• Complain

Rockwood - The Focused Few: Taking a Multidisciplinary Approach to Focus Investing

Here you can read online Rockwood - The Focused Few: Taking a Multidisciplinary Approach to Focus Investing full text of the book (entire story) in english for free. Download pdf and epub, get meaning, cover and reviews about this ebook. year: 2014, genre: Business. Description of the work, (preface) as well as reviews are available. Best literature library LitArk.com created for fans of good reading and offers a wide selection of genres:

Romance novel Science fiction Adventure Detective Science History Home and family Prose Art Politics Computer Non-fiction Religion Business Children Humor

Choose a favorite category and find really read worthwhile books. Enjoy immersion in the world of imagination, feel the emotions of the characters or learn something new for yourself, make an fascinating discovery.

Rockwood The Focused Few: Taking a Multidisciplinary Approach to Focus Investing
  • Book:
    The Focused Few: Taking a Multidisciplinary Approach to Focus Investing
  • Author:
  • Genre:
  • Year:
    2014
  • Rating:
    5 / 5
  • Favourites:
    Add to favourites
  • Your mark:
    • 100
    • 1
    • 2
    • 3
    • 4
    • 5

The Focused Few: Taking a Multidisciplinary Approach to Focus Investing: summary, description and annotation

We offer to read an annotation, description, summary or preface (depends on what the author of the book "The Focused Few: Taking a Multidisciplinary Approach to Focus Investing" wrote himself). If you haven't found the necessary information about the book — write in the comments, we will try to find it.

THE FOCUSED FEW demonstrates that successful investing is about more than finances and the stock market. Focus investing involves not only an understanding of the markets but also history, science, psychology and mathematics. The value investment principles of Benjamin Graham, Warren Buffett, Charlie Munger, Seth Klarman, Philip Fisher and others are examined in depth in The Focused Few. In this insightful and incisive book, which counters many of Wall Streets often mindless maxims, Richard Rockwood presents seven principles of focus investing, including: * Develop a Mental Framework * Purchase High-Quality Companies at Bargain-Bin Prices * Understand the Importance of Bubbles and Credit Cycles * Learn to Engage in Special-Situation Investing Rockwoods seven principles explain how portfolio concentration and a multidisciplinary approach to investing offer the best opportunities for long-term success.

Rockwood: author's other books


Who wrote The Focused Few: Taking a Multidisciplinary Approach to Focus Investing? Find out the surname, the name of the author of the book and a list of all author's works by series.

The Focused Few: Taking a Multidisciplinary Approach to Focus Investing — read online for free the complete book (whole text) full work

Below is the text of the book, divided by pages. System saving the place of the last page read, allows you to conveniently read the book "The Focused Few: Taking a Multidisciplinary Approach to Focus Investing" online for free, without having to search again every time where you left off. Put a bookmark, and you can go to the page where you finished reading at any time.

Light

Font size:

Reset

Interval:

Bookmark:

Make
SECOND EDITION

THE

FOCUSED

FEW

TAKING A MULTIDISCIPLINARY
APPROACH TO FOCUS INVESTING

RICHARD M.
ROCKWOOD

The Focused Few: Taking a Multidisciplinary Approach to Focus Investing

Richard M. Rockwood

304 pages

Bibliography: pp. 241258

Copyright 2015 by Richard M. Rockwood

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the author. Printed in the United States of America.

Copy editing by Dan Shenk and Mark Garratt of CopyProof, Goshen, Indiana

Cover design by James T. Egan of Bookfly Design, Coos Bay, Oregon

Layout by Sties Design Agency, LLC, Goshen, Indiana

Digital book(s) (epub and mobi) produced by Booknook.biz.

Dedication

To Dad, Julie and Kathryn:
Thank you for your love and support.

Table of Contents
Foreword

I FIRST BECAME ACQUAINTED WITH R ICH R OCKWOOD in cyberspace. Already in the late 1990s, in the nascent days of the Internet, Rich was running an excellent website (out of his Indiana University dorm room!) dedicated largely to providing information about Warren Buffett and Berkshire Hathaway. Buffetts status as an investment icon had yet to be fully recognized by the financial media. Investors who were avid followers of the Oracle of Omaha craved any new tidbits of wisdom, and Richs website helped fill that void. By January 2000, just 2 months before the tech crash of March 2000, Rich upgraded his website and called it FocusInvestor.com. And now comes his book The Focused Few.

The late 1990s were a testing time for value investors. As some will recall, the stock market was gripped in a mania for early-stage technology stocks. Massive valuations were being accorded to concept companies that were barely recording revenues, let alone profits. Wall Street investment banks fanned the flames as they pumped out overpriced IPOs, reaping massive underwriting profits. Many research analysts acted as accomplices to the charade by publishing glowing reports and assigning scandalous price targets to ethereal businesses. Unfortunately, countless Main Street investors drank the Kool-Aid.

Yet a cadre of investors (a focused few) who read Benjamin Graham and David Dodd were unpersuaded, preferring instead to watch the spectacle from the sidelines while occasionally picking up shares in ignored and undervalued businesses. They were frequently viewed as naysayers, supposedly out of touch with the New Era that promised a seemingly quick and easy path to riches.

