Read more
"This book seeks to describe the evolution of the theories of valuation and shareholder activism from Graham to Icahn and beyond. It is intended to be a practical guide that also canvases the academic and industry research and provides important details alongside engaging anecdotes. It will discuss how activists identify targets, and the strategies and tactics employed to unseat management or foment change"--
List of contents
Preface ix
Acknowledgments xv
About the Author xvii
Chapter 1 The Icahn Manifesto 1
Chapter 2 Contrarians at the Gate 19
Chapter 3 Warren Buffett: Liquidator to Operator 35
Chapter 4 The Acquirer's Multiple 53
Chapter 5 A Clockwork Market 77
Chapter 6 Trading in Glamour: The Conglomerate Era 99
Chapter 7 Catch a Falling Knife 119
Chapter 8 The Art of the Corporate Raid 151
Chapter 9 How Hannibal Profits From His Victories 169
Chapter 10 Applied Deep Value 187
Index 217
About the author
TOBIAS E. CARLISLE is the founder and managing director of Eyquem Investment Management LLC and serves as portfolio manager of the firm's fund and managed accounts. He is best known as the author of the well-regarded website greenbackd.com and as co-author of
Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (Wiley). He has extensive experience in business valuation, portfolio management, investment research, public company corporate governance, and corporate law. Prior to founding Eyquem in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions, he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam.
Summary
The economic climate is ripe for another golden age of shareholder activism. This book offers an exploration of deep value investment strategy, describing the evolution of the theories of valuation and shareholder activism from Graham to Icahn and beyond.
