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Value Investing & Classics

The books behind Graham, Buffett, Munger and Marks: how to value businesses and think in terms of risk and margin of safety. Listed from beginner to advanced.

The Little Book That Beats the Market
Joel Greenblatt
Beginner

Explains the “magic formula,” a simple screen that ranks companies by earnings yield and return on capital.

The Warren Buffett Way
Robert G. Hagstrom
Beginner

Breaks down Buffett’s approach into business, management, financial and value tenets, with case studies.

The Intelligent Investor
Benjamin Graham
Intermediate

The foundational text of value investing. It introduces the margin of safety and the parable of Mr. Market, and separates investing from speculation.

Common Stocks and Uncommon Profits
Philip A. Fisher
Intermediate

Fisher’s approach to finding outstanding growth companies through qualitative research, including his well-known checklist of what to look for.

The Essays of Warren Buffett
Lawrence A. Cunningham
Intermediate

Buffett’s shareholder letters organized by theme, covering investing, corporate governance, valuation and more.

The Most Important Thing
Howard Marks
Intermediate

Short chapters on risk, market cycles, second-level thinking and why investors cannot predict the future with confidence.

Poor Charlie’s Almanack
Peter D. Kaufman (ed.)
Intermediate

A collection of Charlie Munger’s talks and writing on mental models and worldly wisdom.

Security Analysis
Benjamin Graham & David Dodd
Advanced

The dense original framework for analysing financial statements and valuing securities. A reference more than a quick read.

Margin of Safety
Seth A. Klarman
Advanced

Klarman’s detailed case for disciplined, risk-averse, bottom-up value investing.

Pioneering Portfolio Management
David F. Swensen
Advanced

Yale’s longtime chief investment officer explains the endowment model of diversified, equity-oriented institutional investing.

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