The Value Investors：Lessons from the World’s Top Fund Managers

Investing legend Warren Buffett once said that “success in investing doesn’t correlate with I.Q. once you’re above the level of 125. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.”
In an attempt to understand exactly what kind of temperament Buffett was talking about, Ronald W. Chan interviewed 12 value-investing legends from around the world, learning how their personal background, culture, and life experiences have shaped their investment mindset and strategy. The Value Investors: Lessons from the World’s Top Fund Managers is the result.
From 106-year-old Irving Kahn, who worked closely with “father of value investing” Benjamin Graham and remains active today, and 95-year-old Walter Schloss (described by Warren Buffett as the “super-investor from Graham-and-Dodsville”), to the co-founders of Hong Kong-based Value Partners, Cheah Cheng Hye and V-Nee Yeh, and Francisco García Paramés of Spain’s Bestinver Asset Management, Chan chose investment luminaries to help him understand the international appeal - and success - of value investing. All of these men became strong advocates of the approach despite considerable age and cultural differences. Chan finds out why.
In The Value Investors, readers will also discover how these investors, each of whom has a unique value perspective, have consistently beaten the stock market over the years. Do they share a trait that allows this to happen? Is there a winning temperament that turns the ordinary investor into an extraordinary one? This book answers these questions and more.

Ronald W. Chan is the founder of Chartwell Capital Limited, an investment manage- ment 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 (Wiley). Chan received bachelor of science degrees in finance and accounting from the Stern School of Business at New York University.

ForewordPreface
Chapter 1Free to Choose in Value LandWalter Schloss, Walter & Edwin Schloss AssociatesLiving through the Great DepressionThe Meaning of SurvivalNet-NetsSetting the Right PaceKnow Thyself
Chapter 2Once Upon a Time on Wall StreetIrving Kahn, Kahn Brothers GroupBecoming Graham’s DisciplePreaching ValueA Centenarian Diet
Chapter 3The Making of a ContrarianThomas Kahn, Kahn Brothers GroupA Modified Graham ApproachThe Case for Obscure SecuritiesMarket Reflection
Chapter 4On the Shoulders of Value GiantsWilliam Browne, Tweedy, Browne CompanyA Valuable DetourStatistics and BeyondSetting a Global StandardThe Social Science of InvestingThe Market Ahead
Chapter 5A Journey to the Center of ValueJean-Marie Eveillard, First Eagle FundsThe Valley of TearsThe Inefficient MarketThe Meaning of ValueThe Courage to Say NoSeeking Protection
Chapter 6The Self-Taught Value SpaniardFrancisco García Paramés, Bestinver Asset ManagementOn a Solo Value HuntInvesting Made SimpleAustrian Economics and the MarketA Global Rebalancing
Chapter 7The Income-conscious EnglishmanAnthony Nutt, Jupiter Asset ManagementA Victorian MindsetFinding the Right Investment CultureTrusting Only Tangible IncomeThe Courage to Keep Going
Chapter 8The Non-Stop Value TravelerMark Mobius, Templeton Emerging Markets GroupReading between the MindsThinking Big and SmallTrouble is OpportunityFeeling the Market
Chapter 9The Value-Oriented BusinessmanTeng Ngiek Lian, Target Asset ManagementLearning the NumbersThe Art of Contrary ThinkingTargeting Good Businesses in AsiaThe Relativity of ValuationA Value Lifestyle
Chapter 10Value Investing in the Lost DecadeShuhei Abe, SPARX GroupA Musical BeginningBreaking the Language BarrierLearning from the WestThe Evolution of SPARXBuilding a Westernized AsiaSearching for Value
Chapter 11Eternal Sunshine of the Value MindV-Nee Yeh, Value Partners GroupA Multidisciplinary PathSeeking a Comfortable PriceFinding a Value PartnerSpotting Value MindsBecoming a Man of Value
Chapter 12The Accidental Value InvestorCheah Cheng Hye, Value Partners GroupStarting an Investment Hobby ShopBuilding a Value TempleAn Industrialized ProcessA Value March Forward
Chapter 13The Making of a Value InvestorA Humble Portfolio ConstructionThe Art of ValuationReading for IdeasMore than Just the FundamentalsTiming for an ExitHaving the Right Temperament
AcknowledgementsAbout the AuthorIndex