Perhaps the greatest advantage the individual investor has over Wall Street is patience, thoughtfulness, and being well-read. Knowledge in value investing is something that - over time - creates your own competitive moat that can provide sustainable and long-term outperformance against the general markets. Acquiring this knowledge is generally free and simply requires time on your part to read, assimilate, and create mental models. These models will allow you to identify trends, processes, and systems and assist you to think differently than 95% of all investors. It's not rocket science, but it's hard work. We've included a list of sites, blogs, magazines, and books that had the greatest impact on our investment processes and methodologies. We hope you enjoy them as much as we have over the past twenty years and hope they bring you much investment success in the future.
BOOKS
BOOKS
"Security Analysis" by Benjamin Graham and David Dodd. The grandfatherly tome of all value investing. We prefer the 6th edition with commentaries by eminent modern value investors. $39.94. McGraw-Hill; 6th Edition, September 25, 2008. http://www.amazon.com/Security-Analysis-Edition-Foreword-Editions/dp/0071592539
"The Intelligent Investor", by Benjamin Graham. Perhaps the greatest book ever written on value investing. We prefer the updated version with Jason Zweig’s astute commentary. $11.29. HarperBusiness; Revised Sub edition, February 21, 2006. http://www.amazon.com/Intelligent-Investor-Definitive-Investing-Essentials/dp/0060555661/ref=la_B000APZXBQ_1_1?s=books&ie=UTF8&qid=1433724547&sr=1-1
"Margin of Safety", by Seth Klarman. Obviously impossible to obtain on Amazon and very expensive on eBay. While these actual copies are extraordinarily hard to come by, there are several PDF versions available. (Sorry Seth!) $N/A. HarperCollins; 1st edition, October 1991.
"The Essays of Warren Buffett", by Lawrence Cunningham. We greatly enjoy reading this on a regular basis. Who can write better than Buffett? Get the 3rd edition. $26.88. Carolina Academic Press; 3rd edition, March 15, 2013. http://www.amazon.com/Essays-Warren-Buffett-Lessons-Corporate/dp/1611634091/ref=asap_bc?ie=UTF8
"The Manual of Ideas", by John Mihaljevic. A brilliant summary of the major value investment methodologies. For those who cannot afford membership this is a reasonable stand in. The website free interviews are also fantastic. $26.49. Wiley; 1st edition, August 12, 2013. http://www.amazon.com/Manual-Ideas-Framework-Finding-Investments/dp/1118083652/ref=asap_bc?ie=UTF8
"Excess Returns", by Frederik Vanhaverbeke. Another great book that really goes into detail about value methods. Consider this your arithmetic work for the day. $40.31. Harriman House; 1st edition, June 30, 2014. http://www.amazon.com/Excess-Returns-Comparative-Greatest-Investors/dp/0857193511/ref=tmm_hrd_swatch_0?_encoding=UTF8&sr=1-1&qid=1433727370
"The Battle for the Soul of Capitalism", by John Bogle. A drawback to Bogle’s later books is that they frequently repeat themselves. This is one of the better ones along with the 10th Anniversary edition of “Bogle on Mutual Funds”. $16.20. Yale University Press, November 27, 2006. http://www.amazon.com/Battle-Soul-Capitalism-John-Bogle/dp/0300109903/ref=tmm_hrd_title_0?_encoding=UTF8&sr=1-1&qid=1433727611
"Why Moats Matter", by Heather Brilliant and Elizabeth Collins. Everything you wanted to know about what makes up a competitive moat. $28.33. Wiley; 1st edition, July 21, 2014. http://www.amazon.com/Why-Moats-Matter-Morningstar-Investing/dp/1501200984
"Investing: The Last Liberal Art", by Robert Hagstrom. A great summary of Charlie Munger’s mental models approach. $25.41. Columbia University Press; Second Edition edition, January 8, 2013. http://www.amazon.com/Investing-Liberal-Columbia-Business-Publishing-ebook/dp/B00APDG114/ref=mt_kindle?_encoding=UTF8&me=
"More Than You Know", by Michael Mauboussin. A great book discussing the role of consilience and multi-disciplinary studies in investing. $21.56. Columbia University Press; Upd Exp edition, October 18, 2007. http://www.amazon.com/More-Than-You-Know-Unconventional/dp/0231143729/ref=tmm_hrd_swatch_0?_encoding=UTF8&sr=8-1&qid=1433729040
"Quality Investing" by Torkell T. Eide, Lawrence Cunningham, and Patrick Hargreaves. A great new book on the importance and characteristics of quality in investing. A short - but powerful - book that gives the reader a great overview. https://www.amazon.com/Quality-Investing-Owning-best-companies-ebook/dp/B017BI3V9A
A shameless plug for my book based on my weekly writings on Gurufocus. Available in both Kindle and paperback formats on Amazon.
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http://www.gurufocus.com
An outstanding site stuffed with data and analytics about nearly every value investor in the world. Without a doubt a top repository of the most relevant and accurate data on guru strategies and transactions. Nintai is compensated for articles written on the website.
An outstanding site stuffed with data and analytics about nearly every value investor in the world. Without a doubt a top repository of the most relevant and accurate data on guru strategies and transactions. Nintai is compensated for articles written on the website.
http://www.morningstar.com
Probably the best site dollar for dollar when it comes to valuation tools and ratings of mutual funds and individual equities. The site nearly single handedly created the definition and adoption of wide moat investing and DCF valuation for the individual investor.
Probably the best site dollar for dollar when it comes to valuation tools and ratings of mutual funds and individual equities. The site nearly single handedly created the definition and adoption of wide moat investing and DCF valuation for the individual investor.
http://www.grahamanddoddsville.net
Columbia Business School's Graham and Doddsville website is worth it solely for its free quarterly newsletter. In addition, the site has created a a list of links that include additional value investing websites, investment research sites, and value investing content.
Columbia Business School's Graham and Doddsville website is worth it solely for its free quarterly newsletter. In addition, the site has created a a list of links that include additional value investing websites, investment research sites, and value investing content.
http://basehitinvesting.com
John Huber is writing some of the best value investing content available on the Net today. I highly recommending sitting down with your beverage of choice, a highlighter, and printing off the latest article. Be ready to sit back and have your assumptions challenged, your investment philosophy brilliantly enhanced, and your thinking to be transformed. Yes, its that great.
John Huber is writing some of the best value investing content available on the Net today. I highly recommending sitting down with your beverage of choice, a highlighter, and printing off the latest article. Be ready to sit back and have your assumptions challenged, your investment philosophy brilliantly enhanced, and your thinking to be transformed. Yes, its that great.