Entrepreneurial Investor

PAUL ORFALEA is the founder of Kinko's and cofounder of West Coast Asset Management (WCAM). He holds a business degree from the University of Southern California and has been investing successfully for more than forty years. LANCE HELFERT is President and cofounder of WCAM. Previously, he oversaw a $1 billion portfolio at Wilshire Associates. Helfert has a BS in business administration from Pepperdine University. ATTICUS LOWE is a CFA charterholder and Chief Investment Officer of WCAM. He has a BA in economics and business from Westmont College. DEAN ZATKOWSKY is the former vice president of marketing at WCAM and oversees their newsletter, Exclusive Outlook (please visit www.wcam.com to subscribe). He holds a BA in communication studies from the University of California, Santa Barbara.

• Forewordby Neil Cavuto viiIntroduction: Is Investing an Art or a Science? xiPart I: Think Like an Owner: The Art of the Entrepreneurial Investor 1Chapter 1 Eyes Believe What They See; EarsBelieve Others 3Chapter 2 Others’ Irrationality Is Your Opportunity 9Chapter 3 Dirty Harry’s Investment Philosophy 13Chapter 4 Adversity in Diversity: PortfolioConcentration 17Chapter 5 Just Buy the Best (Which Does NotInclude Most Mutual Funds) 21Chapter 6 Inspirational Figures: Benjamin Graham 27Part II: Companies Worth Owning 33Chapter 7 Who Really Manages The Brand?(Hint: It’s Not the Company) 35Chapter 8 What Makes You So Special? 39Chapter 9 Company Culture Is More Important than Ever 45Chapter 10 Bogie & Bergman ExplainElasticity of Demand 51Chapter 11 Red Flags and Roaches 57Chapter 12 Inspirational Figures: David Packard 65Part III: The Owner’s Manual 71Chapter 13 Televised Advice: No Worse thanDrilling Your Own Teeth 73Chapter 14 Lies, Damned Lies, andFinancial Statements 79Chapter 15 How to Be an Annual Report Detective 85Chapter 16 How Inventory Can Skew the Financials 91Chapter 17 Great First Impressions: 10 Signs of a Strong Company 99Chapter 18 Inspirational Figures: Bernard Baruch 105Part IV: What’s It Worth—To Me? 111Chapter 19 The ABCs of Market Ineffi ciency 113Chapter 20 “Wait Till the Moon Is Full” 119Chapter 21 Today’s Price for Tomorrow’s Growth: The X Factor 123Chapter 22 The Long View, and Why Women Are Better Investors 129Chapter 23 Intrinsic Value: Putting it All Together 139Chapter 24 Inspirational Figures: Howard Hughes 147Epilogue: The Fortune Cookie That Ate Wall Street 153About the Authors 157Notice and Disclosures 159Notes 163Index 167Contents

"…the notion of looking at each investment through the lens of an entrepreneur and ignoring market noise is a good one." (Financial Times, Tues 26th February 2008)