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What it argues
The Manual of Ideas is John Mihaljevic's comprehensive framework for finding, evaluating, and prioritizing investment opportunities. Mihaljevic founded and runs The Manual of Ideas, an investment research publication that counts some of the world's most successful value investors among its readers, and the book is in many ways a codification of the process that underlies that publication. It is the most systematically organized treatment of value investment idea generation that exists.
The book is structured around nine distinct investment approaches — deep value, sum-of-parts, hidden champions, jockey stocks, wide moat investing, event-driven situations, international value, bankruptcies and liquidations, and special situations — with each chapter explaining the logic of the approach, the screen criteria for finding candidates, and the analytical framework for evaluating them. Mihaljevic draws on examples from real portfolios and interviews with major investors to illustrate each approach.
What it gets right
- 1.
Idea generation is a distinct craft, not a byproduct of valuation. The quality of your investment outcomes depends significantly on the quality of the opportunity set you choose to analyze.
- 2.
Different market inefficiencies require different search strategies: deep value screens, sum-of-parts analysis, moat evaluation, and event-driven screens are distinct tools suited to different situations.
- 3.
The 'jockey stock' approach — investing in exceptional managers with proven track records — is legitimate but requires careful analysis of whether the manager's edge is durable and whether the stock price already reflects it.
What it covers
Who wrote it
John Mihaljevic is the founder and managing editor of The Manual of Ideas, a research publication for professional value investors. He holds an MBA from Harvard Business School and was a managing director at a value-oriented investment firm. He has been a CFA charterholder and has written and spoken extensively on value investment idea generation and portfolio construction. The Manual of Ideas research service counts many of the world's most recognized value investors among its members. He is based in New York.
