The Best 4 Books on Paul Johnson
These experts lend insight into such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. Marks also adds his own annotations, expanding on his book's original themes and issues. A new chapter addresses the importance of reasonable expectations, and a foreword by Bruce C. Greenwald, called "a guru to Wall Street's gurus" by the New York Times, speaks on value investing, productivity, and the economics of information.
Howard Marks, the chairman and cofounder of Oaktree Capital Management, is renowned for his insightful assessments of market opportunity and risk. After four decades spent ascending to the top of the investment management profession, he is today sought out by the world's leading value investors, and his client memos brim with insightful commentary and a time-tested, fundamental philosophy. Now for the first time, all readers can benefit from Marks's wisdom, concentrated into a single volume that speaks to both the amateur and seasoned investor.
Informed by a lifetime of experience and study, The Most Important Thing explains the keys to successful investment and the pitfalls that can destroy capital or ruin a career. Utilizing passages from his memos to illustrate his ideas, Marks teaches by example, detailing the development of an investment philosophy that fully acknowledges the complexities of investing and the perils of the financial world. Brilliantly applying insight to today's volatile markets, Marks offers a volume that is part memoir, part creed, with a number of broad takeaways.
Marks expounds on such concepts as "second-level thinking," the price/value relationship, patient opportunism, and defensive investing. Frankly and honestly assessing his own decisions--and occasional missteps--he provides valuable lessons for critical thinking, risk assessment, and investment strategy. Encouraging investors to be "contrarian," Marks wisely judges market cycles and achieves returns through aggressive yet measured action. Which element is the most essential? Successful investing requires thoughtful attention to many separate aspects, and each of Marks's subjects proves to be the most important thing.
"This is that rarity, a useful book."--Warren Buffett
In ten chapters, each representing a single subject of the school's research, senior faculty members recount the collaborative efforts and innovative approaches that led to revolutionary business methods in fields like finance, economics, and accounting. They describe the pioneering work that helped create new quantitative and stochastic tools to enhance corporate decision making, and they revisit the groundbreaking twentieth-century marketing and management paradigms that continue to affect the fundamentals of global business. The volume profiles several prominent centers and programs that have helped the school adapt to recent advancements in international business, entrepreneurship, and social enterprise. Columbia Business School has long offered its diverse students access to the best leaders and thinkers in the industry. This book not only reflects on these relationships but also imagines what might be accomplished in the next hundred years.
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Investors who succeed on Wall Street spend their career analyzing companies, and honing and refining their investment strategies. But they had to start somewhere.
Training for research analysts is basically nonexistent on Wall Street resulting in a "baptism by fire" that forces the new analyst to develop expertise on their own through an agonizing process of trial and error. To overcome this deficiency, Sonkin and Johnson have written the ultimate "survival" guide for someone embarking on a career as an investment professional. Arnie Ursaner, a sell side veteran, who retired after 43-years on Wall Street said, "I wish I had this book when I started in the business. I remember my early days being characterized by a lot of hits and misses. This book provides valuable shortcuts to experience more hits and fewer misses."
The single most important element in survival is having knowledge, as knowledge dispels fear, and on Wall Street, fortune favors the prepared mind. Pitch the Perfect Investment accelerates the learning process, giving the college or MBA student the edge they need to succeed, whether they are pitching a stock idea in a job interview, in a stock pitch competition, or for a student-run investment fund. Echoing this sentiment, Aswath Damodaran, a prolific author of over 20 books on valuation and a professor at New York University, said, "...this is a book that most of my students would have loved to have had before their first interview and job."
Sonkin and Johnson also seek to push the open-minded, seasoned investment professional out of their comfort zone and challenge them to think about familiar concepts differently. In an industry where even the most successful veterans must worry about younger managers snapping at their heels, Pitch the Perfect Investment equips the Chief Investment Officer and Director of Research with new tools, enabling them to tighten their analytical process and significantly improve communication and efficiency throughout their organization. As noted by Geoffrey Moore, author of several highly-acclaimed strategy books in the technology industry, "Much heartache will be avoided and faster decisions will be reached by any organization that adopts Sonkin and Johnson's recommendations."
Nicholas Galluccio, CEO of Teton Advisors, added, "In this era of hyper-competition on Wall Street, active portfolio management is under attack by ETFs and passive investment vehicles. In this new environment, beating the market is even more essential to the active portfolio manager and even the smallest edge can make the difference between success and failure. Pitch the Perfect Investment will give the professional investor that edge."
No other single resource will provide students, money managers, analysts, bankers, executives, salespeople, and individual investors with a faster way to improve their performance. Pitch the Perfect Investment is the essential guide to winning on Wall Street.
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The Possibilities Are Staggering:
Had you invested $10,000 in Cisco Systems back in early 1990, your investment would now be worth $3,650,000
Similarly, a $10,000 investment made in Microsoft in 1986 would be valued at more than $4,721,000 today
$10,000 invested in Yahoo! in 1996 would today be worth $317,000
How do you get in on those deals—especially if you're not a Silicon Valley insider? How do you buy the high-tech win-ners and avoid the losers? How do you find the Yahoo!s, Microsofts, and Ciscos of tomorrow?
The answers are here, in this newly revised edition of the national bestseller The Gorilla Game. The book reveals the dynamics driving the market for high-tech stocks and out-lines the forces that catapult a select number of compa-nies to "gorilla" status—dominating the markets they serve in the way that Yahoo! dominates internet portals, Microsoft dominates software operating systems, and Cisco dominates hardware for data networks.
Follow the rules of The Gorilla Game and you will learn how to identify and invest in the "gorilla candidates" early on—while they are still fighting for dominance, and while their stocks are still cheap. When the dust clears and one company clearly attains leadership in its market, you'll reap the enormous returns that foresighted investors in high-tech companies deserve.
This new edition of The Gorilla Game has been updated and revised throughout, with new focus and new insights into choosing the internet gorillas—the companies that are destined to dominate internet commerce.
Bestselling author Geoffrey A. Moore is one of the world's leading consultants in high-tech marketing strategy. Here you'll find his groundbreaking ideas about tech-nology markets that made his previous books bestsellers, combined with the work of Paul Johnson, a top Wall Street technology analyst, and Tom Kippola, a high-tech consul-tant and highly successful private investor. Together they have discovered and played the gorilla game and now give readers the real rules for winning in the world of high-tech investing.
Step by step you'll learn how to spot a high-tech market that is about to undergo rapid growth and development, how to identify and spread investments across the potential gorillas within the market, and how to narrow your investments to the single, emerging leader—the gorilla—as the market matures.
High-tech investing can be extremely risky, but investors who learn to play the gorilla game can avoid many of the traps and pitfalls and instead start capitalizing on untold profits. Personal wealth is only a gorilla game away.