584:, who joined Buffett at Berkshire Hathaway in the 1970s and has since worked as Vice Chairman of the company, followed Graham's basic approach of buying assets below intrinsic value, but focused on companies with robust qualitative qualities, even if they weren't statistically cheap. This approach by Munger gradually influenced Buffett by reducing his emphasis on quantitatively cheap assets, and instead encouraged him to look for long-term sustainable competitive advantages in companies, even if they weren't quantitatively cheap relative to intrinsic value. Buffett is often quoted saying, "It's better to buy a great company at a fair price, than a fair company at a great price."
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over a modestly higher-priced company that earns twice as much, reinvests half of earnings to achieve 20% growth, pays out the rest in the form of buybacks (which is more tax efficient), and has huge cash reserves. These "dividend investors" tend to hit older companies with huge payrolls that are already highly indebted and behind technologically, and can least afford to deteriorate further. By consistently voting for increased debt, dividends, etc., these naive "value investors" (and the type of management they tend to appoint) serve to slow innovation, and to prevent the majority of the population from working at healthy businesses.
859:, which discriminates higher potential members within a class of value candidates. The F-score aims to discover additional value from signals in a firm's series of annual financial statements, after initial screening of static measures like book-to-market value. The F-score formula inputs financial statements and awards points for meeting predetermined criteria. Piotroski retrospectively analyzed a class of high book-to-market stocks in the period 1976–1996, and demonstrated that high F-score selections increased returns by 7.5% annually versus the class as a whole. The
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Morningstar for 2006. Eveillard is known for his
Bloomberg appearances where he insists that securities investors never use margin or leverage. The point made is that margin should be considered the anathema of value investing, since a negative price move could prematurely force a sale. In contrast, a value investor must be able and willing to be patient for the rest of the market to recognize and correct whatever pricing issue created the momentary value. Eveillard correctly labels the use of margin or leverage as
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estimated NAV of the company concerned. Whitman believes it is ill-advised for investors to pay much attention to the trend of macro-factors (like employment, movement of interest rate, GDP, etc.) because they are not as important and attempts to predict their movement are almost always futile. Whitman's letters to shareholders of his Third Avenue Value Fund (TAVF) are considered valuable resources "for investors to pirate good ideas" by
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655:, was Warren Buffett’s bible and he referred to it as "the greatest book on investing ever written.” A young Warren Buffett studied under Ben Graham, took his course and worked for his small investment firm, Graham Newman, from 1954 to 1956. Twenty years after Ben Graham, Roger Murray arrived and taught value investing to a young student named
464:, first published in 1934. The most lasting contribution of this book to the field of security analysis was to emphasize the quantifiable aspects of security analysis (such as the evaluations of earnings and book value) while minimizing the importance of more qualitative factors such as the quality of a company's management. Graham later wrote
836:, though it may imply that value stocks are simply riskier and thus require greater returns. Furthermore, Foye and Mramor (2016) find that country-specific factors have a strong influence on measures of value (such as the book-to-market ratio). This leads them to conclude that the reasons why value stocks outperform are country-specific.
439:. In this speech, Buffett examined the performance of those investors who worked at Graham-Newman Corporation and were influenced by Benjamin Graham. Buffett's conclusion was that value investing is on average successful in the long run. This was also the conclusion of the academic research on simple value investing strategies.
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was founded in 1920 and has been described as "the oldest value investing firm on Wall Street". Founder Forest
Berwind "Bill" Tweedy initially focused on shares of smaller companies, often family owned, which traded in lower numbers and lower volume than stock for larger companies. This niche allowed
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are well known global value managers. For a time, these two were paired up at the First Eagle Funds, compiling an enviable track record of risk-adjusted outperformance. For example, Morningstar designated them the 2001 "International Stock
Manager of the Year" and de Vaulx earned second place from
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Buffett is a particularly skilled investor because of his temperament. He has a famous quote stating "be greedy when others are fearful, and fearful when others are greedy." In essence, he updated the teachings of Graham to fit a style of investing that prioritizes fundamentally good businesses over
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and the market as a whole, not necessarily over short periods but when tracked over long periods, even going back to the 19th century. A review of 26 years of data (1990 to 2015) from US markets found that the over-performance of value investing was more pronounced in stocks for smaller and mid-size
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in which the authors advocated detailed analysis of objective financial metrics of specific stocks. Quantitative investing replaces much of the ad-hoc financial analysis used by human fundamental investment analysts with a systematic framework designed and programmed by a person but largely executed
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which he co-authored with David Dodd in 1934 and calls for an approach to investing that is focused on purchasing equities at prices less than their intrinsic values. In terms of picking or screening stocks, he recommended purchasing firms which have steady profits, are trading at low prices to book
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Firstly, various naive "value investing" schemes, promoted as simple, are grossly inaccurate because they completely ignore the value of growth, or even of earnings altogether. For example, many investors look only at dividend yield. Thus they would prefer a 5% dividend yield at a declining company
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The term "value investing" causes confusion because it suggests that it is a distinct strategy, as opposed to something that all investors (including growth investors) should do. In a 1992 letter to shareholders, Warren
Buffett said, "We think the very term 'value investing' is redundant". In other
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was a well-known
Canadian value investor who followed the Graham teachings. His flagship Cundill Value Fund allowed Canadian investors access to fund management according to the strict principles of Graham and Dodd. Warren Buffett had indicated that Cundill had the credentials he's looking for in a
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Furthermore, the method of calculating the "intrinsic value" may not be well-defined. Some analysts believe that two investors can analyze the same information and reach different conclusions regarding the intrinsic value of the company, and that there is no systematic or standard way to value a
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is another well-regarded value investor. His approach is called safe-and-cheap, which was hitherto referred to as financial-integrity approach. Martin
Whitman focuses on acquiring common shares of companies with extremely strong financial position at a price reflecting meaningful discount to the
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Also, one of the biggest criticisms of price centric value investing is that an emphasis on low prices (and recently depressed prices) regularly misleads retail investors; because fundamentally low (and recently depressed) prices often represent a fundamentally sound difference (or change) in a
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of equities). A review of his archives at King's
College found no evidence of contact between Keynes and his American counterparts and Keynes is believed to have developed his investing theories independently. Keynes did not teach his concepts in classes or seminars, unlike Graham and Dodd, and
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Laurence Tisch, who led Loews
Corporation with his brother, Robert Tisch, for more than half a century, also embraced value investing. Shortly after his death in 2003 at age 80, Fortune wrote, "Larry Tisch was the ultimate value investor. He was a brilliant contrarian: He saw value where other
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admitted that even by that time ad-hoc detailed financial analysis of single stocks was unlikely to produce good risk-adjusted returns. Instead, he advocated a rules-based approach focused on constructing a coherent portfolio based on a relatively limited set of objective fundamental financial
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was another Graham-and-Dodd disciple. Schloss never had a formal education. When he was 18, he started working as a runner on Wall Street. He then attended investment courses taught by Ben Graham at the New York Stock
Exchange Institute, and eventually worked for Graham in the Graham-Newman
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are difficult to quantify, and may not survive the break-up of a company. When an industry is going through fast technological advancements, the value of its assets is not easily estimated. Sometimes, the production power of an asset can be significantly reduced due to competitive
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stock. In other words, a value investing strategy can only be considered successful if it delivers excess returns after allowing for the risk involved, where risk may be defined in many different ways, including market risk, multi-factor models or idiosyncratic risk.
