This book would not have been written without considerable contribution from many different individuals, whom we want to thank personally.

First, we want to thank Professor Bruce Greenwald. No other individual has had a greater impact on both authors’ understanding of the investing process than Professor Greenwald. He acted as an early mentor to both of us and was always quick to point out flaws in our thinking.¹ Professor Greenwald has supported both of our careers, while challenging us to grow as investors and professors. We cannot thank him enough for his continued friendship and guidance over the years.

We also want to thank Michael Mauboussin. Michael and Paul J. met when they were both young research analysts at First Boston Corp. Michael followed the food industry, while Paul followed technology companies. Although their primary research coverage was quite different, they quickly discovered that they both had a similar interest in valuation, strategy, shareholder value creation, and a myriad of other issues related to investing. Michael continues to be one of the most prolific writers on these topics and has a near-encyclopedic recall of journal articles, books, and other related publications. He was one of our go-to sources when we hit a roadblock with a thought or idea.

The authors thank the following individuals, all of whom patiently read multiple early drafts of the manuscript, spent countless hours on the phone discussing various topics and concepts, and forced us to reach greater clarity in our explanations and writing: Jennifer Gallagher, Nick Gogerty, Pamela Johnson, Timir Karia, Marc Roston, and Michael Shearn.

The authors also thank the following individuals who helped us develop certain examples used in the book: Leigh Drogen, Ian Haft, Noah Snyder, Dan Krueger, Scott Page, and Ned Smith.

The authors thank the following individuals, all of whom read various sections of early drafts of the book and gave critically important and in-depth feedback: Chris Allwin, Vince Amabile, Jimmy Baker, Eric Ball, Charlie Dreifus,² Nick Galluccio, Michael Greiber, Ron Gutstein, Jeff Halis, Victoria Hart, Judd Kahn, James Kelly and the students in his investment classes at the Gabelli School of Business, Michael Mauboussin, Joe Meyerink, Scott Page, Brian Pellegrini, Steve Shaffer, Matt Teller, Liz Tikhonravova, and Arnie Ursaner.

The authors also thank the following individuals for their contribution to specific sections of the book: Nadia Alfridi, Nolan Dalla, Omar Dessouky, Chris Goulakis, Shane Heitzman, Sanjay Jain, Bradford Kirby, Evan Lustig, Amelia Manderscheid, Kyle Moran, Catherine Noble, Al Palombo, James Pan, Shane Parish, Regina Pitaro, Scott Powell, Bob Schneider, David Smith, Michael Steinhardt, and David Trainer.

The book is significantly better because of the contributions from these individuals.

The authors also thank the book’s illustrator, Charlie Pendergraft, who worked countless hours under tight deadlines and had to suffer through our numerous change requests. His talent and creativity turned our ideas into reality. We also appreciate the legal assistance of Richard Stim, who provided guidance regarding copyright and permission issues that arose during this process.

We would also like to thank our extremely knowledgeable and reasonably priced lawyer, Paul Sennott, whom we recommend highly without the slightest hesitation. His professionalism, eye for detail, guidance, and responsiveness are beyond compare. We would also like to express our gratitude to acquisition editor at John Wiley & Sons, Bill Falloon, who went to bat for us more than once and held back his frustration when we missed yet another deadline. We also extend a special thanks to David Pugh who believed in and supported us throughout the process. We also thank other individuals at Wiley, including: Michael Henton (for helping create an amazing cover), Steven Kyritz, Kathryn Hancox, Judy Howarth, Nick Wehrkamp, and all the other people behind the scenes whose names were never divulged to us, but who helped with copyediting, image editing, and page layout.

Paul S. wants to personally thank people without whom this book would not have been possible: Glen Brooks, Paul Condzal, Susan Elliot, Jennifer Gallagher, Dan Iosifescu, and Alejandra Salaverria. He would also like to thank two people who were incredibly supportive: Mario Gabelli and Michael Price.

Paul J. wants to personally thank Pamela Johnson, William Kaplanidis, Timir Karia, Mary Lou La Pierre, Claire LeJuez, Jamie Lewis, Elizabeth Pappadopulos, Robert Siroka, and Myles Thompson, all of whom were wonderfully supportive throughout the three-year journey writing the book. Although there is no such thing as the perfect relationship, Paul thinks these individuals are all perfect in their own way. Thank you. Paul also thanks Elizabeth for introducing him to Starbucks green tea lattes, without which he might not have completed the book.

Finally, Paul would like to thank Paul for his intellect, curiosity, flexibility, perseverance, dedication, and friendship. We have challenged each other and stretched our limits in a process that has resulted in one of the most rewarding experiences in our careers. We are forever thankful to each other for such a gift.