The Entrepreneurial Investor -- Contents -- Foreword -- Introduction -- Proof that Investing Is Not a Science -- Obsession with Charts and Graphs Does Not Equal Science -- Mechanical Replacements for Management -- Investing Requires the Exercise of Human Judgment -- Artists, Scientists, and Businesspeople -- Is This Book a How-To, or a Who-To? -- Fortune Cookie Wisdom -- Overview -- PART I: THINK LIKE AN OWNER -- Chapter 1: Eyes Believe What They See -- Ears Believe Others -- Pay Attention -- Backyard Barbecues Predicted Supermarket Sector Decline -- Kodak Fails to Focus on Digital Photography -- Young Adults Herald the Wireless Future -- Television Loses Its Reason for Existence -- Grocers Lose Touch, and Their Identity -- Frontline Coworkers and Customers -- The Smartest Man in the Room? -- Chapter 2: Others' Irrationality Is Your Opportunity -- Bulls and Bears and Lemmings, Oh My! -- When Bad Markets Happen to Good Companies -- Importance of the Long-Term Approach -- Despite All the Screaming, the Roller Coaster Stays on Track -- Chapter 3: Dirty Harry's Investment Philosophy -- Can You Explain It to a Child? -- Advantages of Simplicity -- What If You Were CEO? -- Limitations Provide Boundaries for Focus -- Chapter 4: Adversity in Diversity: Portfolio Concentration -- Are Concentrated Portfolios Worth the Effort? -- Chapter 5: Just Buy the Best (Which Does Not Include Most Mutual Funds) -- Convenient Carrying Handles -- Conventional Wisdom Equals Conventional Results -- A Simple Failure of Logic -- What Do You Invest For? -- Why Is Poor Performance So Popular? -- Funds Cannot Serve Individuals -- Just Buy the Best -- Chapter 6: Inspirational Figures: Benjamin Graham -- A Fine Mind, Working Hard -- Roaring Twenties -- Great Investor, Great Educator -- Buy Companies, Not Pieces of Paper -- Profi ting from Mr. Market's Folly -- Margin of Safety.

On the Shoulders of Giants -- PART II: COMPANIES WORTH OWNING -- Chapter 7: Who Really Manages the Brand? (Hint: It's Not the Company) -- Accountability: Who Pays the Piper? -- Hubris at the Mountaintop -- A Sad State of Affairs -- Chapter 8: What Makes You So Special? -- Attributes of Superior Performers -- Real-World Examples -- Turning Small Sales into Big Business -- Abuse It and Lose It? -- The Best Defense Is to Play Your Own Game -- Chapter 9: Company Culture Is More Important than Ever -- Arrogance Squared Helped HP Lose Its Way -- Culture Matters, Culture Is Real -- What Is a Company? -- Give Her an Inch and She Thinks She's a Ruler -- Not All Change Is Progress -- Chapter 10: Bogie and Bergman Explain Elasticity of Demand -- Bananas for Oranges and for Oil -- Elasticity: Simpler than It Sounds -- Three-Way Street -- But Which Is Better, Elastic or Inelastic Demand? -- Chapter 11: Red Flags and Roaches -- Setting Standards for What Not to Buy -- Hot Stocks Often Flame Out -- Hot Air Doesn't Pay Dividends -- Pride Cometh before Absurd Acquisitions -- Big Secrets Are Often Big Embarrassments -- Real Trends Don't Rush You -- Cockroach Theory Warns of Trouble to Come -- Cockroaches Cause Knee-Jerk Reaction for Some -- Gonna-Do Companies Often Don't -- Chapter 12: Inspirational Figures: David Packard -- Energetic Beginnings -- Lessons from the Factory Floor -- Why a Company Exists -- Management by Objective -- Contributions to the Art of Management -- A Well-Engineered Business -- Contributions beyond the Workplace -- A Legacy of Inspiration -- PART III: THE OWNER'S MANUAL -- Chapter 13: Televised Advice: No Worse than Drilling Your Own Teeth -- Guilty Pleasure -- Commanders, Teachers, and Mentors -- Simple Concepts, Difficult Execution -- Consider the Source -- Chapter 14: Lies, Damned Lies, and Financial Statements.

Rich or Poor, It's Good to Have Money -- The Bottom Line Is Not Always the Bottom Line -- Accounting Crisis or Accounting Culture? -- Why Cash Flow Is King -- Spin Doctor, Heal Thyself -- Why Is the Emperor Shivering? -- Chapter 15: How to Be an Annual Report Detective -- Know What an Annual Report Is Not -- Interview the Witnesses -- Profi le the Prime Suspects -- Examine the Evidence with a Magnifying Glass -- Round Up the Usual Suspects -- Accessories to the "Crime" -- Making the Case -- Chapter 16: How Inventory Can Skew the Financials -- Rogue's Gallery of Fraud -- The Value of Inventory -- The Game of LIFO -- The Inventory Management Tightrope -- Adding Value, Not Revenue -- Taking Care of Turnover -- Solving the Inventory Mystery -- Chapter 17: Great First Impressions: 10 Signs of a Strong Company -- 1. A Simple Business Model -- 2. A "Wide-Moat" Competitive Advantage -- 3. Recurring Revenue -- 4. Low Inventory Risk -- 5. Alignment of Interests -- 6. A Healthy Culture -- 7. A Flat Organizational Structure -- 8. Low Reinvention Risk -- 9. Low Capital Requirements -- 10. Favorable Demographics -- Chapter 18: Inspirational Figures: Bernard Baruch -- Disciplined Opportunist, Pragmatic Idealist -- Fickle Fame, Enduring Wisdom -- "Never Follow the Crowd" -- On "The Facts" -- On Discipline -- On the Stock Market -- PART IV: WHAT'S IT WORTH-TO ME? -- Chapter 19: The ABCs of Market Inefficiency -- The False Safety of the Crowd -- Fitting Evidence to the EMT Conclusion -- Taking Advantage of Market Ineffi ciencies -- The ABCs of Investing -- Try to Buy Companies for Free -- Easy as ABC? -- Chapter 20: "Wait Till the Moon Is Full" -- When the Time Is Right -- How Much Did Disney Really Pay for Pixar? -- Criteria for Selection: Ask the Right Questions -- Chapter 21: Today's Price for Tomorrow's Growth: The X Factor.

Probabilities, Formulae, and Fortune Tellers -- Discounted Cash Flow Analysis -- Intrinsic Value -- Valuation and Evaluation -- Remember the Point of the Exercise -- Chapter 22: The Long View, and Why Women Are Better Investors -- Sell, Sell, Sell -- Cutting the Weeds to Let the Flowers Bloom -- Fads and Trends -- Why Women Are Better Investors -- Puka Shells and Computers -- Icons: Products So Powerful We Take Them for Granted -- Projections Are Not Predictions -- Demographics Are More Important than Psychographics -- Spotting a Trend Narrows the Field -- Chapter 23: Intrinsic Value: Putting It All Together -- Margin of Safety -- Underlying Cash Flow -- Management Quality -- New Growth Prospects -- Solving the Puzzle -- Chapter 24: Inspirational Figures: Howard Hughes -- Greatness Thrust upon Him -- Oscar and Howard -- Setting Records, Setting Bones -- Legal Challenges and Cash Windfalls -- Real Estate and Real Enough Demons -- The Aviator: Redemption of a Legacy -- Epilogue -- Part 1: Think like an Owner: The Art of the Entrepreneurial Investor -- Part 2: Companies Worth Owning -- Part 3: The Owner's Manual -- Part 4: What's It Worth-To Me? -- About the Authors -- Notice and Disclosures -- Notes -- Index.