Resources

These are the resources that I have found extremely useful in my value investing journey. All are ordered by difficulty.

Books

  • Learn To Earn (Peter Lynch & John Rothschild) – excellent for complete novices who want to understand the stock market and business in principle.
  • The Little Book That Still Beats The Market (Joel Greenblatt) – a solid introduction to the basic principles of value investing, and that even simple approaches can work.
  • One Up On Wall Street (Peter Lynch & John Rothschild) – a down-to-earth guide to old-school stock picking and the retail investor’s advantage over Wall Street.
  • The Little Book Of Behavioural Investing (James Montier) – details common psychological pitfalls and how to avoid them.
  • The Intelligent Investor (Benjamin Graham) – an essential read, which can be described as a condensed and novice-friendly version of security analysis.
  • Thinking, Fast and Slow (Daniel Kahneman) – gives a deeper insight into human irrationality and faulty thinking. Knowledge of this is bound to make you a smarter investor.
  • What Works On Wall Street (Jim O’Shaughnessy) – a statistical analysis which analyses the relationship between stock returns and valuation multiples, accounting factors, etc. Also explores certain strategies, and provides evidence that cheap beats expensive.
  • Deep Value (Tobias Carlisle) – a modernised application of Ben Graham’s principles. Carlisle discusses the history of value investing, activism, the effectiveness of purchasing stocks trading at low EV/EBITDA (described as the ‘acquirer’s multiple’), and inevitable mean reversion.
  • Security Analysis (Benjamin Graham & David Dodd) – the bible of value investing. This seminal book outlines value investing theory and practical application in depth. Examples are dated, but the lessons are timeless. The prose may at times be dry, but you can’t call yourself a value investor if you haven’t read it.
  • Value Investing: From Graham to Buffett & Beyond (Bruce Greenwald, et al.) – an excellent book which discusses the evolution and framework of value investing and how to apply it in modern times. It truly bridges the gap between theory and practice. I’d recommend it to everybody, although it is quite advanced.

Essays/Memos

YouTube

Podcasts

Screeners