"No other book reveals so much about how a portfolio manager looks at the world. You will see how the transformation in the U.S. economy and stock market in the 1990s caused this seasoned value investor to transform her investing discipline to keep pace with the times, and you will gain invaluable insight into how an investment discipline is crafted to maximize gain and control risk for real, paying clients. This book is a must-read for every serious investor, and anyone who aspires to manage money for others."
Dr. Arthur Laffer, Chairman, Laffer Associates
"If you invest real money in the stock market, you have to read this book. In New Era Value Investing, Nancy Tengler gives you an inside look at the real work a serious value investor does in constructing a diversified portfolio of high-quality stocks. Nancy's review of the history of value investing is worth the price of admission by itself. She explains how to use her Relative Dividend Yield and Relative Price-to-Sales Ratio frameworks to assess the value of both old-fashioned manufacturing companies and growth companies. She shows you how to use her Twelve Fundamental Factors analysis as a work plan to evaluate the strength and value of a company, helping the reader to understand that value investing is a lot of work. The genius of the book, however, is the way Nancy helps the reader understand how to balance the disciplines needed to be a value investor and the flexibility you need to adapt value methods to changing market fundamentals. New Era Value Investing is a book you are going to keep on your shelf."
Dr. John Rutledge, Chairman, Rutledge Capital
NANCY TENGLER joined Fremont Investment Advisors as President and Chief Investment Officer in 2000, and was named Chief Executive Officer of the firm in April 2001. At Fremont, Ms. Tengler oversees all the firm's investments and is a member of the strategy team managing the Fremont New Era Value Fund. Ms. Tengler coauthored a book entitled Relative Dividend Yield: Common Stock Investing for Income and Appreciation, also from Wiley. She has appeared on numerous financial radio and television programs including CNBC, CNNfn, and Bloomberg, and has been quoted in financial publications such as The Wall Street Journal, Barron's, Fortune, Forbes, and BusinessWeek.
Table of Contents
Preface
Is It Really "Different" This Time?
A Short History of Fundamental Analysis and the Dividend
The Development of Relative Dividend Yield
The Challenges of the 1990s
The Twelve Fundamental Factors of RDY & RPSR Research
RDY Case Studies
RPSR Case Studies
Portfolio Construction
What is Value Investing
Seven Critical Lessons We Have Learned as Disciplined Investment Managers
Appendix A. New Era Value Composite
Appendix B. New Era Value Composite
Appendix C. Estee Lauder Twelve Fundamental Factors
Appendix D. EMC Twelve Fundamental Factors
Appendix E. EDS Twelve Fundamental Factors
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