Value Investing: From Graham to Buffett and Beyond
In this blog post, I will be providing a book summary on Professor Bruce Greenwald's book Value Investing: From Graham to Buffett and Beyond (2021). In this book, Professor Greenwald explores the modern extention to value investing to successfully adapt with the changing economic and financial conditions. Economy activity, which has shifted from industry/manufacturing to services, has seen greater value placed on intangible capital relative to tangible capital. Hard asset-based businesses are becoming less important. Professor Greenwald addresses this paradigm shift, showing us how to gain an analytical advantage, how to think about valuations and the way to quantify growth. Gaining an Edge by Specialisation Either by design or practice, investors must specialise. Specialisation is the the most obvious way to improve the odds of being on the ride side of the trade. Investors have generally performed better starting from a very narrow focus and working