The Art of Value Investing
by John Heins and Whitney Tilson
Though successful value investors may share core principles, how they execute their strategies can differ on any number of fronts.
Our hope is that mining the diversity of opinion can help novice and expert investors alike refine their own investing strategies and processes. It should also help those looking for others to manage their money determine which are the right questions to ask, as well as what answers are worthy of their respect and attention.
In this article, we are excerpting sections of our book, “The Art of Value Investing” (John Wiley & Sons, 2013), which assembles primarily from first-person interviews the opinions of the best investors in the business on a wide range of investing topics. Here, they explain their thinking on investing in turnarounds, how they approach selling and how they’ve learned the hard way that ego can be an enemy of returns.
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Whitney Tilson is the co-founder with John Heins of the investment newsletter Value Investor Insight and co-author also with John Heins of the recently published "The Art of Value Investing” (John Wiley & Sons, 2013) .