The Case for Long-Term Value Investing: A guide to the data and strategies that drive stock market success

by Jim Cullen

Overview

Value investing moves in and out of favour, but the data doesn’t lie. It has always worked, and will continue to work — as long as investors apply a value discipline and invest for the long term.

In The Case for Long-Term Value Investing, experienced Wall Street pro Jim Cullen presents the eye-opening data that backs this up, explaining how investors can use the value approach for successful investing today, as well as sharing a wealth of fascinating stories from his time on the Street.

Discover:

—The true principles of value investing
—Jim’s stock-picking method in detail
—Inspiring case studies of successful value investments
—How to apply the value discipline through practical strategies.

The Case for Long-Term Value Investing also includes a concise history of the last 100 years of market history — showing just how crazy the market can be — with a review of bear markets, recessions, bubbles, melt-ups, interest rates, and much, much more.

The Case for Long-Term Value Investing is the ultimate introductory guide to how and why value investing works, how to understand the markets, and how to be a successful investor.

Product Details

ISBN-13:	9780857199478
Publisher:	Harriman House
Publication date:	04/12/2022
Pages:	272
Sales rank:	643,887
Product dimensions:	6.20(w) x 9.32(h) x 0.96(d)

About the Author

Jim Cullen has almost 60 years of investment experience. He started in 1964 with Merrill Lynch in what was then their new Wall Street office. He later worked with two of Wall Street’s top research firms Spencer Trask & Co. and Donaldson Lufkin & Jenrette. Before beginning a career on Wall Street, Cullen spent four years as a Navy officer aboard the USS Essex, after graduating from Seton Hall University.

Jim Cullen founded Schafer Cullen Capital Management in 1984. Based in New York, the advisory firm presently manages approximately $18 billion in assets, and has approximately 40,000 clients in separately managed and mutual fund accounts.

Jim lives in New York City.

Table of Contents

Background ix

About the Book xi

Section 1 The Battle 1

1 A Brief Market History-The Last 100 Years 5

Section 2 The Value Strategy 27

2 The Value Disciplines 31

3 Earnings: Why Stocks Go Up 41

4 Dividends 45

5 Value vs. Growth 49

6 Why Value Outperforms 53

7 Risk-Adjusted Performance 57

8 Long-Term Value-A Summary 61

Section 3 Market Timing 65

9 Market Timing-The Silent Killer 69

Section 4 Picking the Stocks 77

10 Research Process 81

11 Book Value 85

12 Have a Story 89

13 Making a Call Away from Wall Street 99

14 Management 105

15 "By the Way" 111

16 Insider Buying 115

17 Buyer Beware 121

18 When It Doesn't Work 127

19 The Three-Point Fix 131

20 When to Sell 141

Section 5 Applying The Strategy 147

21 Value 151

22 High Dividend Value 153

23 Small Cap Value 159

24 International High Dividend Value 163

25 Emerging Markets High Dividend Value 167

26 Options Writing: Covered Calls 171

27 Environmental, Social & Governance (ESG) Investing 175

Section 6 The Market 177

28 The History of Bear Markets and Recessions 181

29 Secular Bear Markets 199

30 Melt-up Markets 201

31 Bubbles 205

32 No More Recessions? 211

33 Debt 215

34 The Wall Street Quilt 223

35 Consumer Confidence 227

36 Spikes in Interest Rates 231

Getting Started: New Investors 237

Final Note 245

Appendix: Calculation Methodology for Chapter 2 Study 247

Acknowledgments 249

Index 251