Best Ideas Portfolio
Praise for Value Trap: Theory of Universal Valuation -- Author Brian Nelson
publication date: Mar 4, 2019
author/source: Valuentum Editorial Staff
On behalf of the entire Valuentum team, thank you!
Order Brian Nelson's new book, Value Trap: Theory of Universal Valuation here
From Academia and Money Managers
"Value Trap is terrific! It is full of immense wisdom and great stories. I loved it and I am confident that you will, too."
Gary N. Smith, Ph.D.
Fletcher Jones Professor of Economics, Pomona College
Author of Standard Deviations, The AI Delusion, Money Machine, and What the Luck?
"Over 30 years as an investment advisor, I have been asked so many times to suggest "a book that teaches me how to do all this (investing) stuff?" My response has always been along the lines of, "Don't you realize that people spend $100,000 and more on MBA's in finance or go through the grueling process of getting their CFA certification--one of the hardest post-graduate exams out there? Many more have spent 20 or 30 years actually investing other people's money, and you really think you can read one book and match wits with these people?" Well, Brian, you did it. I can now honestly recommend this book to anyone, and confidently say, "If you read it, understand it, and (the hardest part) actually utilize it, you will have the tools to invest successfully on your own."
Investment Advisor, 401 Advisor, LLC
"Value Trap addresses investing from a perspective that is so meaningful to today's investors and advisors. It offers so much wisdom and knowledge cementing Mr. Nelson's place in economic thought leadership."
Deborah W. Ellis, CFP
Investment Advisor Representative
Author of Your Money and You
"Value Trap has a found a home on my bookshelf, nestled between Peter Lynch and Warren Buffett. The voluminous references compiled by Mr. Nelson in writing Value Trap--a 15-page bibliography; dozens of graphics; an index 16-pages in length; 21-pages of notes--reveal a man on a mission, sharing his passion, knowledge, and in-sights on how all investors can apply an equity valuation model grounded in analytical and behavioral finance. Serious students of the market need to read this book."
Robert J. Kuehl, CFP
Vice President, H.C. Denison Co.
"It doesn't matter if you are an individual investor, financial adviser, or chief investment officer for a family practice. You need to consume Value Trap as part of your foundation--in the way that reading a Berkshire annual letter, or revisiting Joel Greenblatt, or tossing back Peter Bernstein's Against the Odds resets your mind."
Chief Investment Officer, Harvest Capital Assets
"Value Trap challenges the status quo offering alternatives to the pervasive groupthink mentality so common in the investing world today. With a focus on enterprise valuation, the book covers a lot of ground navigating through a minefield of contentious subjects like index investing, stock buybacks and market bubbles. Nelson provides loads of the independent critical thinking. Astute analysis is paired with interesting anecdotes and Nelson's own experiences as a veteran equity analyst making the book an enjoyable read. Investors will find great value in Value Trap."
Michael Euston, AAMS, AIF
Managing Partner, Chief Investment Officer
Heirloom Wealth Management, LLC
"As a Houston-based investor, the energy sector is very important to us. Brian's book clearly shows why many market participants, caught up in the thirst for yield, got the pipeline space wrong."
Mark McMeans, CFA
Chief Executive Officer, Brasada Capital Management
"As a student of investing and having read more books on investing than I can count, I think Brian Nelson has done a masterful job of presenting the more important concepts in an objective, truthful manner. The writing is excellent, and the academic rigor is as good as anyone might expect. He has addressed the facts head-on and dealt with them in a fair manner. I greatly appreciate his candor and all the references in the footnotes to support his points. This book contains a ton of helpful information, and while it is not an easy read, this is exactly what makes it worth one's time and effort. It should be read by all RIAs for their own benefit and because it will be helpful in communicating sound valuation insights to clients."
Former General Counsel and Investment Manager
"Value Trap is an excellent well written book that cogently articulates how critically important understanding enterprise value is to successful investing. There is much that either a seasoned professional or experienced individual investor can learn from Brian's in-depth and insightful analysis of enterprise value. I whole-heartedly recommend Value Trap to anyone interested in improving their investing skills and performance."
Chief Investment Officer
Director of Research, SDM Investments, LLC
"Value Trap is an informative book that provides great insight into enterprise valuation and how important it is to consider multiple factors when making an equity investment. It is a must read for any investor, from the professional to those who want to better understand the importance of valuation."
