Brian McNiven 
Concise Guide to Value Investing 
How to Buy Wonderful Companies at a Fair Price

The business performance creates the value — the price creates
the OPPORTUNITY.



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

In the Concise Guide to Value Investing, Brian Mc Niven
reveals how to calculate the true value of a company to find out
whether you are paying a fair price. This fascinating book
explores:

* 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 Stock Val¯® valuation formula.

Two of the world’s most successful investors, Warren Buffett and
Charlie Munger, are self-confessed value investors. Mc Niven often
draws on their wisdom to support his approach to value
investing, which he defines as buying a share at a price lower than
its calculated value. Only investors who have the ability to
calculate value can call themselves ‘value investors’.

Tabela de Conteúdo

Preface.

1. What is value investing?

2. Dividend huggers.

3. Price and Value.

4. Portfolio diversification.

5. Variable values of a dollar of earnings.

6. Stock valuation.

7. Accounting misrepresentation.

8. Characteristics of a wonderful business.

9. Sustainability of business performance.

10. Growth, acquisitions and buybacks.

11. Evaluating corporate management.

12. Economic impact of interest rates.

13. Financial fundamentals.

14. When to sell.

15. Strategies and considerations.

List of abbreviations.

Index.

Sobre o autor

Brian Mc Niven is the author of Stock Valuation, A Wonderful Company at a Fair Price and Market Wise. He makes his living investing on the Australian stock market and is the developer of Stock Val¯, a stock valuation program.