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Value Investing Value Investing

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  • 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.

A. A. Allen

A. A. Allen Born in Sulphur Rock, Arkansas, in 1911, he grew up with an alcoholic father and an unfaithful mother who lived with a series of men. “By the time I was twenty-one,” recalled Allen, “I was a nervous wreck. I couldn’t get a cigarette to my lip with one hand. . . . I was a confirmed drunkard.” (Lexie Allen, God’s Man of Faith and Power, p57, 1954). Two years later he served a jail sentence for stealing corn in the midst of the depression and thought of himself as “an ex-jailbird drifting aimlessly through life.” It was at this point that Allen was converted in a “tongues speaking” Methodist church in 1934 He met his wife, Lexie in Colorado and she became a powerful influence in shaping him for his future ministry. Licensed by the Assemblies of God as a minister in 1936 began an effective evangelistic ministry at a small church in Colorado. After a two year pastorate he spent four-and-a-half years during World War II, as a full-time revivalist. He was the worship leader, musician and preacher but low finances and mediocre results took their toll on this father of four children. He left the itinerant ministry in 1947 when he was offered the security of a pastorate in a stable Assemblies of God church in Corpus Christi, Texas. Soon after moving to Texas he heard news of the revival and read a copy of ‘The Voice of Healing’ magazine which he found incredulous and labelled the revivalists “fanatics.” However, in 1949, he attended an Oral Roberts campaign in Dallas where he was enthralled by Roberts’ power over the audience and left convinced that the revival was from God Back in Texas, when his church board refused to sponsor a radio program, he resigned and began conducting revivals again with the hope that he too might develop a major healing ministry. In, He sent his first report to The Voice of Healing in May 1950, from Oakland, California, “Many say this is the greatest Revival in the history of Oakland” in what was to become typical AAA style. He said, “Although I do not claim to possess the gift of healing, hundreds are being miraculously healed in this meeting of every known disease. I do not claim to possess a single gift of the Spirit nor to have the power to impart any gift to others, yet in this meeting, as well as in other recent meetings, all the gifts of the Spirit are being received and exercised night after night. (The Voice of Healing May 1950) Observing the burgeoning ministry of others he noticed that the evangelists who were drawing the largest crowds were doing so under canvas. In the summer of 1951 joined the ranks of the tent ministries giving a down payment and commitment to pay off the remaining amount as the ministry grew – and it did. He established his headquarters in Dallas and in 1953 launched the Allen Revival Hour on radio. He conducted overseas campaigns in Cuba and Mexico regularly, and by1955 was broadcasting on seventeen Latin American radio stations as well as eighteen American ones. Allen’s sanguine personality expressed itself in his enthusiastic reports, unparalleled showmanship and startling miraculous claims. He was a persuasive preacher, with a compelling presence and unusual empathy and rapport with the common people. He preached an old-time Pentecostal message with consummate skill. His message of holiness resonated in the hearts of those reared in austere Pentecostalism. His stage presence and theatrical approach endeared him to the economically deprived working class and also to black communities. Ever the showman he made religion enjoyable and church-going fun. But, above all, it was the power of God which attracted the huge audiences over the years. Thousands were converted in the midst of dramatic public healings and deliverances from evil spirits. Nothing was ‘done in a corner’ but all was employed to support the message that Jesus was alive and interested in the needs of ordinary people. A. A. Allen considered himself the most persecuted preacher in the world. The Assemblies of God were not happy with his apparently questionable, or at least exaggerated, claims. His readiness to publicly counter-attack his accusers brought a continual stream of criticism and alienation from mainline Pentecostals. But the accusation that he drank abusively was the straw that broke the camel’s back. In the fall 1955, he was arrested for drunken driving while conducting a revival in Knoxville, Tennessee. The local press took the opportunity to attack and expose Allen and the beleaguered minister forfeited his bail rather than stand trial on the charge. Whatever the truth was Allen called the incident an “unprecedented persecution” aimed at ruining his ministry. As always he employed even the worst accusations to reinforce his claims that his commitment to God’s work in God’s way was truly from heaven, despite the fact that the Devil continually tried to destroy his ministry. His Miracle Magazine published his defense: Allen declares that all this is but a trick of the devil to try to kill his ministry and his influence among his friends at a time when God has granted him greater miracles in his ministry than ever