Value Investing
Books
Value Investing
Bruce Greenwald
Competition demystified: A radically simplified approach to business strategy
Pat Dorsey
The little book that builds wealth: the knockout formula for finding great investments
Joel Greenblatt
Warren Buffett
Berkshire Hathaway Inc. annual and quarterly reports since 1995
The Snowball: Warren Buffett and the business of life (biography by Alice Schroeder)
Berkshire Hathaway's inc.'s annual shareholder letters since 1977.
In particular, '82, '85, '87, '88, '91, '92, '94. More recent ones are less interesting.
Benjamin Graham
The intelligent investor: The definitive book on value investing
Security analysis (6th edition)
Vitaliy Katsenelson
Whitney Tilson
Michael Mauboussin
Expectations investing: Reading stock prices for better returns (with Alfred Rappaport)
More than you know: Finding financial wisdom in unconventional places
Charlie Munger
Damn right! Behind the scene with Charlie Munger, by Janet Lowe
Mohnish Pabrai
The Dhandho Investor: The low-risk value method to high returns
Seth Klarman
This book is selling for $2,500 on ebay. However, a scanned digital version (in PDF format) is available on Internet. Important disclaimer: I am providing this link for information only and has no relation to whoever created, supplied, and hosted that PDF file.
Charles Brandes
Martin J. Whitman
Christopher Browne
David Dreman
Peter Lynch
On up on Wall Street: How to use what you already know to make money in the market
Mark Mobius
Anthony Bolton
Investing against the tide: Lessons from a life running money
Investing with Anthony Bolton: The Anatomy of a stock market winner
John Neff
Martin Zweig
Valuation Technique
McKinsey & Company
Aswath Damodaran
The dark side of valuation: valuing young, distressed, and complex business
Joshua Rosenbaum and Joshua Pearl
Investment banking: Valuation, leveraged buyouts, and mergers and acquisitions
John Boquist, Todd Milbourn, Anjan Thakor
The value sphere: The corporate executive's handbook for creating and retaining shareholder value
Robert F. Bruner
Technology Investment
Geoffrey Moore
Clayton Christenson
Tony Seba
Winners take all: The 9 fundamental rules of high tech strategy
Andrew Grove
Louis Gerstner
Accounting
Financial Statement Analysis (Subramanyam and Wild)
International Financial Statement Analysis (CFA textbook)
General Business
Value Investing Quotes
Warren Buffett
"I call investing the greatest business in the world because you never have to swing. You stand at the plate, the pitcher throws you General Motors at 47! U.S. Steel at 39! and nobody calls a strike on you. There's no penalty except opportunity lost. All day you wait for the pitch you like; then when the fielders are asleep, you step up and hit it."
"The stock market is a no-called-strike game. You don't have to swing at everything--you can wait for your pitch. The problem when you're a money manager is that your fans keep yelling, 'Swing, you bum!'"
"I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over."
"I am a better investors because I am a businessman, and a better businessman because I am an investor."
"If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy."
Bill Miller: "One hundred percent of a company's information reflects its past while 100 percent of its value reflects its future.”
Charles Munger: "Price is what you pay for and value is what you get."
Benjamin Graham: "Investment is most intelligent when it is most business-like."
John Burr Williams:
"The last word on the true worth of any security will never be said by anyone but men who have devoted their whole lives to a particular industry should be able to make a better appraisal of its securities than any outsider can.”
"The value of any stock, bond or business today is determined by the cash inflows and outflows - discounted at an appropriate interest rate - that can be expected to occur during the remaining life of the asset."
Web resources
CAP@Columbia (Paul Johnson)
Heilbrunn Center for Graham and Dodd Investing (Columbia University)
Ben Graham Center for Value Investing (University of Western Ontario)
Famous Value Investors
(below in alphabetic order by last name)
Martin Zweig (Finance Ph.D. from MSU)