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https://github.com/learner-long-life/awesome-value-investing

List of awesome resources for value investing, compounding wealth, and finding great businesses.
https://github.com/learner-long-life/awesome-value-investing

List: awesome-value-investing

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List of awesome resources for value investing, compounding wealth, and finding great businesses.

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README 

        
# Awesome Value Investing [![Awesome](https://cdn.rawgit.com/sindresorhus/awesome/d7305f38d29fed78fa85652e3a63e154dd8e8829/media/badge.svg)](https://github.com/sindresorhus/awesome) [![Track Awesome List](https://www.trackawesomelist.com/badge.svg)](https://www.trackawesomelist.com/learner-long-life/awesome-value-investing/)



A curated list of resources for learning value investing,

compounding wealth

sustainably, and finding great businesses.



"Value and growth are joined at the hip. Growth may be a negligible consideration or a major factor in estimating a business's future prospects. We consider the term 'value investing' to be redundant. What else is investing other than the search for value?" [--Warren Buffett](https://youtu.be/bkGj4wPvI7g)



Someday, we won't have to write whole books about the difference between investing and speculation. Until then... there's Awesome Value Investing.



Contributions and feedback are welcome. Please open a pull request or message me at @learner-long-life.



Inspired by [awesome-machine-learning](https://github.com/josephmisiti/awesome-machine-learning)



[All Books As a List / Bookshelf on GoodReads](https://www.goodreads.com/review/list/169054280?shelf=awesome-value-investing)



[All Videos As a Playlist on Youtube](https://www.youtube.com/watch?v=b8zbC5ZsisI&list=PLAAmnDtuht3DEjmgRSdKp7wMjVloCSQqC)



## Where Do I Start



For a complete beginner who wants to understand successful investing basics, starting 

with equities (stocks), with general principles that can be applied to bonds, real estate,

and other assets.



[One Up on Wall Street] Peter Lynch

Recommended by [Mohnish Pabrai, 1994]()



## Online Resources Organized By Superinvestors



Investors who have achieved market returns over long periods of time.



### Warren Buffett



The chairman and CEO of Berkshire Hathaway.



[Warren Buffett Archive]()



[Warren Buffet: An Illustrated Biography of the World's Most Successful Investor](https://www.goodreads.com/book/show/1144.Warren_Buffett)

  * by Ayano Morio

  * Published 2004

  * [Given away as a prize to his class by Joel Greenblatt](https://youtu.be/b8zbC5ZsisI?t=84)



[Buffett: The Making of an American Capitalist](https://www.goodreads.com/book/show/1155.Buffett?from_search=true&from_srp=true&qid=YHQaw4wFvg&rank=1)

  * Roger Lowenstein



[The Snowball: Warren Buffett and the Business of Life](https://www.goodreads.com/book/show/2054761.The_Snowball?ac=1&from_search=true&qid=T2JQfvBFPZ&rank=1)

  * Alice Schroeder



[The Essays of Warren Buffett : Lessons for Corporate America](https://www.goodreads.com/book/show/145565.The_Essays_of_Warren_Buffett_)

  * By Warren Buffett

  * Edited by Larry Cunningham



The Deals of Warren Buffett

  * [Volume 1](https://www.goodreads.com/book/show/36546505-the-deals-of-warren-buffett?from_search=true&from_srp=true&qid=mSDxb8QBAf&rank=1)

  * [Volume 2](https://www.goodreads.com/book/show/51114252-the-deals-of-warren-buffett-volume-2?from_search=true&from_srp=true&qid=ptX4IWCVd6&rank=2)

  * [Volume 3: Making America’s largest company](https://www.goodreads.com/book/show/59699853-the-deals-of-warren-buffett-volume-3)

  * By Glen Arnold



[The Warren Buffet Way](https://www.goodreads.com/book/show/23059475-the-warren-buffett-way-third-edition)

  * Third Edition

  * Published 2014

  * By Robert G. Hagstrom



### Charlie Munger



The vice chairman of Berkshire Hathaway. Formerly chairman and chief investment officer of 

The Daily Journal Corporation and Wesco Financial.



[Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger](https://www.goodreads.com/book/show/1160.Damn_Right)

  * Janet Lowe



### Howard Marks



The co-founder of Oaktree Capital Management with Bruce Karsh.



[Mastering the Market Cycle](https://www.goodreads.com/book/show/37570460-mastering-the-market-cycle?from_search=true&from_srp=true&qid=MT2Mxrt0hK&rank=1)

  * by Howard Marks.



[The Most Important Thing](https://www.goodreads.com/book/show/10454418-the-most-important-thing?from_search=true&from_srp=true&qid=EYY1pehZGq&rank=1)

  * by Howard Marks



[Howard's Memos to Oaktree Investors](https://www.oaktreecapital.com/insights/memos)



[2023 Ivey Value Conference Keynote Speaker: Howard Marks](https://www.youtube.com/watch?v=UzwNdxnEUQQ)

  * Posted 2023 June 1



### Peter Lynch



The manager of Fidelity's Magellan fund for 13 years, popularizer of the notion that

the ordinary retail investor can beat the market by understanding their circle of 

competence.



