Value Investing

The Intelligent Investor

Benjamin Graham - 3rd Edition 2024

The definitive book on value investing. Warren Buffett calls it "by far the best book on investing ever written." The concepts of Mr. Market and margin of safety form the foundation of value investing philosophy.

Security Analysis

Benjamin Graham & David Dodd - 7th Edition

The original textbook on fundamental analysis. More technical than The Intelligent Investor, this book provides detailed frameworks for analyzing bonds and stocks.

Common Stocks and Uncommon Profits

Philip Fisher

Fisher's approach focuses on qualitative factors: management quality, competitive advantages, and growth potential. His "scuttlebutt" method influenced Buffett's evolution beyond pure Graham-style investing.

Poor Charlie's Almanack

Charlie Munger - Edited by Peter D. Kaufman

A collection of Charlie Munger's speeches and wisdom covering mental models, psychology of misjudgment, and multidisciplinary thinking. Essential for understanding the intellectual framework behind Berkshire Hathaway's success.

The Essays of Warren Buffett

Lawrence Cunningham (Editor)

A thematically organized collection of Buffett's shareholder letters. Covers corporate governance, valuation, accounting, and investment philosophy in Buffett's own words.

Berkshire Hathaway Shareholder Letters

The original source material. Buffett's annual letters to shareholders from 1977 to present are freely available and constitute a masterclass in business and investing.

Buffett: The Making of an American Capitalist

Roger Lowenstein

The definitive biography of Warren Buffett, tracing his life from childhood through the building of Berkshire Hathaway. Provides historical context for his investment decisions.

One Up On Wall Street

Peter Lynch

Lynch ran the Magellan Fund with legendary returns. This book explains his approach to finding investment opportunities in everyday life - the "invest in what you know" philosophy.

Beating the Street

Peter Lynch

A follow-up that dives deeper into Lynch's analytical process with real case studies from his time at Magellan Fund.

Where Are the Customers' Yachts?

Fred Schwed Jr.

A witty, timeless critique of Wall Street written in 1940 that remains remarkably relevant. The title refers to the observation that brokers get rich while clients often don't.

The Warren Buffett Way

Robert Hagstrom

A detailed analysis of Buffett's investment methodology, including case studies of his major investments and the principles behind them.

Margin of Safety

Seth Klarman

A cult classic in value investing circles. Out of print and notoriously expensive on the secondary market, it covers risk-averse investing strategies from the founder of Baupost Group.

Note: Out of print. Copies on secondary market often exceed $1,000.

The Little Book of Common Sense Investing

John C. Bogle - 10th Anniversary Edition 2017

Bogle's most accessible work, making the case that low-cost index funds outperform the vast majority of actively managed funds over time. The math is simple: costs matter, and index funds minimize them.

Common Sense on Mutual Funds

John C. Bogle - 10th Anniversary Edition 2009

A more comprehensive treatment of Bogle's investment philosophy. Covers fund selection, asset allocation, and the principles that should guide long-term investors.

The Clash of the Cultures: Investment vs. Speculation

John C. Bogle - 2012

Bogle's critique of how short-term speculation has come to dominate markets at the expense of long-term investing. Recommended reading by Warren Buffett in his 2013 shareholder letter.

A Random Walk Down Wall Street

Burton G. Malkiel - 13th Edition 2023 (50th Anniversary)

The academic case for index investing. Malkiel, a Princeton economist and Vanguard board member, argues that stock prices follow a "random walk" and that consistently beating the market is nearly impossible. His famous claim: a blindfolded chimpanzee throwing darts could match expert stock-pickers.

The Bogleheads' Guide to Investing

Taylor Larimore, Mel Lindauer & Michael LeBoeuf - Foreword by Bogle

A practical guide written by members of the Bogleheads community, covering everything from getting started to retirement planning. Includes the famous "three-fund portfolio" strategy.

Buffett's Million-Dollar Bet

In 2007, Warren Buffett wagered $1 million that a simple S&P 500 index fund would beat any hedge fund portfolio over a decade. Ted Seides of Protégé Partners accepted. By 2017, the index fund had returned 125.8% cumulatively while the hedge funds averaged just 36.3%. Seides conceded before the bet even ended.

Bogleheads Community

An active community of investors following Bogle's principles. The wiki contains comprehensive guides on the three-fund portfolio, asset allocation, tax-efficient investing, and retirement planning.

Value Investors Club

An exclusive community of value investors sharing detailed investment ideas. Membership is selective but the best ideas become publicly available after 45 days.