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achieved annual returns at the hedge fund Gotham
Capital of over 50% per year for 10 years from 1985 to 1995 before closing the fund and returning his investors' money. He is known for investing in special situations such as spin-offs, mergers, and divestitures.
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and therefore its value can suffer permanent impairment. One good example of decreasing asset value is a personal computer. An example of where book value does not mean much is the service and retail sectors. One modern model of calculating value is the
516:. Kahn was a partner at various finance firms until 1978 when he and his sons, Thomas Graham Kahn and Alan Kahn, started the value investing firm, Kahn Brothers & Company. Irving Kahn remained chairman of the firm until his death at age 109.
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Partnership. In 1955, he left Graham’s company and set up his own investment firm, which he ran for nearly 50 years. Walter Schloss was one of the investors Warren Buffett profiled in his famous Superinvestors of Graham-and-Doddsville article.
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is a simple illustration of a quantitative value investing strategy. Many modern practitioners employ more sophisticated forms of quantitative analysis and evaluate numerous financial metrics, as opposed to just two as in the "magic formula".
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those that are deemed cheap by statistical measures. He is further known for a talk he gave titled the Super Investors of Graham and Doddsville. The talk was an outward appreciation for the fundamentals that Benjamin Graham instilled in him.
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in 1981. Larson is a well known value investor but his specific investment and diversification strategies are not known. Larson has consistently outperformed the market since the establishment of Cascade and has rivaled or outperformed
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details of his investing theories became widely known only decades after his death in 1946. There was "considerable overlap" of Keynes's ideas with those of Graham and Dodd, though their ideas were not entirely congruent.
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The term was coined later to help describe his ideas. The term however has also led to misinterpretation of his principles - most notably the notion that Graham simply recommended cheap stocks. The Heilbrunn Center at
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is a classic guide to quantitative value investing, containing backtesting performance data of various quantitative value strategies and value factors based on Compustat data from January 1927 until December 2009.
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words, there is no such thing as "non-value investing" because putting your money into assets that you believe are overvalued would be better described as speculation, conspicuous consumption, etc., but not
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investors didn't -- and he was usually right." By 2012, Loews Corporation, which continues to follow the principles of value investing, had revenues of $ 14.6 billion and assets of more than $ 75 billion.
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Value investing has proven to be a successful investment strategy. There are several ways to evaluate the success. One way is to examine the performance of simple value strategies, such as buying low
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108:". Buffett further expanded the value investing concept with a focus on "finding an outstanding company at a sensible price" rather than generic companies at a bargain price. Hedge fund manager
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was one of Graham's teaching assistants at Columbia University in the 1930s. He was a close friend and confidant of Graham's for decades and made research contributions to Graham's texts
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Chambers, David and Dimson, Elroy, John Maynard Keynes, Investment Innovator (June 30, 2013). Journal of Economic Perspectives, 2013, Vol 27, No 3, pages 1–18, Available at SSRN:
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876:. Unfortunately, the term still exists, and therefore the quest for a distinct "value investing" strategy leads to over-simplification, both in practice and in theory.
116:(EMH). While the EMH proposes that securities are accurately priced based on all available data, value investing proposes that some equities are not accurately priced.
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stocks. Numerous academics have published studies investigating the effects of buying value stocks. These studies have consistently found that value stocks outperform
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due to the limited options for sellers. Tweedy and Benjamin Graham eventually became friends and worked out of the same New York City office building at 52 broadway.
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431:(as typically investors might not become well known unless they are successful) a way to investigate the performance of a group of value investors was suggested by
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for equities was recognized as early as the 1600s, as was the idea that paying substantially above intrinsic value was likely to be a poor long-term investment.
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Graham's most famous student, however, is Warren Buffett, who ran successful investing partnerships before closing them in 1969 to focus on running
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was trading at at what he believed was an elevated price of over 300% more than face value, "without any material difference in Intrinsick value."
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examined 56 screening methods in a retrospective analysis of the financial crisis of 2008, and found that only F-score produced positive results.
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Instead of using big-picture economics, Keynes increasingly focused on a small number of companies that he knew very well. Rather than chasing
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has regularly emphasized that "it's far better to buy a wonderful company at a fair price, than to buy a fair company at a wonderful price."
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in 1996. The disciples of Heine and Price quietly practice value investing at some of the most successful investment firms in the country.
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David B. Zenoff. The Soul of the Organization: How to Ignite Employee Engagement and Productivity at Every Level. Apress, Mar 1, 2014, p. 89
1371:"Firm Size, Book-to-Market Ratio, and Security Returns: A Holdout Sample of Financial Firms, by Lyon & Barber, 1997, Journal of Finance"
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603:, is another strong proponent of value investing. Burry is famous for being the first investor to recognize and profit from the impending
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has a well-known reputation of producing top value managers and analysts in this modern era. This tradition stems from two individuals:
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and the Gates personal fortune. Cascade is a diversified investment shop established in 1994 by Gates and Larson. Larson graduated from
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arrived and produced his own protégés, including Paul Sonkin—just as Ben Graham had Buffett as a protégé, and Roger Murray had Gabelli.
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2406:"Value Investing: From Graham to Buffett and Beyond" (2004), by Bruce C. N. Greenwald, Judd Kahn, Paul D. Sonkin, Michael van Biema
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1948:
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1303:"Investment Performance of Common Stocks in Relation to Their Price-Earnings Ratios: A Test of the Efficient Market Hypothesis"
580:. Buffett was a strong advocate of Graham's approach and strongly credits his success back to his teachings. Another disciple,
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470:, a book that brought value investing to individual investors. Aside from Buffett, many of Graham's other students, such as
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Seth Klarman (1991). Margin of Safety: Risk-averse Value Investing Strategies for the Thoughtful Investor. HarperCollins,
196:. Most were small and midsize companies in dull or out of favor industries, such as mining and autos in the midst of the
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678:, founder of the well regarded value investment firm Mutual Shares fund in 1949 and his protégé legendary value investor
820:, founded in 1931 and with one of the oldest US mutual funds still in existence as of 2019, emphasizes value investing.
