Evan Bleker

Benjamin Graham's Net-Net Stock Strategy (eBook, ePUB)

A practical guide to successful deep value investing in today's markets

• Format: ePub

Produktbeschreibung

IN 1975, legendary value investor Benjamin Graham wrote that his net-net stock strategy worked so well that he had renounced all other value investing strategies. In his 2014 shareholder letter, Warren Buffett wrote that he earned the highest returns of his career employing this 'cigar butt' approach to investing. And despite the widespread assumption that net-net stocks are a relic of the past, Graham's net-net stock strategy is just as viable today for small private investors as it was for Buffett's 'superinvestors' during their early careers. Net-net investing remains the most powerful value investing approach a small investor can adopt. This book is your ultimate practical guide to implementing it - and reaping the rewards - in today's markets. Evan Bleker has spent ten years studying Graham's strategy to uncover its real-world performance, how to employ it, and why it works. He's also dug deeply to identify additional criteria to boost returns and ensure a greater number of winners. In this book, Evan defines the strategy for investors, then walks readers through the strategy's philosophy, as well as academic and industry studies assessing the framework, and its implementation by world-class value investors such as Benjamin Graham, Warren Buffett, and Peter Cundill. He also compiles selection criteria into a practical checklist for investors, and documents how the strategy works in today's markets with exclusive detailed case studies.

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Produktdetails

• Verlag: Harriman House
• Erscheinungstermin: 14. Juli 2020
• Englisch
• ISBN-13: 9780857197085
• Artikelnr.: 59823663

Autorenporträt

Evan Bleker discovered investing during his senior year at high school when attending a consumer economics class, but he began intensive study in the early 2000s. Despite his focus on value investing, he only began to handily beat the market after discovering Graham's net-nets in 2010. His ongoing success comes down to his ability to successfully apply Graham's net-net stock strategy and cultivate a strong emotional temperament. Evan spends much of his time reading about investing and business, including the early writing of great deep-value investors who employed Graham's classic strategy. Since 2010, he has focused on finding enduring net-net investing principles that serve as best practices. This focus, along with developing a strong emotional temperament and sticking to his strategy through both good and bad periods have contributed to his great portfolio returns. Evan graduated from Simon Fraser University during the Great Financial Crisis (GFC) with a degree in Analytic Philosophy. If there was ever a time for a philosophy major to look for a job, the GFC was not it. Evan joined thousands of other economic migrants and traveled East to teach English. He became totally consumed by net-net stocks, eventually launching Net Net Hunter to help others find international net nets and put together a high-quality net-net portfolio quickly and easily. The website is now a thriving little community of dedicated net-net stock investors. While originally from Canada, Evan currently resides in Seoul, South Korea, and spends much of his time traveling around the Ring of Fire. When he's not investing in net-nets, or managing Net Net Hunter, he practices Brazilian jiu-jitsu, studies personal development, and helps friends start businesses. www.netnethunter.com

Inhaltsangabe

About the Author
Preface
PART 1 - WHAT IS NET-NET INVESTING?
1. Net-Net Investing Defined
2. The Detail of the NCAV Formula
3. A Closer Look at Graham's Net-Net Working Capital Formula
4. Why Does Net-Net Investing Work?
5. Why People Avoid Buying Net-Net Stocks
6. How the Penny Stock Prince Could Butcher Your Portfolio
PART 2 - THE EVIDENCE THAT NET-NET INVESTING WORKS
7. Eight Lessons from Exceptional Net-Net Stock Studies
8. Three Net-Net Stock Gurus to Model
9. My Own Net-Net Stock Portfolio Returns
PART 3 - NET-NET INVESTING METHOD
10. The Net-Net Hunter Scorecard
11. Step-by-Step Stock Selection
PART 4 - TACTICS: NET-NET INVESTING BEST PRACTICES
12. My Attitude Towards Money-Losing Net-Net Stocks
13. Past Earnings and Existing Operations
14. How Burn Rate Increases Risk and Reduces Profit Potential
15. Market Cap - Don't Assassinate Your Small Investor Advantage
16. How I Sidestep the Problems of Low Liquidity and Large Bid-Ask Spreads
17. Share Buy-Backs - Befriend the Cannibals
18. Chinese Reverse Mergers - Financial Poison
PART 5 - NET-NET CASE STUDIES
19. How Insider Ownership Led Trans World Entertainment to Massive Returns
20. GTSI Corp.'s Soft Catalyst Earned Me 85% in Five Months
21. How Debt Killed Albemarle & Bond Holdings
22. The (Almost) Perfect Net-Net Stock
23. Forgiveness - How Improving Fundamentals Caused Me to Bend One of My
Core Principles
Epilogue: Build Your Character
Bibliography
Acknowledgements
Index