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Finding Value in Numbers: The Essential Investing Toolkit to Win on Wall Street [Kõva köide]

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Written for readers without a technical background, Finding Value in Numbers is an engaging and practical guide to how thoughtful investors can use numbers—not just for the sake of crunching data but for making better decisions.

To be successful as an investor, one needs a framework. And no investing framework works without numbers. Although quantitative methods can be intimidating, they provide a major boost to the quality of analysis. Written for readers without a technical background, Finding Value in Numbers is an engaging and practical guide to how thoughtful investors can use numbers—not just for the sake of crunching data but for making better decisions.

Using a value investing perspective, Ehsan Ehsani shows how to deploy quantitative tools to identify and analyze investment prospects, demystifying the math that points to overlooked opportunities in the stock market, other securities, and beyond. Numbers help us grasp what a company is worth and why: the quality of a business, the durability of its competitive edge, and the reasonableness of its price. Combining practical frameworks with real-world examples, Ehsani walks readers through key concepts that enable robust analysis while explaining how to spot red flags. Along the way, he reveals how a disciplined, numbers-based approach can support both conviction and patience—two traits every successful investor needs. Blending quantitative insight with timeless investing wisdom, Finding Value in Numbers is an essential book for aspiring and professional investors looking to hone their skills as well as curious readers drawn to the inner workings of markets.

Arvustused

What separates a good investor from a great one isnt geniusits clarity of thought and a framework that withstands uncertainty. This book will arm curious MBA students and professional investors with quantitative tools and mental models to accomplish an analysts most essential task: determining the gap between price and value. If you want to develop your own framework for security valuation, start here. -- Bob Robotti, president and chief investment officer, Robotti & Company Finding Value in Numbers rekindled the same excitement I felt learning under legendary investor Michael Price, and it will do the same for you. This isnt another reheated homage to Warren Buffetts greatest hits; its a modern toolkit for value investing in an age defined by intangibles, growth dynamics, and the rise of new-economy businesses. Ehsan Ehsani shows that pure value investing, activism, and special situations share the same uncompromising rule: the numbers must work. -- J. Dennis Jean-Jacques, founder and CIO, Ocean Park Investments Ehsan Ehsani has pulled off something of a miracle. His investing guide delves deeply into the nuances of computing and interpreting the crucial financial metrics that should be in every intelligent investor's toolbox, and yet it remains surprisingly approachable. His well-chosen examples bring the applications to life. Bravo, I say. -- Bennett Stewart, creator of EVA (Economic Value Added) and former senior partner, Stern Stewart & Co. This book is a powerful resourceintellectually honest, practically useful, and deeply grounded in the principles of value investing. In a financial world saturated with narratives and noise, Ehsan Ehsani offers a compelling remedy: a thoughtful, methodical framework for applying quantitative discipline to investment decisions. With clarity and conviction, this book equips investors to think rigorously and dispassionately and pursue long-term success through careful, disciplined analysis. -- Lauren Templeton, founder, Templeton and Phillips Partners Fund, LLC Ehsan Ehsanis book provides actionable insights for investors at all levels, offering readers a structured approach to identifying value in overlooked opportunities. He brings these concepts to life through compelling real-world case studies, illustrating how investors can uncover undervalued assets, drive operational improvements, and create lasting shareholder value. This book is an essential resource for anyone looking to refine their investing skills and master the art of value creation. -- Guy Spier, chief executive officer, Aquamarine Capital Successful investing requires the weighing, rather than accumulation, of information. In a world of proliferating data, this insight becomes ever more relevant. The analytical frameworks in Ehsanis book will advantage any investor in their attempt to weigh what is important and what is not. I heartily recommend it to all. -- Django Davidson, founding partner and portfolio manager, Hosking Partners Finding Value in Numbers is an excellent distillation of many important financial techniques taught in the value investing program at Columbia Business School. Every serious investor should add this book to their investing library. -- Jennifer A. Wallace, managing member, Summit Street Capital Management This book offers a deep dive into many investment techniques and concepts. If you want to become a better investor, buy the book. * Brian Langis Blog *

Writers Note
Foreword, by Mario J. Gabelli
Background: Setting the Stage
You Need to Have a Framework
Part I. Is the Idea Investible?
1. What Does Investible Mean?
2. Return on Invested Capital
3. Calculating Return on Invested Capital: Special Scenarios
4. A Value Investors Guide to Economic Value Added
5. Other Useful EVA-Based Indicators
6. Revisiting ROIC Adjustments
7. Marginal ROIC and Other Commentary
8. Unit Economics
9. Owner Earnings
Part II. Is the Valuation Attractive?
10. An Alternative Perspective on Valuation
11. Value of Growth
12. Considerations in Value of Growth
13. A Note on Cost of Capital
14. TAM Analysis
15. Value of Intangible Assets
16. Integrating Intangibles Into Business Valuation
Part III. Is There a Path to Profits?
17. Catalysts and Levers for Repricing
18. Risk Arbitrage
19. Value Across Capital Structure
20. Discovering Opportunities in Less Common Securities
21. Short Selling
Part IV. Do We Have a Winning Gameplan?
22. A Few Easy Internal Rate of Return Calculations
23. Key Portfolio Decisions
24. Pursuing Value in a Complex World
25. Coming Full Circle
Acknowledgments
Notes
Index
Ehsan Ehsani is an adjunct professor in the finance division at Columbia Business School and an investor at an activist and value-oriented firm in New York. He holds an MBA from Columbia Business School, along with masters degrees from the MIT-Zaragoza International Logistics Program and Chalmers University of Technology in Sweden.

Mario Gabelli is the chairman and chief executive officer of GAMCO Investors, Inc.