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Joel Tillinghast (2017). Big Money Thinks Small: Biases, Blind Spots and Smarter Investing. Columbia University Press,
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557:
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The early value opportunities identified by Graham and Dodd included stock in public companies trading at discounts to
2400:"The Rediscovered Benjamin Graham - selected writings of the wall street legend," by Janet Lowe. John Wiley & Sons
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J. E. Woods, On Keynes as an investor, Cambridge Journal of Economics, Volume 37, Issue 2, March 2013, Pages 423–442,
180:. When this method was unsuccessful, he turned to a strategy similar to value investing. In 2017, Joel Tillinghast of
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Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors
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2409:"Modern Security Analysis: Understand Wall Street Fundamentals" (2013), by Fernando Diz and Martin J. Whitman,
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1397:"Overreaction, Underreaction, and the Low-P/E Effect, by Dreman & Berry, 1995, Financial Analysts Journal"
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Charles B. Carlson (2010). The Little Book of Big Dividends. NY: John Wiley & Sons, ISBN 978-0-470-56799-9
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From 1965 to 1990 there was little published research and articles in leading journals on value investing.
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is most useful in industries where most assets are tangible. Intangible assets such as patents, brands, or
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200:. Despite his rough start , Keynes beat the market averages by 6 percent a year over more than two decades.
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Benjamin Graham is regarded by many to be the father of value investing. Along with David Dodd, he wrote
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2026:"Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers"
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Value Fund and Global Value Fund have both beat market averages since their inception in 1993. In 2006,
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companies than for larger companies and recommended a "value tilt" with greater emphasis on value than
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However, the concept of value (as well as "book value") has evolved significantly since the 1970s.
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in a rigorous and systematic manner. Practitioners often employ quantitative applications such as
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Value Investing Made Easy: Benjamin Graham's Classic Investment Strategy Explained for Everyone
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104:. The discount of the market price to the intrinsic value is what Benjamin Graham called the "
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1346:"The Cross-Section of Expected Stock Returns, by Fama & French, 1992, Journal of Finance"
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2425:"Stocks and Exchange - the only Book you need" (2021), by Ladis Konecny, ISBN 9783848220656
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Columbia Business School has played a significant role in shaping the principles of the
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100:, have argued that the essence of value investing is buying stocks at less than their
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1772:"Brooker, Katrina. Like father, like son: A Tisch family story. Fortune, 2004-06-17"
1158:"The Benjamin Graham Stock Screen - Investing Like the Godfather of Value Investing"
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Since examining only the performance of the best known value investors introduces a
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2120:"Why the division between value and growth investing is a hoax and always has been"
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1970:"A New Perspective on the International Evidence Concerning the Book-Price Effect"
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starting in the 1920s, Keynes first attempted a stock trading strategy based on
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is also recognized as an early value investor. While managing the endowment of
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2149:"It's All About Style: Growth and Value Investing in Institutional Portfolios"
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Margin of Safety, Risk Averse Investing Strategies for the Thoughtful Investor
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2174:; Miffre, Joelle (2009). "The value premium and time-varying volatility".
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48:. Modern value investing derives from the investment philosophy taught by
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AAII: 2008 AAII Stock Screen Roundup: Piotroski Strategy Defeats the Bear
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752:'s returns as well as other funds based on the value investing strategy.
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228:(pictured) established value investing along with fellow professor
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model (DCF), where the value of an asset is the sum of its future
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1706:"Warren Buffett's 1989 letter to Berkshire Hathaway shareholders"
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Baltussen, Guido; van Vliet, Bart; van Vliet, Pim (2023-02-07),
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2039:. The University of Chicago Graduate School of Business: 1–41.
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704:, a Boston-based private investment partnership, and author of
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starting in 1928 and subsequently developed in their 1934 text
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Comparing the results of value and growth stock market indexes
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Quantitative investment analysis can trace its origin back to
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has described value investing as rooted in a rejection of the
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that lead to inferior investment decisions. In an interview,
1828:"Morningstar Hall of Fame: Fund Manager of the Year Winners"
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Tweedy to buy stocks at a significant discount to estimated
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Devil Take the Hindmost: A History of Financial Speculation
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went on to become successful investors in their own right.
204:
Keynes used similar terms and concepts as Graham and Dodd (
2403:"Benjamin Graham on Value Investing," Janet Lowe, Dearborn
635:: "All my stock picking is 100% based on the concept of a
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in order to teach ordinary investors how to value invest.
1732:"Learning From Dr. Michael Burry's Investment Philosophy"
2090:"AAII: The American Association of Individual Investors"
700:, a Mutual Series alum, is the founder and president of
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7Twelve: A Diversified Investment Portfolio with a Plan
812:
and Tom Gayner who manages the investment portfolio of
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Contrarian Investment Strategies: The Next Generation
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has sold on Amazon for $ 1,200 and eBay for $ 2,000.
1016:"The Heilbrunn Center for Graham and Dodd Investing"
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stocks, low price-to-cash-flow ratio stocks, or low
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is the current home of the Value Investing Program.
1186:Wesley R. Gray, Phd. and Tobias E. Carlisle, LLB.
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840:company's relative financial health. To that end,
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1395:Dreman, David N.; Berry, Michael A. (July 1995).
533:was well known for value investing. According to
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1761:, Personal Finance section. Accessed 11-11-2008.
1656:"R.I.P. Peter Cundill « The Wealth Steward"
1562:"The Walter Schloss Approach to Value Investing"
617:. Burry has said on multiple occasions that his
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2559:Qualifying investor alternative investment fund
1073:. NY: Plume/Penguin, ISBN, 978045281806, p. 45
866:
302:
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1440:The Cross-Section of Stock Returns before CRSP
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694:, another contrarian value oriented investor.
667:Mutual Series and Franklin Templeton disciples
643:Other Columbia Business School value investors
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192:, he bought undervalued stocks with generous
2519:Labour-sponsored venture capital corporation
1943:
1941:
1627:"The Little Book of Value Investing | Wiley"
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861:American Association of Individual Investors
763:in his book on special-situation investment
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1251:The Little Book That Still Beats the Market
437:The Superinvestors of Graham-and-Doddsville
2867:
2853:
2831:
2452:
2438:
2357:(2001), edited by Lawrence A. Cunningham.
2230:
2176:Journal of Business Finance and Accounting
1968:Foye, James; Mramor, Dusan (20 May 2016).
1967:
1795:
1532:"IRVING KAHN's Obituary on New York Times"
1466:: CS1 maint: location missing publisher (
731:, which is the investment vehicle for the
2459:
2187:
2023:
1938:
1277:"Machine Learning & Equity Investing"
1085:
258:. The concept was introduced in the book
92:Proponents of value investing, including
1681:"Buffett likes the cut of Cundill's jib"
1480:Craig L. Israelsen (2011, updated 2016)
1264:What Works on Wall Street Fourth Edition
1093:Profiles in Investing: A Legacy of Value
816:Insurance. San Francisco investing firm
792:Other notable value investors include:
715:
455:
220:
149:observed in the 1690s how stock for the
44:that appear underpriced by some form of
18:
1935:, Morningstar.com, accessed 18 Jan 2020
1443:(SSRN Scholarly Paper), Rochester, NY,
3638:
1909:
1134:http://dx.doi.org/10.2139/ssrn.2287262
1103:published by Columbia Business School)
507:World Commodities and World Currencies
119:Graham himself did not use the phrase
2874:
2848:
2433:
2369:The Little Book That Beats the Market
1867:from the original on 19 November 2016
1585:
1226:"A Conversation with Benjamin Graham"
1168:from the original on 4 September 2018
1047:from the original on 18 November 2019
136:
2420:The Most Important Thing Illuminated
2258:
2100:from the original on 3 February 2013
1949:Burton Malkiel Talks the Random Walk
1897:from the original on 27 October 2016
1729:
1503:; Fidelity.com, accessed 07 Feb 2020
1210:The Psychology of Human Misjudgement
272:
269:and which have relatively low debt.
