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What Would Ben Graham Do Now?: A New Value Investing Playbook for a Global Age
- By Jeffrey Towson
- Published May 11, 2011 by FT Press.
- Copyright 2011
- Dimensions: 6" x 9"
- Pages: 320
- Edition: 1st
- Book
- ISBN-10: 0-13-217323-9
- ISBN-13: 978-0-13-217323-0
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Product Author Bios
Jeffrey Towson (New York, NY) is Managing Partner of the Towson Group, an emerging markets private equity firm based in New York, Riyadh, and Shanghai. A specialist in global and cross-border investing, Towson has developed over $15B of investments across multiple geographies and industries. He previously served as Head of Direct Investments for Middle East North Africa and Asia Pacific for Prince Waleed, arguably the world’s #2 investor and nicknamed by Time magazine as the “Arabian Warren Buffett.” He is a Fellow at Cambridge University Judge School of Business and is co-head of the Investment and Strategy Course at Peking University Business School.
As originally conceived by the legendary Benjamin Graham, traditional value investing involves purchasing relatively stable stocks and companies at a percentage below their intrinsic value. But this approach contains many hidden, U.S.-centric assumptions that simply don’t work well in today’s high-growth emerging markets. In this book, leading global value investor Jeffrey Towson extends and modernizes value investing, helping you apply its core principles while you access tremendous opportunities available in today’s fastest-growing markets.
Towson introduces the powerful Value Point system that grows out of his experience on the elite investing team selected by Prince Alwaleed, the "Arabian Warren Buffett." While retaining Graham’s relentless focus on price and quality, he shows how to integrate three crucial additional forms of value into your stock assessments: the value of political access in a government-infused investment world, the value of reputation in a world of colliding markets, actors and biases, and the value of capabilities in a multi-local world.
Building on these techniques, Towson presents a complete investment playbook for the next five years. Next, he shows how to invest for the next twenty years—successfully navigating the titanic market collisions that will batter investors who aren’t prepared for them.
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10 of 10 people found the following review helpful
Not Very Applicable For The Small, Globally-Oriented Investor, By
This review is from: What Would Ben Graham Do Now?: A New Value Investing Playbook for a Global Age (Hardcover)
Customer review from the Amazon Vine™ Program (What's this?)
The author of this lengthy, fairly verbose and overly jargon-laden book starts out with an interesting query that piqued my initial interest in the book: in the age of globalization and inter-connected financial and commercial markets, just how would The Master's Master, Benjamin Graham (a.k.a. the 'father' of value investing) go about plying his stock and trade- investment in undervalued companies?Towson seems to think that Graham would behave along the lines of another famous, globe-trotting investor, Sir John Templeton, and would dart in an out of the various bourses of the world, looking for under-priced stocks. Towson seems to fervently believe that Graham would somehow tweak some of his tenets on value investing to better fit the dearth of information and excessive government-control and politico-economic cronyism that is particularly pervasive in the stock markets of most all the world's emerging/developing markets. Towson's stance strikes me as most... Read more
9 of 10 people found the following review helpful
Is Crony Capitalism the Soon To Be Norm Just Around the Corner?, By
This review is from: What Would Ben Graham Do Now?: A New Value Investing Playbook for a Global Age (Hardcover)
Customer review from the Amazon Vine™ Program (What's this?)
As the author advises, what most in the west call crony capitalism, much of the world on the other hand calls business. As globalism moves into the next stage with the growing middle classes around the globe, dyed in the wool Benjamin Graham investors must recognize the new playing field.For the reader, understanding the value investment framework set down by Benjamin Graham and David Dodd's `Security Analysis' or in `The Intelligent Investor' by Graham himself is a prerequisite for this book or otherwise you may get lost. The author assumes you are schooled in this investment methodology. With that preamble established, the author does take the reader on a slightly different road to navigate the investment approach in developing countries where state capitalism (i.e. China, Brazil, and others) is the norm. Most value investors believe it is too difficult to invest in such countries as the information is limited and the rule of law is less established... Read more
10 of 12 people found the following review helpful
Good Informative Read, By
This review is from: What Would Ben Graham Do Now?: A New Value Investing Playbook for a Global Age (Hardcover)
Money talks. So does What Would Ben Graham Do Now? A New Value Investing Playbook For A Global Age, by Jeffrey Towson, published by FT Press. Scheduled to be released in early June (I received an advance copy), the book really differentiates itself from the pack of finance and investing books I've read of late. Full of fresh ideas, this insightful and informative publication is not what it seems on the surface.From just looking at the title, I assumed as a retail investor I would be able to take out my spreadsheet and learn a few tricks. Well, I learned plenty of tricks, but they weren't meant for somebody in my modest income bracket. This book is best utilized by whales, sharks, movers and shakers, the big money dealers - whatever you want to call them - people in the position of financial power whether they be in a hedge fund, pension plan, Fortune 100 company, venture capital firm or private equity organization. That said, I thought What Would Ben Graham Do Now? was... Read more |
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Introduction to What Would Ben Graham Do Now?
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Table of Contents
Acknowledgments xv
About the Author xvi
Preface xvii
Chapter 1: Introduction 1
Chapter 2: Rethinking Value in a Global Age 17
Chapter 3: Value Point 45
Chapter 4: Investing in Politicized Markets 67
Chapter 5: How Political Access Adds Value 87
Chapter 6: The World Is Biased 107
Chapter 7: The Profits and Perils of Reputation 125
Chapter 8: Capability Deals in Theory 145
Chapter 9: Capability Deals in Practice 169
Chapter 10: Global Tycoons, Value Tanks, and Other “Go for the Jugular” Strategies 189
Chapter 11: It’s Still About Price and Quality 211
Chapter 12: A Global Investment Playbook 235
Chapter 13: After Markets Collide: The Next Twenty Years 265
Notes 281
Index 287
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