When the bubble burst, those disciples of Graham and Doddsville who stuck to their principles were spared much of the 200003 market carnage. In fact, as the market indices sank, value stocks (yes, a focused few stocks) purchased at discounts to intrinsic value significantly outperformed most others during that stretch.

Certainly Rich Rockwoods experiences, early in his career as a young value investor beset by a classic market bubble, served to shape the first edition of The Focus Investor in 2004. That year Rich also would join our firm, Aldebaran Capital.

Like others in the rarefied club of value investors, Rich soon read and digested Graham and Dodd and got it. Many describe their initial experience studying a value-oriented philosophy as akin to the cartoonish caricature of a light bulb suddenly brightening over ones head. Something clicks. In the flash of that aha moment, investing makes sense. The newly minted value investor now has a framework for navigating the cross-currents of information and emotions that can be overwhelming.

This book appears in the aftermath of the 200809 financial crisis and the Great Recession. It is timely for readers who, after experiencing two major market upheavals in less than a decade, are naturally gun-shy about their investing future. By outlining seven creative and clear-cut investing principles, Rich Rockwood provides the wary investor with a reasoned road map.

Many investment books launch right into their methods of security selection. Instead, The Focused Few sets the table with how to think about investing. Warren Buffett has famously described this as the proper temperament needed to succeed as an investor.

Knowing Rich as I do, he clearly has developed an enthusiastic devotion to the culture that Warren Buffett and sidekick Charlie Munger have created over the past five decades at Berkshire Hathaway. Yet shining throughout The Focused Few is Richs imprimatur, his own unique approach to value investing.

A word about Charles T. Munger. In his gruff, direct and humorous style, Munger has contributed a significant body of work to the investment process. He also has been an outspoken commentator on some of societys thorniest problems. Munger is like a human think tank, with a propensity to challenge conventional norms from different angles.

The Focused Few advocates a Munger-like multidisciplinary approach that derives insight from a variety of life experiences, including scientific and psychological observations, to broaden ones mind to potential investment opportunities. The process examines human behavior and biases, which at first glance wouldnt necessarily be associated with investing.

In this book Rich Rockwood, like Munger, challenges conventional rules of investing. As the title of the book implies, one should focus his or her portfolio on a handful of well-chosen businesses. Rich provides the tools for analyzing the competitive marketplace and how companies, managers and investors must navigate carefully in order to be successful.

Perhaps more importantly, examples of what can trip up investors are discussed, along with methods of how to be prepared for the next market curve ball. The ability to recognize these distinctions in a volatile marketplace is the hallmark of a good investor. A focus investor.

I trust youll enjoy getting to know Rich Rockwood as much as I haveand also benefit from his wisdom and insights.

Ken Skarbeck
President/Managing Director
Aldebaran Capital, LLC
Indianapolis, Indiana

Acknowledgments

W RITING A BOOK INVOLVES MORE THAN JUST the author writing down his thoughts and trying to find a publisher. It takes a community to complete! I want to pause and thank those who made this book possible.

First, I want to thank my wife and daughter for graciously blessing my use of precious family time to write this bookthe first edition in 2004 and now the second edition a decade later. My father and grandfather also were incredibly supportive, even after listening to me talk for years about writing this book.

Dan Shenk of CopyProof and his assistant, Mark Garratt, are two especially important people involved in this book project. I gave them the manuscript to edit in in the spring of 2014, and their efforts made The Focused Few: Taking a Multidisciplinary Approach to Focus Investing much clearer and certainly more readable! Then Alison Sties worked her magic on the interior layout. Im also indebted to James T. Egan at Bookfly Design for his creative design of the cover.

Further, Im fortunate that several friends and associates took the time to help me develop this book. I would like to thank the following individuals for reviewing early drafts and providing comments and suggestions that greatly improved the overall quality: Rick Ebbinghouse, Ed Goodwin, Ankit Gupta, Jan-Hendrik Mohr, Matt Nellans, Larry Oberman, Sam Park and Timothy Vick.

I also wish to thank all of my teachers and mentorsnamely and chiefly Benjamin Graham, Warren Buffett, Charlie Munger and Philip Fisher who, in their writings and in person, explained their investing viewpoints. Without their unselfish guidance, my journey toward investment knowledge would have taken a much longer and less fruitful path.

Next page
Light

Font size:

Reset

Interval:

Bookmark:

Make

Similar books «The Focused Few: Taking a Multidisciplinary Approach to Focus Investing»

Look at similar books to The Focused Few: Taking a Multidisciplinary Approach to Focus Investing. We have selected literature similar in name and meaning in the hope of providing readers with more options to find new, interesting, not yet read works.


Reviews about «The Focused Few: Taking a Multidisciplinary Approach to Focus Investing»

Discussion, reviews of the book The Focused Few: Taking a Multidisciplinary Approach to Focus Investing and just readers' own opinions. Leave your comments, write what you think about the work, its meaning or the main characters. Specify what exactly you liked and what you didn't like, and why you think so.