Common Stocks and Common Sense provides detailed insight into common stock investing, using a case-study approach based on real-world investments. Author Edgar Wachenheim is the 28-year CEO of Greenhaven Associates, boasting an average annual portfolio comparable to Warren Buffet's. In this book, he shares his knowledge and experiences by providing detailed analyses of actual investments made by himself and other investors. The discussion covers the entire investment process, including the softer, human side, with candid insight into the joys and frustrations, intensities and pressures, and risks and uncertainties. The unique emphasis on behavioral economics and real-world cases set this book apart from the herd—but it's Wachenheim himself and his deeply-examined perspective that elevates the book beyond a mere investing guide.

Between 1990 and 2014, a typical portfolio managed by Wachenheim enjoyed an average annual return in excess of 18%, achieved using relatively conservative stocks and no financial leverage. As a proponent of evidence and example, his analysis of real cases serve as a valuable education for anyone looking to improve their own investment practices.

Understand investment through the lens of a Wall Street leader

Dig into the details of real-world common stock investing

Learn how to invest creatively and minimize risk

Go beyond theory to study strategy on a case-by-case basis

Investment principles and strategies are easy to find—entire libraries have been written about theories and methods and what 'should' happen. But this book goes beyond the typical guide to show you how these ideas are applied in the real world—and what actually happened. Investors seeking real insight, real expertise, and a proven track record will find Common Stocks and Common Sense a uniquely useful resource.

Edgar Wachenheim purchased Greenhaven Associates in 1998 from the Gottesman family. Edgar Wachenheim is a value investor. Edgar Wachenheim manages a fairly small-scale operation at Greenhaven Associates considering the size of its assets under management: billions of dollars are capital are invested through the fund, but because of its long-term investing horizon and its tendency towards a concentrated portfolio only a small number of analysts are needed. Wachenheim also stands out as an investor who has groomed other fund managers; for example, Chieftain Capital and Brave Warrior Capital are both managed by Greenhaven alumni.

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