Value Investors

RONALD W. CHAN is Chief Investment Officer of Chartwell Capital Limited, an investment management company based in Hong Kong. He is a frequent contributor to financial newspapers and magazines in the Asia-Pacific region, and is the author of Behind the Berkshire Hathaway Curtain: Lessons from Warren Buffett’s Top Business Leaders. He holds Bachelor of Science degrees in Finance and Accounting from the Stern School of Business at New York University.

• Foreword xiiiPreface xvChapter 1 Master of the Market Cycle 1Howard Marks, Oaktree Capital ManagementFrom Equity to Credit 6A Priority on Avoiding Losses 10The Pendulum Swing 14The Negative Art of Investing 17Nobody Knows 20Chapter 2 Free to Choose in Value Land 24Walter Schloss, Walter & Edwin Schloss AssociatesLiving through the Great Depression 28The Meaning of Survival 31Net-Nets 32Setting the Right Pace 36Know Thyself 39Chapter 3 Once Upon a Time on Wall Street 42Irving Kahn, Kahn Brothers GroupBecoming Graham’s Disciple 48Preaching Value 51A Centenarian Diet 56Chapter 4 The Making of a Contrarian 59Thomas Kahn, Kahn Brothers GroupA Modified Graham Approach 64The Case for Obscure Securities 69Market Reflection 72Chapter 5 On the Shoulders of Value Giants 75William Browne, Tweedy, Browne CompanyA Valuable Detour 81Statistics and Beyond 82Setting a Global Standard 85The Social Science of Investing 88The Market Ahead 91Chapter 6 A Journey to the Center of Value 94Jean-Marie Eveillard, First Eagle FundsValley of Tears 99The Inefficient Market 101The Meaning of Value 105The Courage to Say No 108Seeking Protection 110Chapter 7 The Self-Taught Value Spaniard 114Francisco García Paramés, Cobas Asset ManagementOn a Solo Value Hunt 119Investing Made Simple 122Austrian Economics and the Market 125A Global Rebalancing 129Chapter 8 The Law of Value Attraction 133Álvaro Guzmán de Lázaro and Fernando Bernad Marrase, AzValor Asset ManagementA Value Cross-Path 137A Value Reunion 141The Art of Concentration 144The A to Z of Value 148Chapter 9 The Odyssey of a Value Broker 151Philip Best, Quaero Capital S.A.Establishing the Best Contacts 157Acquiring the Best Techniques 162Investing Off the Beaten Path 164A Sustainable Investment Platform 168Chapter 10 The Income-Conscious Englishman 173Anthony Nutt, Jupiter Asset ManagementA Victorian Mindset 178Finding the Right Investment Culture 181Trusting Only Tangible Income 184The Courage to Keep Going 188Chapter 11 The Frequent Value Traveler 190Mark Mobius, Mobius Capital PartnersReading between the Minds 195Thinking Big and Small 197Trouble is Opportunity 200Feeling the Market 205Chapter 12 The Value-Oriented Businessman 208Teng Ngiek Lian, Target Asset ManagementLearning the Numbers 211The Art of Contrary Thinking 214Targeting Good Businesses in Asia 217The Relativity of Valuation 219A Value Lifestyle 222Chapter 13 Value Investing in the Lost Decade 225Shuhei Abe, SPARX GroupA Musical Beginning 230Breaking the Language Barrier 232Learning from the West 232The Evolution of SPARX 235Building a Westernized Asia 238Searching for Value 239Chapter 14 Eternal Sunshine of the Value Mind 243V-Nee Yeh, Value Partners GroupA Multidisciplinary Path 246Seeking a Comfortable Price 250Finding a Value Partner 251Spotting Value Minds 255Becoming a Man of Value 257Chapter 15 The Formless Value Deal Maker 260Kin Chan, Argyle Street Management Ltd.Navigating in the Slum 266Specializing in Distressed Investing 269An Atypical Investment Structure 271The Rise of the “Can’t Do” Spirit 276Chapter 16 The Accidental Value Investor 279Cheah Cheng Hye, Value Partners GroupStarting an Investment Hobby Shop 286Building a Value Temple 288An Industrialized Process 291A Value March Forward 295Chapter 17 The Making of a Value Investor 298Investment Stewardship 301Intellectual Humility 303Developing Your Own Rhythm 306Be Unconventional 308The Balance Between Diversification and Concentration 309Temperament is Above All 311Acknowledgments 313About the Author 316Index 317

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