Value Investing
Buying securities below a conservatively estimated intrinsic value; the oldest formalised approach in the field and the one with the deepest bibliography.
96 books · 58 people behind it · 1 reading lists
Start here
- The Intelligent InvestorBenjamin Graham, 1949
- Margin of SafetySeth A. Klarman, 1991
- Security AnalysisBenjamin Graham, David L. Dodd, 1934
The people behind it 58
Each person holds a book in this entry or names it in their own tags.
Investors 38
Benjamin Graham3 books here
Howard Marks3 books hereJT
John Train3 books hereJG
Joel Greenblatt2 books hereWarren Buffett2 books hereDD
David Dreman2 books herePD
Pat Dorsey2 books hereRG
Robert G. Hagstrom2 books here
Charlie Munger1 book hereJD
Jack D. Schwager1 book here
John C. Bogle1 book here
Ray Dalio1 book hereMP
Mohnish Pabrai1 book herePL
Peter Lynch1 book herePL
Philip L. Carret1 book here
Guy Spier1 book hereTE
Tobias E. Carlisle1 book here
Whitney Tilson1 book here
Clifford Asnessnamed in their tagsJG
James Grantnamed in their tagsBM
Bill Millernamed in their tags
Bruce Flattnamed in their tagsDE
David Einhornnamed in their tagsEC
Edward Chancellornamed in their tagsJP
James P. O'Shaughnessynamed in their tagsJG
Jeremy Granthamnamed in their tags
John Neffnamed in their tagsLL
Li Lunamed in their tagsMJ
Martin J. Whitmannamed in their tagsNS
Nick Sleepnamed in their tags
Prem Watsanamed in their tags
Robert D. Arnottnamed in their tags
Seth Klarmannamed in their tagsWN
William N. Thorndike Jr.named in their tagsBN
Bill Nygrennamed in their tagsCB
Christopher Brownenamed in their tagsDL
Daniel Loebnamed in their tagsEW
Ed Wachenheimnamed in their tagsFounders 1
Executives 2
Academics 4
JK
Judd Kahn2 books hereBG
Burton G. Malkiel1 book hereDL
David L. Dodd1 book hereBG
Bruce Greenwaldnamed in their tagsJournalists 13
JL
Janet Lowe5 books hereJT
John Train3 books hereRG
Robert G. Hagstrom2 books hereJD
Jack D. Schwager1 book hereMH
Morgan Housel1 book hereJR
John Rothchild1 book hereTE
Tobias E. Carlisle1 book hereJG
James Grantnamed in their tagsRL
Roger Lowensteinnamed in their tagsEC
Edward Chancellornamed in their tagsJZ
Jason Zweignamed in their tagsWN
William N. Thorndike Jr.named in their tagsWG
William Greennamed in their tagsReading list — Essential Investing reading list · Superbook
12 books, in the order the list argues for
The list starts with Benjamin Graham, whose Security Analysis and The Intelligent Investor established the vocabulary that everyone in this field still uses — intrinsic value, margin of safety, Mr. Market. Every book written after 1949 on stock-picking is in dialogue with Graham whether or not it acknowledges him. Warren Buffett extended Graham's framework in practice, and the books about Buffett (Snowball, The Warr
Sources: Berkshire Hathaway annual letters (1977–present) · Howard Marks memos — Oaktree Capital · Bogle Financial Markets Research Center — speeches and papers · Ray Dalio — Economic Principles (free PDF)
Books 96
Benjamin Graham, David L. Dodd · 1934 · The founding text; still the reference for how to value a security from its statements.
Benjamin Graham · 1949 · Graham for the layman; Mr Market and margin of safety in their original form.
Benjamin GrahamChristopher BloomstranFrancois RochonGuy SpierHoward MarksJean-Marie EveillardJoel GreenblattMohnish PabraiPeter CundillPrem WatsaRational Capital Investment FundSeth KlarmanWalter SchlossWarren BuffettAndrew LokenauthBill AckmanCharlie MungerDavid EinhornJamie DimonJason ZweigKevin RoseLi LuMichael BurryMichael WongPeter MalloukRyan PetersonThe Barefoot InvestorThe Rational Walk
Seth A. Klarman · 1991 · Out of print and expensive; the clearest modern statement of risk-first value investing.
