Investing legend Warren Buffett once said that success in investing doesn t correlate with I.Q. once you re above the level of 125. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing. In an attempt to understand exactly what kind of temperament Buffett was talking about, Ronald W. Chan interviewed 12 value-investing legends from around the world, learning how their personal background, culture, and life experiences have shaped their investment mindset and strategy. The Value Investors: Lessons from the World s Top Fund Managers is the result. From 106-year-old Irving Kahn, who worked closely with father of value investing Benjamin Graham and remains active today, and 95-year-old Walter Schloss (described by Warren Buffett as the super-investor from Graham-and-Dodsville ), to the co-founders of Hong Kong-based Value Partners, Cheah Cheng Hye and V-Nee Yeh, and Francisco Garc a Param s of Spain s Bestinver Asset Management, Chan chose investment luminaries to help him understand the international appeal and success of value investing. All of these men became strong advocates of the approach despite considerable age and cultural differences. Chan finds out why. In The Value Investors, readers will also discover how these investors, each of whom has a unique value perspective, have consistently beaten the stock market over the years. Do they share a trait that allows this to happen? Is there a winning temperament that turns the ordinary investor into an extraordinary one? This book answers these questions and more.

Investing legend Warren Buffett once said that "success ininvesting doesn't correlate with I.Q. once you're abovethe level of 125. Once you have ordinary intelligence, what youneed is the temperament to control the urges that get other peopleinto trouble in investing."In an attempt to understand exactly what kind of temperamentBuffett was talking about, Ronald W. Chan interviewed 12value-investing legends from around the world, learning how theirpersonal background, culture, and life experiences have shapedtheir investment mindset and strategy. The Value Investors:Lessons from the World's Top Fund Managers is theresult.From 106-year-old Irving Kahn, who worked closely with"father of value investing" Benjamin Graham and remainsactive today, and 95-year-old Walter Schloss (described by WarrenBuffett as the "super-investor fromGraham-and-Dodsville"), to the co-founders of Hong Kong-basedValue Partners, Cheah Cheng Hye and V-Nee Yeh, and FranciscoGarcía Paramés of Spain's Bestinver AssetManagement, Chan chose investment luminaries to help him understandthe international appeal - and success - of valueinvesting. All of these men became strong advocates of the approachdespite considerable age and cultural differences. Chan finds outwhy.In The Value Investors, readers will also discover howthese investors, each of whom has a unique value perspective, haveconsistently beaten the stock market over the years. Do they sharea trait that allows this to happen? Is there a winning temperamentthat turns the ordinary investor into an extraordinary one? Thisbook answers these questions and more.

Foreword xiPreface xiiiChapter 1 Free to Choose in Value Land 1Walter Schloss, Walter & Edwin SchlossAssociatesLiving through the Great Depression 5The Meaning of Survival 7Net-Nets 8Setting the Right Pace 11Know Thyself 15Chapter 2 Once Upon a Time on Wall Street 17Irving Kahn, Kahn Brothers GroupBecoming Graham's Disciple 22Preaching Value 25A Centenarian Diet 30Chapter 3 The Making of a Contrarian 33Thomas Kahn, Kahn Brothers GroupA Modified Graham Approach 38The Case for Obscure Securities 42Market Reflection 45Chapter 4 On the Shoulders of Value Giants 47William Browne, Tweedy, Browne CompanyA Valuable Detour 52Statistics and Beyond 54Setting a Global Standard 56The Social Science of Investing 59The Market Ahead 61Chapter 5 A Journey to the Center of Value 65Jean-Marie Eveillard, First Eagle FundsValley of Tears 70The Inefficient Market 71The Meaning of Value 74The Courage to Say No 77Seeking Protection 79Chapter 6 The Self-Taught Value Spaniard 83Francisco García Paramés, Bestinver AssetManagementOn a Solo Value Hunt 88Investing Made Simple 90Austrian Economics and the Market 93A Global Rebalancing 97Chapter 7 The Income-Conscious Englishman 101Anthony Nutt, Jupiter Asset ManagementA Victorian Mindset 105Finding the Right Investment Culture 108Trusting Only Tangible Income 110The Courage to Keep Going 114Chapter 8 The Frequent Value Traveler 117Mark Mobius, Templeton Emerging Markets GroupReading between the Minds 122Thinking Big and Small 124Trouble is Opportunity 126Feeling the Market 130Chapter 9 The Value-Oriented Businessman 133Teng Ngiek Lian, Target Asset ManagementLearning the Numbers 136The Art of Contrary Thinking 138Targeting Good Businesses in Asia 141The Relativity of Valuation 143A Value Lifestyle 145Chapter 10 Value Investing in the Lost Decade 149Shuhei Abe, SPARX GroupA Musical Beginning 153Breaking the Language Barrier 155Learning from the West 156The Evolution of SPARX 158Building a Westernized Asia 160Searching for Value 162Chapter 11 Eternal Sunshine of the Value Mind 165V-Nee Yeh, Value Partners GroupA Multidisciplinary Path 168Seeking a Comfortable Price 171Finding a Value Partner 172Spotting Value Minds 176Becoming a Man of Value 178Chapter 12 The Accidental Value Investor 181Cheah Cheng Hye, Value Partners GroupStarting an Investment Hobby Shop 187Building a Value Temple 189An Industrialized Process 191A Value March Forward 195Chapter 13 The Making of a Value Investor 199A Humble Portfolio Construction 202The Art of Valuation 204Reading for Ideas 205More than Just the Fundamentals 206Timing for an Exit 208Having the Right Temperament 209Acknowledgments 213About the Author 217Index 219