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Value Investing Value Investing

Value Investing Order Printed Copy

  • Author: Bruce C N Greenwald, Judd Kahn, Michael Van
  • Size: 4.3MB | 332 pages
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About the Book


"Value Investing" by Bruce C. N. Greenwald, Judd Kahn, and Michael van Biema is a comprehensive guide to the principles and techniques of value investing. The authors explain how to identify undervalued stocks, evaluate company performance, and construct a diversified portfolio for long-term success. They also explore the importance of understanding the intrinsic value of investments and the role of research and analysis in making informed decisions. Overall, the book offers valuable insights and practical advice for investors looking to achieve sustainable returns in the stock market.

John Newton

John Newton “Amazing Grace” is one of the most beloved hymns of the last two centuries. The soaring spiritual describing profound religious elation is estimated to be performed 10 million times annually and has appeared on over 11,000 albums. It was referenced in Harriet Beecher Stowe’s anti-slavery novel Uncle Tom’s Cabin and had a surge of popularity during two of nation’s greatest crises: the Civil War and the Vietnam War. Between 1970 and 1972, Judy Collins’ recording spent 67 weeks on the chart and peaked at number 5. Aretha Franklin, Ray Charles, Johnny Cash, Willie Nelson and Elvis are among the many artists to record the song. Recently, President Obama burst into the familiar tune during the memorial service for Reverend Clementa Pinckney, a victim of a heinous church shooting in Charleston, South Carolina. The song was written by a former enslaver Ironically, this stirring song, closely associated with the African American community, was written by a former enslaver, John Newton. This unlikely authorship forms the basis of Amazing Grace, a Broadway musical (written by Broadway first-timer Christopher Smith, a former Philadelphia policeman, and playwright Arthur Giron) which tells Newton’s life story from his early days as a licentious libertine in the British navy to his religious conversion and taking up the abolitionist cause. But the real story behind the somewhat sentimental musical told in Newton’s autobiography reveals a more complex and ambiguous history. Newton was born in 1725 in London to a Puritan mother who died two weeks before his seventh birthday, and a stern sea-captain father who took him to sea at age 11. After many voyages and a reckless youth of drinking, Newton was impressed into the British navy. After attempting to desert, he received eight dozen lashes and was reduced to the rank of common seaman. While later serving on the Pegasus, an enslaved person ship, Newton did not get along with the crew who left him in West Africa with Amos Clowe, an enslaver. Clowe gave Newton to his wife Princess Peye, an African royal who treated him vilely as she did her other enslaved people. On stage, Newton’s African adventures and enslavement are a bit more flashy with the ship going down, a thrilling underwater rescue of Newton by his loyal retainer Thomas, and an implied love affair between Newton and the Princess. Newton converted to Christianity after a miracle at sea The stage version has John’s father leading a rescue party to save his son from the calculating Princess, but in actuality, the enterprise was undertaken by a sea captain asked by the senior Newton to look for the missing John. (In the show, the elder Newton is wounded during the battle for his son’s freedom and later has a tearful deathbed scene with John on board ship.) During the voyage home, the ship was caught in a horrendous storm off the coast of Ireland and almost sank. Newton prayed to God and the cargo miraculously shifted to fill a hole in the ship’s hull and the vessel drifted to safety. Newton took this as a sign from the Almighty and marked it as his conversion to Christianity. He did not radically change his ways at once, his total reformation was more gradual. "I cannot consider myself to have been a believer in the full sense of the word, until a considerable time afterward,” he later wrote. He did begin reading the Bible at this point and began to view his captives with a more sympathetic view. In the musical, John abjures slavery immediately after his shipboard epiphany and sails to Barbados to search for and buy the freedom of Thomas. After returning to England, Newton and his sweetheart Mary Catlett dramatically confront the Prince of Wales and urge him to abolish the cruel practice. In real life, Newton continued to sell his fellow human beings, making three voyages as the captain of two different vessels, The Duke of Argyle and the African. He suffered a stroke in 1754 and retired, but continued to invest in the business. In 1764, he was ordained as an Anglican priest and wrote 280 hymns to accompany his services. He wrote the words for “Amazing Grace” in 1772 (In 1835, William Walker put the words to the popular tune “New Britain”) It was not until 1788, 34 years after leaving it that he renounced his former slaving profession by publishing a blazing pamphlet called “Thoughts Upon the Slave Trade.” The tract described the horrific conditions on the ships and Newton apologized for making a public statement so many years after participating in the trade: “It will always be a subject of humiliating reflection to me, that I was once an active instrument in a business at which my heart now shudders.” The pamphlet was so popular it was reprinted several times and sent to every member of Parliament. Under the leadership of MP William Wilberforce, the English civil government outlawed slavery in Great Britain in 1807 and Newton lived to see it, dying in December of that year. The passage of the Slave Trade Act is depicted in the 2006 film, also called Amazing Grace, starring Albert Finney as Newton and Ioan Gruffud as Wilberforce.

