John Neff on Investing
Author: John Neff
List Price: $16.95
Our Price: Click to see the latest and low price
ISBN: 0471417920
Publisher: John Wiley & Sons (30 March, 2001)
Sales Rank: 18,464
Average Customer Rating: 3.8 out of 5
Customer Reviews
Rating: 4 out of 5
Revealing & Insightful
As many have already pointed out; Neff's record speaks for itself. But what his book does is give you an idea of how he achieved his results throughout various economic & political cycles. Most of the book reads like a chronological journal. This gives the reader, and hopefully many new investors, an idea of how much stock valuations, and peoples attitudes towards them, can & do change. For example, in '78 the Windsor fund was valued at 5.6x earnings (an implied earnings yield of 17.9%), with an estimated growth rate of 9.7%, & current yield of 5.5%. More tantalizing is the company specific valutions he writes about. Such valuations sound absurd by todays standards, but after following Neff during his career, hopefully some readers may realize that today valuations may be just as crazy.Along with some recent market history (the last 30 yrs.), Neff imparts to the reader the importance throughout his career of buying low P/E stocks & always focusing on the price paid for each company.
All in all a very good book & most certainly informative for any investor.
Rating: 5 out of 5
Nitty Gritty of Value Investing
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: 5 out of 5
Learn how to profit significantly from Neff!
John Neff on Investing is a must read for any serious investor. I myself have read many MANY investment books written by (or on behalf of) masters such as Buffett, Fisher, Graham, Lynch, etc, but none has been more influential to my own investment style than John Neff. Like the contrarian himself, Neff's book is somewhat different from the usual. For the most part, it reads like a journal. Although I personally found it extremely practical and enlightening. Most importantly, Neff reveals how a master like himself thinks. By and large Part 2 is the best - I constantly re-read that section over and over again.
Since reading his book, I have profited significantly. Low P/E investing and Total Return Ratio is now the cornerstone of my investment style. Good luck to all!
Similar Products
One Up On Wall Street : How To Use What You Already Know To Make Money In The Market
Buffett : The Making of an American Capitalist
Value Investing : A Balanced Approach
Value Investing With the Masters: Revealing Interviews With 20 Market-Beating Managers Who Have Stood the Test of Time
YOU CAN BE A STOCK MARKET GENIUS : UNCOVER THE SECRET HIDING PLACES OF STOCK MARKET PROFITS
Book Index