LAST UPDATED 8/07/2017Where to start?. If you don’t know where to start, we’ve put together a list of must-read resources for value investors. The list can be.
We’ve also picked out the best value-orientated studies and research papers. This list can be.Several Selected Publications: (see very bottom of page for hundreds of more research papers on value investing) Warren Buffett, one of the world’s most famous and successful investors and CEOs, has granted permission to author/entrepreneur Mark Gavagan to publish “Gems from Warren Buffett – Wit and Wisdom from 34 Years of Letters to Shareholders”. The Brandes Institute provides some very well written and value oriented research from a partner institute for the well-established value investor.Insights from Some of Todays Leading Investment MinFamous Speech by Warren Buffett on Value Investing. I would call this the Gettysburg Address of Value Investing. Graham and Doddsville Newsletter ArchivesCBSResource websites. The Outstanding Investor Digest at. A journal of interviews with famous value investors Value Investor Insight at.
VII distributes monthly issues and online bonus content each week. Each monthly issue contains two feature pieces on major value investors and articles on value investing today. Boston Fed Research Richard Ivey School of Business. (Great value site in Swedish). Above Average Odds.
Value insights from Redfield, Blonsky & Starinsky, LLC(A great resource website for value investors). November 14, 2014. November 6, 2014This is a link with a video interview of Ronald Redfield by The Manual of Ideas on January 31, 2014. Ron discusses value investing, investor influences and other specific investing issues. A tremendous thank you to Manual of Ideas!. October 15, 2014. March 4, 2014.
February 26, 2014. February 11, 2014. January 15, 2014.
June 24, 2013. June 7, 2013. May 31, 2013. May 23, 2013. May 22, 2013. May 21, 2013.
April 16, 2013This is a link with an interview of Ronald Redfield by The Manual of Ideas during April of 2013. Ron discussed value investing and how the investment section of our firm evolved. February 27, 2013. February 27, 2013I found, but could not source. Very Interesting.
February 27, 2013. February 27, 2013. February 27, 2013. February 27, 2013. February 26, 2013. October 10, 2012. August 24, 2012.
December 9, 2011. November 30, 2011.
October 26, 2011. August 10, 2011. June 24, 2011. November 24, 2010. October 11, 2010. August 24, 2010.
July 9, 2010. May 17, 2010.
March 22, 2010. December 9, 2009.
November 18, 2009. HF1041.G74. 1944. “World Commodities and World Currency”. (Review) Prentice N. (Mar., 1945), p. 130.
“World Commodities and World Currency” (Review) John T. (Jan., 1945), pp.
292-294. “World Commodities and World Currency” (Review) Henry C. (Sep.,1945), pp. 279-281. “World Commodities and World Currency”. (Review) Donald Fergusson, Vol.18, No.
(Jul., 1945), pp. 168-170.
“Commodity Reserve Currency”. (Review) Ralph Hawtrey Vol.
(Sep., 1960), pp.570-571. HG4521.G665 1949 (and various editions). “The Intelligent Investor”. (Review) Kenneth D.
(Sep., 1955), pp.406-407. “A Classic Stock Guide is 50,”, Michael Blumstein, May 18, 1984.p.D1.
“The Intelligent Investor at 80,” Milton Moskowitz,. HG4028.B2G7 1964 (and various editions). “The Interpretation of Financial Statements” (Review) Theodore Lang, Vol.
(Dec., 1937), p.434. HG4910.R44 1974.
HG4521.G67 1988 For a good review of the 5th edition of this book and the 4th edition of The Intelligent Investor see “The Theory and Practice of Value Investing,” by Martin Mittelstaedt in the Globe and Mail, Dec.20, 1988, p.B8. (It is available electronically). HG172.G68A3 1996 For reviews of this book see: “Timeless Tips,” The Economist, Vol.341, No.7988, Oct. 19, 1996, p.S12. “Graham & Dodd and the Dow 6000,” Roger Lowenstein, the Wall Street Journal, Oct. 17, 1996, p.C1. “Master Investor,” Jeffrey Laderman, Business Week, No.3493, Sept.
16, 1996, p.18. “Benjamin Graham.”, Canadian Investment Review, Vol.9, No.4, Winter, 1996/97, p.41.
Bruce Greenwald Value Investing Pdf
HG4522.G63 1999 The result of in-depth research, The Rediscovered Benjamin Graham brings together the very best the investment legend had to offer, including such incisive works as:. “Inflated Treasuries and Deflated Stocks: Are Corporations Milking Their Owners?”. “The Ethics of American Capitalism”. “Proposals for an International Commodity-Reserve Currency”. “The New Speculation in Common Stocks”.
“Is American Business Worth More Dead Than Alive?”. “The Simplest Way to Select Bargain Stocks”. For a review see: “The Rediscovered Benjamin Graham: Selected Writings of the Wall Street Legend,” Victor F.Morris,., Vol.55, No.6,Nov/Dec 1999, p.127.Selected articles by Benjamin Graham(in chronological order). “Some Calculus Suggestions by a Student” Benjamin Graham, Vol.
