Finding Value in Numbers

What separates a good investor from a great one isn’t genius—it’s clarity of thought and a framework that withstands uncertainty. This book will arm curious MBA students and professional investors with quantitative tools and mental models to accomplish an analyst’s most essential task: determining the gap between price and value. If you want to develop your own framework for security valuation, start here. – Bob Robotti, president and chief investment officer, Robotti & CompanyFinding Value in Numbers rekindled the same excitement I felt learning under legendary investor Michael Price, and it will do the same for you. This isn’t another reheated homage to Warren Buffett’s greatest hits; it’s a modern toolkit for value investing in an age defined by intangibles, growth dynamics, and the rise of new-economy businesses. Ehsan Ehsani shows that pure value investing, activism, and special situations share the same uncompromising rule: the numbers must work. – J. Dennis Jean-Jacques, founder and CIO, Ocean Park InvestmentsEhsan Ehsani has pulled off something of a miracle. His investing guide delves deeply into the nuances of computing and interpreting the crucial financial metrics that should be in every intelligent investor’s toolbox, and yet it remains surprisingly approachable. His well-chosen examples bring the applications to life. Bravo, I say. – Bennett Stewart, creator of EVA (Economic Value Added) and former senior partner, Stern Stewart & Co.This book is a powerful resource—intellectually honest, practically useful, and deeply grounded in the principles of value investing. In a financial world saturated with narratives and noise, Ehsan Ehsani offers a compelling remedy: a thoughtful, methodical framework for applying quantitative discipline to investment decisions. With clarity and conviction, this book equips investors to think rigorously and dispassionately and pursue long-term success through careful, disciplined analysis. – Lauren Templeton, founder, Templeton and Phillips Partners Fund, LLCEhsan Ehsani’s book provides actionable insights for investors at all levels, offering readers a structured approach to identifying value in overlooked opportunities. He brings these concepts to life through compelling real-world case studies, illustrating how investors can uncover undervalued assets, drive operational improvements, and create lasting shareholder value. This book is an essential resource for anyone looking to refine their investing skills and master the art of value creation. – Guy Spier, chief executive officer, Aquamarine CapitalSuccessful investing requires the weighing, rather than accumulation, of information. In a world of proliferating data, this insight becomes ever more relevant. The analytical frameworks in Ehsani’s book will advantage any investor in their attempt to weigh what is important and what is not. I heartily recommend it to all. – Django Davidson, founding partner and portfolio manager, Hosking PartnersFinding Value in Numbers is an excellent distillation of many important financial techniques taught in the value investing program at Columbia Business School. Every serious investor should add this book to their investing library. – Jennifer A. Wallace, managing member, Summit Street Capital Management

Ehsan Ehsani is an adjunct professor in the finance division at Columbia Business School and an investor at an activist and value-oriented firm in New York. He holds an MBA from Columbia Business School, along with master’s degrees from the MIT-Zaragoza International Logistics Program and Chalmers University of Technology in Sweden.

Mario Gabelli is the chairman and chief executive officer of GAMCO Investors, Inc.