Joshua Rosenbaum - The Little Book of Investing Like the Pros

We would like to highlight the important contributions made by Brian Johnsonof Barclays and Dan Levyof Credit Suisse, both highly regarded equity research analysts. Their contributions were multi-dimensional and their unwavering enthusiasm, insights, and support were nothing short of exemplary.

Special thanks to Delphi Automotive's retired CEO Rodney O'Nealand retired Chairman Jack Krolfor serving as the inspiration for our case study and helping to guide the narrative along the way. Aptiv CEO Kevin Clark, Chairman Rajiv Gupta, Board member Sean Mahoney, and Elena Rosmanof investor relations shepherded our book internally, provided sage feedback, and helped ensure the details were accurate.

Didric Cederholmprovided deep insight on the Delphi bankruptcy process and facilitated access to many of the key players involved. The Silver Point Capital team, consisting of co-founder Ed Muléand Jeff Forlizzi,provided perspective on the full Delphi backstory, including the labor-intensive process towards creating massive shareholder value.

Jeremy Weisstubprovided sound technical insights and helped us distill complex concepts into layman's terms. Milwood Hobbs , Jr ., a mentor and colleague dating back to early investment banking days, provided constructive feedback and was critical in getting the right people on board with the book. He still serves as a valuable friend and partner over fifteen years later.

We'd like to thank the outstanding team at Wiley, who have been our partners for over a decade on all of our books and courses. Bill Falloon, our acquisition editor, brought us into the Wiley family and never wavered in his vision and support. He has provided strong leadership over the years and has become a true friend.

Our publisher Matt Holtchampioned our book both internally and externally. Michael Henton, Steven Kyritz, Michael Freeland , Susan Cerra ,and Purvi Patelon the editorial and production side worked diligently to ensure all the details were addressed and facilitated a smooth production process. Jean-Karl Martin, our marketing manager, helped us realize our vision through his creativity and foresight.

We also want to express immeasurable gratitude to our families and friends. Masha, Jonathan,and Olivia,and Margoand Alex,thank you so much for your support, patience, and sacrifice. You were always in our hearts and minds as we worked diligently to produce a book that would make us all proud.

This book could not have been completed without the efforts of the following individuals:

Raymond Azizi, Weiss Multi-Strategy Advisers

Nadav Besner, Sound Point Capital

Didric Cederholm, Lion Point Capital

Maimi Chow, Time Warner, Inc.

Christopher Clark, Soros Capital Management

Kevin Clark, Aptiv PLC

Juan Pablo Del Valle Perochena, Orbia Advance

Michael Evelson, Kingdon Capital Management

Bryan Fingeroot, Raymond James

Jeff Forlizzi, Silver Point Capital

Joseph Gasparro, Credit Suisse

Joshua Glassman, Goldman Sachs

Greg Gliner, Ironwall Capital Management

Michael Goody, Scharf Investments

Steven Gordon, J. Goldman & Co .

Michael Groner, Millennium Partners

Rajiv Gupta, Aptiv PLC

Tim Hani, Bloomberg

Han He, Oaktree Capital Management

Milwood Hobbs, Jr., Oaktree Capital Management

Benjamin Hochberg, Lee Equity Partners

Cal Hunter, Barnes & Noble

Robert Jermain, SearchOne Advisors

Brian Johnson, Barclays

Mitchell Julis, Canyon Partners

Jennifer Klein, Sequence Capital

Jack Krol, Delphi Automotive

Shaya Lesches, Young Jewish Professionals

Marshall Levine, GMT Capital

Dan Levy, Credit Suisse

Jonathon Luft, Eagle Capital Partners

Peter Lupoff, Tiburon Family Office

Sean Mahoney, Private Investor, Aptiv PLC

David Marino, BGC | MINT Equities

Dave Miller, Elliott Management

Edward Mulé, Silver Point Capital

Rajeev Narang, Hudson Bay Capital

Justin Nelson, J.P. Morgan

Rodney O'Neal, Delphi Automotive

Daniel Reichgott, Federal Reserve Bank of New York

Eric Ritter, Needham & Company

Elena Rosman, Aptiv PLC

Jeff Schachter, Crawford Lake Capital

Howard A. Scott, Park Hill Group

Hooper Stevens, Sirius XM

Anne Tarbell, Trian Fund Management

Jeremy Weisstub, Aryeh Capital Management

Views Expressed All views expressed herein are those of the Authors as of the date of publication and do not represent the views of their respective current or former employers, or any entity with which the Authors ever have been, are now, or will be affiliated. The information and views expressed herein are subject to change at any time without notice. The Authors and John Wiley & Sons, Inc. (the “ Publisher ” ) are not under any obligation to update or correct any information provided in this book.

Informational Only; No Investment Advice The information provided herein is for general informational purposes only and is not and should not be regarded as “ investment advice, ” a “ recommendation ” of any kind (whether investment, financial, accounting, tax, or legal), or “ marketing material ” of any kind. This book does not provide recommendations or views as to whether a stock or investment approach is suited to the financial needs of a specific individual. Your needs, goals, and circumstances are unique and may require the individualized attention of a licensed financial advisor.

References and Examples Illustrative Only Any and all examples included herein are for illustrative purposes only, and do not constitute recommendations of any kind, and are not intended to be reflective of results you can expect to achieve. Any reference to any company in this book is not intended to refer to, nor should it be considered, an endorsement of any stock, brand, or product.

Information Accuracy Although the information provided herein is obtained or compiled from sources believed to be reliable, the Authors cannot and do not guarantee the accuracy, validity, timeliness, or completeness of any information or data made available to you for any particular purpose. Neither the Authors, nor the Publisher, will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of errors, inaccuracies, or omissions.

Risk Investing involves risk including possible loss of principal. An investor should consider his or her own investment objectives and risks carefully before investing. There is no guarantee that investments will result in profits or that they will not result in losses. All investors need to fully understand the risks associated with any kind of investing he or she chooses to do. Economic factors, market conditions, and investment strategies will affect the performance of any portfolio and there are no assurances that it will match or outperform any particular benchmark.