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Brandes on Value: The Independent Investor by Charles Brandes

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CHAPTER 9

ANALYSIS AND ACTION

GLOBAL VALUE INVESTING IN THE MODERN AGE OF GOVERNANCE, ACTIVISM, AND ACCOUNTING

You guys need to get a handle on the numbers. The real numbers. Figure out the size of the real hole. Not the made-up hole. Go contract by contract, like bottom-up work. This isn’t like you’re (just) going to be late on your credit card bill!

—JPMorgan Chase chairman James Dimon, reprimanding AIG’s Brian Schreiber, head of strategy, August 20081

This telltale quote from Too Big to Fail attests to the fact that no matter how thorough you are in looking inside a company’s books, not all businesses—even the giants—will be 100 percent transparent to you. The book provides a tight chronology of the painstaking patchwork and negotiations hammered ...

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