1091:Eli Rabinowich (February 12, 2004).
954:New York: McGraw Hill Book Co., 4.
789:, the opposite of value investing.
733:Bill & Melinda Gates Foundation
727:is the Chief Investment Officer of
543:was the favorite brokerage firm of
236:Value investing was established by
13:
2387:The Little Book of Value Investing
2223:
1318:10.1111/j.1540-6261.1977.tb01979.x
1146:https://doi.org/10.1093/cje/bes061
1101:Graham & Doddsville Newsletter
558:The Little Book of Value Investing
299:, discounted back to the present.
216:
14:
3702:
1542:from the original on 3 March 2016
1312:. 32, no. 3 (June) (3): 663–682.
1130:https://ssrn.com/abstract=2287262
572:Warren Buffett and Charlie Munger
3123:Electronic communication network
2830:
2823:
2822:
2319:You Can Be a Stock Market Genius
2198:10.1111/j.1468-5957.2009.02163.x
1984:from the original on 29 May 2020
1887:"Guy Spier - Aquamarine Capital"
1799:You Can Be a Stock Market Genius
828:Value stocks do not always beat
765:You Can Be a Stock Market Genius
591:
360:by a computer in order to avoid
2163:
2141:
2130:from the original on 2021-05-17
2112:
2082:
2017:
1961:
1918:
1879:
1849:
1838:from the original on 2021-09-16
1820:
1796:Greenblatt, Joel (1999-02-25).
1789:
1778:from the original on 2020-09-18
1764:
1748:
1723:
1712:from the original on 2008-06-08
1698:
1673:
1648:
1637:from the original on 2018-09-04
1619:
1608:from the original on 2021-04-18
1579:
1568:from the original on 2019-09-14
1554:
1524:
1514:The Heresy That Made Them Rich,
1506:
1474:
1430:
1419:from the original on 2015-11-07
1388:
1377:from the original on 2018-11-09
1363:
1352:from the original on 2019-06-01
1338:
1327:from the original on 2018-07-13
1294:
1283:from the original on 2021-06-06
1256:
1243:
1232:from the original on 2021-06-06
1218:
1193:
1150:
1138:
1122:
1022:from the original on 2019-11-18
659:. About a decade or so later,
547:during his lifetime; also, the
398:Performance of value strategies
324:statistical / empirical finance
2656:Socially responsible investing
2586:Split capital investment trust
2282:The Theory of Investment Value
2033:Journal of Accounting Research
1926:Dodge & Cox: Built to Last
1802:. Simon and Schuster. p.
1588:"A Career Spent Finding Value"
1495:(John Wiley & Sons Inc.),
1076:
1059:
1033:
1008:
991:
965:
935:
688:Franklin Templeton Investments
684:Franklin Templeton Investments
423:Performance of value investors
267:price-to-earnings (P/E) ratios
254:, he advocated the concept of
1:
3117:Multilateral trading facility
2544:Open-ended investment company
2024:Piotroski, Joseph D. (2000).
929:
682:. Mutual Series was sold to
451:The Graham-and-Dodd Disciples
3540:Returns-based style analysis
3336:Post-modern portfolio theory
3242:Security characteristic line
2802:Returns-based style analysis
2565:Real estate investment trust
2355:The Essays of Warren Buffett
1730:Raza, Sheeraz (2016-12-20).
867:Over-simplification of value
823:
308:Quantitative value investing
303:Quantitative value investing
7:
3294:Efficient-market hypothesis
3198:Capital asset pricing model
3135:Straight-through processing
2737:Efficient-market hypothesis
1586:Zweig, Jason (2009-12-16).
1491:excerpted from Israelsen's
887:
393:Value investing performance
336:natural language processing
114:efficient-market hypothesis
10:
3707:
3111:Alternative Trading System
2576:Short-term investment fund
1401:Financial Analysts Journal
980:New York: Collins, Ch.20.
568:chief investment officer.
446:Well-known value investors
312:Systematic value investing
244:. Both were professors at
131:
83:price-to-earning multiples
3386:
3261:
3160:
3080:
2988:
2955:
2916:
2882:
2820:
2779:
2724:
2683:
2619:
2524:Listed investment company
2493:Fonds commun de placement
2467:
2389:(2006), by Chris Browne.
2266:. New York: McGraw-Hill.
2244:. New York: McGraw-Hill.
1041:"Value Investing Program"
737:Claremont McKenna College
386:What Works on Wall Street
174:King's College, Cambridge
3175:Arbitrage pricing theory
2732:Arbitrage pricing theory
2301:The Intelligent Investor
1832:newsroom.morningstar.com
977:The Intelligent Investor
904:Low-volatility investing
741:Booth School of Business
690:takes its name from Sir
653:The Intelligent Investor
605:subprime mortgage crisis
513:The Intelligent Investor
467:The Intelligent Investor
419:in personal portfolios.
251:The Intelligent Investor
246:Columbia Business School
126:Columbia Business School
58:Columbia Business School
3454:Initial public offering
3315:Modern portfolio theory
3210:Dividend discount model
3093:List of stock exchanges
2807:Traditional investments
2792:Commodity pool operator
2766:Noisy market hypothesis
2761:Modern portfolio theory
2611:Unitised insurance fund
2539:Open-ended fund company
2481:Common contractual fund
2422:(2013), by Howard Marks
1593:The Wall Street Journal
1413:10.2469/faj.v51.n4.1917
536:The Wall Street Journal
377:magic formula investing
3342:Random walk hypothesis
2787:Alternative investment
2701:Institutional investor
2005:Cite journal requires
1924:Andrew Daniels (2017)
233:
40:that involves buying
27:
3480:Market capitalization
3289:Dollar cost averaging
2601:Unit investment trust
2461:Investment management
1301:Basu, Sanjoy (1977).
1262:James O'Shaughnessy.
