I never set out to write a book, much less two of them. Writing my first book was an accident, though a good one. In 2005 a friend was putting together a book. Actually he was “editing” a book: He asked a dozen professional investors to contribute chapters, and he wrote the introduction to the book and a chapter of his own. He was nice enough to ask me to contribute a chapter. I agreed. Writing a chapter was not too intimidating – I just stitched a few articles together.
By a lucky coincidence, right about that time I wrote an article for the Financial Times in which I laid out my thesis on sideways markets (though at the time I still called them“oscillating bear market”). I put a lot work into researching that topic and thought I could build on it.
I started expanding my article into a chapter, but by the time I was done, the chapter had ballooned to a length equivalent to five full-grown chapters. It was too big for my friend’s book and too short for a book of my own. But I showed what I had to Wiley, and they thought I should turn it into a book. Eighteen months of hard labor, long weekends, sleepless nights, and a lot of lost hair later, I had written Active Value Investing, which was published in September 2007.