An analysis of the investment approach of the world's top investors, showing how to achieve market-beating returns
It is possible to beat the market. Taking this as a starting point, Excess Returns sets out to explore how exactly the most famous investors in the world have done it, year after year, sometimes by huge margins.
Excess Returns is not a superficial survey of what investors have said about what they do. Rather, Frederik Vanhaverbeke applies a forensic analysis to hundreds of books, articles, letters and speeches made by dozens of top investors over the last century and synthesises his findings into a definitive blueprint of how exactly these investment legends have gone about their work.
Among the legends whose work has been studied are Warren Buffett, Benjamin Graham, Anthony Bolton, Peter Lynch, Charles Munger, Joel Greenblatt, Seth Klarman, David Einhorn, Daniel Loeb, Lou Simpson, Prem Watsa and many more.
Among the revealing insights, you will learn of the striking similarities in the craft of great investors, crucial subtleties in their methods that are ignored by many, and the unconscious errors investors commonly make and how these are counter to successful investing. Special attention is given to two often overlooked areas: effective investment philosophy and investment intelligence.
The investing essentials covered include:
- Finding bargain shares
- Making a quantitative and qualitative business analysis
- Valuation methods
- Investing throughout the business cycle
- Timing buy and sell decisions
- And much, much more!
Excess Returns is full of timeless and practical insights, presented in a unique style, to help investors focus on the most promising opportunities and lead the way to beating the market.
About the Author
Frederik Vanhaverbeke graduated with High Distinction as a Bachelor and Master in electrical engineering from the University of Ghent. After graduation he obtained a PhD in electrical engineering in 2005. Between 2005 and 2010, he was involved in postdoctoral research projects in Belgium and Singapore in the field of digital telecommunication.
Over the past decade, Frederik has built considerable expertise in the areas of stock investing, company analysis, accounting, etc., through the reading of hundreds of books, articles, shareholders' letters, etc. in his free time. Thanks to his thorough knowledge of best practices in the field of investing he has beaten the market by a substantial margin over the past ten years. Currently, he is employed as a bond portfolio manager at KBC Asset Management, Belgium.
Industry Reviews
Using his style of forensic analysis, Frederik Vanhaverbeke creates a blueprint for investors made from hundreds of books, articles letters and speeches made by some of the globe s most well-known and successful investors. ?Conor Shilling, Investor Today
The book is very structured and exhaustive...It contains a number of frameworks that puts the different analytical elements together ... This makes the book a valuable read for investors looking to improve their investment process. I also liked the chapters covering investment mistakes...A valuable read for investors looking to improve their investment process ?Michael Wassermann, Strictly Financial
Newbie investors, as well as those individuals looking for critical insight into time-tested investing tactics, will profit from reading this book and implementing any number of its strategies...In particular, this book sheds light on the quantitative and quantitative-qualitative investment styles used by the most successful practitioners....The chapter on the most common buying and selling mistakes is especially pertinent to investors who have not had much success... ?Les Masonon, Futures & Buy DON'T Hold
Excess Returns is full of timeless and practical insights, presented in a unique style, to help investors focus on the most promising opportunities and lead the way to beating the market. ?Jacob Wolinsky, ValueWalk
This is a fantastic book for both new and seasoned investors alike...While he writes in broad strokes, Vanhaverbeke gives you a very good foundation that you can use as you continue to study this field and apply what you learn. It is an excellent resource. ?Chet L, Taking Care of Biz
In this elegant new study Vanheverbeke offers his readers a brisk immersion in the investment philosophy and techniques of the worldâ??s most renowned investors...The best bits of the volume tackle notions of â??investor intelligenceâ?? which Vanheverbeke argues hinges as much on behavioural propensities as anything else. The ideal fund manager, he says? Independent, eternally studious, humble, discreet, patient, courageous and knowledgeable. ?Claire Dwyer, Fidelity Personal Investing