1190:. Wiley Finance. 2013
1097:Christopher H. Browne
851:accounting professor
745:University of Chicago
716:Other value investors
553:Christopher H. Browne
527:Christopher H. Browne
501:Storage and Stability
456:Ben Graham's students
288:disruptive innovation
224:
81:and those having low
22:
3681:Securities (finance)
3671:Mathematical finance
3300:Fundamental analysis
3284:Contrarian investing
3247:Security market line
3152:Liquidity aggregator
3129:Direct market access
3040:Quantitative analyst
2591:Tax transparent fund
2487:Exchange-traded fund
1978:10.2139/ssrn.2782441
1449:10.2139/ssrn.3969743
894:Contrarian investing
782:Jean-Marie Eveillard
328:mathematical finance
293:discounted cash flow
182:Fidelity Investments
87:price-to-book ratios
46:fundamental analysis
3691:Valuation (finance)
3545:Reverse stock split
3490:Market manipulation
3414:Dual-listed company
3274:Algorithmic trading
3204:Capital market line
3006:Inter-dealer broker
2646:Manager of managers
2554:Private-equity fund
2182:(9–10): 1252–1272.
2159:on 13 October 2013.
1861:www.tilsonfunds.com
1755:The $ 700 Used Book
1266:. McGraw Hill. 2014
435:in his 1984 speech
408:price-to-book ratio
382:James O'Shaughnessy
248:. In Graham's book
208:an emphasis on the
170:John Maynard Keynes
156:The investing firm
75:tangible book value
16:Investment paradigm
3585:Stock market index
3424:Efficient frontier
3363:Technical analysis
3321:Momentum investing
3143:(private exchange)
3033:Proprietary trader
2975:Shares outstanding
2965:Authorised capital
2756:Martingale pricing
2666:Thematic investing
2631:passive management
2287:John Burr Williams
1954:2015-12-11 at the
1947:Robert Huebscher.
1931:2020-07-31 at the
1891:Aquamarine Capital
1757:. (2006, Aug. 7).
1536:The New York Times
1521:, October 29, 2005
1518:The New York Times
1487:2019-12-15 at the
1310:Journal of Finance
1204:2021-06-21 at the
1162:Pennies and Pounds
1043:. 18 August 2015.
800:, Whitney Tilson,
750:Berkshire Hathaway
729:Cascade Investment
607:, as portrayed by
578:Berkshire Hathaway
332:behavioral finance
234:
151:East India Company
137:Early predecessors
94:Berkshire Hathaway
77:, those with high
28:
3633:
3632:
3434:Flight-to-quality
3186:Buffett indicator
2876:Financial markets
2842:
2841:
2620:Investment styles
2273:978-0-07-038859-8
2251:978-0-07-159253-6
2241:Security Analysis
1813:978-0-684-84007-9
1249:Joel Greenblatt.
951:Security Analysis
914:Value (economics)
909:Quality investing
756:Martin J. Whitman
702:The Baupost Group
632:Security Analysis
599:, the founder of
597:Dr. Michael Burry
495:Security Analysis
462:Security Analysis
348:Security Analysis
320:unstructured data
273:Further evolution
261:Security Analysis
63:Security Analysis
3698:
3676:Personal finance
3651:Finance theories
3550:Share repurchase
3262:Trading theories
3147:Crossing network
3105:Over-the-counter
2942:Restricted stock
2898:Secondary market
2869:
2862:
2855:
2846:
2845:
2834:
2833:
2826:
2825:
2675:growth investing
2641:Impact investing
2509:Investment trust
2454:
2447:
2440:
2431:
2430:
2277:
2255:
2232:Graham, Benjamin
2218:
2217:
2191:
2167:
2161:
2160:
2155:. Archived from
2153:www.jpmorgan.com
2145:
2139:
2138:
2136:
2135:
2116:
2110:
2109:
2107:
2105:
2086:
2080:
2079:
2077:
2075:
2069:
2063:. Archived from
2030:
2021:
2015:
2014:
2008:
2003:
2001:
1993:
1991:
1989:
1965:
1959:
1945:
1936:
1922:
1916:
1913:
1907:
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1743:
1742:
1727:
1721:
1720:
1718:
1717:
1702:
1696:
1695:
1693:
1692:
1683:. Archived from
1677:
1671:
1670:
1668:
1667:
1658:. Archived from
1652:
1646:
1645:
1643:
1642:
1623:
1617:
1616:
1614:
1613:
1583:
1577:
1576:
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1573:
1558:
1552:
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1547:
1528:
1522:
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1478:
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1471:
1465:
1457:
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1434:
1428:
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1392:
1386:
1385:
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1237:
1222:
1216:
1197:
1191:
1184:
1178:
1177:
1175:
1173:
1154:
1148:
1142:
1136:
1126:
1120:
1110:
1104:
1095:(interview with
1089:
1083:
1080:
1074:
1067:Edwin Chancellor
1063:
1057:
1056:
1054:
1052:
1037:
1031:
1030:
1028:
1027:
1012:
1006:
995:
989:
969:
963:
942:Graham, Benjamin
939:
853:Joseph Piotroski
778:Charles de Vaulx
739:in 1980 and the
710:Margin of Safety
680:Michael F. Price
637:margin of safety
619:investment style
472:William J. Ruane
417:growth investing
362:cognitive biases
340:machine learning
310:, also known as
265:value, have low
256:margin of safety
198:Great Depression
121:value investing.
106:margin of safety
3706:
3705:
3701:
3700:
3699:
3697:
3696:
3695:
3636:
3635:
3634:
3629:
3620:Voting interest
3530:Public offering
3465:Mandatory offer
3439:Government bond
3419:DuPont analysis
3382:
3378:Value investing
3373:Value averaging
3368:Trend following
3353:Style investing
3348:Sector rotation
3263:
3257:
3236:Net asset value
3162:Stock valuation
3156:
3076:
2984:
2951:
2937:Preferred stock
2912:
2878:
2873:
2843:
2838:
2816:
2775:
2720:
2716:Performance fee
2706:Net asset value
2696:Fund governance
2691:Closed-end fund
2679:
2615:
2472:
2470:
2463:
2458:
2428:
2373:Joel Greenblatt
2323:Joel Greenblatt
2306:Benjamin Graham
2274:
2252:
2226:
2224:Further reading
2221:
2189:10.1.1.187.3128
2168:
2164:
2147:
2146:
2142:
2133:
2131:
2118:
2117:
2113:
2103:
2101:
2088:
2087:
2083:
2073:
2071:
2067:
2045:10.2307/2672906
2028:
2022:
2018:
2006:
2004:
1995:
1994:
1987:
1985:
1966:
1962:
1958:. July 7, 2009.
1956:Wayback Machine
1946:
1939:
1933:Wayback Machine
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1512:Joseph Nocera,
1511:
1507:
1489:Wayback Machine
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1206:Wayback Machine
1198:
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1164:. 8 June 2022.