### Sir John Templeton



Creator of the Templeton Fund (now Templeton Franklin), an

American investor who pioneered international investing starting in World War II, was

knighted in the UK, and continued to run his fund remotely in the Bahamas.



### Joel Greenblatt



The founder and chairman of Gotham Capital Management.

Co-creator of [Value Investor's Club](https://valueinvestorsclub.com)



### Joel Tillinghast



Manager of Vanguard's Low-cost Equity Fund



[Big Money Thinks Small: Biases, Blind Spots, and Smarter Investing](https://www.goodreads.com/book/show/33098504-big-money-thinks-small)

  * By Joel Tillinghast



#### Special Situations Investing Class, Columbia University, Fall 2005



  * Taught by Joel Greenblatt

  * [At Internet Archive](https://archive.org/stream/JoelGreenblattClassNotesOnSpecialSituationInvesting/Joel-Greenblatt-Class%20notes%20on%20Special%20situation%20investing_djvu.txt)

  * [At Focused Compounding]() 



### Mohnish Pabrai



Founder and Managing Partner at [Pabrai Funds]() and Dakshana Foundation. 



### Guy Spier



Founder and Managing Partner of Aquamarine Capital and the ValueX Conference.



23 August 2023 - [Behind the Balance Sheet Interview](https://youtu.be/Sq_cXusd8n4?si=dpW9XlJOEx6Db7me&t=3532)



### Seth Klarman



Chairman of Baupost Group in Boston, Massachusetts.



[Margin of Safety] by Seth Klarman.



(https://youtu.be/wHsEt6MchhE]



### Michael Burry



The founder of Scion Capital, (now Scion Asset Management) made famous 

in the movie [*The Big Short*] where he was portrayed by Christian Bale,

as the hedge fund manager who successfully shorted the housing bubble in 

the Global Financial Crisis of 2007-2008 and made 



[Burry Twitter Archive](https://twitter.com/BurryArchive) because he occasionally

deletes all his tweets, as if he knows the black helicopters are coming for him.



### Walter Schloss



Walter Schloss was one of the original students of Ben Graham and worked alongside

Warren Buffett at Graham-Newman Corporation. He was listed as one of the

Super-investors of Graham and Doddsville and ran a private investing partnership

for over 40 years that achieved 15% after fees, compared to the S&P 500's 10% during

the same time period.



with his son Edwin, sitting at Tweedy, Browne for 40 years with only four filing cabinets.



[Walter Schloss Archive](https://www.walterschloss.com/)



[Walter Schloss Biography Article](http://www.fordhamgabellicenter.org/wp-content/uploads/2021/12/Walter-Schloss.pdf)

from Fordham Gabelli Center.



[The Right Stuff: Why Walter Schloss is Such a Great Investor](https://www8.gsb.columbia.edu/sites/valueinvesting/files/files/The%20Right%20Stuff.pdf), an interview reprinted from Barrons in 1958.



### Lou Simpson



* -2010 Chief Investment Officer and Co-CEO of GEICO

* 2011-2019 SQ Advisers 

* d. 2022, 85 yo



The stand-by investor ready to take over Berkshire Hathaway for many

years if anything happened to Buffett and Munger.



[Lou Simpson: The Disciplined Investor](https://catalogimages.wiley.com/images/db/pdf/9781119012023.excerpt.pdf)

  * [Chapter One of Concentrated Investing](https://www.goodreads.com/book/show/29778374-concentrated-investing)



[Interview with Kellogg School of Management]

(https://insight.kellogg.northwestern.edu/article/investment-great-lou-simpson-explains-portfolio-strategy)



### Ted Wechsler



Co-Investment Officer at Berkshire Hathaway.



### Tod Combs



Co-Investment Officer at Berkshire Hathaway, CEO of GEICO.



## Books Organized By Theme



The complete list of books is available as the

[Awesome Value Investing Bookshelf on Goodreads](https://www.goodreads.com/review/list/169054280-paul-pham?ref=nav_mybooks&shelf=awesome-value-investing).



### Books About Value Investing



* [The Intelligent Investor](https://www.goodreads.com/book/show/106835.The_Intelligent_Investor)

  * by Benjamin Graham.



