The Craftsman
Author: Richard Sennett
Defining craftsmanship far more broadly than “skilled manual labor,” Richard Sennett maintains that the computer programmer, the doctor, the artist, and even the parent and citizen engage in a craftsman’s work. Craftsmanship names the basic human impulse to do a job well for its own sake, says the author, and good craftsmanship involves developing skills and focusing on the work rather than ourselves. In this thought-provoking book, one of our most distinguished public intellectuals explores the work of craftsmen past and present, identifies deep connections between material consciousness and ethical values, and challenges received ideas about what constitutes good work in today’s world.
The Craftsman engages the many dimensions of skill—from the technical demands to the obsessive energy required to do good work. Craftsmanship leads Sennett across time and space, from ancient Roman brickmakers to Renaissance goldsmiths to the printing presses of Enlightenment Paris and the factories of industrial London; in the modern world he explores what experiences of good work are shared by computer programmers, nurses and doctors, musicians, glassblowers, and cooks. Unique in the scope of his thinking, Sennett expands previous notions of crafts and craftsmen and apprises us of the surprising extent to which we can learn about ourselves through the labor of making physical things.
The New York Times - Lewis Hyde
Richard Sennett's "guiding intuition" in The Craftsman is that "making is thinking"…Sennett's book gathers case after case in which we see how the work of the hand can inform the work of the mind. Moreover, it is through his insistence that thought arises in relation to craft that Sennett comes to one of his more intriguing interventions, a reimagining of the Enlightenment in terms not of ideas but of how craftsmen learned to work. "The hand is the window on to the mind," Immanuel Kant wrote, and Sennett asks that we not pass through that window until we have adequately studied the hand.
Books about: Miles to Go or The Snowy Day
Value Investing: From Graham to Buffett and Beyond
Author: Bruce C N Greenwald
From the "guru to Wall Street's gurus" comes the fundamental techniques of value investing and their applications Bruce Greenwald is one of the leading authorities on value investing. Some of the savviest people on Wall Street have taken his Columbia Business School executive education course on the subject. Now this dynamic and popular teacher, with some colleagues, reveals the fundamental principles of value investing, the one investment technique that has proven itself consistently over time. After covering general techniques of value investing, the book proceeds to illustrate their applications through profiles of Warren Buffett, Michael Price, Mario Gabellio, and other successful value investors. A number of case studies highlight the techniques in practice.
Bruce C. N. Greenwald (New York, NY) is the Robert Heilbrunn Professor of Finance and Asset Management at Columbia University. Judd Kahn, PhD (New York, NY), is a member of Morningside Value Investors. Paul D. Sonkin (New York, NY) is the investment manager of the Hummingbird Value Fund. Michael van Biema (New York, NY) is an Assistant Professor at the Graduate School of Business, Columbia University.
BusinessWeek - Robert Barker
Individual investors in the Internet Age are blessed with information. We also are cursed with too much of the stuff, from real-time quotes to streaming videos of fund managers. This info-clutter extends to books, and cutting through it can be difficult, even dispiriting, when you see how little thought goes into so many books. That's why I've spent part of the summer doing it for you. And the new title most deserving of your time is Value Investing: From Graham to Buffett and Beyond. Its authors, Columbia Business School faculty members Bruce C.N. Greenwald and Michael Van Biema and fund managers Paul D. Sonkin and Judd Kahn, aim to place their work next to Benjamin Graham's 1950 classic, The Intelligent Investor. My 1986 edition came with Warren Buffett's endorsement—"by far the best book on investing ever written." Value Investing is better.
San Jose Mercury News - David A. Sylvester
No one can doubt there's an urgent need to think clearly about investing, since many investors in Silicon Valley companies have suffered a stock market decline comparable to the Crash of '29. The burned investor could find no better starting place than this superb book by four New York City value investors, all descended from the master of value investing, Benjamin Graham.... They have written one of the most intelligent overviews of investing I've ever read, combining analytical rigor with intuitive description.
SmartMoney Magazine - Paul Sturm
Greenwald is a conventional economist (Ph.D. from MIT who caught the value bug. He has updated and expanded Graham's ideas, and his summer seminars ($2,900 for two days have become popular with everyone from well-known money managers to Columbia MBAs who couldn't get into Greenwald's class. But now there is a cheaper way to learn from Greenwald: He and three colleagues have just published "Value Investing: From Graham to Buffett and Beyond." Greenwald probably won't outsell Graham, but I think he ought to.
Booknews
Leading authorities on value investing reveal principles that have made value investing one of the most consistently profitable investment techniques. They explore the history of value investing, explain its underlying principles, and offer guidelines for its successful application. They tell where to look for underpriced securities and how to determine the intrinsic value of a stock, and describe alternative methods for constructing a portfolio that controls risk without restricting investment returns. They detail techniques of the most successful value investors of the 20th century, and show how to adapt techniques to new investment climates. Annotation c. Book News, Inc., Portland, OR (booknews.com)
Table of Contents:
| Preface to the Paperback Edition | ix | |
| Preface to the First Edition | xv | |
| Part I | An Introduction to Value Investing | |
| 1 | Value Investing: Definitions, Distinctions, Results, Risks, and Principles | 3 |
| 2 | Searching for Value: Fish Where the Fish Are | 17 |
| Part II | Three Sources of Value | |
| 3 | Valuation in Principle, Valuation in Practice | 31 |
| Appendix | The Present Value of Future Cash Flows | 48 |
| 4 | Valuing the Assets: From Book Value to Reproduction Costs | 51 |
| 5 | Earnings Power Value: Assets Plus Franchise | 71 |
| Appendix | The Value of Brands--Less than Meets the Eye? | 86 |
| 6 | A Wonderful Little Franchise: The Earnings Power of WD-40 | 89 |
| 7 | Inside Intel: The Value of Growth within the Franchise | 107 |
| Appendix | Valuation Algebra: Return on Capital, Cost of Capital, and Growth | 138 |
| 8 | Constructing the Portfolio: Risk, Diversification, and Default Strategies | 147 |
| Part III | Value Investing in Practice: Profiles of Eight Value Investors | |
| 9 | Warren Buffett: Investing Is Allocating Capital | 161 |
| 10 | Mario Gabelli: Discovering and Unlocking the Private Market Value | 197 |
| 11 | Glenn Greenberg: Investigate, Concentrate, and--Watch That Basket | 211 |
| 12 | Robert H. Heilbrunn: Investing in Investors | 225 |
| 13 | Seth Klarman: Distressed Sellers, Absent Buyers | 231 |
| 14 | Michael Price: Discipline, Patience, Focus, and Power | 245 |
| 15 | Walter and Edwin Schloss: Keep It Simple, and Cheap | 263 |
| 16 | Paul D. Sonkin: Small Is Beautiful, Especially When It's Ugly | 277 |
| References | 293 | |
| Acknowledgments | 296 | |
| Index | 297 |
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