Excess Returns
A comparative study of the methods of the world's greatest investors
By Frederik Vanhaverbeke
Excess Returns
A comparative study of the methods of the world's greatest investors
By Frederik Vanhaverbeke
Jacket text
An analysis of the investment approach of the world’s top investors, showing how to achieve market-beating returns
It is possible to beat the market. Taking this as a starting point, Excess Returns sets out to explore how exactly the most famous investors in the world have done it, year after year, sometimes by huge margins.
Excess Returns is not a superficial survey of what investors have said about what they do. Rather, Frederik Vanhaverbeke applies a forensic analysis to hundreds of books, articles, letters and speeches made by dozens of top investors over the last century and synthesises his findings into a definitive blueprint of how exactly these investment legends have gone about their work.
Among the legends whose work has been studied are Warren Buffett, Benjamin Graham, Anthony Bolton, Peter Lynch, Charles Munger, Joel Greenblatt, Seth Klarman, David Einhorn, Daniel Loeb, Lou Simpson, Prem Watsa and many more.
Among the revealing insights, you will learn of the striking similarities in the craft of great investors, crucial subtleties in their methods that are ignored by many, and the unconscious errors investors commonly make and how these are counter to successful investing. Special attention is given to two often overlooked areas: effective investment philosophy and investment intelligence.
The investing essentials covered include:
– Finding bargain shares
– Making a quantitative and qualitative business analysis
– Valuation methods
– Investing throughout the business cycle
– Timing buy and sell decisions
– And much, much more!
Excess Returns is full of timeless and practical insights, presented in a unique style, to help investors focus on the most promising opportunities and lead the way to beating the market.
About the author
Frederik Vanhaverbeke graduated with High Distinction as a Bachelor and Master in electrical engineering from the University of Ghent. After graduation he obtained a PhD in electrical engineering in 2005. Between 2005 and 2010, he was involved in postdoctoral research projects in Belgium and Singapore in the field of digital telecommunication.
Over the past decade, Frederik has built considerable expertise in the areas of stock investing, company analysis, accounting, etc., through the reading of hundreds of books, articles, shareholders' letters, etc. in his free time. Thanks to his thorough knowledge of best practices in the field of investing he has beaten the market by a substantial margin over the past ten years. Currently, he is employed as a bond portfolio manager at KBC Asset Management, Belgium.
Reviews
“Using his style of forensic analysis, Frederik Vanhaverbeke creates a blueprint for investors made from hundreds of books, articles letters and speeches made by some of the globe s most well-known and successful investors.”
“The book is very structured and exhaustive…It contains a number of frameworks that puts the different analytical elements together … This makes the book a valuable read for investors looking to improve their investment process. I also liked the chapters covering investment mistakes…A valuable read for investors looking to improve their investment process”
“Newbie investors, as well as those individuals looking for critical insight into time-tested investing tactics, will profit from reading this book and implementing any number of its strategies…In particular, this book sheds light on the quantitative and quantitative-qualitative investment styles used by the most successful practitioners….The chapter on the most common buying and selling mistakes is especially pertinent to investors who have not had much success…”
“Excess Returns is full of timeless and practical insights, presented in a unique style, to help investors focus on the most promising opportunities and lead the way to beating the market.”
“This is a fantastic book for both new and seasoned investors alike…While he writes in broad strokes, Vanhaverbeke gives you a very good foundation that you can use as you continue to study this field and apply what you learn. It is an excellent resource.”
“In this elegant new study Vanheverbeke offers his readers a brisk immersion in the investment philosophy and techniques of the worldâ??s most renowned investors…The best bits of the volume tackle notions of â??investor intelligenceâ?? which Vanheverbeke argues hinges as much on behavioural propensities as anything else. The ideal fund manager, he says? Independent, eternally studious, humble, discreet, patient, courageous and knowledgeable.”