how to redeem a wasted life

A flower that never bloomed, fruit that never ripened, a womb that never bore, an egg that never hatched: a wasted life. Perhaps little time remains to say and do what you’ve left unsaid and undone. Perhaps you grimace to look back on a life mostly spent and wonder, “What have I done?” or, “Where did it go?” This is the bed you made; so many petals have already fallen. You are left gripping the thorny stems of memories you wish replayed so differently in your mind. You may now, like never before, regret investing your life in a world that now threatens so soon to evict you. Perhaps children, if you have them, now spurn you. Perhaps it’s too late to tell your mother you’re sorry. Perhaps the better life that you expected just around the corner never came. Years wasted by some combination of bad circumstances, bad company, and bad choices, your sand has fallen down the hourglass — what was it all for? No one wants to waste his life — but what if you fear that you have? The thief who died next to Jesus on the cross, and lived a most ravaged and pitiful life two thousand years ago, stands out like a flower grown between cracks in the pavement, showing how, even on life’s final page, even in its final lines, a wasted life can be redeemed. His Final Page What an eerie sensation it must have been to wake up that morning knowing that today would be his last. Unlike most, who do not know precisely when the cold fingers of death will seize them, he knew that within just a few hours he would be  dead . His body would be dispossessed, his frame left vacant. His hands would never again clasp the oars of a fishing boat, his eyes would not see the sun fall behind the curtain of the horizon, his voice would no longer be heard in the land of the living. “If you have wasted your life, know that another life exists. There are more pages.” Soon, he would be  gone . No more would the birds wake him with their songs, nor the breeze greet him on early mornings. No more would he playfully argue with his mother about her Scriptures — tomorrow did not exist for him. The rays streaming into his prison held no warmth. As for man his days are like grass; he flourishes like the flower of the field. The wind passes over it and it is gone, and its place remembers it no more.  The childhood lyrics sang involuntarily in his mind. It was no gentle wind that would soon pass over him, but a Roman tornado. The brutes had sentenced him to a most horrific end, one that made his mother cough up her food: crucifixion. He shuddered to recollect the sights of grown men, naked, squirming as bait on a hook outside of the city for all to see. Bloody, screaming, crying, groaning —  he  would be one of  them . One of Three Of the whips and chains and mockery that escorted him to that dreadful hill, his own conscience joined as an invisible, but not unskilled, torturer. He always thought he would amend his ways eventually. But  eventually  never came. Now, as he trudged up the hill as a sport for cruel men, a still small voice within reminded him that he now dwelt in a land devoid of second chances. On this day, there were no more do-overs. No time to make things right. The branches would not reattach. The sentence could not be reversed. The shattered vase would not be restored. This world was being pried from his hands. Only hours remained, surely the worst of his already pitiful existence. He would beg for death in the end. As bloodstained nails invaded his wrists, shock waves of pain he had never known overwhelmed him. His mind spasmed at the flood of hurt only to reawaken as the other two nails impaled him. He could scarcely remember being lifted up from the ground but for the earth-shaking, body-convulsing  thud  as the cross fell in place. Two others erected nearby. Before again submerging below the streams of consciousness, he caught himself wondering why so many stood around them. See Him Through a Wasted Life Many eyes stared at him. He hated each pair. Why did  his  wretched death have to be attended by such a crowd? Luckily, he was not the main object of their mockery. He played backup in this savage dirge. Who was this man they hated so? Of course, it had to be the same day.  The man who walked around stirring up the Pharisees, pretending to be the Messiah hung next to him.  Some destination for a Messiah.  Escaping the crowd’s displeasure, he joined in deriding him. Maybe it was what he heard from his enemies: “He saved others; let him save himself, if he is the Christ of God, his Chosen One!” (Luke 23:35).  Wait, even his enemies admit that he in fact saved others? Could he really be the Christ of God, his Chosen One? If he saved others, could he save me? Maybe it was what he saw. From the throng of weeping women trailing behind him up Golgotha, to a crowd gathering to see whether he would actually save himself, to his enemies surrounding him to hurl assaults at him:  Who is this man?  A sign above his head, inscribed in three languages read, “This is the King of the Jews” (Luke 23:38).  Could he really be? Maybe it was the supernatural event surrounding his death. Three hours of darkness at midday (Matthew 27:45)? What can explain this blackening of the sun?  Who is this that even the greater light leaves his throne and turns to flee at his death? Maybe it was what he heard from Jesus himself. As men mocked and tormented him, laughing and insulting him, he met their derision with prayer: “Father,  forgive them , for they know not what they do” (Luke 23:34). He had been cursing the crowd, but this man — with nails in his flesh — prayed for their forgiveness. Who is this man calling God “Father” — even from these awful heights? Could I possibly be an answer to this King’s prayer? Can I be forgiven of my many sins and wasted life? With Final Breaths He knew everything had changed in his inner man when he heard himself spending the last of his fleeting strength to make the world his enemy on this man’s behalf. The third criminal railed, “Are you not the Christ? Save yourself and us!” (Luke 23:39). Before he could think, his soul objected: “Do you not  fear  God, since you are under the same sentence of condemnation? And  we indeed justly , for we are receiving the due reward of our deeds;  but this man has done nothing wrong ” (Luke 23:40–41). He  was guilty, but not  this man . He was rightfully condemned, but not this man. He was worthy of death, but not this man. “Only those can die well who perish in peace in the shadow of his cross.” He who wasted millions of breaths throughout his life came to gasp with his final few, “Jesus, remember me when you come into your kingdom” (Luke 23:42). And from the dying King to his unworthy servant came words to overwhelm his wasted existence: “Truly, I say to you, today you will be with me in paradise” (Luke 23:43). At the punctuation of this most miserable existence, he at last found the reason for his life: Jesus Christ. In the Shadow of the Cross Have you wasted your life? Are you on the verge of wasting it? Follow this once wretched man to the Savior. Whether you have been a horrible steward of your faculties through sin or through thoughtlessness, run to him who will even now welcome you. He prays for the forgiveness of his enemies. The moment you believe upon Jesus, angels will shout and rejoice over, yes, even you and your new life in him (Luke 15:7). If you have wasted your life, know that another life exists. There are more pages. Though nothing but regret follows you into glory, you will have lived better than the unbelieving kings and celebrities of this world if you repent of your sin and believe on the Lord Jesus Christ. He is Life itself, and only those can die well who, like this penitent thief, perish in peace in the shadow of his cross.

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