Value Investors Must Read List
Below is a selection of some of the most informative and timeless value-orientated research and data available online. Some of the documents below data back to the 1930’s, when value investing was in its infancy.
This list is a condensed version of the larger ‘Timeless Reading’ page, which can be found at the top of this page. Timeless reading contains thousands of hours of valuable reading material.
All the resources on both pages are completely free so enjoy! We update this site frequently both when We find old documents, and when new documents are published. So make sure to come back frequently.
The Superinvestors – Columbia Business School [PDF]
A transcript of a talk given at Columbia University in 1984 commemorating the fiftieth anniversary of Security Analysis, written by Benjamin Graham and David L. Dodd. This specialized volume first introduced the ideas later popularized in The Intelligent Investor. Buffett’s essay offers a fascinating study of how Graham’s disciples have used Graham’s value investing approach to realize phenomenal success in the stock market.
Here’s a small sample of the resources available on the Tweedy, Browne website. For any readers interested in the funds, or value investing in general, I recommend heading over to http://www.tweedy.com/research/papers_speeches.php where you can find plenty of informative additional material, including:
- The High Dividend Yield Return Advantage: An Examination of Empirical Data Associating Investment in High Dividend Yield Securities with Attractive Returns Over Long Measurement Periods.
- What Has Worked In Investing, Studies of Investment Approaches and Characteristics Associated With Exceptional Returns.
A small sample of the resources available on The Royce Funds website, another key resource for value investors with a focus on small-caps.
- The Strange Case of the Current Small-Cap Cycle
- Looking at Micro-Caps: A Long History of Compelling Returns
- Fortune Magazine – Warren Buffett: “Why stocks beat gold and bonds”
- The Wisdom of Great Investors
- Timeless Wisdom for Creating Long Term Wealth
Research from The Brandes Institute.
- The Role of Expectations in Value and Glamour Stock Returns
- The Investor’s Paradox: Making Intelligent Decisions amid More Choices
- This Time is Different: Behavioural Aspects of Financial Crises
- Benjamin Graham Hearing to a U.S. Senate Committee for a Stock Market Study
- Ten Rediscovered Lectures of Benjamin Graham’s Columbia class from 1946
- An Hour With Ben Graham: Interview by Hartman L. Butler, Jr., C.F.A. La Jolla, California March 6, 1976
- Graham – Newman Letters to Partners 1946 – 1958
- The Simplest Way to Select Bargain Stocks [PDF]
- Illustrative Approaches to Formula Valuations of Common Stocks (1957)
- A Lesson on Elementary, Worldly Wisdom As It Relates to Investment Management & Business.
- The Best of Charlie Munger: 1994-2011 A collection of speeches, essays, and Wesco annual meeting notes
- The Great Financial Scandal of 2003″ by Charles T. Munger
- Warren Buffett letters to partners 1959 – 1969
- Berkshire Hathaway Inc. Shareholder Letters 1977 to 2014
Value Investors Must Read List – A selection of interesting research papers
AlphaArchitect – everything they write but here are three of the best posts
- The Quantitative Value Investing Philosophy
- Value Investing: Never Buy Expensive Stocks. Period.
- Value investing is quite possibly the worst idea…EVER
What Do Financial Economists Have to Say About “Value”?
via Columbia University. This article destroys the efficient market theory.
Buffett’s Alpha – Yale University
Exploring the factors behind Buffett’s success
Value Investing: The Use of Historical. Financial Statement Information to Separate Winners from Losers
Excellent research paper by Joseph Piotroski regarding the out performance of value stocks over time.
“Value Investing Retrospective” Heilbrunn Center for Graham and Dodd Investing Research Project (2006).
A must read 50 page free book that shows how value outperforms internationally and over almost every time period. Dubinsky, Andrew.
“Value versus growth: The international evidence” Journal of Finance 53 (1998): 1975–1999.
Fama, Eugene and Kenneth R. French.
July 7, 2010 blogger Adib Motiwala posted this good summary Lessons from “The Little Book of Behavioral Investing” by James Montier.
Full list of papers: French, Kenneth R.’s Scholarly Papers
Aswath Damodaran Blog Musings on Markets