before. . . . If ministers pay the price of real MIRACLES today, they will meet with greater persecution than ever before. The only way to escape such persecution is to fold up and quit! But we are going on! Will you go on with us? (Miracle Magazine October, 1955) Gordon Lindsay felt that the Voice of Healing had to take “a strong stand on ethics.” Allen resigned from the group, pre-empting their imminent dismissal. He immediately began publishing his own magazine, and, although he affected a cordial relationship with his former colleagues in the Voice of Healing, feelings remained strained. In some ways independence suited Allen. His daughter recalled: The Knoxville event also led to Allen’s separation from the Assemblies of God. It was suggested that he “withdraw from the public ministry until the matter at Knoxville be settled.” Allen’s response was to surrender his credentials as “a withdrawal from public ministry at this time would ruin my ministry, for it would have the appearance of an admission of guilt.” By the mid-1950’s many of the more moderate ministers tried to continue to work with the Pentecostal denominations – or at least to remain friendly – but Allen repeatedly attacked organized religion and urged Pentecostal ministers to establish independent churches which would be free to support the revival. He charged that the Sunday school had replaced the altar in the Pentecostal churches and that few church members were filled with the Holy Ghost: “Revivals are almost a thing of the past. Many pastors, and even evangelists, declare they will never try another one. They say it doesn’t work. They are holding “Sunday School Conventions,” “Teacher Training Courses,” and social gatherings. With few exceptions the churches today are leaning more and more toward dependence upon organizational strength, and natural ability, and denominational “methods.” They no longer expect to get their increase through the old fashioned revival altar bench, or through the miracle working power of God, but rather through the Sunday School.” In fall 1956, Allen announced the formation of the Miracle Revival Fellowship, an alternative fellowship intended to license independent ministers and to support missions. Theologically, the fellowship welcomed all who accepted “the concept that Christ is the only essential doctrine.” Allen urged laymen as well as ministers to join his fellowship, through his “Every Member an Exhorter plan.” Although Allen announced that “MRF is not interested in dividing churches,” he also disclosed that “the purpose of this corporation shall be to encourage the establishing and the maintenance of independent local, sovereign, indigenous, autonomous churches.” The fellowship listed more than 500 ministers in its “first ordination Interestingly, as other ministries were struggling and the revival was waning, Allen’s charisma and ministry skills coupled with well-staged revivals and an amazingly gifted team, enabled him to re-establish his ministry and rebuild a substantial and effective work. Miracle Magazine was resounding success. At the end of a year’s publication in 1956, it had a paid subscription of about 200,000,and, according to Mrs. Allen, was “the fastest growing subscription magazine in the world today.” In 1957, Allen began conducting the International Miracle Revival Training Camp, an embryonic ministerial training centre. In 1958, he was given land in Arizona where he began building a permanent headquarters and training centre. At the height of the 1958 crisis in the revival, Allen announced a five-pronged program for his ministry: tent revivals, the Allen Revival Hour radio broadcast, an overseas mission program, the Miracle Valley Training Centre, and a “great number of dynamic books and faith inspiring tracts” published by the ministry. In 1958, Allen purchased Jack Coe’s old tent and proudly announced that he was moving into the “largest tent in the world.” His old-time revivalism, up-beat gospel music and anointed entertainers continued to attract the masses. Allan died at the Jack Tar Hotel in San Francisco, California on June 11, 1970 at the age of 59. Some claim that Allen died an alcoholic because the coroner’s report concluded Allen died from liver failure brought on by acute alcoholism. Others know that he had battled with excruciating pain from severe arthritis in his knees, for over a year. It is true that Allen had undergone surgery on one of his knees and in June of 1970, was considering surgery on the other knee. They believe that the Coroner’s Report of “fatty infiltration of the liver” was a result of the few times he used alcohol in his last days to alleviate the excruciating pain of his arthritis. Whatever is true of his death the life of A. A. Allen was one of extraordinary commitment to Jesus Christ which brought victory over the enemy of mankind. A. A. Allen was a true survivor. Even though the revival was declining in the late 1950’s and 1960’s his commitment to old-time faith-healing campaigns ensured the continuing testimony of signs and wonders to the next generation. He may have had his personal ‘quirks and foibles’ but the testimony of thousands of the blessing they received, the enduring love for God that resulted and the demonstration of the power of the Gospel are good reasons to give God thanks for such an amazing life!

