A Zebra in Lion Country: The Dean of Small Cap Stocks Explains How to Invest in Small Rapidly Growin

by Ralph Wanger

Book Overview

Famous for his witty, insightful reports to shareholders, Ralph Wagner displays his irreverent savvy in this guide to locating small-company value stocks that will yield above-average returns. Line... This description may be from another edition of this product.

• Format: Hardcover
• Language: English
• ISBN: 0684829703
• ISBN13: 9780684829708
• Release Date: January 1997
• Publisher: Simon & Schuster
• Length: 256 Pages
• Weight: 0.10 lbs.
• Dimensions: 1.0" x 6.4" x 9.5"

Customer Reviews

On the ground intelligence serves to verify the fundemental analysis

This book is NOT even similar to Fundamental Analysis, by Graham ( Buffet's peer so to speak - value investing), it is not Technical Analysis book. It is similar to Lynch's book - One up on Wall Street, but better - I am a bit biased possibly - I been in the Acorn Fund since about 1986 or so, and like him I have my BSEE, although I am not as heavily invested or concentrated in that fund anymore. Acorn Funds was bought by Liberty Funds, which was then bought by Columbia (BoA). I would give One up on Wall Street four stars, Wagner gets five, I do not rate it as a fundamental analysis book, nor technical analysis book. It's no longer a small cap fund with 200 million or so in assets when I opened my account in ACRNX - it's now a mid cap growth fund, with 11 billion dollars in assets. ACRNX has been a top rated five star fund, by Morningstar. for the vast majority of time since 1986, if not the entire time, with lower than average risk, low turnover, and superior returns. If you want something like an automated fundamental analysis that I believe you can modify to your taste and Wagner's approach - check out American Individual Investors ( [...] ) and order the stock screening program - it has a stock screening program that attempts to put Wagner's approach and about 30 other expert's selection method into a software program and database for screening stocks. Wagner does indeed attempt to discourage investors from investing perhaps their entire stock portfolio in individual stocks; since, most people do not have the resources or time to do it his way, visiting companies, plant inspections, listen in on corporate meetings/media events, going to the trade shows - classical intelligence work. A critical part of his method - one will never get the best intelligence by satellite alone - that probably will never happen. The additional piece of information that critical - he states that up to 50%of ones stock investments should be in overseas stocks and that was in 1997 - which makes the on the ground intelligence gathering for the vast majority of individual investors near impossible. Then there is the desk work - research of annual reports, SEC filing, etc - Fundamental Analysis. But, Wagner was starting to phase out and going into consulting/semi retirement for Liberty when the Internet was starting coming up to speed or mature a bit - which make it easier for the individual investor. I was slightly surprised that Wagner used options on the S & P index. I plan on at least loaning my copy of this book to my niece, for graduation she recieve a subsription to AAII. I doubt even Wagner would advise some one to buy ACRNX today if they had to pay a load. Nor advise anyone to pay front end or back end load on the purchase of the shares of any Mutual Fund. There just are too many good to excellent funds with good to excellent mutual fund managers that do not have front end or back end loads.

Insightful, educational and entertaining!

I have spent the last decade working in the investments industry and only wish I had discoverd Ralph Wanger's book sooner. He is right on target with is investment process and philosopy. In addition, his book is not some dry, droll, academic textbook, he is equally entertaining as he shares his words of wisdom!...

One to buy, keep and re-read...

I bought this book when it first came out. It is an easy read, but the insights are timeless. I probably read five or six investment books a year. Of those, I re-read very few. This one I re-read every two or three years because it just reinforces the basics and it is enjoyable. Books like this are very helpful in understanding market psychology and volatility. I am a basic fundamental investor, but not understanding fear and greed will impact your successes and losses when dealing with Mr. Market. Do yourself a favor, buy it and read it.

A must-read for small-company stock and fund investors!

Ralph Wanger writes about his investment philosophy and his experiences while managing the Acorn Fund (spanning over 25 years, and encompassing varied stock-market environments) in this `un-putdownable' book. Most investors know that the phrases "disciplined investing" and "small-cap stocks" generally don't go together. In an area where gunslingers dominate the scene, Wanger's approach, explained by him in his inimitable humorous style, comes across as a breath of fresh air. "A Zebra Among the Lions" will be useful both for mutual fund investors and for those who want to invest in small-cap stocks on their own. Chapter 6 ("Themes and Variations") and chapter 7 ("Downstream from Technology") are of particular interest -- Wanger not only explains his investment philosophy in detail here, but also gives helpful pointers to those who have the time and the inclination to venture into the small-cap world on their own. And for those who prefer to stick to mutual funds, he provides a yardstick by which to evaluate their fund managers. Wanger also elaborates on the opportunities in international small-cap investing (and its importance in the coming years and decades) in Chapter 11 ("While You're at It, Include the World"). Finally, in Chapter 12 ("Parting Reminders"), he offers valuable guidelines that the investor has to keep in mind in order to achieve success. In summary, Wanger explains how it is possible for the zebra (the investor) to eat fresh grass (get attractive returns) and yet, minimize the chances of being attacked by the lions (losing money in the market)! "A Zebra Among the Lions" shatters the myth that small-cap investing has to be tumultuous and risky. Quite to the contrary, it can be systematic and rewarding. And fun too! If you find this a little hard to believe, I strongly recommend that you read this book!

This is the best book on the market, it de-mystfies it!

Ralph gets away from the mysticism too often associated with Wall Street. He puts everthing in human terms and leads one to understand that skill and luck make good partners and be suspect when someone says they have a sure winner. This is the best book about the Street I have ever read and I put it ahead of my previous two favorites; "One Up on Wall Street," Lynch and "The Stock Market," Leffler. In fact I think this book and the Penguin Classic, "How to Lie With Statistics," by Triffin, are a must read for both investors and financially oriented consumers