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1025:
1023:
1014:
1013:
1009:
996:
992:
970:
966:
940:
936:
932:
919:Value averaging
899:Index investing
890:
869:
826:
818:Dodge & Cox
798:Thomas Forester
771:Joel Greenblatt
761:Joel Greenblatt
718:
669:
661:Bruce Greenwald
645:
623:Benjamin Graham
594:
574:
545:Benjamin Graham
484:Charles Brandes
458:
453:
448:
425:
400:
395:
373:Joel Greenblatt
366:Benjamin Graham
353:Benjamin Graham
305:
275:
238:Benjamin Graham
226:Benjamin Graham
219:
217:Benjamin Graham
210:intrinsic value
143:intrinsic value
141:The concept of
139:
134:
102:intrinsic value
79:dividend yields
50:Benjamin Graham
31:Value investing
17:
12:
11:
5:
3704:
3694:
3693:
3688:
3683:
3678:
3673:
3668:
3663:
3658:
3656:Financial risk
3653:
3648:
3646:Business terms
3631:
3630:
3628:
3627:
3622:
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3607:
3602:
3597:
3592:
3587:
3582:
3580:Stock exchange
3577:
3575:Stock dilution
3572:
3567:
3562:
3557:
3552:
3547:
3542:
3537:
3532:
3527:
3522:
3517:
3512:
3507:
3502:
3500:Mean reversion
3497:
3492:
3487:
3482:
3477:
3475:Market anomaly
3472:
3467:
3462:
3457:
3451:
3446:
3441:
3436:
3431:
3426:
3421:
3416:
3411:
3406:
3401:
3396:
3394:Bid–ask spread
3390:
3388:
3384:
3383:
3381:
3380:
3375:
3370:
3365:
3360:
3355:
3350:
3345:
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3268:
3259:
3258:
3256:
3255:
3250:
3244:
3239:
3233:
3228:
3223:
3221:Earnings yield
3218:
3216:Dividend yield
3213:
3207:
3201:
3195:
3189:
3183:
3178:
3172:
3166:
3164:
3158:
3157:
3155:
3154:
3149:
3144:
3138:
3132:
3126:
3120:
3114:
3108:
3107:(off-exchange)
3102:
3101:
3100:
3095:
3084:
3082:
3081:Trading venues
3078:
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3074:
3069:
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3015:
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2986:
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2983:
2982:
2980:Treasury stock
2977:
2972:
2967:
2961:
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2953:
2952:
2950:
2949:
2947:Tracking stock
2944:
2939:
2934:
2929:
2923:
2921:
2914:
2913:
2911:
2910:
2905:
2900:
2895:
2893:Primary market
2889:
2887:
2880:
2879:
2872:
2871:
2864:
2857:
2849:
2840:
2839:
2821:
2818:
2817:
2815:
2814:
2809:
2804:
2799:
2794:
2789:
2783:
2781:
2780:Related topics
2777:
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2687:
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2677:
2668:
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2661:Social trading
2658:
2653:
2651:Social finance
2648:
2643:
2638:
2633:
2623:
2621:
2617:
2616:
2614:
2613:
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2603:
2598:
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2464:
2457:
2456:
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2427:
2426:
2423:
2417:
2415:978-1118390047
2407:
2404:
2401:
2398:
2384:
2366:
2352:
2334:
2316:
2297:
2278:
2272:
2256:
2250:
2236:Dodd, David L.
2227:
2225:
2222:
2220:
2219:
2162:
2140:
2124:Financial Post
2111:
2081:
2016:
2007:|journal=
1960:
1937:
1917:
1908:
1878:
1857:"Tilson Funds"
1848:
1819:
1812:
1788:
1763:
1747:
1722:
1697:
1672:
1647:
1618:
1578:
1553:
1523:
1505:
1473:
1429:
1387:
1362:
1337:
1293:
1268:
1255:
1242:
1217:
1214:Charlie Munger
1192:
1179:
1149:
1137:
1121:
1105:
1084:
1075:
1058:
1032:
1007:
1003:978-0887305108
990:
964:
933:
931:
928:
927:
926:
921:
916:
911:
906:
901:
896:
889:
886:
868:
865:
855:developed the
842:Warren Buffett
825:
822:
802:Mohnish Pabrai
725:Michael Larson
717:
714:
692:John Templeton
668:
665:
649:Value Investor
644:
641:
621:is built upon
609:Christian Bale
593:
590:
582:Charlie Munger
573:
570:
549:Tweedy, Browne
541:Tweedy, Browne
531:Tweedy, Browne
520:Walter Schloss
480:Walter Schloss
457:
454:
452:
449:
447:
444:
433:Warren Buffett
429:selection bias
424:
421:
399:
396:
394:
391:
304:
301:
274:
271:
218:
215:
202:
201:
158:Tweedy, Browne
138:
135:
133:
130:
98:Warren Buffett
15:
9:
6:
4:
3:
2:
3703:
3692:
3689:
3687:
3684:
3682:
3679:
3677:
3674:
3672:
3669:
3667:
3666:Market trends
3664:
3662:
3659:
3657:
3654:
3652:
3649:
3647:
3644:
3643:
3641:
3626:
3623:
3621:
3618:
3616:
3613:
3611:
3608:
3606:
3603:
3601:
3598:
3596:
3593:
3591:
3588:
3586:
3583:
3581:
3578:
3576:
3573:
3571:
3568:
3566:
3563:
3561:
3558:
3556:
3555:Short selling
3553:
3551:
3548:
3546:
3543:
3541:
3538:
3536:
3533:
3531:
3528:
3526:
3523:
3521:
3518:
3516:
3513:
3511:
3508:
3506:
3503:
3501:
3498:
3496:
3493:
3491:
3488:
3486:
3483:
3481:
3478:
3476:
3473:
3471:
3468:
3466:
3463:
3461:
3458:
3455:
3452:
3450:
3447:
3445:
3444:Greenspan put
3442:
3440:
3437:
3435:
3432:
3430:
3429:Financial law
3427:
3425:
3422:
3420:
3417:
3415:
3412:
3410:
3407:
3405:
3404:Cross listing
3402:
3400:
3397:
3395:
3392:
3391:
3389:
3387:Related terms
3385:
3379:
3376:
3374:
3371:
3369:
3366:
3364:
3361:
3359:
3358:Swing trading
3356:
3354:
3351:
3349:
3346:
3343:
3340:
3337:
3334:
3332:
3329:
3327:
3326:Mosaic theory
3324:
3322:
3319:
3316:
3313:
3311:
3310:Market timing
3308:
3306:
3303:
3301:
3298:
3295:
3292:
3290:
3287:
3285:
3282:
3280:
3277:
3275:
3272:
3271:
3269:
3267:
3260:
3254:
3251:
3248:
3245:
3243:
3240:
3237:
3234:
3232:
3229:
3227:
3224:
3222:
3219:
3217:
3214:
3211:
3208:
3205:
3202:
3199:
3196:
3193:
3190:
3187:
3184:
3182:
3179:
3176:
3173:
3171:
3168:
3167:
3165:
3163:
3159:
3153:
3150:
3148:
3145:
3142:
3139:
3136:
3133:
3130:
3127:
3124:
3121:
3118:
3115:
3112:
3109:
3106:
3103:
3099:
3098:Trading hours
3096:
3094:
3091:
3090:
3089:
3086:
3085:
3083:
3079:
3073:
3070:
3066:
3063:
3062:
3061:
3058:
3056:
3053:
3051:
3048:
3046:
3043:
3041:
3038:
3034:
3031:
3029:
3026:
3025:
3024:
3021:
3019:
3016:
