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Wall Street On Sale, by Timothy Vick
PDF Ebook Wall Street On Sale, by Timothy Vick
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Wall Street on Sale is the inside story on how Warren Buffett, John Templeton, and other value investing legends built huge fortunes by never overpaying in the stock market. This common-sense guidebook, written to help both the novice and the seasoned pro, summarizes the major themes of value investing, the consistently successful strategy designed to increase your chances of success while reducing your exposure to risk.
Featuring over 150 valuable website addresses, this myth-shattering book will show you how to: Calculate the true worth of any company within pennies per share; Identify companies that can consistently increase their earnings, net worth, and intrinsic value over time; Act as a contrarian, ignoring market hype and noise to evaluate companies based solely on their investment merits.
- Sales Rank: #1729610 in Books
- Brand: Brand: McGraw-Hill
- Published on: 1998-12-31
- Original language: English
- Number of items: 1
- Dimensions: 9.40" h x 1.27" w x 6.30" l,
- Binding: Hardcover
- 289 pages
- Used Book in Good Condition
Amazon.com Review
Hot stocks may get all the attention in the press, but, Timothy Vick argues in Wall Street on Sale, you're not going to beat the market chasing the latest high flyer. Vick, founder and editor of the newsletter Today's Value Investor, demonstrates how building a winning portfolio means becoming a smart shopper. He starts by offering a thorough definition of value investing, listing its seven principles: buy assets on sale; form a notion of value; avoid losses with a "margin of safety"; adopt a "for-sale" perspective; stick to it; be a contrarian; and ignore the market. Vick looks at the stocks listed in the S&P 500 index from late 1994 to mid-1997. The stocks at the beginning of the test period with a price/earnings ratio below 7 gained an average of 228.3 percent compared to an 85.3 percent return for the entire index. Those low P/E or undervalued stocks were the real winners.
But there's more to being a smart shopper than just buying low P/E stocks. He cites the work of value-investment pros, such as Warren Buffett, James O'Shaughnessy, and Michael Price, mixing in enough tables, graphs, and case studies to prove ably that buying companies at sale prices is a hugely successful stock-picking method. He then shows how to discover hidden values, analyze financial ratios, and assemble a portfolio. And thanks to the development of the Internet, most necessary information is available for free; Vick includes an appendix of 150 Web sites. This is a how-to book for the investor seeking value--the investor that wants to get a dollar's worth of Wall Street for 85 cents. --Thom Hartle
Review
"A comprehensive, yet easy to follow, guide." (Dayton News 1999-04-06)
From the Back Cover
Exceptional bargains can still be found in today's volatile stock market, and Wall Street on Sale will show you where to find them! Look to this insightful guide to identify undervalued companies destined to increase their earnings, net worth, and intrinsic value, plus: examples and case studies of top money managers who have used value investing techniques to consistently outperform the markets; guidelines for acting as a contrarian, ignoring the "stock-of-the-moment" crowd to evaluate comapnies based solely on their investment merits; over 150 valuable website addresses where you can find free information on time-tested vaue companies, news and information resources, and more.
Most helpful customer reviews
36 of 45 people found the following review helpful.
The average investment book...
By Redza Ali
Actually, to think that this book will teach you a whole lot about Warren Buffett's investment technique is significantly misleading.
I know many people have found this book more than just fascinating and it's probably bcoz this was the first value investing book they read rather than anything else.
This book, describes the many people who've had success with buying stocks at decent prices (hence, the VALUE investment idea) and how you too, as a reader can do the same. Then the author goes on to talk about Buffett, the billionaire investor who roughly made $8,000 plus out of every $1 invested over a 40-year period.
Now, to take this book as an intro to the technique is fine, but to take it as a "How Buffett did it book" is totally misleading.
You see, Buffett investing is about the margin-of-safety principle (essentially, making the purchase price so good even a bad sale yields satisfactory return), it's about his former lecturer Ben Graham and Mr. Market, it's about the temperament of investors, the attitude towards bear markets (falling markets), it's the pitches, strikes, and when to swing your money bat and most importantly, it's about the patience, rationality and discipline.
