Gold is not necessary. I have no interest in gold. We’ll build a solid state, without an ounce of gold behind it. Anyone who sells above the set prices, let him be marched off to a concentration. That’s the bastion of money.~Adolf Hitler There are about three hundred economists in the world who are against gold, and they think that gold is a barbarous relic – and they might be right. Unfortunately, there are three billion inhabitants of the world who believe in gold.~Janos Fekete

Chapter 1: Analyst Book for CSInvesting_Chapter 1_What is Investing

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Postscript (Adding) Montier

http://www.scribd.com/doc/86467853/Value-Investing

Read–Financials: Opportunity or Value Trap on 13 August 2008. Mr. Montier does a good analysis at trying to find a margin of safety in banking stocks on the eve of the 2008/2009 credit crisis.

Thank you for your prior comments on the introductory chapter. My main takeaways were: 1. many liked the commentary in the case study and 2. Perhaps break up the large intro into smaller sections.

Listen carefully to this interview with Paul Singer