Mariusz Skonieczny is the founder and president of Classic Value Investors LLC and runs the Classic Value Investors website. He has provided me with a copy of his book Why Are We So Clueless about the Stock Market? Learn How to Invest Your Money, How to Pick Stocks, and How to Make Money in the Stock Market and has asked me to review it for the site. I am happy to do so.
Mariusz says that the purpose of this book is to “help readers understand the basics of stock market investing:”
Material covered includes the difference between stocks and businesses, what constitutes a good business, when to buy and sell stocks, and how to value individual stocks. The book also includes a chapter covering four case studies as well as a supplemental chapter on the pros and cons of real estate versus stock market investing.
The book discusses the basics of valuation through return on equity, how to identify a “good” businesses with sustainable competitive advantages (moats), diversification, how to understand the capital structure, and the implications of the economy for the business analyzed. Most usefully, Mariusz also discusses how to analyze an investment and provides several case studies discussing his methodology. In my opinion, the book is an excellent introduction to Buffett-style investing, and I would recommend it to investors seeking “wonderful companies at a fair price.”
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