« 9 Life and Career Lessons from Gary Cohn, COO of Goldman Sachs | Main | Two Ways to Take Studying for the CFA Exam to the Next Level »

08/02/2011

Book Review: What Would Ben Graham Do Now?


Click to Print This Page

What Would Ben Graham Do Now?In his new book, What Would Ben Graham Do Now?: A New Value Investing Playbook for a Global Age, Jeffrey Towson offers a unique glimpse into global investing at the very top levels of sophistication. Towson was head of direct investments for the Middle East, North Africa, and Asia Pacific for Prince Waleed, one of the most successful global investors. Towson adapts Benjamin Graham’s value concept to a world that is vastly different from the one Graham knew.

Towson introduces us to the practice of combining value investing and deal making within politically charged settings, where the potential for profit stems from the large gaps between price and value. This is not the traditional portfolio approach with traded securities. Rather, it is a very focused and disciplined investing method for those who have high-level political and banking connections, and it concentrates on capabilities that developed countries want—oil company technologies, for example. Google’s expulsion from China exemplifies the risks: those who are no longer useful have a short investment life span. In China, “who you are matters.”

The ideal is the potentially great investment at a cheap value cost, usually in an environment where there is government protection and limited competition. Warren Buffet’s purchase of stock in the Chinese monopoly PetroChina has shown the dramatic profits than can result. Four Seasons Hotels and Resorts has been able to obtain key locations in countries where local power groups have control. The Arab Spring may change some of the players, but the old game remains the same.

Despite the uncertainty on the international political scene, global investing should continue its rapid growth. Towson’s book provides a lot of new insight into an area that is an ever-increasing priority for financial professionals.

–Bill Hayes

Related Posts Plugin for WordPress, Blogger...

Comments

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been saved. Comments are moderated and will not appear until approved by the author. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Comments are moderated, and will not appear until the author has approved them.

IE
NYU-ad

NYSSA Job Center Search Results

To sign up for the jobs feed, click here.


UPCOMING EVENT
HYB

25th Annual High Yield Bond Conference and Master Class
September 9-10, 2015

Join NYSSA to enjoy free member events and other benefits. You don't need to be a CFA charterholder to join!


CFA® EXAM PREP

CFA® Level I Weekly Review - Session A Thursday
Midtown

Thursday July 23, 2015
Instructor: O. Nathan Ronen, CFA

CFA® Level I Weekly Review - Session B Tuesdays
Midtown

Tuesday July 28, 2015
Instructor: O. Nathan Ronen, CFA

CFA® Level I Weekly Review - Session C Saturday
Midtown

Saturday August 8, 2015
Instructor: O. Nathan Ronen, CFA

FREE CFA® Level II Test Taking Strategy and Sample Class
Midtown

Monday, August 10, 2015
Instructor: O. Nathan Ronen, CFA

FREE CFA® Level III Test Taking Strategy and Sample Class
Midtown

Wednesday, August 12, 2015
Instructor: O. Nathan Ronen, CFA

FREE CFA® Level I Test Taking Strategy and Sample Class
Midtown

Wednesday September 2, 2015
Instructor: O. Nathan Ronen, CFA

CFA® Level I Weekly Review - Session D Wednesdays/Mondays
Midtown

Wednesday September 9, 2015
Instructor: O. Nathan Ronen, CFA

CFA® Level I 6-Week Sunday Condensed Review
Midtown

Sunday September 20, 2015
Instructor: O. Nathan Ronen, CFA

CFA® Level I 4-Day Boot Camp
Midtown

Thursday November 12, 2015
Instructor: O. Nathan Ronen, CFA

CFA® Level II Weekly Review - Session A Monday
Midtown

Monday January 11, 2016
Instructor: O. Nathan Ronen, CFA

CFA® Level III Weekly Review - Session A Wednesday
Midtown

Wednesday January 13, 2016
Instructor: O. Nathan Ronen, CFA

CFA® Level III Weekly Review - Session B Thursday
Thursday January 21, 2016
Instructor: O. Nathan Ronen, CFA

CFA® Level II Weekly Review - Session B Tuesday
Thursday January 26, 2016
Instructor: O. Nathan Ronen, CFA