### Writings About Price / Earnings Ratio



* [https://www.youtube.com/watch?v=cJD98Ax_muk](https://www.parijatgarg.org/blog/wp-content/uploads/2020/04/What-does-a-price-earnings-multiple-mean-Mauboussin-and-Callahan.pdf)

  * by Michael Mauboussin

  * [Recommended by Gautam Baid](https://youtu.be/cJD98Ax_muk?si=c_ju9a8YrFxbaiJA)

 

* [The P/E Ratio: A User's Manual](https://www.td.com/gl/en/global-investment-solutions/insights/insight-thought-leadership-detail-page/the-p-e-ratio--a-user-s-manual)

  * Epoch Investments

  * [Recommended by Gautam Baid](https://youtu.be/cJD98Ax_muk?si=c_ju9a8YrFxbaiJA)



### Books About Investing As a Personal Journey



[The Joys of Compounding](https://www.goodreads.com/book/show/44403965-the-joys-of-compounding)

  * by Gautam Baid

  * Published 2019.



[The Education of a Value Investor](https://www.goodreads.com/book/show/20696027-the-education-of-a-value-investor)

  * by Guy Spier



### Books About Wordly Wisdom and Human (Mis)judgment



[Poor Charlie's Almanack](https://www.goodreads.com/book/show/944652.Poor_Charlie_s_Almanack?ac=1&from_search=true&qid=rnArHmoSOE&rank=1)

  * by Charlie Munger

  * Edited by Peter Kaufman

  * Expanded Third Edition, 2008



[Seeking Wisdom](https://www.goodreads.com/book/show/1995421.Seeking_Wisdom)

  * by Peter Bevelin

  * Published 2003



### Books About Investor Psychology



* [The Psychology of Money]()

  * By Morgan Housel



* [Thinking in Bets]()

  * By Annie Duke



### Books About Successful Investors



* [Richer Wiser Happier]()

  * By William Green 



### Books About Investing in Quality



[Common Stocks and Uncommon Profits]()

  * by Phil Fisher

  * Published 1958

  * Recommended by [Warren Buffett]()

[Summary](Books/Phil_Fisher/Common_Stocks_and_Uncommon_Profits.md)

The classic work on investing in companies based on their quality, common mistakes

investors make with respect to quality, and dimensions of investment criteria.

Often presented as a counterpoint to Ben Graham's approach to investing based purely on 

quantitative criteria or egregious underpricing.



[Quality of Earnings]()

  * By Thornton L. O'Glove

  * Recommended by Gautam Baid



### Investing Tactics



* [How to Buy Stocks](https://www.goodreads.com/book/show/2904333-how-to-buy-stocks)

  * [Recommended by Seth Klarman](https://youtu.be/wHsEt6MchhE?t=289)

    

### Miscellaneous Books 



* [Trillion Dollar Triage](https://www.goodreads.com/book/show/58450272-trillion-dollar-triage)

  * By Nick Timiraos

  * Recommended by Warren Buffett at 2022 Berkshire Meeting, Omaha Bookworm

 

* [What I Learned About Investing From Charles Darwin](https://www.goodreads.com/book/show/62792694-what-i-learned-about-investing-from-darwin)

  * By Pulak Prasad

  * Recommended by [Mohnish Pabrai to Guy Spier](https://youtu.be/Sq_cXusd8n4?si=rUg4qE3gZY066tlB&t=3571)



### Business History



### Business Biographies



* [Colonel Harland Sanders: The Autobiography of the Original Celebrity Chef](https://www.goodreads.com/book/show/15767252-colonel-harland-sanders?from_search=true&from_srp=true&qid=3HghbUp2Hb&rank=2)



## Investor Letters



* [Saber Capital Management Notes](https://sabercapitalmgt.com/saber-notes/)

  * Recommend by Gautam Baid

 

* [Peterson Capital Management Research](https://www.petersonfunds.com/media-and-materials/)



* [Semper Augustus Investment Client Letters](https://www.semperaugustus.com/clientletter)



## Investment Themes



### Quality businesses



* What businesses in the S&P 500 will be better 5 years from now?

  * From a conversation between Charlie Munger and Tod Combs

  * Reported in interview, Columbia's Heilbrunn Center for Value Investing Annual Breakfast 2023

  * Mentioned in [Guy Spier's Behind the Balance Sheet interview](https://youtu.be/Sq_cXusd8n4?si=dpW9XlJOEx6Db7me&t=3532)

 

### Microcaps



## Events



In-person and online events to learn and practice value investing by meeting and being around other value investors.



### Berkshire Hathaway Annual Meetings



### Ivey Value Investing Conference



### Markel Annual Meetings



### Warren Buffett Charity Lunches



### Mohnish Pabrai Charity Lunches



[2023 ebay Auction](https://www.ebay.com/itm/126048620405?mkcid=16&mkevt=1&mkrid=711-127632-2357-0&ssspo=rU6nEAFmTPa&sssrc=4429486&ssuid=&widget_ver=artemis&media=COPY)



### Guy Spier Charity Lunches



[2022 Auction](https://web.archive.org/web/20221117203216/https://www.ebay.ch/itm/1256077884230



## Websites



### Data Aggregators



* [Gurufocus](https://gurufocus.com)

* [Dataroma](https://dataroma.com)

* [Hedgefollow](https://hedgefollow.com)



## Video Channels



### New Money