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Value Investing: From Graham to Buffett and Beyond

Bruce C. Greenwald, Judd Kahn, Paul D. Sonkin, Michael van Biema

 2021 by Bruce C. Greenwald and Judd Kahn All Rights Reserved.

This translation published under license with the original publisher John Wiley & Sons, Inc. via Igor Korzhenevskiy of Alexander Korzhenevski Agency

  . .,    , 2023

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         [3 -      (   )   ,         ,        .  : Fama, Eugene F. and French, Kenneth R. The Cross-Section ofExpected Stock Returns. Journal ofFinance, 1992, vol. 47, pp. 427465.       .  ,     ,   -         ,      : http://mba.tuck.dartmouth.edu./pages/faculty/ken.french/data_library.html.      ,           . .        -  , https://www.aqr.com/Insights/Research/White-Papers,   ,   ,   ,  - https://alphaarchitect.com/alpha-architect-white-papers/.  ,     ,       .         ,  ,   .        ,          2009.    .].    ,        (       )       .           ,   ,        30%        30% (       ), 19272018.     3,35%     ,    ,     .        .            . ,      ,             ,   .        ,            ;    .  ,                 .

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  ,             ,    [12 -           ,    .          ,    -     ,  ,   ,  .   : https://www.aqr.com/;   : https://alphaarchitect.com.      : Asness, Clifford, Moskowitz, Tobias and Pedersen, Lasse. Value and Momentum Everywhere. Journal ofFinance, 2013, vol. 48(3).].  , ,  (  )   (,   )             ,   ,     , ,  (  )   (, ) .        .  ,    ,    ,     (      )   .   ,        ,      .          .            ,         .

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notes








1


               (     , ,   ,     ).              .     ,        .                .                .




2


 .  4.




3


     (   )   ,         ,        .  : Fama, Eugene F. and French, Kenneth R. The Cross-Section ofExpected Stock Returns. Journal ofFinance, 1992, vol. 47, pp. 427465.       .  ,     ,   -         ,      : http://mba.tuck.dartmouth.edu./pages/faculty/ken.french/data_library.html.      ,           . .        -  , https://www.aqr.com/Insights/Research/White-Papers,   ,   ,   ,  - https://alphaarchitect.com/alpha-architect-white-papers/.  ,     ,       .         ,  ,   .        ,          2009.    .




4


Standard & Poors                ().   SPIVAU.S.Scorecard    6. 15- ,  30 2018.,  10%     ,        S&P. https://us.spindices.com/documents/spiva/spiva-us-mid-year-2018.pdf.




5


      .




6


, The Tweedy, Browne Value Fund,  1993, The Sequoia Fund,  1970,        S&P500,         2009. The Dodge and Cox Stock Fund   ,    20.




7


   , ,     ,     .        ,      ,        . ,     ,       34 10.          10  .        ,   .            ,      1990-      ,    2009,     , , 10  , ,      .




8


  Hermes,  Benjamin Graham, The Intelligent Investor, 4-   .




9


Fama, Eugene F. and French, Kenneth R. The Cross-Section ofExpected Stock Returns. Journal ofFinance, 1992, vol. 47(2), pp. 427465.




10


Lakonishok, Josef, Shleifer, Andrei, and Vishny, Robert W. Contrarian Investment, Extrapolation, and Risk. Journal ofFinance, 1994, vol. 49(5), pp. 15411578.




11


Werner, F., DeBondt, M., and Thaler, Richard H. Anomalies: AMean-Reverting Walk Down Wall Street. Journal ofEconomic Perspectives, 1989, vol. 3(1), pp. 189202.




12


          ,    .          ,    -     ,  ,   ,  .   : https://www.aqr.com/;   : https://alphaarchitect.com.      : Asness, Clifford, Moskowitz, Tobias and Pedersen, Lasse. Value and Momentum Everywhere. Journal ofFinance, 2013, vol. 48(3).




13


    ,             ,  ,        .        -          .




14


Clayman, Michelle. InSearch ofExcellence: The Investors Viewpoint. Financial Analysts Journal, 1987, vol. 43(3).




15


Collins, Jim. Good toGreat: Why Some Companies Make the Leap and Others Dont. New York: HarperCollins, 2001.




16


          2010.         (https://memnorthwestern.wordpress.com/2013/01/02/not-so-good-togreat-companies-and-a-heuristic-thinking-strategy/).




17


      -  .  ,  ,        ,   ,         ,        ,   -    .




18


   2020,           2009,      2016.     ,        .       ,      ,    .




19


. Daniel Kahneman, Thinking, Fast and Slow, New York: Farrar, Strauss and Giroux, 2011      .




20


 ,    ,           ,   ,       .




21


      Kahneman, Daniel, and Tversky, Amos. Prospect Theory: AnAnalysis ofDecision under Risk. Econometrica, 1979, vol. 47(2), pp. 263291.




22


        . -,           .            .  ,      ,      . -,          ,   ,        .




23


Shiller, Robert. Irrational Exuberance. Princeton, 2000.




24


         ,            ,       .




25


.    (Philip Tetlock),  Expert Political Judgment: How Good IsIt? How Can WeKnow? Princeton, NJ: Princeton University Press, 2005.




26


     ,           / (    )      .      ,          .  ,             ,       ,    .




27


       ,   You Can Be aStock Market Genius Even if Youre Not Too Smart, New York: Simon and Schuster, 1997.    -    .    ,    ,        .      ,  ,   .    ,     ,   ,         ,   .




28


     ,       .       , ,        ,     .




29


.    1,           .     .,    2,          .