3014:
3013:Broker-dealer
3011:
3007:
3004:
3002:
2999:
2998:
2997:
2994:
2993:
2991:
2987:
2981:
2978:
2976:
2973:
2971:
2970:Issued shares
2968:
2966:
2963:
2962:
2960:
2958:
2957:Share capital
2954:
2948:
2945:
2943:
2940:
2938:
2935:
2933:
2930:
2928:
2925:
2924:
2922:
2920:
2915:
2909:
2908:Fourth market
2906:
2904:
2901:
2899:
2896:
2894:
2891:
2890:
2888:
2886:
2881:
2877:
2870:
2865:
2863:
2858:
2856:
2851:
2850:
2847:
2837:
2829:
2819:
2813:
2810:
2808:
2805:
2803:
2800:
2798:
2795:
2793:
2790:
2788:
2785:
2784:
2782:
2778:
2772:
2769:
2767:
2764:
2762:
2759:
2757:
2754:
2751:
2747:
2743:
2740:
2738:
2735:
2733:
2730:
2729:
2727:
2723:
2717:
2714:
2712:
2711:Open-end fund
2709:
2707:
2704:
2702:
2699:
2697:
2694:
2692:
2689:
2688:
2686:
2682:
2676:
2672:
2669:
2667:
2664:
2662:
2659:
2657:
2654:
2652:
2649:
2647:
2644:
2642:
2639:
2637:
2634:
2632:
2628:
2625:
2624:
2622:
2618:
2612:
2609:
2607:
2604:
2602:
2599:
2597:
2596:Umbrella fund
2594:
2592:
2589:
2587:
2584:
2582:
2579:
2577:
2574:
2572:
2571:Royalty trust
2569:
2566:
2563:
2560:
2557:
2555:
2552:
2550:
2547:
2545:
2542:
2540:
2537:
2535:
2534:Offshore fund
2532:
2530:
2527:
2525:
2522:
2520:
2517:
2515:
2512:
2510:
2507:
2505:
2502:
2500:
2499:Fund of funds
2497:
2494:
2491:
2488:
2485:
2482:
2479:
2478:
2476:
2474:
2466:
2462:
2455:
2450:
2448:
2443:
2441:
2436:
2435:
2432:
2424:
2421:
2418:
2416:
2412:
2408:
2405:
2402:
2399:
2396:
2395:0-470-05589-8
2392:
2388:
2385:
2382:
2381:0-471-73306-7
2378:
2374:
2370:
2367:
2364:
2363:0-9664461-1-9
2360:
2356:
2353:
2350:
2349:0-684-81350-5
2346:
2342:
2338:
2335:
2332:
2331:0-684-84007-3
2328:
2324:
2320:
2317:
2315:
2314:0-06-055566-1
2311:
2307:
2303:
2302:
2298:
2296:
2295:0-87034-126-X
2292:
2288:
2284:
2283:
2279:
2275:
2269:
2265:
2261:
2257:
2253:
2247:
2243:
2242:
2237:
2233:
2229:
2228:
2215:
2211:
2207:
2203:
2199:
2195:
2190:
2185:
2181:
2177:
2173:
2172:Brooks, Chris
2170:Li, Xiaofei;
2166:
2158:
2154:
2150:
2144:
2129:
2125:
2121:
2115:
2099:
2095:
2091:
2085:
2070:on 2020-02-26
2066:
2062:
2058:
2054:
2050:
2046:
2042:
2038:
2034:
2027:
2020:
2012:
1999:
1983:
1979:
1975:
1971:
1964:
1957:
1953:
1950:
1944:
1942:
1934:
1930:
1927:
1921:
1912:
1896:
1892:
1888:
1882:
1866:
1862:
1858:
1852:
1837:
1833:
1829:
1823:
1815:
1809:
1805:
1801:
1800:
1792:
1777:
1773:
1767:
1760:
1756:
1751:
1737:
1733:
1726:
1711:
1707:
1701:
1687:on 2011-08-24
1686:
1682:
1676:
1662:on 2015-01-14
1661:
1657:
1651:
1636:
1632:
1628:
1622:
1607:
1603:
1599:
1595:
1594:
1589:
1582:
1567:
1563:
1557:
1541:
1537:
1533:
1527:
1520:
1519:
1515:
1509:
1502:
1498:
1494:
1490:
1486:
1483:
1477:
1469:
1463:
1450:
1446:
1442:
1441:
1433:
1418:
1414:
1410:
1406:
1402:
1398:
1391:
1376:
1372:
1366:
1351:
1347:
1341:
1323:
1319:
1315:
1311:
1304:
1297:
1282:
1278:
1272:
1265:
1259:
1253:. Wiley. 2010
1252:
1246:
1231:
1227:
1221:
1215:
1211:
1207:
1203:
1200:
1196:
1189:
1183:
1167:
1163:
1159:
1153:
1147:
1141:
1135:
1131:
1125:
1119:
1118:9780231544696
1115:
1109:
1102:
1098:
1094:
1088:
1079:
1072:
1068:
1065:As quoted in
1062:
1046:
1042:
1036:
1021:
1017:
1011:
1004:
1000:
994:
987:
986:0-06-055566-1
983:
979:
978:
973:
968:
961:
960:0-07-144820-9
957:
953:
952:
947:
943:
938:
934:
925:
924:Value premium
922:
920:
917:
915:
912:
910:
907:
905:
902:
900:
897:
895:
892:
891:
885:
881:
877:
875:
864:
862:
858:
854:
850:
845:
843:
837:
835:
831:
830:growth stocks
821:
819:
815:
811:
807:
803:
799:
795:
794:Mason Hawkins
790:
788:
783:
779:
775:
772:
768:
766:
762:
757:
753:
751:
746:
742:
738:
734:
730:
726:
722:
713:
711:
707:
703:
699:
695:
693:
689:
685:
681:
677:
673:
672:Mutual Series
664:
662:
658:
657:Mario Gabelli
654:
650:
640:
638:
634:
633:
629:’s 1934 book
628:
624:
620:
616:
615:
614:The Big Short
611:in the movie
610:
606:
602:
601:Scion Capital
598:
592:Michael Burry
589:
585:
583:
579:
569:
566:
565:Peter Cundill
562:
560:
559:
554:
550:
546:
542:
538:
537:
532:
528:
524:
521:
517:
515:
514:
509:
508:
503:
502:
497:
496:
491:
487:
485:
481:
477:
473:
469:
468:
463:
443:
440:
438:
434:
430:
420:
418:
413:
412:growth stocks
409:
405:
390:
387:
383:
378:
374:
370:
367:
363:
358:
354:
350:
349:
343:
341:
337:
333:
329:
325:
321:
317:
316:economic data
313:
309:
300:
298:
294:
289:
284:
280:
270:
268:
263:
262:
257:
253:
252:
247:
243:
239:
231:
227:
223:
214:
211:
207:
199:
195:
191:
187:
186:
185:
183:
179:
178:market timing
175:
171:
166:
164:
159:
154:
152:
148:
144:
129:
127:
122:
117:
115:
111:
107:
103:
99:
95:
90:
88:
84:
80:
76:
72:
67:
65:
64:
59:
55:
51:
47:
43:
39:
36:
32:
25:
21:
3686:Stock market
3605:Tender offer
3525:Public float
3495:Market trend
3485:Market depth
3377:
3305:Growth stock
3279:Buy and hold
3188:(Cap-to-GDP)
3028:Floor trader
3018:Market maker
3001:Floor broker
2989:Participants
2932:Golden share
2927:Common stock
2903:Third market
2797:Robo-advisor
2742:Fixed income
2673: /
2670:
2629: /
2549:Pension fund
2419:
2386:
2368:
2354:
2341:David Dreman
2336:
2318:
2299:
2280:
2263:
2240:
2179:
2175:
2165:
2157:the original
2152:
2143:
2132:. Retrieved
2123:
2114:
2102:. Retrieved
2093:
2084:
2072:. Retrieved
2065:the original
2036:
2032:
2019:
1998:cite journal
1986:. Retrieved
1963:
1920:
1911:
1899:. Retrieved
1890:
1881:
1869:. Retrieved
1860:
1851:
1840:. Retrieved
1831:
1822:
1798:
1791:
1780:. Retrieved
1766:
1759:BusinessWeek
1750:
1739:. Retrieved
1735:
1725:
1714:. Retrieved
1700:
1689:. Retrieved
1685:the original
1675:
1664:. Retrieved
1660:the original
1650:
1639:. Retrieved
1630:
1621:
1610:. Retrieved
1591:
1581:
1570:. Retrieved
1556:
1544:. Retrieved
1535:
1526:
1516:
1513:
1508:
1492:
1476:
1452:, retrieved
1439:
1432:
1421:. Retrieved
1407:(4): 21–30.
