The Art of Value Investing by John Heins & Whitney Tilson Summary
Overview of The Art of Value Investing
Discover how Warren Buffett and other legendary investors consistently beat the market. "The Art of Value Investing" reveals contrarian strategies from 2013's most influential financial minds, offering a rare glimpse into the disciplined thinking that turned ordinary investors into Wall Street icons.
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핵심 내용
When Everyone's Running Left, Look Right
In 1956, a young man walked into Benjamin Graham's office with an unusual proposition: he wanted to manage money using an investment approach that seemed almost absurd. While Wall Street chased hot stocks and market momentum, he proposed buying companies trading below their intrinsic value and simply waiting. That young man was Warren Buffett, and his "boring" strategy would eventually make him one of the wealthiest people on Earth. Value investing isn't about complex algorithms or predicting market movements-it's about something far more challenging: thinking clearly when everyone else is panicking, and staying cautious when everyone else is euphoric. Here's an uncomfortable truth: intelligence alone won't make you a successful investor. In fact, brilliant people often make terrible investors precisely because their intelligence becomes a liability-they overcomplicate decisions, fall in love with their own clever theories, and struggle to admit when they're wrong. The most successful value investors share three core attributes that matter far more than raw brainpower: humility, flexibility, and patience. Humility means acknowledging that the future is fundamentally unknowable. This isn't pessimism-it's realism that leads to conservative assumptions and margin-of-safety thinking. When you truly accept uncertainty, you stop making aggressive bets that could permanently destroy capital. Flexibility allows you to avoid overvalued sectors even when everyone around you is getting rich, and to abandon cherished beliefs when evidence contradicts them. Patience-perhaps the rarest quality-enables holding periods measured in years rather than quarters, resisting the constant pressure to "do something" when doing nothing is the right move. Murray Stahl captures the essence: "How can you buy something at a value price if it's desired by the world?" True value investing is inherently contrarian, which means being comfortable while uncomfortable. The real question isn't whether you're smart enough to be a value investor. It's whether you can handle being wrong for long stretches while the market parties without you, and whether you can resist buying when your favorite stock finally becomes popular.
Quality Over Bargains: The Evolution of Value Investing
Staying in Your Lane and Finding Hidden Opportunities
Research, Screening, and Developing Variant Perception
Valuation and Portfolio Construction: What You Pay Determines What You Get
Selling Discipline and Risk Management: When to Walk Away
Mastering Psychology: The Inner Game That Determines Success
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"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
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