Bruce C. N. Greenwald Books

The business world loves the language of rivalry—the race, the battle, the fight. Yet beneath this drama lies a simpler structure that economics captures elegantly: firms compete through entry and exit. When profits in a market are high, new competitors are drawn in until returns normalize. When con...

From Competition Demystified: A Radically Simplified Approach to Business Strategy

Barriers to entry come in various forms, but they share one effect: they make imitation costly or slow. The most familiar barrier is scale. When large investments reduce per-unit costs, and when markets are local or finite, incumbents can enjoy lower costs than new entrants. Think of Wal-Mart’s earl...

From Competition Demystified: A Radically Simplified Approach to Business Strategy

Benjamin Graham’s genius was in formalizing an idea that had floated unarticulated in the minds of prudent financiers for centuries: that investing is most intelligent when it is most businesslike. Graham taught us to think of a stock not as a piece of paper with a fluctuating price, but as a propor...

From Value Investing: From Graham to Buffett and Beyond

When we shift from Benjamin Graham’s focus on assets to the framework that I and my colleagues develop in this book, we move toward a richer measure of value: earnings power value, or EPV. The essential insight is that the worth of a business lies not in what it owns but in what it can earn sustaina...

From Value Investing: From Graham to Buffett and Beyond