Deep Value Investing: Finding bargain shares with BIG potential Paperback – Import, 15 January 2018

The author runs a fund following Graham's net net principle which looks for shares selling below its net working capital or has cash and liquid assets net of liabilities more than its market value.Additional aspects to be considered are low debt, cyclical stocks. Fixed assets and goodwill not significant part of nav. The philosophy is focus more on balance sheet and less on earnings estimate. The balance sheet is a fact while future earnings is at best a guesstimate. With cyclicals like bank and services company turnaround is definitely probable with improving economic outlook or sector outlook.Most of the investments short listed have returned 20 to 200%. But this philosophy requires lot of patience and fortitude. Lastly it's a lonely job. It follows companies which probably have hit a 52 week low or is in the news for wrong reasons. Not exactly the next facebook or Netflix.It would be interesting to see if this approach works in the US market. The author seems to predominantly invest in the U.K. markets.

Easy to read. Worth reading.

Combine this with Wendl's NCAV investing. This one gives more real examples of buying and selling of NCAV stocks. This along with Wendl's empirical data gives a very full picture. One thing I like is he also shares one or two that did not go his way.Combined I would give a five star but separate I give them each 4. Still good reads for learning about liquidation value investing.

Me esperaba algo más técnico, el paso a paso para realizar las net net de Graham.

-

Over the years, I have built up a library of value investing books. Many of these books are masterpieces and close at hand. Nonetheless, I found Jeroen’s book tremendously useful; first and foremost because it is refreshingly simple, clear and practical. Jeroen's book communicates the principles of deep value investing very effectively through a series of stock examples and cases. This is the best way possible - because the reader is immediately able to appreciate how investing on the basis of asset protection (of the Graham ilk) works in practice (as opposed to vague philosophical principles or theoretical tenants). This, in my view is what really sets Jeroen's book apart. By extension, the book is abundantly transparent - laying out all the workings and assumptions - so that the reader is able to follow and understand exactly why conviction was developed (or not developed) in a particular investment idea. Detailed company data that was reviewed may be obtained from the online appendix. Furthermore, Jeroen is honest and transparent enough to devote a couple of chapters to deep value failures. Again this is both hugely refreshing and instructive.I love value investing, and will continue to collect content on this fascinating subject. However one observation (criticism) is evident. Emphasis on practical application is significantly underrepresented in books / content that is publicly available on the subject. Comprehensive illustrations of how to apply the principles of value investing to establish realistic and accurate intrinsic values to specific stocks and situations are few and far between. To this end, Jeroen's book is worth its weight in gold. Valuation is both an art and a science - particularly as one moves down the balance sheet. But this doesn't stop an author from laying out his / her assumptions, workings and mindset / thinking. Jeroen has - in my view - done exactly that. I can’t wait for the Sequel / Deep Value investing 2!