The Art of Value Investing / Wiley Finance Editions (PDF)

Says Bill Ackman of Pershing Square Capital Management about
The Art of Value Investing:

"I learned the investment business largely from the work and
thinking of other investors. The Art of Value Investing is a
thoughtfully organized compilation of some of the best investment
insights I have ever read. Read this book with care. It will be one
of the highest-return investments you will ever make."

Based on interviews with the world's most-successful value
investors, The Art of Value Investing offers a comprehensive
set of answers to the questions every equity money manager should
have thought through clearly before holding himself or herself out
as a worthy steward of other people's money. What market
inefficiencies will I try to exploit? How will I generate ideas?
What will be my geographic focus? What analytical edge will I hope
to have? What valuation methodologies will I use? What time horizon
will I typically employ? How many stocks will I own? How
specifically will I decide to buy or sell? Will I hedge, and how?
How will I keep my emotions from getting the best of me?

Who should read The Art of Value Investing? It is as
vital a resource for the just starting out investor as for the
sophisticated professional one. The former will find a
comprehensive guidebook for defining a sound investment strategy
from A-to-Z; the latter will find all aspects of his or her
existing practice challenged or reconfirmed by the provocative
thinking of their most-successful peers. It also is a must read for
any investor - institutional or individual - charged
with choosing the best managers for the money they are allocating
to equities. Choosing the right managers requires knowing all the
right questions to ask as well as the answers worthy of respect and
attention - both of which are delivered in The Art of
Value Investing.