The Business of Value Investing: Six Essential Elements to Buying Companies Like Warren Buffett -- Contents -- Acknowledgments -- Introduction -- Chapter 1: Invest in the Business, Buy the Stock -- Stock Prices Are More Noise Than Information -- A Businesslike Approach to Valuing the Business -- The Making of a Legend -- A Simple Idea, Really -- Chapter 2: The Only Three Types of Investments You Need to Know -- Stocks Prices Aren't Always Rational -- The Business Side of Investing -- Three Buckets: Undervalued, Overvalued, and Fairly Valued -- Price Determines Value -- Chapter 3: The Six Elements of Intelligent Investing -- All Investing Is Value Investing -- Learn from the Masters -- The Sum of Its Parts: A Fundamental Framework -- A Mental Latticework -- Overview of the Six Elements -- Emphasize the Process, Not the Outcome -- Chapter 4: Establish a Sound Investment Philosophy: THE FIRST ELEMENT -- Preservation of Capital Is the Name of the Game -- Price Paid Determines Value Received -- The Starting Point Matters -- Avoid Using Margin -- Focus on Absolute Returns -- Chapter 5: Develop a Search Strategy: THE SECOND ELEMENT -- Ignore the Media -- Imitation Is the Sincerest Form of Flattery -- Basic Search Strategies -- Advanced Search Strategy -- Chapter 6: Effective Business Valuation: THE THIRD ELEMENT -- Value Investing 101: Margin of Safety -- Value Investing 201: Intrinsic Value -- Value Investing 301: Seek Businesses with a Wide Moat -- Value Investing 401: Calculating a True Intrinsic Value -- The Value of Management -- Understanding Return on Equity: Microsoft Corporation -- Chapter 7: Have the Discipline to Say No: THE FOURTH ELEMENT -- In Investing, Discipline is Everything -- Discipline Affects the Price Paid, Which Determines the Value You Get -- Be Prepared to Look Stupid -- Don't Split Hairs -- Unveiling Investor A: Warren Buffett.

Discipline Is Simple but Rarely Easy -- Chapter 8: Practicing the Art of Patience: THE FIFTH ELEMENT -- Swimming against the Current -- The Benefits of Waiting for a Good Pitch -- Ignorance Can Be Bliss -- The Benefits of a Buy-and-Hold Approach -- Conservative Tests of Safety a Must -- Chapter 9: Invest Significantly at the Maximum Point of Pessimism: THE SIXTH ELEMENT -- Putting It All Together -- Pessimism Leads to Value -- Avoid That Which Is Most Valuable -- Remain Flexible in the Approach -- All or Nothing -- Chapter 10: More Than One Way to Find Value: CASE STUDIES SHOWING THE APPROACH AT WORK -- A Reminder: Process First, Outcome Second -- Case Study #1: Finding Value in an Unloved Industry: Sunrise Senior Living (SRZ) -- Case Study #2: Money Machine South of the Border: Ternium Steel -- Case Study #3: A Tale of Two Shares: Mueller Water Products -- Fertile Hunting Ground -- Conclusion -- Chapter 11: Avoiding Common Stumbling Blocks -- Growth and Value: Two Sides of the Same Coin -- Book Value: More Than Meets the Eye -- What Matters Most -- Chapter 12: Starting an Investment Partnership -- Two Key Considerations -- Service Providers -- Quality Matters Most -- Notes -- About the Author -- Index.