Philip A. Fisher · 2000 · Fisher on scuttlebutt research and holding great growth businesses.
Howard Marks, Paul Johnson · 2012 · Marks on risk, cycles and second-level thinking, with commentary.
Philip L. Carret · 1930 · Pre-Graham manual on speculation, margin and the psychology of markets
John Train · 1980 · Profiles of nine investors including Graham, Buffett and Fisher
Peter Lynch, John Rothchild · 1989 · Lynch on finding tenbaggers in businesses you already understand.
Joel Greenblatt · 1997 · Greenblatt on spinoffs, mergers and other special situations.
David Dreman · 1998 · Statistical evidence that low-expectation stocks beat glamour stocks.
Lawrence Cunningham · 2001
Bruce C. N. Greenwald, Judd Kahn, Paul D. Sonkin, Michael van Biema · 2001 · Columbia's teaching text; earnings power value and the asset-reproduction method.
James Montier · 2009 · Behavioural case for value, written by a practitioner sceptic.
James Montier · 2009 · Montier applies behavioural evidence to a value investing process.
Joel Greenblatt · 2010 · Greenblatt on the magic formula: cheap plus high return on capital.
Jack D. Schwager · 2012 · Schwager interviews hedge fund managers on edge and risk control.
William Proctor · 1983 · Templeton's method: buying at the point of maximum pessimism worldwide
Thornton L. O'glove · 1987 · O'glove on separating reported profit from durable earning power.
Geraldine Weiss, Janet Lowe · 1988 · Weiss uses dividend yield as the central valuation gauge.
Philip Carret · 1995 · Reflections from a fund manager with a fifty-five-year record
Kathryn F. Staley · 1997 · Staley on finding accounting decay and overvaluation from the short side.
David Dreman · 1999 · Dreman argues low-expectation stocks beat glamour over full cycles.
John Train · 2000 · Profiles of the great money managers and their differing methods.
Robert G. Hagstrom · 2001 · Buffett's principles restated as tenets a practitioner can apply
Howard Schilit, Jeremy Perler · 2002 · Field guide to the accounting tricks that hide deteriorating businesses.
Pat Dorsey · 2003 · Morningstar primer on analysing businesses sector by sector.
Thomas P. Au · 2004 · Updates Graham and Dodd's valuation method for modern financial statements
Frank K. Martin · 2006 · Client letters through the dot-com bubble; value discipline written contemporaneously
Christopher H. Browne · 2006 · Tweedy Browne's distilled version of the Graham method.
Vitaliy N. Katsenelson · 2007 · Katsenelson on buying and selling inside range-bound markets.
Mohnish Pabrai · 2007 · Pabrai on low-risk, high-uncertainty bets and cloning good ideas.
Bruce C. N. Greenwald, Judd Kahn · 2007 · Columbia course text linking Graham valuation to franchise analysis.
Lauren Templeton, Scott Phillips · 2008 · How Templeton bought maximum pessimism across global markets.
Pat Dorsey · 2008 · Dorsey on identifying and valuing durable competitive advantage.
Vitaliy N. Katsenelson · 2010 · Shorter restatement of active value investing for flat markets.
Wesley Gray, Tobias Carlisle · 2012 · Gray and Carlisle test value screens with quantitative evidence.
John Heins, Whitney Tilson · 2013 · Interview-sourced maxims from dozens of practising value investors.
T3 Deep Value
Tobias E. Carlisle · 2014 · Carlisle on the acquirer multiple and mechanical deep-value buying.
Guy Spier · 2014 · Spier on the psychology and habits behind durable value investing.
Jeremy C. Miller · 2016 · Miller reconstructs Buffett's partnership-era rules and results.
Burton G. Malkiel · Malkiel's academic case for market efficiency, updated through multiple editions. The first two thirds — the historical bubbles, the technical analysis critique, the efficient market hypothesis — are the most durable. His asset allocation chapters are less original.
