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Synopsis

The business performance creates the value -- the price createsthe OPPORTUNITY.

No-one likes to pay too much for something. We all like to thingthat what we buy is ' good value'. It's not different when wepurchase a share in company listed on the stock market.

In the Concise Guide to Value Investing, Brian McNivenreveals how to calculate the true value of a company to find outwhether you  are paying a fair price. This fascinating bookexplores:

  • value investing versus speculation
  • the difference between price and value
  • variable values of a dollar of earnings
  • accounting misrepresentation
  • the characteristics of a wonderful business
  • the StockVal® valuation formula.

Two of the world's most successful investors, Warren Buffett andCharlie Munger, are self-confessed value investors. McNiven oftendraws on their wisdom to support his approach to valueinvesting,which he defines as buying a share at a price lower thanits calculated value. Only investors who have the ability tocalculate value can call themselves 'value investors'.

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