PAUL ORFALEA is the founder of Kinko's and cofounder of West Coast Asset Management (WCAM). He holds a business degree from the University of Southern California and has been investing successfully for more than forty years.
LANCE HELFERT is President and cofounder of WCAM. Previously, he oversaw a $1 billion portfolio at Wilshire Associates. Helfert has a BS in business administration from Pepperdine University.
ATTICUS LOWE is a CFA charterholder and Chief Investment Officer of WCAM. He has a BA in economics and business from Westmont College.
DEAN ZATKOWSKY is the former vice president of marketing at WCAM and oversees their newsletter,Exclusive Outlook (please visit www.wcam.com to subscribe). He holds a BA in communication studies from the University of California, Santa Barbara.
Foreword
by Neil Cavuto vii
Introduction: Is Investing an Art or a Science? xi
Part I: Think Like an Owner: The Art of the Entrepreneurial Investor 1
Chapter 1 Eyes Believe What They See; Ears
Believe Others 3
Chapter 2 Others Irrationality Is Your Opportunity 9
Chapter 3 Dirty Harrys Investment Philosophy 13
Chapter 4 Adversity in Diversity: Portfolio
Concentration 17
Chapter 5 Just Buy the Best (Which Does Not
Include Most Mutual Funds) 21
Chapter 6 Inspirational Figures: Benjamin Graham 27
Part II: Companies Worth Owning 33
Chapter 7 Who Really Manages The Brand?
(Hint: Its Not the Company) 35
Chapter 8 What Makes You So Special? 39
Chapter 9 Company Culture Is More Important than Ever 45
Chapter 10 Bogie& Bergman Explain
Elasticity of Demand 51
Chapter 11 Red Flags and Roaches 57
Chapter 12 Inspirational Figures: David Packard 65
Part III: The Owners Manual 71
Chapter 13 Televised Advice: No Worse than
Drilling Your Own Teeth 73
Chapter 14 Lies, Damned Lies, and
Financial Statements 79
Chapter 15 How to Be an Annual Report Detective 85
Chapter 16 How Inventory Can Skew the Financials 91
Chapter 17 Great First Impressions: 10 Signs of a Strong Company 99
Chapter 18 Inspirational Figures: Bernard Baruch 105
Part IV: Whats It WorthTo Me? 111
Chapter 19 The ABCs of Market Ineffi ciency 113
Chapter 20 Wait Till the Moon Is Full 119
Chapter 21 Todays Price for Tomorrows Growth: The X Factor 123
Chapter 22 The Long View, and Why Women Are Better Investors 129
Chapter 23 Intrinsic Value: Putting it All Together 139
Chapter 24 Inspirational Figures: Howard Hughes 147
Epilogue: The Fortune Cookie That Ate Wall Street 153
About the Authors 157
Notice and Disclosures 159
Notes 163
Index 167
Contents
