Table of Contents

Preface

Acknowledgements

Introduction

Part I: FOUNDATIONS

Chapter 1: The Quiet Outperformer

Chapter 2: Why Stocks?

Chapter 3: Price and Value are Different

Chapter 4: Measuring Performance

Part II: THE VALUE INVESTING MODEL

Chapter 5: Understanding the Business

Chapter 6: Accounting is a Language

Chapter 7: Capital Employed

Chapter 8: Operating Income

Chapter 9: Free Cash Flow

Chapter 10: Book Values and Shares

Chapter 11: Past Performance

Chapter 12: Future Performance

Chapter 13: Shareholder-Friendliness

Chapter 14: Inexpensiveness

Chapter 15: Price Drives Risk

Chapter 16: Misjudgment and Misaction

Part III: MAINTENANCE

Chapter 17: Portfolios and Selling

Chapter 18: Endurance

Chapter 19: Generating Ideas

Chapter 20: Differences Among Value Investors

Chapter 21: Preservation

Glossary

Bibliography

Notes

Index

About the Author

Kenneth Jeffrey Marshall teaches value investing in the masters in finance program at the Stockholm School of Economics in Sweden, and at Stanford University. He also teaches asset management in the MBA program at the Haas School of Business at the University of California, Berkeley. Marshall is a past member of the Stanford Institute for Economic Policy Research; he taught Stanford's first-ever online value investing course in 2015. He holds an MBA from Harvard Business School.