New Era Value Investing
New Era Value Investing is a unique guide that combines the best of traditional value theory with an innovative approach to assessing value in low or non-dividend-paying stocks. It introduces the proven method known as Relative Value Discipline by combining the excitement of developing a new investment discipline with the lessons learned through the application of this new methodology in the real world. This book also creates a context for understanding the transformation of the U.S. economy and offers expert insights beyond those of traditional value theory.
Praise for New Era Value Investing
"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
"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