(Jun.,1917), pp. 265-271.
“The Undistributed Profits Tax and the Investor” Benjamin Graham, Vol. (Nov., 1936), pp.1-18.
The Undistributed Profits Tax, by Alfred G. Buehler (Review) Benjamin Graham, Vol. (Jun., 1937), pp.1049-1051. The Theory of Investment Value, by John Burr Williams (Review) Benjamin Graham, Vol. (Apr.,1939), pp. 276-278.
“The Critique of Commodity-Reserve Currency: A Point-by-Point Reply” Benjamin Graham, Vol. (Feb.,1943), pp. 66-69.
“Financial Statements From the Viewpoint of the Financial Analyst, Benjamin Graham,Vol.15, No.5, May 1945, p.231. “Money as Pure Commodity” Benjamin Graham, Vol. 2, Papers and Proceedings of the Fifty-ninth Annual Meeting of the American Economic Association. (May, 1947), pp.304-307. “National Productivity: Its Relationship to Unemployment-in-Prosperity” Benjamin Graham, Vol. 2, Papers and Proceedings of the Fifty-ninth Annual Meeting of the American Economic Association. (May, 1947), pp.
384-396. “Stock Dividends:They Can Save the Investor Many a Tax Dollar,” Benjamin Graham, Vol. 33, No.31, Aug.
3, 1953, p.4. “Stock Dividends:An Analysis of Some of the Major Obstacles,” Benjamin Graham Vol.33, No.32, Aug.
10, 1953, p.5. “STOCK MARKET WARNING: DANGER AHEAD!” Benjamin Graham Vol.2, No.3, Spring 1960, p.34. “Some Investment Aspects of Accumulation Through Equities” Benjamin Graham, Vol. (May, 1962), pp.203-214. “Ben Graham Revisited” Benjamin Graham, Vol.146, No.1, July 1978, p.77.
Books: How to Think Like Benjamin Graham and Invest Like Warren Buffett.Speeches: “”, a speech Benjamin Graham delivered at Town Hall, St. Francis Hotel, November 15, 1963.Graham-Newman Partnership Letters(oldest first).The Benjamin Graham Centre for Value Investing: Speeches and presentations(in chronological order) 2013 Guest Speakers. Vito Maida, Founder and President, Patient Capital Management Inc., Toronto, ON (March 14, 2013). Robert Robotti, Founder and CIO, Robotti & Company Advisors LLC., New York, NY (January 24, 2013)2012 Guest Speakers.
Mr. Mohnish Pabrai, Managing Partner, Pabrai Investment Funds, Irvine, California (February 15, 2012) (right click, save as). Mr. Thomas A. Russo, Partner, Gardner Russo & Gardner, Lancaster, Pennsylvania (January 26, 2012) (right click, save as)2011 Guest Speakers.
Mr. Richard Rooney, CFA, Burgundy Asset Management Ltd., Toronto, Ontario (March 10, 2011) (right click, save as). Mr. Prem Watsa, Chairman and Chief Executive Officer, Fairfax Financial Holdings Ltd. (February 16, 2011) (right click, save as). Mr.
Tim McElvaine, CA, CFA, founder and President of McElvaine Investment Management Ltd., Vancouver, BC. (January 27, 2011) (right click, save as)2010 Guest Speakers. Mr. Irwin A. Michael, MBA, CFA, I. Michael Investment Council Ltd., Toronto, Ontario (August 16, 2010) (right click, save as). Mr.
Robert Tattersall, MBA, CFA, Howson Tattersall, Toronto, Ontario (April 26, 2010). Mr. Winters, Managing Director, Wintergreen Advisers, LLC, Milwaukee, WI (March 23, 2010) (right click, save as). Mr. Stacey, Partner, Stacey Muirhead Capital Management, Waterloo, Ontario(February 10, 2010) (right click, save as)2009 Guest Speakers.
Mr. Francis Chou, CFA, Chou Associates Management Inc., Toronto, Ontario (August 18, 2009) (right click, save as). Seth A. Klarman, MBA, The Baupost Group, Boston, Massachusetts (March 17, 2009) – Video conference (right click, save as). Kim Shannon, CFA, MBA, Sionna Investment Managers, Toronto, Ontario(February 9, 2009) (right click, save as)2008 Guest Speakers. Mr.
Francis Chou, CFA, Chou Associates Management Inc., Toronto, Ontario(August 19, 2008) (right click, save as). Mr. Robert Tattersall, Howson Tattersall, Toronto, Ontario (March 18, 2008) (right click, save as). Mr. Schloss, CFA, Walter & Edwin Schloss Associates, New York, New York (February 12, 2008) – Videoconference (right click, save as)2007 Guest Speakers. Mr. Francis Chou, CFA, Chou Associates Management Inc., Toronto, Ontario(August 1, 2007) (right click, save as). Mr. Avner Mandelman, BSc, MA, MBA, Giraffe Capital Corp., Toronto, Ontario (March 27, 2007) (right click, save as).
