Five Key Lessons from Top Money Managers

Preface vii

1 The Return of Common Sense 1

2 Andy Stephens: Lead Portfolio Manager, Artisan Mid Cap Fund 7

3 Bill Nygren: Lead Portfolio Manager, Oakmark Select Fund, Oakmark Fund 29

4 Christopher C. Davis: Portfolio Manager, Selected American Shares 55

5 Bill Fries: Portfolio Manager, Thornburg Value Fund, Thornburg International Value Fund 91

6 John Calamos Sr.: Portfolio Manager, Calamos Growth Fund 113

7 Five Common Principles of the Professionals 142

8 The Artist Meets the Technician: Developing an Investment Philosophy and Process 161

9 Finding the Blue Light Specials 178

10 Valuing Stocks 186

11 A Big Value in an Orange Box 216

12 PEs, PEGs, and IRRs 224

13 Just Do It! 249

Appendix 1 Investment Resources 257

Appendix 2 Stock Investment Screen 260

Notes 269

About the Author 273

Index 275