Common Stocks and Common Sense: The Strategies, Analyses, Decisions, and Emotions of a Particularly Successful Value Investor - Hardcover

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ED WACHENHEIM is chairman and chief portfolio manager of Greenhaven Associates and one of Wall Street’s preeminent investors. Greenhaven currently manages about $5.5 billion in funds and has a client list that includes the Wachenheim family, university and college endowments, retired Wall Street executives, and wealthy families.

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There are many books on investing that describe investment principles and strategies—this is not one of them. Following the same case-based pedagogy he learned from at the Harvard Business School, value- investing giant Ed Wachenheim illustrates how powerful principles and strategies for protecting and growing capital are employed in actual investment situations through personally selected trades made by his company, Greenhaven Associates, over its storied history.

Inside Common Stocks and Common Sense, you gain privileged access to the everyday investing approaches and strategies guiding one of the preeminent investment firms on Wall Street, as well as the research, analysis, models, and decision process used by its distinguished portfolio managers. In addition to going up close to how masters of the markets operate and draw wealth from opportunity, this practitioner's guide also delves into the behavioral side of investing, including the human emotions, pressures, and disappointments threatening every investor's chances at making a profit from transactions with inherent, and sometimes unseen, uncertainties and risks. The author ties his revealing collection of investment wisdom together with his own brilliantly crafted narrative that exposes a deeper level of connectivity among the case studies, highlighting the distinctive reasons for his remarkable success. This valuable guide immediately gives you a competitive advantage in the markets because it gives you information unavailable anywhere else, including:

• Unparalleled, conversational explanations of little-known situations where elite investors made the wrong decisions and how they responded
• Actionable guidance for developing the same mindset and skills that earn a typical portfolio an average annual return in excess of eighteen percent, with conservative stocks and no leveraging
• The author's personal twenty-five strategies to use and pitfalls to avoid to become a wealthy value investor

The collective wisdom of Common Stocks and Common Sense reveals the daily routines of experienced investors to inform and improve your own investment strategies.

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PRAISE FOR
COMMON STOCKS & COMMON SENSE

"Ed Wachenheim has been an extraordinarily successful value investor for decades, and in this well written and engrossing book, he explains his investment approach through case studies, including mostly investments that went well but also some that went badly. The key takeaways are that success requires intense commitment to research, a probabilistic mindset, and the temperament to remain rational in the face of market irrationality."
—ROBERT E. RUBIN, Former U.S. Secretary of the Treasury

"Ed Wachenheim often emphasizes the great value of using one's 'common sense' as an investor. But after he describes how he has analyzed every imaginable dimension and variable of several organizations before deciding whether to buy their stock, we quickly realize that there is nothing even remotely 'common' about his ability to be both prescient and wise. This is a fascinating and enlightening book that is completely accessible to the layman, and should be required reading for professionals."
—NEIL L. RUDENSTINE, Former President of Harvard University

"Ed Wachenheim is a very successful investor who has never sought the limelight. He has written a book on investing which is a kind of confessional, talking openly about his stock picking experiences with humor and candor. Reading about his odyssey over the past several decades will prove to be a useful apprenticeship for both the novice and the experienced investor. I learned a lot and I've been doing it longer than he has."
—BYRON R. WIEN, Vice Chairman, Blackstone Group LP