Media coverage
From The Telegraph:
“Few fund managers are capable of explaining investing in simple terms. Most prefer to keep what they do a mystery – something that’s best left to a handsomely paid professional. Wall Street hedge fund legend Joel Greenblatt is an exception. He founded Gotham Capital – now Gotham Asset Management – in 1985, and has been… Read more »
From Fidelity :
In this elegant new study Vanheverbeke offers his readers a brisk immersion in the investment philosophy and techniques of the world?s most renowned investors. The grand tour begins with an interrogation of various investment styles. ?Beating the market isn?t easy,? he acknowledges, before revealing a list (of mostly American) investment legends who?ve repeatedly succeeded in… Read more »
From Investor's Chronicle:
Author and Fund Manager Frederik Vanhaverbeke says there is one thing that separates top investors from the average investor” investor intelligence. Here he explains how you can learn from the masters and improve your returns. People with experience in the stock market who are honest with themselves will admit that beating the market is hard.… Read more »
From Taking Care of Biz.org:
An analysis of the investment approach of the world?s top investors, showing how to achieve market-beating returns. It is possible to beat the market. Taking this as a starting point, Excess Returns sets out to explore how exactly the most famous investors in the world have done it, year after year, sometimes by huge margins.… Read more »
From Interactive Investor:
Where do investment legends look for bargains? By Frederik Vanhaverbeke | Tue, 29th July 2014 – 08:56 In their search for market-beating returns many investors resort to advice from analysts and brokers. They listen to the tips from their friends and family. They buy shares in hot IPOs. Or they look for companies with a… Read more »
From Strictly Financial:
Book review: Excess Returns Michael Wassermann | July 20, 2014 Excess Returns: A Comparative Study of the Methods of the World?s Greatest Investors by Frederik Vanhaverbeke. The book starts with an insightful chart showing the annual excess return of top investors versus the S&P 500. It shows that excess returns tend to decrease when the… Read more »
From Investor Today:
A new book by portfolio manager Frederik Vanhaverbeke explores the strategies of the world?s greatest investors. Excess Returns, published by Harriman House, attempts to answer whether it is possible to beat the market, and discusses how famous investors have gained huge margins over the years. Using his style of forensic analysis, Frederik Vanhaverbeke creates a… Read more »
From ValueWalk:
Excess-returns An analysis of the investment approach of the world?s top investors, showing how to achieve market-beating returns. It is possible to beat the market. Taking this as a starting point, Excess Returns sets out to explore how exactly the most famous investors in the world have done it, year after year, sometimes by huge… Read more »
From Futures Magazine:
Individual investors strive to be successful, but they often fail because they use an emotional decision-making process instead of a rationale rule-based disciplined approach. Newbie investors, as well as those individuals looking for critical insight into time-tested investing tactics, will profit from reading this book and implementing any number of its strategies. Most investors have… Read more »
Contents
About the author
Introduction
Chapter A: Investing Philosophy and Styles
Part I: The Investment Process
Chapter B: Finding Bargains
Chapter C: Fundamental Business Analysis
Chapter D: Valuation
Chapter E: Common Process Mistakes and How To Avoid Them
Part II: Buying, Holding and Selling
Chapter F: Different Types of Stock
Chapter G: Buying and Selling Considerations
Chapter H: The Boom-Bust Cycle
Chapter I: Common Buying and Selling Mistakes
Part III: Risk Versus Return
Chapter J: Risk Management
Part IV: The Intelligent Investor
Chapter K: The Intelligent Investor
Glossary
References
Index
| Published: | 30/06/2014 |
|---|---|
| Edition: | 1st |
| Pages: | 330 |
| Formats: | hardback - ISBN 9780857193513 ebook - ISBN 9780857194114 paperback - ISBN 9780857194329 |
If you’d like to get in touch with the author for interview or comment, or you’d like a review copy of this book, please contact us at pr@harriman-house.com or call +44 (0)1730 233870.
RightsFor information on available rights, please contact rights@harriman-house.com
Bulk purchasesWe offer discounts for bulk purchases. Please contact specialsales@harriman-house.com for a quote.