Hidden Investment Treasures - by Daniel Gladis (Hardcover)

Book Synopsis

Practical, expert guidance on identifying active investment opportunities in a stock market dominated by passive investors

In Hidden Investment Treasures: How to Find Great Stock Investments as the Investment World Goes Passive, veteran portfolio manager Daniel Gladis, CFA, delivers a foundational and inspiring new playbook for actively capturing higher returns at lower risk in a market dominated today by passive money.

Gladis walks you through real investment cases exemplifying how to take advantage of growing inefficiency in the financial markets. He demonstrates specific analytical techniques and strategic reasoning essential to uncovering underpriced securities that can yield superior long-term returns.

Gladis explains:

• How diligent active investors should dig where passive money fails to flow
• Where value lurks in sectors and firms seen as too boring, little known, unpopular, complicated, or small
• Fundamental metrics, tools, and perspectives for recognizing underpriced stocks
• Applying analysis, discipline, and patience to buy at the right price
• How company managements create--or destroy--shareholder value through capital allocation, acquisitions, and personal temperament

Written for individual investors and professionals, Hidden Investment Treasures is a must-read for stock pickers, value investors, equity analysts, and wealth managers seeking to improve long-term investment returns in today's market.

From the Back Cover

Praise for hidden investment treasures

"Hidden Investment Treasures is itself a treasure. Fundamental investment analysis the way it's supposed to be done, the book offers a marvelously educational series of business and investing case studies. Required reading for any investor determined to improve their own analytical process."
--CHRISTOPHER P. BLOOMSTRAN, Semper Augustus Investments Group

"Daniel Gladis, the Czech author of Hidden Investment Treasures, named his fund after the Vltava. Also known as the Moldau, it is Bohemia's longest river and was immortalized in Bedrich Smetana's symphonic poem Má vlast ('My Homeland'). When it comes to investing, Gladis is well worth your attention. He has an excellent track record. Moreover, he stands in a long tradition of fiercely independent Czech thinkers, stretching back to Jan Hus, whose reformation challenged entrenched dogma more than a century before Martin Luther. Czechia later resisted domination by both the Austro-Hungarian and Soviet empires. Gladis, who grew up under communism, witnessed his country's shift to a market economy and forged his perspective as a global investor.

In his book, Gladis offers incisive analysis of a series of investment case studies. I particularly enjoyed his case studies of lesser-known companies, like Jungfraubahn, a monopoly Swiss mountain railway with hidden real estate and pricing power, and Quálitas, the profitable, conservative 'GEICO of Mexico.' But his book also takes an outsider, independent Czech view of companies like Berkshire Hathaway, Markel and Stellantis, an underappreciated auto conglomerate chaired by John Elkann, who also oversees Ferrari through his family office, Exor, in Turin. Gladis's book is well worth reading and should be on every investor's bookshelf."
--GUY SPIER, Aquamarine Capital Management LLC

About the Author

DANIEL GLADIS is the founder of and a portfolio manager at Vltava Fund, a global equity fund. He has over 30 years' experience in investing and is a bestselling author and a leading figure in the Czech capital markets.