It's not just buying cheap. Buffett investing is about value NOT in the sense which the author of this book preaches. It's so much more than that.
I've come to understand Buffett investing as creating the most impressive investment record possible, consistently, over the long-term. To do that, you need to have some idea of how Buffett felt when he's buying and when other investors and the whole stock market is selling. It's about how to minimize your risk of losing money in a stock market crash, by doing this thing he calls "Workouts". And it's not about avoiding technology stocks either, that's a personal thing. Many argue that Buffett's techniques won't get you far these days which I think is a bit of a short-term thinking. Buffett's technique can be applied to technology stocks if you really understand the business. "Remember, what lies under every ticker symbol and stock tape is just an ordinary business!" Now, as a Buffett investor our task is to separate the myths and the facts and then, step on the plate... to swing at the perfect pitch. You don't have to buy them at rock bottom prices, they just have to be selling at a price you think is below it's intrinsic value.
Now, of course, more on intrinsic value if you read Hagstrom's first book, "Buffettology" by Mary Buffett and several other books. From my experience, you really need to read just a few books to be able to invest like Buffett and that the secret to this whole idea lies only in a handful of quotes. I'll leave you with one of my favorites,
"You don't need to know a person's exact weight to tell if she was fat.." -- Ben Graham
4 of 4 people found the following review helpful.
Superb in some aspects but a little knowledge is . . .
By A Customer
a dangerous thing
This book gives some of the clearest criteria I've seen in valuing a stock for a small individual investor and is very easy to read. I think it a little better than his book on Buffett which is basically a rehash of this one. The low reviews I can only assume in part are because of the timing of this book's release at the end of 1998 when value investing's popularity was reaching an all time low.
The book is very strong in giving and explaining yardsticks and indicators that could prove successful in screening stocks for a value portfolio. It talks about things you'd expect from a value book like a company's growth rate as related to its price, ROE, book value, etc. In addition though it goes into the interrelationship of interest rates, bond yields, and earnings yields and gives brief profiles of some value investors. It was easy to read, much simpler than something like Security Analysis for example.
There were problems though. The point raised in one of the previous reviews that the book gives somewhat of a contradiction in first criticizing forecasts and then turning around and using them is valid. Still I think that what Vick's examples show is how he thinks forecasts should be used and that his earlier criticism of forecasts was for the way others were misrepresenting them. It is unfortunate he did not take time to clarify his stand on this matter. The other thing I thought this book was weak in was on the experiential side. Not much in terms of what kind of stock price movement a value investor could expect during a holding period and what he should do. Doubtless an experienced value investor would hold but a beginner reading this book should be given a very clear idea of just how long it might take, the potential pitfalls that lie in wait and taught to constantly follow up on his analysis. The very clarity of the case and example style used by Vick might lead one inexperienced to believe that investing was more a matter of science than of art. Serious investors that go truly in depth and take the time to visit companies will also find this a rather boring book because of its classroom instruction sort of feel.
If you are a part time or beginning investor this book will give you a solid introduction to value investing and a convenient process by which to narrow down your search for value companies. If all you want to do is buy stocks, I would consider Wall Street on Sale to be more specialized and superior to an intro to corporate finance book for example which is more general but perhaps more complete. Like with any intro book it is dangerous to jump in immediately afterwards and think one is already proficient after just reading it. You'll need to be careful with the info here and experiment a little to see if it really suits your personality.
35 of 38 people found the following review helpful.
Value investing is a era of day trading -- how refreshing!
By A Customer
Part of my summer reading list is to read more about value investing. I highly recommend Timothy Vick's book; "Wall Street On Sale". Congratulations on a great read. Very good use of Buffett quotes throughout. Excellent investment primer as well as a refresher for experts. One of my favorite sections is how this book is one of the few to point out how corporations resort to financial trickery and deception.
Mr. Vick helped me realize that I have always been a `value' investor with basic principles instilled during childhood. Before reading this book I didn't realize that I have been a value investor my whole life. It's in my bones. And as Tim points out so well, why shouldn't the virtue of value naturally extend to Wall Street and our investments.