1404:
1400:
1390:
1379:. Retrieved
1365:
1354:. Retrieved
1340:
1329:. Retrieved
1309:
1296:
1285:. Retrieved
1271:
1263:
1258:
1250:
1245:
1234:. Retrieved
1220:
1212:a speech by
1209:
1195:
1187:
1182:
1170:. Retrieved
1161:
1152:
1140:
1124:
1108:
1100:
1087:
1078:
1070:
1061:
1049:. Retrieved
1035:
1024:. Retrieved
1010:
1005:, pp. 97-102
993:
975:
967:
949:
937:
882:
878:
873:
870:
846:
838:
827:
791:
776:
769:
764:
754:
723:
719:
709:
705:
698:Seth Klarman
696:
670:
652:
648:
646:
630:
612:
595:
586:
575:
563:
556:
534:
525:
518:
511:
505:
499:
493:
488:
465:
461:
459:
441:
426:
401:
371:
347:
344:
311:
307:
306:
276:
259:
249:
235:
205:
203:
167:
155:
147:Daniel Defoe
140:
120:
118:
110:Seth Klarman
91:
68:
61:
30:
29:
24:Stock market
3610:Uptick rule
3590:Stock split
3570:Squeeze-out
3565:Speculation
3510:Open outcry
3399:Block trade
3331:Pairs trade
2771:Yield curve
2684:Terminology
2636:Hedge Funds
2529:Mutual fund
2469:Investment
2371:(2006), by
2339:(1998), by
2321:(1997), by
2304:(1949), by
2285:(1938), by
2260:Lowe, Janet
2104:18 November
1901:18 November
1871:18 November
1546:18 November
1099:, from the
1051:18 November
946:Dodd, David
834:inefficient
787:speculation
490:Irving Kahn
476:Irving Kahn
3661:Investment
3640:Categories
3615:Volatility
3595:Stock swap
3515:Order book
3266:strategies
3192:Book value
3060:Arbitrager
3055:Speculator
2606:Unit trust
2514:Hedge fund
2504:Index fund
2473:structures
2134:2021-05-17
1842:2020-11-02
1782:2020-08-03
1741:2020-11-18
1716:2006-06-22
1691:2012-02-02
1666:2012-02-02
1641:2021-02-16
1612:2021-02-16
1572:2017-03-02
1501:0470605278
1454:2024-06-11
1423:2006-07-06
1381:2006-07-06
1356:2006-07-06
1331:2019-07-23
1287:2021-06-06
1236:2021-06-06
1026:2019-11-18
930:References
627:David Dodd
357:David Dodd
297:cash flows
279:Book value
242:David Dodd
230:David Dodd
168:Economist
163:book value
71:book value
54:David Dodd
42:securities
35:investment
3231:Fed model
3226:EV/EBITDA
3141:Dark pool
3072:Regulator
2917:Types of
2883:Types of
2750:Convexity
2238:(2009) .
2206:1468-5957
2184:CiteSeerX
1736:ValueWalk
1631:Wiley.com
1602:0099-9660
874:investing
847:In 2000,
824:Criticism
810:Guy Spier
676:Max Heine
369:factors.
194:dividends
96:chairman
3560:Slippage
3520:Position
3505:Momentum
3409:Dividend
3088:Exchange
3045:Investor
2828:Category
2746:Duration
2262:(1996).
2214:15777428
2128:Archived
2098:Archived
2074:15 March
2061:18308749
1988:5 August
1982:Archived
1952:Archived
1929:Archived
1895:Archived
1865:Archived
1836:Archived
1776:Archived
1710:Archived
1635:Archived
1606:Archived
1566:Archived
1540:Archived
1485:Archived
1462:citation
1417:Archived
1375:Archived
1350:Archived
1322:Archived
1281:Archived
1230:Archived
1202:Archived
1172:25 April
1166:Archived
1069:(1999).
1045:Archived
1020:Archived
974:(1949).
948:(1934).
888:See also
849:Stanford
404:PE ratio
283:goodwill
190:momentum
38:paradigm
3449:Haircut
3253:T-model
3065:Scalper
2885:markets
2561:(QIAIF)
2053:2672906
857:F-score
743:at the
184:wrote:
132:History
85:or low
3470:Margin
3338:(PMPT)
3200:(CAPM)
3050:Hedger
3023:Trader
2996:Broker
2919:stocks
2725:Theory
2627:Active
2567:(REIT)
2413:
2393:
2379:
2361:
2347:
2329:
2312:
2293:
2270:
2248:
2212:
2204:
2186:
2059:
2051:
1810:
1600:
1499:
1116:
1001:
984:
972:Graham
958:
814:Markel
555:wrote
482:, and
338:, and
318:, and
33:is an
3625:Yield
3600:Trade
3535:Rally
3456:(IPO)
3344:(RMH)
3317:(MPT)
3296:(EMH)
3249:(SML)
3238:(NAV)
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3125:(ECN)
3119:(MTF)
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2812:UCITS
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