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Howard Marks · Marks's follow-up goes deeper on where in the cycle the market is and what that implies for risk-taking. Less prescriptive than it sounds — his point is calibration rather than market timing — and the chapter on the credit cycle is especially relevant after 2008.
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Charlie Munger · Munger's collected talks and essays, assembled by Peter Kaufman. The Almanack is where Buffett's analytical framework gets its philosophical underpinning: the lattice of mental models, the virtue of inversion, the insistence on understanding the domain rather than memorizing formulas.
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Andrew WilkinsonCharlie MungerChristopher BloomstranFrancois RochonGuy SpierLi LuMichael MauboussinMohnish PabraiWarren BuffettBill GatesDaniel EkDrew HoustonEric JorgensonJosh WolfeMarc AndreessenMatt MullenwegMichael BatkoNathan MurphyNaval RavikantNiki ScevakPatrick CollisonRamit SethiRyan PetersonSam AltmanShane ParrishTerrance McArthurThe Barefoot InvestorTim Ferriss
T3 Principles
Ray Dalio · Dalio's investment principles occupy the second half of this book, preceded by his unusual autobiography. The template of 'pure alpha' overlaid on 'beta' and his systematic approach to tracking the debt cycle are the most original ideas here, even if the corporate-culture sections haven't aged well.
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Alfred LinNat EliasonAndrew LokenauthArianna HuffingtonAusten AllredBill GatesBryan JohnsonDavid CancelDoug McMillonDrew HoustonEric JorgensonHoward MarksJack DorseyJoel ConnollyKevin SystromMarc BenioffMark CubanMatt MullenwegMichael BatkoMichael BloombergNaval RavikantNick HuberNiki ScevakPatrick O'ShaughnessyRan SegallRay DalioReed HastingsTim FerrissTom BilyeuTony RobbinsZoë Foster Blake
Warren Buffett · Lawrence Cunningham's arrangement of Buffett's annual letters by theme rather than chronology. The sections on accounting, management quality, and the nature of competitive moats make this the most efficient distillation of Buffett's thinking on what makes a business worth owning.
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John C. Bogle · Bogle's case for index funds in book form. The core argument — that costs compound against the investor just as returns compound for them, and that active management reliably underperforms after fees — is backed by decades of data and has only gotten stronger since publication.
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Howard Marks · Howard Marks distills the memos he has sent to Oaktree clients for decades into a single argument: superior investing is about second-level thinking — not 'this is a good company' but 'the market thinks this is a good company and I think they're wrong.' The book on investment temperament.
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Morgan Housel · Morgan Housel's 19 short essays on the behavioral and psychological forces that determine financial outcomes. The chapter distinguishing getting wealthy from staying wealthy is the clearest statement of why the skills are different and why most people conflate them.
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Alice Schroeder · Alice Schroeder's authorized biography. Long, but the investment decisions are narrated with specificity that no other Buffett book matches — you see the actual reasoning, including the mistakes, rather than the retrospective justifications.
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Janet Lowe · 1996 · Graham's method restated for beginners
Lars Tvede · 1997 · Tvede on how credit and business cycles drive asset prices.
Thomas R. Ittelson · 1998 · Plain-language guide to reading the three financial statements.
Bob Thompson · 2008
T4 Supertrends
Lars Tvede · 2010 · Long-horizon view of the trends reshaping economies and markets.
Michael Shearn · 2011 · Seventy questions to ask before buying any business.
Jeeva Ramaswamy · 2012 · Step-by-step attempt to replicate Buffett’s selection process.
John Mihaljevic · 2013 · Framework for sourcing and ranking value ideas systematically.
Stephen Horan, Robert R. Johnson, Thomas Robinson · 2014
J. Lukas Neely · 2015 · Personal account of learning value investing from scratch.
Warren Buffett
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Frederik Vanaverbeke
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Ayano Morio
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Tweedy, Browne Company LLC · Tweedy Browne survey of empirical studies supporting value factors.
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