Foreword xiii

Preface xv

Chapter 1 Master of the Market Cycle 1
Howard Marks, Oaktree Capital Management

From Equity to Credit 6

A Priority on Avoiding Losses 10

The Pendulum Swing 14

The Negative Art of Investing 17

Nobody Knows 20

Chapter 2 Free to Choose in Value Land 24
Walter Schloss, Walter & Edwin Schloss Associates

Living through the Great Depression 28

The Meaning of Survival 31

Net-Nets 32

Setting the Right Pace 36

Know Thyself 39

Chapter 3 Once Upon a Time on Wall Street 42
Irving Kahn, Kahn Brothers Group

Becoming Graham’s Disciple 48

Preaching Value 51

A Centenarian Diet 56

Chapter 4 The Making of a Contrarian 59
Thomas Kahn, Kahn Brothers Group

A Modified Graham Approach 64

The Case for Obscure Securities 69

Market Reflection 72

Chapter 5 On the Shoulders of Value Giants 75
William Browne, Tweedy, Browne Company

A Valuable Detour 81

Statistics and Beyond 82

Setting a Global Standard 85

The Social Science of Investing 88

The Market Ahead 91

Chapter 6 A Journey to the Center of Value 94
Jean-Marie Eveillard, First Eagle Funds

Valley of Tears 99

The Inefficient Market 101

The Meaning of Value 105

The Courage to Say No 108

Seeking Protection 110

Chapter 7 The Self-Taught Value Spaniard 114
Francisco Garcia Parames, Cobas Asset Management

On a Solo Value Hunt 119

Investing Made Simple 122

Austrian Economics and the Market 125

A Global Rebalancing 129

Chapter 8 The Law of Value Attraction 133
Alvaro Guzman de Lazaro and Fernando Bernad Marrase, AzValor Asset Management

A Value Cross-Path 137

A Value Reunion 141

The Art of Concentration 144

The A to Z of Value 148

Chapter 9 The Odyssey of a Value Broker 151
Philip Best, Quaero Capital S.A.

Establishing the Best Contacts 157

Acquiring the Best Techniques 162

Investing Off the Beaten Path 164

A Sustainable Investment Platform 168

Chapter 10 The Income-Conscious Englishman 173
Anthony Nutt, Jupiter Asset Management

A Victorian Mindset 178

Finding the Right Investment Culture 181

Trusting Only Tangible Income 184

The Courage to Keep Going 188

Chapter 11 The Frequent Value Traveler 190
Mark Mobius, Mobius Capital Partners

Reading between the Minds 195

Thinking Big and Small 197

Trouble is Opportunity 200

Feeling the Market 205

Chapter 12 The Value-Oriented Businessman 208
Teng Ngiek Lian, Target Asset Management

Learning the Numbers 211

The Art of Contrary Thinking 214

Targeting Good Businesses in Asia 217

The Relativity of Valuation 219

A Value Lifestyle 222

Chapter 13 Value Investing in the Lost Decade 225
Shuhei Abe, SPARX Group

A Musical Beginning 230

Breaking the Language Barrier 232

Learning from the West 232

The Evolution of SPARX 235

Building a Westernized Asia 238

Searching for Value 239

Chapter 14 Eternal Sunshine of the Value Mind 243
V-Nee Yeh, Value Partners Group

A Multidisciplinary Path 246

Seeking a Comfortable Price 250

Finding a Value Partner 251

Spotting Value Minds 255

Becoming a Man of Value 257

Chapter 15 The Formless Value Deal Maker 260
Kin Chan, Argyle Street Management Ltd.

Navigating in the Slum 266

Specializing in Distressed Investing 269

An Atypical Investment Structure 271

The Rise of the “Can’t Do” Spirit 276

Chapter 16 The Accidental Value Investor 279
Cheah Cheng Hye, Value Partners Group

Starting an Investment Hobby Shop 286

Building a Value Temple 288

An Industrialized Process 291

A Value March Forward 295

Chapter 17 The Making of a Value Investor 298

Investment Stewardship 301

Intellectual Humility 303

Developing Your Own Rhythm 306

Be Unconventional 308

The Balance Between Diversification and Concentration 309

Temperament is Above All 311

Acknowledgments 313

About the Author 316

Index 317?