(Wiley Finance) 1st Edition
by Tobias E. Carlisle (Author)
The economic climate is ripe for another golden age of shareholder activism
Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations
is a must-read exploration of deep value investment strategy,
describing the evolution of the theories of valuation and shareholder
activism from Graham to Icahn and beyond. The book combines engaging
anecdotes with industry research to illustrate the principles and
methods of this complex strategy, and explains the reasoning behind
seemingly incomprehensible activist maneuvers. Written by an active
value investor, Deep Value provides an insider's perspective on
shareholder activist strategies in a format accessible to both
professional investors and laypeople.
The Deep Value investment
philosophy as described by Graham initially identified targets by their
discount to liquidation value. This approach was extremely effective,
but those opportunities are few and far between in the modern market,
forcing activists to adapt. Current activists assess value from a much
broader palate, and exploit a much wider range of tools to achieve their
goals. Deep Value enumerates and expands upon the resources and
strategies available to value investors today, and describes how the
economic climate is allowing value investing to re-emerge. Topics
include:
- Target identification, and determining the most advantageous ends
- Strategies and tactics of effective activism
- Unseating management and fomenting change
- Eyeing conditions for the next M&A boom
Activist
hedge funds have been quiet since the early 2000s, but economic
conditions, shareholder sentiment, and available opportunities are
creating a fertile environment for another golden age of activism. Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations provides the in-depth information investors need to get up to speed before getting left behind.
