Bargains 79
Key Takeaways 84
Notes 85
Chapter 4 Sum of the Parts: Investing in Companies with Multiple Sources of Value 87
The Approach: Why It Works 88
Uses and Misuses of Investing in Companies with Overlooked Assets 91
Screening for Companies with Multiple Assets 94
Beyond Screening: Proven Ways of Finding Hidden Assets 100
Asking the Right Questions of Companies with Hidden Assets 108
Key Takeaways 111
Notes 112
Chapter 5 Compounders, GARP, and Greenblatt's Magic Formula 115
The Approach: Why It Works 116
Uses and Misuses of Investing in Good and Cheap Companies 123
Screening for Good and Cheap Companies 131
Beyond Screening: Hope for Improvement Springs Eternal 135
Asking the Right Questions of Greenblatt-Style Bargains 139
Key Takeaways 146
Notes 147
Chapter 6 Jockeys: Great Managers, Owner-Operators, and "Outsiders": Making Money Alongside Great CEOs 149
The Approach: Why It Works 151
Uses and Misuses of Investing in Jockeys 154
Screening for Jockey Stocks 164
Beyond Screening: Building a Rolodex of Great Managers 174
Asking the Right Questions of Management 179
Key Takeaways 185
Notes 186
Chapter 7 The Smart Money: Finding Opportunity in Superinvestor Portfolios 189
Superinvestors Are Super for a Reason 190
Uses and Misuses of Superinvestor Tracking 193
Screening for Companies Owned by Superinvestors 196
The Superinvestors of Buffettsville 198
Beyond Screening: What Makes a Company Attractive to Superinvestors? 205
Key Takeaways 209
Notes 211
Chapter 8 Diamonds in the Rough: The Opportunity in Underfollowed Small- and Micro-Caps 213
The Approach: Why It Works 214
Uses and Misuses of Investing in Small Companies 219
Screening for Promising Small- and Micro-Caps 223
Beyond Screening: Other Ways of Finding Compelling Small- and Micro-Cap Ideas 231
Asking the Right Questions of Small-Cap Prospects 241
Key Takeaways 246
Notes 247
Chapter 9 Special Situations: Uncovering Opportunity in Event-Driven Investments 249
The Approach: Why It Works 250
Uses and Misuses of Investing in Special Situations 254
Uncovering Special Situations 262
Asking the Right Questions of Special Situations 266
Key Takeaways 271
Notes 272
Chapter 10 Equity Stubs: Investing (or Speculating) in Leveraged Companies 273
The Approach: Why It Works 275
Uses and Misuses of Investing in Equity Stubs 276
Screening for Equity Stubs 285
Beyond Screening: An Ambulance-Chasing Approach 288
Asking the Right Questions of Equity Stubs 291
Key Takeaways 298
Notes 299
Chapter 11 Global Investing: Searching for Value beyond Home Country Borders 301
The Approach: Why It Works 303
Uses and Misuses of Investing in International Equities 306
Screening for International Equities 314
Beyond Screening: Riding the Coattails of Regional Experts 320
Asking the Right Questions of International Equities 324
Key Takeaways 328
Notes 329 Bibliography 331 About the Author 343 Index 345
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