Chapter Two points out that when you switch long distance phone companies to get the lowest rate, use two for one coupons, go to matinee movies, recycle, purchase used cars, self park instead of valet, visit the outlet mall, prepare your own taxes, or use a discount broker, you are value investing.
Tim points out that `cheap investing' isn't the same as `value investing'. Mr. Buffett calls this `cigar butt investing'. Buying a stock in order to get one or two more puffs of earnings. Something he used to do and did with the original Berkshire Hathaway. Berkshire Cotton Mills turned out to be a cheap investment or cigar butt investment, not a value investment.
This book does an excellent job explaining that diversification and dollar cost averaging both lead to mediocrity.
How about this gem: "The stock market is like perfume. The more you pay for it the better you feel."
Chapter Four does a great job attacking the Efficient Market Theory. More professors of finance need to read this book.
Chapter Six talks about Decade Trading in a day trading world. Tim is a proponent of investing like a businessperson, like you're buying a part of a business. This section has excellent data and research to debunk market timing. Good Seven Commandments of Investing but he forgot the Eighth Commandment: remember taxes. Value investors by their very nature must consider the tax impact of their investments. Whenever you can defer taxes you are adding to the return of your investment decision. Excessive traders pay 3% of their annual returns on average to the government.
In Chapter Seven Mr. Vick talks about buying all of a business, both private and public. Mr. Buffett defines this activity as a negotiated purchase. In other words the price isn't set by the stock market but rather negotiated between buyer and seller.
Dividend decisions in Chapter Nine are also a function of management's ability to allocate capital. If management can get a better return by retaining a $1 of earnings and increase intrinsic value by more than $1 it should. If however $1 of retained earnings doesn't increase intrinsic value of the enterprise by at least $1, earnings should be returned to the shareholders in the form of dividends.
Chapters Nine, Ten, Eleven, and Twelve simplify corporate accounting with excellent comparisons. The author compares a corporate income statement and balance sheet to an individual's income and net worth statement. In these chapters, Tim takes Ben Graham's concepts of security analysis, which can be complicated to some, and makes them easy to understand.
Chapter Thirteen explores the intangibles behind great investments. It teaches that value investing isn't just about the numbers. "Wall Street On Sale" does an excellent job examining the numbers AND in this chapter the non-numbers behind the enterprise. Management leadership is difficult to value. One of Mr. Buffett's strengths is deciding if a manager loves money or the business.
Berkshire is interested in acquiring business with management already in place. It is one of the few companies that have well-developed and well-publicized acquisition criteria. Berkshire's wise acquisition policy is different from most. Other companies need to acquire for competitive and growth reasons along their product line. Berkshire is in the enviable position to acquire whatever business that adds shareholder value. Notice that shareholder `value' and intrinsic `value' have the word `value' in them.
Chapter Fourteen presents great arguments against diversification and for concentration. Diversification equals mediocrity. Successful investors are discriminating: they avoid buying anything and everything.
How about this quote on page 249: "If you still like the company after the stock falls, you should like it more at a lower price and add to your position."
Figure 15-2 could also demonstrate how much of Berkshire's marketable securities are in a concentrated portfolio (3 securities equal 62% of the portfolio). This figure shows buy and holds only.
Also the appendix has an excellent list of stock information of the internet. The recommended reading list should include the vchairman's letters (the only ones widely quoted enough to be copyrighted).
The book finishes with a bang. Buffett's seven key elements of successful value investing restated by Tim Vick from the 1987 annual report. They are priceless.
(1) View yourself as a business analyst. (2) Don't be swayed by share price movements. Over time price follows the company's growth. (3) Don't be a price taker in the stock market. Price and value aren't always the same. (4) The market doesn't always properly value businesses. (5) Wall Street is designed to sell you something and make you trade. (6) Successful investing is just old fashion financial statement analysis. (7) Being a value investor sets you apart from, but ahead of, the crowd.
If you are just starting out in investing or are a seasoned professional, I highly recommend this book.
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