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My Interview With Kenneth Jeffrey Marshall

Mar. 07, 2018 8:34 AM ET6 Comments
Vishal Khandelwal profile picture
Vishal Khandelwal

Kenneth Jeffrey Marshall is an American value investor, teacher, and author. He teaches value investing in the masters in finance program at the Stockholm School of Economics in Sweden, and at Stanford University. He also teaches asset management in the MBA program at the Haas School of Business at the University of California, Berkeley. He is the author of the 2017 bestselling book Good Stocks Cheap: Value Investing with Confidence for a Lifetime of Stock Market Outperformance published by McGraw-Hill. He holds a BA in Economics, International Area Studies from the University of California, Los Angeles; and an MBA from Harvard University. He splits his time between California and Sweden.

Safal Niveshak (SN): Thanks for doing this interview, Kenneth! Please tell us a little about your background and journey, and how you got into value investing?

Kenneth Marshall (KM): Well, I was first shown value investing in the late 1980s. But it wasn't like some sudden enlightenment. It actually took me a decade to get it. I'd rather not think about the cost of that delay.

I grew up in Irvine, California; between Los Angeles and San Diego. My best friend's father started a value fund in 1979. We were kids then, of course. But when we graduated from college in 1989, my friend went to work for the fund. He'd tell me about fundamental analysis, how they went to Omaha every May, and so forth. But I was slow to appreciate what I was being handed. It wasn't until the dot-com hypefest of the late 1990s that I started to grasp the common-sense approach that value offers.

What did it for me was drawing the link between value investing and freedom. Once I got that value investing meant high returns, and that high returns meant personal freedom, value became irresistible to me. So

This article was written by

Vishal Khandelwal profile picture
Vishal Khandelwal is the founder of SafalNiveshak.com, a website dedicated to helping small investors become smart, independent, and successful in their stock market investing. He has 14+ years experience as a stock market analyst and investor, and 5+ years as an investing coach. Safal Niveshak, which Vishal started in 2011, is now a community of 30,000+ dedicated readers and was recently ranked among the best value investing blogs worldwide. Over the past five years, Vishal has trained over 2,500 individual investors in the art of investing sensibly in the stock market, through his blog, workshops, and online courses.

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Comments (6)

Where I would need some clarification is with regard to him using the term Margin of Safety. Is this already baked into the multiples he is presenting in his book? I am only familiar with implementing a MOS in terms of valuation approaches that come up with a somewhat specific intrinsic value. Can anyone clarify this for me?
What an interesting fellow! I just now bought his book.
United Value profile picture
eaglebear profile picture
Very insightful read. Plan to read it again later today!
Thank you for the interview! Very interesting! I intend also to buy the book.
EarlLee63 profile picture
What a great interview! The first thing I did after I read it.....was read it again. I then clicked on the book link and ordered that as well on amazon. Kenneth Marshall’s insights are refreshing, down to earth, clear headed, no nonsense and humble....not to mention flat out brilliant. I can’t wait to read his book. I even paid for next day shipping. Thank you Kenneth and Vishal!
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