Rating: 
Summary: Nitty Gritty of Value Investing
Review: There are thousands of books that give investment advice: "buy this", "sell that", etc. John Neff reveals how a successful contratian investor actually does the homework, the analysis, and makes and sticks to his judgements. There are no pat formulas here, but wonderful display of a great financial reasoner doing his stuff in all kinds of market conditions. Neff's returns from 1964 to 1995 were double the S&P's because of his way of interpreting the economic scene and his determination to find values where others saw dreck. His story is described in fast-paced language and a wry sense of humor. Some people might argue that today's market conditions are unique, so what's the point of dredging up and discussing the market of 10 and 15 years ago. And okay "value investing" is not very fashionable, since recent value funds have under-performed against the averages. But that is precisely the kind of opportunity that Neff just loved to wade into, when value stocks were a bargain. After the current technology and IPO frenzy has subsided, the Neff approach will be what investors turn to. This is not a how-to book: better it turns on a light inside the mind of one of the few professional investors to beat the market over many decades.
Rating:
Summary: Great book, good investment advice
Review: This book is prefect for an individual investor who wants to learn about value investing. Most of the book is a history of the Authors experience managing the Windsor Fund.It is good to see the historical perspective and how sticking to buying low P/E stocks has paid off. In his history he talks about getting in and out of oil stocks as the PE changes due to shifting investor sentiment. It is encouraging to see that sticking to this strategy can be successful. The book gives me confidence to stick with the current low PE stocks such as airlines, automotives, retailers, and home builders.
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