What do you do when every stock looks expensive? You look sideways. Value Investing in Lateral and Highly Valued Markets is an indispensable guide for investors who refuse to overpay and refuse to sit on the sidelines. Drawing on the frameworks of Joel Greenblatt, Benjamin Graham, and Warren Buffett, this book charts a precise course through special situations investing: spin-offs, merger arbitrage, distressed debt, net-net stocks, holding company discounts, and microcap hunting. Through real case studies including PayPal's separation from eBay, Kraft's emergence from Altria, and the persistent NAV discounts of European holding companies like Exor and Pargesa, readers learn to identify structural mispricings that exist independently of aggregate market valuations. Whether markets are at all-time highs or in the middle of a correction, value is always hiding somewhere. This book shows you exactly where to look, how to analyze what you find, and how to build a disciplined portfolio that generates superior risk-adjusted returns in any environment. Essential reading for the serious individual investor who wants a genuine edge in modern markets.
What do you do when every stock looks expensive? You look sideways. Value Investing in Lateral and Highly Valued Markets is an indispensable guide for investors who refuse to overpay and refuse to sit on the sidelines. Drawing on the frameworks of Joel Greenblatt, Benjamin Graham, and Warren Buff...