The New Market Wizards, 1992 [In Japanese Language]

Jack D. Schwager

Pan Rolling

Learn how to find good value companies from an emerging markets guru.
 A market collapse lays the foundation for the next boom. What are the principles of global investment?
 A pioneer, Dr. Mark Mobius, ventured into unknown rough seas 16 years before the launch of BRICs Funds. He joined Templeton in 1987 as president of the Templeton Emerging Markets Fund with assets under management totaling US$100 million. Now his team manages about US$40,000 million. That's a growth of 40,000% over the last 20 years. He still travels the world spending over 200 days a year to find good companies that may be unknown to others. He is regarded as one of the most successful emerging markets investors in the last 20 years. Moreover, he and his team have received over 100 accolades by international entities such as Micropal, Standard &amp; Poor's, Morningstar, CNBC, and Reuters. Mark and his team have conducted over 16,000 company visits in more 100 different countries in the last 20 years to kick the tires and find the most attractive investments. The secrets of his investment are... 
 Finding companies with good earning prospects for the next five years and selling at low prices. Long-term value investment Diversity - many eggs and many baskets. Global investing Choose companies, not countries. Bottom-up approach
 The key to his success in emerging markets is based on his practice of making on-site visits to companies. This is the illustrated biography of the pioneer of emerging markets.
 Table of Contents Prologue Chapter1 The Bald Eagle Chapter2 Emerging Markets Chapter3 Lili Marlene Chapter4 Columbus' Descendant Chapter5 A Mouse in Asia Chapter6 The Doll Business and His Ambition Chapter7 Fateful Call Chapter8 Templeton Chapter9 Customers and Fund Managers Chapter10 Russian Roulette Chapter11 A White Elephant and A Bald Eagle Chapter12 The Last Frontier Epilogue
 Mark Mobius, Ph.D., Executive Chairman, joined Templeton in 1987 as president of the Templeton Emerging Markets Fund, Inc. In this capacity, he directs the Templeton Global Emerging Markets Equity Group based in Templeton's 13 global offices and manages emerging markets portfolios. Dr. Mobius has spent more than 40 years working in emerging markets all over the world. Dr. Mobius earned Bachelors and Masters degrees from Boston University and a Ph.D. in Economics and Political Science from the Massachusetts Institute of Technology. He is the author of the books "Trading With China", "The Investor's Guide to Emerging Markets", "Mobius on Emerging Markets", "Passport to Profits", "Equities - An Introduction To The Core Concepts and Mutual Funds - An Introduction To The Core Concepts''
''Top 100 Most Powerful and Influential People'' in 2006 Asiamoney ''Emerging Markets Equity Manager of the Year 2001'' International Money Marketing ''Ten Top Money Managers of the 20th Century'' the Carson Group in 1999 ''1994 First in Business Money Manager of the Year'' CNBC ''Closed-End Fund Manager of the Year'' in 1993 Morningstar ''Investment Trust Manager of the Year 1992'' The Sunday Telegraph

Manga Mark Mobius - An Illustrated Biography of the Father of Emerging Markets Funds

Comics & Graphic Novels

Kaoru Kurotani

Manga

本書は、伝説的な投資家であるウォーレン・バフェットの投資哲学を知るための解説書である。バフェットが経営するバークシャー・ハサウェイ社の株主へむけてバフェット自身が書いた「会長からの手紙」がテーマ別に整理されている。短期売買の秘訣を知りたいという人には向いていないが、長期的な資産形成手段として投資に真剣に取り組みたい人には貴重な1冊である。カニンガムによるボリュームのある序文が全体の要約となっているので、ここを読むだけでもバフェット投資の哲学を知ることができる。 
全5章を通じて、事業内容が理解できる、長期的な業績見通しが良い、経営者が有能で信頼できる、魅力的な価格で買うことができる、というバフェットの投資基準の重要性が、実際の投資事例を用いて説明されている。また、繊維会社への投資といった失敗例も多く取りあげられ、その中から「まずまずの企業をすばらしい価格で買うよりも、すばらしい企業をまずまずの価格で買うことの方がはるかに良い」、「乗り込んだボートをいかにうまく漕ぐかということよりも、どのボートに乗り込むかということの方がはるかに重要」というような投資哲学が形成されていった過程がよくわかる。 
また、彼自身投資家であると同時に経営者であることから、ユニークな視点から的確に事象を分析し、実践しているところが興味深い。支配権を得た買収でも経営の自主権を認めたり、ルックスルー利益という概念を持ち込んでいるのもこの現れであろう。一方、多くの経営者が配当を低く抑え株主の利益を損ねている、ストックオプションは株主にとって高いコストとなっている、無節操な企業買収で株主は高い買い物をしている、企業会計にはペテンが多いといった彼の批判は、投資対象選別の基準としてぜひ学んでおきたい。 
全体としては「手紙」を編集した随筆のような構成なので、やや冗長なところがあるが、一気に読むのではなく、時間をかけて彼の哲学を理解するにはちょうど良い。（河野幸吾）

The Essays of Warren Buffett: Lessons for Corporate America [japanese Edition]

Lawrence A. Cunningham

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