John Neff on Investing - Wiley & Sons, 1999

John Neff has been one of my investment hero for decades. He began running the Windsor fund about the time I received my Commerce degree…in the mid 1960s. Neff has been retired for some years now but is still quoted from time to time in the financial press. This book is written by John Neff and contains many pearls of wisdom. I'd place this book in the my top ten along with Loeb's Battle for Investment Survival and the Intelligent Investor.

Neff is a low P/E investor.

from the Prologue “…investment success does not require glamour stocks or bull markets. Judgement and fortitude were our prerequisites. Judgement singles out opportunities, fortitude enables you to live with them while the rest of the world scrambles in another direction. Citi [bank in 1991 when prospects were bleak] exemplified this investment challenge. To us, ugly stocks were often beautiful. If Windsor's portfolio looked good, we weren't doing our job.” p.4

from the Preface “Eventually good stocks of good companies with solid earnings and low price-earnings ratios receive the attention they deserve. With patience, luck and sound judgement, meanwhile, you keep moving forward. That's the nature of the investment game: now and then a windfall, but mostly a four-yard gain and a cloud of dust. My investment style can give investors a lucrative edge over the long haul. But if you can't roll with the hits, or you're in to big a hurry, you might as well keep you money in a mattress.”

I plan to add more Neff ideas here sometime. Buy a stock the market will like eventually.