Hidden Investment Treasures: How to Find Great Stock Investments as the Investment World Goes Passive - Hardcover

by Daniel Gladis (Author)

Practical, expert guidance on identifying active investment opportunities in a stock market dominated by passive investors

In Hidden Investment Treasures: How to Find Great Stock Investments as the Investment World Goes Passive, veteran portfolio manager Daniel Gladis, CFA, delivers a foundational and inspiring new playbook for actively capturing higher returns at lower risk in a market dominated today by passive money.

Gladis walks you through real investment cases exemplifying how to take advantage of growing inefficiency in the financial markets. He demonstrates specific analytical techniques and strategic reasoning essential to uncovering underpriced securities that can yield superior long-term returns.

Gladis explains:

• How diligent active investors should dig where passive money fails to flow
• Where value lurks in sectors and firms seen as too boring, little known, unpopular, complicated, or small
• Fundamental metrics, tools, and perspectives for recognizing underpriced stocks
• Applying analysis, discipline, and patience to buy at the right price
• How company managements create--or destroy--shareholder value through capital allocation, acquisitions, and personal temperament

Written for individual investors and professionals, Hidden Investment Treasures is a must-read for stock pickers, value investors, equity analysts, and wealth managers seeking to improve long-term investment returns in today's market.

Front Jacket

In Hidden Investment Treasures: How to Find Great Stock Investments as the Investment World Goes Passive, veteran portfolio manager and investor, Daniel Gladis, CFA, delivers an exciting and practical playbook for investors interested in capturing higher risk-adjusted returns in financial markets overwhelmingly dominated by passive money.

Gladis offers real-world investment case studies that highlight how to take advantage of the growing inefficiency of financial markets that are increasingly populated by investors who focus on passively managed index funds. He explores useful analytic techniques and strategic reasoning you can deploy immediately to help you uncover underpriced securities that yield superior long-term results.

Hidden Investment Treasures explains the parts of the market that passive money has failed to penetrate and how you can invest in those areas to great effect. It demonstrates where value silently lurks in sectors and firms that are superficially uninteresting, unpopular, complicated, or relatively small. The book also provides you with the metrics, tools, and perspectives you need to recognize when stocks are underpriced so you can benefit from the bargain.

The author walks you through the effective and ineffective strategies that company managers use to create and destroy shareholder value. You'll learn about capital allocation techniques, acquisition strategies, and manager temperaments that bolster or impair the worth of companies, and how to accurately assess a company's likely performance based on those characteristics.

Perfect for individual investors and finance professionals, Hidden Investment Treasures is a must-read for stock pickers, value investors, equity analysts, and wealth managers looking for long-term investment opportunities in contemporary financial markets.

Back Jacket

Praise for hidden investment treasures

"Hidden Investment Treasures is itself a treasure. Fundamental investment analysis the way it's supposed to be done, the book offers a marvelously educational series of business and investing case studies. Required reading for any investor determined to improve their own analytical process."
--CHRISTOPHER P. BLOOMSTRAN, Semper Augustus Investments Group

"Daniel Gladis, the Czech author of Hidden Investment Treasures, named his fund after the Vltava. Also known as the Moldau, it is Bohemia's longest river and was immortalized in Bedrich Smetana's symphonic poem M? vlast ('My Homeland'). When it comes to investing, Gladis is well worth your attention. He has an excellent track record. Moreover, he stands in a long tradition of fiercely independent Czech thinkers, stretching back to Jan Hus, whose reformation challenged entrenched dogma more than a century before Martin Luther. Czechia later resisted domination by both the Austro-Hungarian and Soviet empires. Gladis, who grew up under communism, witnessed his country's shift to a market economy and forged his perspective as a global investor.

In his book, Gladis offers incisive analysis of a series of investment case studies. I particularly enjoyed his case studies of lesser-known companies, like Jungfraubahn, a monopoly Swiss mountain railway with hidden real estate and pricing power, and Qu?litas, the profitable, conservative 'GEICO of Mexico.' But his book also takes an outsider, independent Czech view of companies like Berkshire Hathaway, Markel and Stellantis, an underappreciated auto conglomerate chaired by John Elkann, who also oversees Ferrari through his family office, Exor, in Turin. Gladis's book is well worth reading and should be on every investor's bookshelf."
--GUY SPIER, Aquamarine Capital Management LLC

Author Biography

DANIEL GLADIS is the founder of and a portfolio manager at Vltava Fund, a global equity fund. He has over 30 years' experience in investing and is a bestselling author and a leading figure in the Czech capital markets.