Friend, You Can Be Ready to Die

Years ago I read somewhere that, during the Victorian era, people talked often about death, and sex was the taboo subject. By now we have flipped it. We talk freely about sex, and death is the taboo subject. To me, what’s odd is this: even  Christians  shy away from talking about death. For crying out loud, we’re going to heaven! Why should we fear  anything ? Our Lord died and rose again — for us. Yes, the blunt truth can seem intimidating. Here it is: We don’t need to go looking for it. Sooner or later, something bad will come find us and take us out. But why not accept that, and prepare for it, and rejoice our way through it? Thanks to the risen Jesus, death is no longer a crisis. It is now our release. So, Death, you sorry loser, we will outlive you by an eternity. We will even dance on your grave, when “death shall be no more” (Revelation 21:4). But for now, among the many ways to prepare for death — like buying life insurance, making a proper will, and so forth — here are two truths that can help you prevail when your moment comes. Both insights come from an obscure passage near the end of Deuteronomy. Your Final Obedience First, your death will be your final act of obedience in this world below. Near the end of his earthly life, Moses received a surprising command from God: Go up this mountain . . . and view the land of Canaan, which I am giving to the people of Israel for a possession. And  die  on the mountain which you go up . . . (Deuteronomy 32:49–50) Moses obeyed the command, by God’s grace. His death, therefore, was not his pathetic, crushing defeat; it was his final, climactic act of obedience. As you can see in the verse, it was even what we call a mountaintop experience. “Your death will be your final act of obedience in this world below.” Sadly, our deaths are usually painful and humiliating. But that’s obvious. Down beneath the surface appearances, the profound reality is this: your death too will be an act of obedience, for you too are God’s servant, like Moses. The Bible says about us all, “ Precious  in the sight of the Lord is the death of his saints” (Psalm 116:15). He will not throw you away like a crumpled-up piece of trash. He will receive you as his treasured friend. Your death might be messy here on earth, but it will not be disgusting to God above. It will be, to him, “precious” — that is, valued and honored. It will be you obeying the One who said, “Follow me” (Matthew 4:19). You followed him with a first step, and you will follow him with a last step. And when you’re thinking about it, don’t worry about failing him at that final moment. He who commands you will also carry you. Given the grandeur of a Christian’s death, I have to admit that I have never seen a Christian funeral do justice to the magnitude of the moment. We try, but our services fall short. Only by faith, looking beyond our poor efforts at doing honor, can we truly savor the wonder of a Christian’s crowning glory. Even still, let’s make every Christian funeral as meaningful as it can be by believing and declaring the truth. A blood-bought sinner has just stepped on Satan’s neck and leapt up into eternal happiness, by God’s grace and for his glory. The day of your funeral, this uncomprehending world will stumble along in its oblivious way. But your believing family and friends will understand what’s really going on. And they will rejoice. This being so, why not look forward to dying? Paul was so eager for his day of release, he honestly couldn’t decide whether he’d rather keep serving Jesus here or die and go be with Jesus there: “What shall I choose? I do not know! I am torn between the two” (Philippians 1:22–23 NIV). When our work here is finally complete, why stay one moment longer? Of course, just as God decides our birthday (which we do know), so God also decides our deathday (which we do not know). Let’s bow to his schedule. But right now, by faith, let’s also start sitting on the edge of our seats in eager anticipation. And when he does give the command, “Die,” we then can say, “Yes, Lord! At long last!” And we  will  die. He will help us obey him even then — especially then. Your Happy Meeting Second, your death will be your happy meeting with the saints in that world above. Not only did God command Moses to die, but he also deepened and enriched Moses’s expectations of his death: Die on the mountain which you go up, and be gathered to your people, as Aaron your brother died in Mount Hor and was gathered to his people. (Deuteronomy 32:50) To be with our Lord in heaven above is the ultimate human experience. But he himself includes in that sacred privilege “the communion of saints,” to quote the Apostles’ Creed. When you die, like Moses, you will be gathered to your people — all the believers in Jesus who have gone before you into the presence of God. Heaven will not be solitary you with Jesus alone. It will be you with countless others, surrounding his throne of grace, all of you glorifying and enjoying him together with explosive enthusiasm (Revelation 7:9–10). Right now, in this world, we are “the church militant,” to use the traditional wording. But even now, we are one with “the church triumphant” above. And when we die, we finally enter into the full experience of the blood-bought communion of saints. Think about it. No church splits, no broken relationships, not even chilly aloofness. We all will be united before Christ in a celebration of his salvation too joyous for any petty smallness to sneak into our hearts. You will  like  everyone there, and everyone there will like you too. You will be included. You will be understood. You will be safe. No one will kick you out, no one will bully you, no one will slander you — not in the presence of the King. And you will never again, even once, even a little, disappoint anyone else or hurt their feelings or let them down. You will be magnificent, like everyone around you, for Jesus will put his glory upon us all. Facing Death with Calm Confidence Even now, by God’s grace, we have come to the heavenly Jerusalem, and to innumerable angels in festal gathering, and to the assembly of the firstborn who are enrolled in heaven, and to God, the judge of all, and to the spirits of the righteous made perfect, and to Jesus, the mediator of a new covenant. (Hebrews 12:22–24) “Why should we, citizens of the heavenly city, ever fear anything about earthly death?” They all are there, right at this very moment, in the invisible realm. It’s only an inch away. And the instant after your last breath in this dark world, you will awaken to that bright world above, where you will be welcomed in and rejoiced over. Saint Augustine might smile and nod with deep dignity. Martin Luther might give you a warm bear hug. Elisabeth Elliot might gently shake your hand. And maybe for the first time ever, you’ll discover how good it feels to really  belong . Here’s my point. Why should we, citizens of the heavenly city, ever fear anything about earthly death? By faith in God’s promises in the gospel, let’s get ready  now  so that we face it  then  with calm confidence — and even with bold defiance.

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