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The Value Connection: A Four-Step Market Screening Method to Match Good Companies With Good Stocks – 1st Edition
Author: Marc H. Gerstein
Book Overview
A proven, market-beating framework for achieving consistent success in stock investing.
The concept of “value” often slips through the fingers of investors — especially when applied to stocks. In many cases, accurately recognizing value can be the dividing line between selecting a winning stock and suffering losses. The Value Connection delivers a structured, practical method that allows investors to harness value opportunities in the stock market.
Based on Marc Gerstein’s proprietary “Value Connection” approach, the book walks readers through how to identify attractive value connections, evaluate whether the connection is fundamentally sound, purchase the most promising opportunities, and exit positions when the value connection has diminished. The four-step process helps investors clearly understand the relationship between a business and its share price, ensuring better decision-making in any market climate. Real-world examples and case studies make this innovative method accessible and easy to apply.
Gerstein, currently Director of Investment Research at Multex, brings over two decades of analytical experience across a wide range of sectors — from household products and specialty retail to energy, airlines, and media. His insights have been featured on CNNfn, Bloomberg TV, and in publications such as USA Today, The Wall Street Journal, and Money Online. He is also the author of Screening the Market.
From the Inside Flap
Value may seem like an obvious goal in investing, yet putting it into practice is far from simple. Many investors cling to outdated habits, such as focusing solely on low price-to-book or earnings multiples, without properly assessing the quality of the underlying business. A stock that looks “cheap” on paper can quickly become expensive if the company itself is weak.
In The Value Connection, Gerstein reveals how to seek out companies whose inherent strengths justify the price you pay for their shares. Readers will learn how to:
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Adapt techniques to varying market conditions
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Assess the quality of the business (“the merchandise”)
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Evaluate price in context
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Determine whether a stock’s price truly reflects the company’s worth
Following the introduction, the book breaks down each of the four steps in detail, showing how to apply them effectively within the value connection framework. Using practical advice, in-depth insights, and numerous case studies, Gerstein guides investors to:
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Identify promising value connections
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Analyze each idea to confirm its validity
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Buy the strongest opportunities
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Sell when the value connection fades
By examining a company and its stock price separately, the value connection method bridges the gap between finding great businesses and buying great stocks — ultimately improving your portfolio’s performance. You’ll have a clear, rational answer to why you like a company, why its stock is fairly valued, why you bought it, and why you choose to sell or hold.
From the Back Cover
“The Value Connection is designed for serious investors who want a systematic, disciplined framework for building and maintaining equity portfolios. It not only helps with stock selection but also offers a rigorous approach to the critical ‘hold or sell’ decision. Those who apply this methodology will become more organized, more focused, and ultimately more successful.”
— Lou Kirschbaum, Managing Director and Portfolio Manager, Eagle Asset Management, Inc.
“As a long-time practitioner of value investing, I found The Value Connection to be an excellent refresher that revitalized my enthusiasm for the discipline. In an era where value investing has grown more sophisticated, this book is essential reading for professionals.”
— Thomas White, Thomas White International, Ltd.
“Gerstein’s book offers investors a way to extract maximum worth from stock investing regardless of market fads or conditions. It’s a commonsense, easy-to-read guide that reinforces why long-term value investing works.”
— Mark B. Burka, CFA, Principal and Senior Portfolio Manager, Burnham, Sullivan, Andelbradt & Co.
About the Author
Marc H. Gerstein is the Director of Investment Research at Multex. Previously, he served in the research and editorial department at Value Line, analyzing stocks in industries ranging from mining and energy to retail, airlines, and media. Author of Screening the Market (Wiley), Gerstein is a regular guest on CNNfn, CNBC, and Bloomberg TV, and is frequently quoted in USA Today, The Wall Street Journal, The New York Daily News, and other outlets.
Product details
Publisher : Wiley; 1st edition
Language : English
Hardcover : 304 pages
Customer reviews
Bookworm
I found this book to be very informative and insightful …
I found this book to be very informative and insightful. The book is not so much about the ‘value investing’ philosophy; rather it focuses on how to identify good/value stocks taking into account various market segments and conditions using different screening criteria. I have read many investment books but I am yet to see another book that goes into so much details on screening criteria and interpretation of various popular and not so popular indicators / filters.
The only limitation is that the online tools mentioned in the book are old (the book was published in 2003 and this is 2017) and some may not be even available anymore. But that is not an issue really – similar screens can be built using tools available today once the meaning or significance of various screens are properly understood. This is where the book really shines!
PK
Lousy book with misleading title
It’s certainly not a book on value investing! Lousy treatment on many topics including valuation of stocks. The book only shows how to create various screens. I would be surprised if anyone uses these screens as they are presented. The author seem to be selling his firm’s services.
