Valuegrowth Investing - by Glen Arnold

[Peregrino]

Has anyone else read this book?  I first became introduced to it in a speech given by Bob Bruce who was a PM at First Manhattan for many years and helped revive the value investing program at Columbia Business School and it has become a favorite.

 

I think it, along with Bruce Greenwald's "Value Investing", are the two best introductions to investing in the value school. 

 

This book does a great job of explaining how powerful the flywheel of quality compounding on itself can be for investor returns.  Which makes it a great companion to the Greenwald book as I've always suspected that Greenwald leaned towards the Ben Graham/cigar butt/statistical cheapness end of the spectrum (and consequently holds his nose a bit when discussing how to value growth and quality) whereas Arnold is much more in the spirit of a modern day Phil Fischer. 

 

In any case, it has a series of profiles of famous value investors and explains some of the nuances that made each of them unique, and in the final few chapters (which is what I think the book really adds to the conversation) Arnold tries to put them all together within a framework that can be applied.

 

Those new to value investing can benefit from reading the whole book, while those with more experience can just skip to the sections at the back.

 

NB.  I believe the most updated version of the Arnold book re-named it "Value Investing"...