Mr. Irwin A. Michael,MBA, CFA, I. Michael Investment Council Ltd., Toronto,Ontario (March 13, 2007) (right click, save as). Mr. Martin Whitman,CFA, Third Avenue Management LLC, New York, New York (February 13, 2007) – Videoconference (right click, save as)2006 Guest Speakers. Mr. Charles Brandes, CFA, Brandes Investment Partners LP, San Diego, California(March 28, 2006) – Videoconference (right click, save as). Mr.
Richard Rooney, CFA, Burgundy Asset Management Ltd., Toronto, Ontario (March 7, 2006) (right click, save as). Mr. Francis Chou, CFA, Chou Associates Management Inc., Toronto, Ontario(February 13, 2006) (right click, save as)2005 Guest Speakers. Mr. Mark Holowesko, Templeton Funds (now Franklin Templeton), The Bahamas (March 29, 2005) (right click, save as).
Mr. Peter Cundill, FCA, CFA, The Cundill Group, Vancouver, British Columbia (March 28, 2005) (right click, save as). Mr. Mason Hawkins, MBA, Southeast Asset Management, Memphis, Tennessee (March 22, 2005) (right click, save as).
Mr. Irving Kahn, CFA, Kahn Brothers & Company Inc., New York, New York (March 7, 2005) (right click, save as)The Benjamin Graham Centre for Value Investing: Conferences, symposiums and seminars(in chronological order) April 10, 2013 The Ben Graham Centre’s 2013 Value Investing Conference., President, A. Gary Shilling & Co., Inc. Morning Keynote Speech. Thorsten Heins, President & CEO, BlackBerryJuly 20, 2012 Seminar on Value Investing and the Search for Value. Mr. Stacey, Partner, Stacey Muirhead Capital ManagementApril 25, 2012 The Ben Graham Centre’s 2012 Value Investing Conference.
Ms. Lauren Templeton, Principal, Lauren Templeton Capital Management, LLC Keynote SpeechJune 29, 2009 Symposium on Value Investing:Value Premium and Market Inefficiencies. Mr. Joseph Potvin, Senior Economist, Treasury Board of Canada Secretariat Keynote Speech.
Dr. George Athanassakos, Professor of Finance & Ben Graham Chair in Value Investing, The University of Western Ontario. Dr. Philip Gharghori, Monash University. Dr. Georgios Papanastasopoulos, University of Piraeus. Dr. Joseph Ogden, University of Buffalo – SUNYMay 25, 2007 Symposium on Intelligent Investing: Value vs. Growth – Traditional vs. Fundamental Indexing.
Dr. George Athanassakos, Professor of Finance & Ben Graham Chair in Value Investing, The University of Western Ontario. Dr. John Bart, Founder, Canadian ShareOwner. Question and Answer Period with Dr. Athanassakos and Dr.
Bart. Mr. Prem Watsa, Chairman and Chief Executive Officer, Fairfax Financial HoldingsLtd. Mr. Howard Atkinson, President, Horizons BetaPro ETFs. Mr. Rob Arnott, Chairman, Research Affiliates, LLC. Question and Answer Period with Mr. Atkinson and Mr.
Here is an excerpt from that interview:Norton: Isn’t value investing about buying cheap stocks?Greenwald: There’s a Graham and Dodd overlay that goes by the name of value investing, which is this idea that you will do much better with ugly diseased stocks than glamorous stocks. People have always shied away from ugly diseased opportunities. So you can take advantage of their loss aversion. What amplifies this is that people think they know much more than they do. The whole discourse about stocks is not “this is a good stock with a 65% probability” of success. It’s “this is a good stock for sure,” or “this is a piece of crap.” That’s just not the way reality is.
It exaggerates the value of glamorous stocks and radically and consistently undervalues diseased stocks.Norton: What’s the Bruce Greenwald spin on value investing?Greenwald: Let’s start with having a better value approach. If everybody else is just doing ratio valuations, I’m not going to do better than them. Many business-school graduates try to do discounted cash flows.
They estimate cash flows for five or six years, then do a terminal cash flow on a terminal growth rate and a terminal cost of capital and get a terminal value. They do a lot of variations on the assumptions and think they know what’s going on. But they never look at the balance sheet. There is a fundamental stupidity about discounted-cash-flow valuations. Depending on what you plug into the equation, you can get widely disparate multiples.
You are combining very good information, your estimate of near-term cash flow, with very bad information, your estimate of distant cash flow. When you add bad information to good information, bad dominates.We start with the balance sheet, which doesn’t project anything. If it’s a nonviable industry, I can make assumptions about liquidation value, or if it’s viable, about how the assets can be reproduced in the most efficient possible way.You can find the entire interview at Barron’s.Article by Johnny Hopkins.