Valuegrowth Investing

Strategies for the Personal Investor

By Glen C. Arnold
November 2001
Financial Times / Education
ISBN: 0273656252
384 pages, Illustrated, 6 3/8 x 9 1/2"
$72.50 Paper Original

"Drawing on the principles of some of the most successful investors of the last century, this book is both a valuable guide to the ideas of these gurus and a fascinating elucidation of the author's own investment philosophy of 'valuegrowth'." Romesh Vaitilingam, author of The Financial Times Guide to Using the Financial Pages

"Glen Arnold explores and endorses all the investment concepts that I try to promote every week in the Investors Chronicle and his portraits of the great investors are right on the mark. Despite being a professor of finance, he is eminently readable." Alistair Blair, No Free Lunch column, Investors Chronicle

"Market commentators and investment managers who glibly refer to 'growth' and 'value' styles as contrasting approaches to investment are displaying their ignorance, not their sophistication." - Warren Buffett, 2001

Valuegrowth Investing answers the key question for investors: "What are the crucial elements leading to the successful analysis of shares?" To be a successful investor you have to be a good evaluator of businesses. There are too many so-called investors who occupy their time analyzing the stock market, identifying trends and forecasting.

Valuegrowth investors understand the companies in which they buy stocks as living businesses. This book draws on the rigorous investment techniques developed by the great investors of the last 100 years, such as Peter Lynch, Benjamin Graham and Warren Buffett.

These ideas are combined with modern finance frameworks and with recent developments in the field of business strategy analysis, to create a new way of valuing shares. All investors are searching for the Holy Grail of a set of sound and profitable investment principles to guide them in share selections. Valuegrowth Investing shows that the Grail has been found.

Valuegrowth Investing:
* draws on investment principles discovered by world-renowned investors such as Peter Lynch and Warren Buffett
* combines these principles with insights provided by recent developments in the field of business strategy to provide a coherent investment philosophy for tomorrow's investment strategies
* describes what the ordinary investor should focus on and then offers evaluation techniques to identify under priced shares
* provides tools for analyzing key investment factors
* shows that successful investing does not require great intellect, it requires great principles.

Part One
Peter Lynch's niche investing
John Neff's sophisticated low price-earning ratio investing
Bejamin Graham: The father of modern security analysis
Benjamin Graham's three forms of value investing
Philip Fisher's bonanza investing
Warren Buffett's and Charles Munger's buisness perspective- Investing - Part 1
Warren Buffett's and Charles Munger's buisness perspective- Investing - Part 2
Part 2
The valuegrowth investor
The analysis of industries
Competitive resource analysis

Professor Glen Arnold, PhD. is a professor of finance at Salford University and director of the Finance, Accounting and Banking Research Interest Group. He has published work directed at a full range of types of readers, from refereed journal articles directed at fellow academics to introductory finance and investment for the complete novice.

His textbook Corporate Financial Management (first published in 1998, now in its second edition)has quickly established its place as the leading UK-based textbook for undergraduates, post-graduates and post-experience students.

It is noted for its extremely readable style embedded in real-world practice as well as robust theory. The book Valuegrowth Investing, directed at experienced investors is again written in a very approachable and straight-forward manner.

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