Anurag Sharma is associate professor of management at the Eugene M. Isenberg School of Management, University of Massachusetts, Amherst.

Well organized and derived, Book of Value provides strong coverage of the philosophical grounding for value investing, a subject area that does not lend itself to academic presentation. -- David Nawrocki, Katherine M. Salisbury and Richard J. Salisbury, Jr. Endowed Professor of Finance, Villanova School of Business Book of Value is long overdue. Let's hope it is the beginning of a backlash against the day-trading, quarterly profit obsession style investing that now dominates global markets. Anurag Sharma provides insight into an investment process that is so old-fashioned that it appears revolutionary. This is a true investment philosophy that has the added benefit of letting the investor sleep better at night. -- Bob Saul, managing director, Wood Creek Capital

• Preface Acknowledgments Prologue: A Short History of Investing Introduction: Noise Part I: Illusion 1 Opinions and Beliefs 2 Correlation of Errors 3 The Dark Arts 4 Purveyors of the Dark Arts 5 Victims of the Dark Arts Part II: Verity 6 Logic-Data-Doubt 7 Investing as a Negative Art 8 Shaping the Investment Thesis 9 How to Be a Wise Investor 10 The Art of Looking Part III: Foundations 11 Price and Value 12 How to Value a Business 13 Risk and Uncertainty 14 The Simple Math of Valuation 15 Yield-Stability-Strength Part IV: Diligence 16 Depth Analysis 17 Dive for Strength 18 Define Good Business 19 Watch the Game 20 Meet the Managers Part V: Policy 21 Diversification 22 Another Way to Portfolio 23 Core Holdings 24 Growth 25 The Buffett Portfolio Conclusion: Noise Control Notes Bibliography Index

Anurag Sharma is associate professor of management at the Eugene M. Isenberg School of Management, University of Massachusetts, Amherst.

Well organized and derived, Book of Value provides strong coverage of the philosophical grounding for value investing, a subject area that does not lend itself to academic presentation. -- David Nawrocki, Katherine M. Salisbury and Richard J. Salisbury, Jr. Endowed Professor of Finance, Villanova School of Business Book of Value is long overdue. Let's hope it is the beginning of a backlash against the day-trading, quarterly profit obsession style investing that now dominates global markets. Anurag Sharma provides insight into an investment process that is so old-fashioned that it appears revolutionary. This is a true investment philosophy that has the added benefit of letting the investor sleep better at night. -- Bob Saul, managing director, Wood Creek Capital

• Preface Acknowledgments Prologue: A Short History of Investing Introduction: Noise Part I: Illusion 1 Opinions and Beliefs 2 Correlation of Errors 3 The Dark Arts 4 Purveyors of the Dark Arts 5 Victims of the Dark Arts Part II: Verity 6 Logic-Data-Doubt 7 Investing as a Negative Art 8 Shaping the Investment Thesis 9 How to Be a Wise Investor 10 The Art of Looking Part III: Foundations 11 Price and Value 12 How to Value a Business 13 Risk and Uncertainty 14 The Simple Math of Valuation 15 Yield-Stability-Strength Part IV: Diligence 16 Depth Analysis 17 Dive for Strength 18 Define Good Business 19 Watch the Game 20 Meet the Managers Part V: Policy 21 Diversification 22 Another Way to Portfolio 23 Core Holdings 24 Growth 25 The Buffett Portfolio Conclusion: Noise Control Notes Bibliography Index

Anurag Sharma is associate professor of management at the Eugene M. Isenberg School of Management, University of Massachusetts, Amherst.

Well organized and derived, Book of Value provides strong coverage of the philosophical grounding for value investing, a subject area that does not lend itself to academic presentation. -- David Nawrocki, Katherine M. Salisbury and Richard J. Salisbury, Jr. Endowed Professor of Finance, Villanova School of Business Book of Value is long overdue. Let's hope it is the beginning of a backlash against the day-trading, quarterly profit obsession style investing that now dominates global markets. Anurag Sharma provides insight into an investment process that is so old-fashioned that it appears revolutionary. This is a true investment philosophy that has the added benefit of letting the investor sleep better at night. -- Bob Saul, managing director, Wood Creek Capital

• Preface Acknowledgments Prologue: A Short History of Investing Introduction: Noise Part I: Illusion 1 Opinions and Beliefs 2 Correlation of Errors 3 The Dark Arts 4 Purveyors of the Dark Arts 5 Victims of the Dark Arts Part II: Verity 6 Logic-Data-Doubt 7 Investing as a Negative Art 8 Shaping the Investment Thesis 9 How to Be a Wise Investor 10 The Art of Looking Part III: Foundations 11 Price and Value 12 How to Value a Business 13 Risk and Uncertainty 14 The Simple Math of Valuation 15 Yield-Stability-Strength Part IV: Diligence 16 Depth Analysis 17 Dive for Strength 18 Define Good Business 19 Watch the Game 20 Meet the Managers Part V: Policy 21 Diversification 22 Another Way to Portfolio 23 Core Holdings 24 Growth 25 The Buffett Portfolio Conclusion: Noise Control Notes Bibliography Index