David Homard, CFA
President, Castellum Asset Management
"After 35 years in the business and having followed many great value analysts and investors, I've finally found a value formula that encompasses enterprise valuation and technical/momentum indicators that actually makes sense and works! Stock pickers in this business are a dying breed. With the tools provided in this fantastic book I can continue to provide great research and individual stock ideas for my clients."
Thomas L. Judge, Jr.
Managing Principal, Tiller Financial, LLC
"Brian Nelson is a man before his time. This book cuts through the weeds of modern investment theories and proves that investing is based on the future expectations of stocks, not the past performance. As a financial advisor, I can honestly admit that most folks in my profession do not know what they are doing any more than the average joe, any more than a car salesman knows if that car he just sold you is going to have engine trouble on the way home or not. Brian's system, Valuentum, inspects the ability of that car (stock) to pilot you home not just today, but years in the future. A 2005 Escalade might have been a nice car years ago, but before getting in a driving it home, shouldn't you know more than just what the price tag says? That's this book, and the amazing truths within its pages."
Brendan Messenger, CFP
Certified Financial Planner, Cornerstone Financial Southwest
"Value Trap is an amazing detailed framework of the science of universal valuation to bring research to a higher level toward better investing."
Craig Richman, CLU, ChFC, AIFA
Private Money Manager & Advisor, Richman Capital Management
"Value Trap is a brilliant encapsulation of the fallacy that underpins the very idea of valuation today and the pitfalls those fallacies create for investors. Brian does not stop at identifying the problem; he does what he does best; he lays out a hypothesis developed through experience and critical thinking and offers a better approach."
Curt R. Stauffer
President, Seven Summits Capital, LLC
"When I first met Brian, he was an officer of an investment group at Benedictine University. I was with a regional brokerage firm and was the rep of record for account held by Benedictine. From time to time, I would meet with the club, and from the first meeting with Brian, I could tell he had a passion for investments. I now utilize the Valuentum theory in selection of stocks and have been rewarded quite often through the process Brian and his group bring to the table."
Financial Consultant, LPL Financial
From the Media and Financial Community
"I first heard of Brian Michael Nelson when he reached out to me in 2015 to pitch me on his bearish thesis on Kinder Morgan, a major energy pipeline stock with a big dividend yield that was then a darling of the income-seeking crowd. I decided to run his views on the Barron's website, along with rebuttal views from the Wall Street establishment. Bearish calls are often wrong, but when Kinder eventually cut its dividend sharply, sending the stock spiraling, I took notice. Suddenly, the bloom was off the rose of an entire sector and Brian was one of the first sounding a warning signal.
Brian has spent a career trying to answer the question of what moves stocks up and down. He's now written a book that discusses the evolution of his thinking, starting from his undergraduate days when he thought it all came down to P/E ratios and a "story." Inspired by economist John Keynes' early understanding that human behavior plays a major role in stock movement, Brian shares his complex but highly compelling "enterprise valuation" approach to analyzing stocks. This is not an Investing 101 book, but one designed for investors who want to get beyond the simple explanations and explore the myriad factors that impact stocks."
Former Executive Editor
"Brian gives an insider's viewpoint of the way professionals analyze stocks. Both professional and individual investors will find this guide to be both insightful and a useful tool for judging which stocks have a greater potential to increase in price."
Charles Rotblut, CFA
American Association of Individual Investors
"Value Trap teaches you to think about valuation and dividend growth investment in the most sensible and practical way. It shows you the importance of thinking about dynamic valuation, not just static like every other newsletter. If you want to truly understand valuation and accept why stocks fluctuate, you need to read this book."
Arne Magnus Lorentzen Ulland
"Value Trap is the perfect complement to an outstanding service. I've been a Valuentum member since 2012. I would not be where I am today without it."
"If you are a serious forward-looking investor seeking to take advantage of inefficiencies, you should buy this book. Remaining logical when others are emotional is the key to success. Understanding the fair value of a business, a Valuentum expertise, will help you improve your returns and reduce your risk.
We can't begin to tell you how much we appreciate the kind words. Thank you for your continued membership -- and don't forget to read Value Trap!
Brian Nelson, CFA
President, Investment Research
Head of Data, Associate Investment Analyst
Stock and Dividend Analyst
Independent Energy Contributor
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