So you’ve gone down the path of value investing and want some resources? Look no further because these sources will hopefully give a good baseline on learning value investing and staying in the loop.
Overall, I encourage just to read and learn as much as you can from as many different sources as you can.
No one source or book has given me the essential knowledge needed. Some more influential and useful than others yes. But I think it’s like a mosaic. You get lots of different pieces of information and put it all together to form your own mosaic of investing opinion. No opinion on investing exactly the same as another.
Websites and Blogs
- /r/SecurityAnalysis – Quarterly Letter megathreads are an invaluable resource.
- Value Investors Club – I don’t have access nor have I ever so take my advice with a grain of salt. Members get access to all posts and guests can see posts older than three months. It’s not too bad. I recommend signing up a free account and going through old ideas posted. See how they panned out and read the comments about their ideas. Useful because there may be problems or something they missed which affected their investment thesis.
“A smart person learns from his mistakes, but a truly wise person learns from the mistakes of others.”
- SeekingAlpha – Hit and miss. Can have some very good, informed and contrarian views of individual companies. But can also have some pretty basic stock pumping and delusional types.
- Matt Levine – Not value investing per se but one of the best finance and investing insights around (in my opinion). His emails are one of my favourite things I read in the mornings.
- Wall Street Journal – I used to have a subscription a while back and found it useful. Some really good in-depth reads on businesses. Even just their news notifications from the app I think is worth it. Best financial news source alongside Bloomberg in my opinion.
- Kinetic Energy Ventures Compilations (12mv2) – Kevin G. has put a tremendous amount of work in compiling some of the best work and information from some of the best people out there. Incredible resource.
Investment Letters and Memos
- Warren Buffett’s Letters to Shareholders – The GOAT. Needs no explanation.
- DMX Asset Management – Small-cap fund manager here in Aus. I like them because they actually mention their positions and talk about why they invested. It’s not just Buffett quotes and mumbo jumbo anecdotes about the market like a lot of other Investment Letters do.
- Oaktree Capital Management – Howard Marks posts his investment memos here, along with a few other authors. I’m a big fan of Marks and feel he’s criminally underrated just because his focus isn’t on equity investing.
- Saber Capital Management – Run by John Huber who you might know from his old blog Base Hit Investing. Goes deep in on companies and aims to invest in undervalued stocks of great businesses.
Need something to listen to on the way to work?
- Value Investing With Legends Podcast by Columbia Business School – Interviews with guests including Bruce Greenwald, Joel Greenblatt and more.
- The Investors Podcast – We Study Billionaires – Run by Preston Pysh and Stig Brodersen. They study and sometimes interview famous investors.
- Capital Allocators – Ted Siedes hosts alongside some pretty interesting guests like Michael Mauboussin, Matt Levine, Dan Rasmussen and more.
- The Acquirer’s Podcast – Tobias Carlisle author of The Acquirer’s Multiple and a few other books host this one. Tobias is Founder, MD, PM at Acquirers Funds where he manages the firm’s deep value strategy. So a good podcast from a bloke deep in the value investing world. The Value After Hours episodes is a more casual chat (I usually skip them 9 times out of 10) but the interview episodes are great. Guests include Ian Cassell, Jim O’Shaughnessy, Michael Mauboussin and others.
- QAV Podcast – (Quality at Value) Aussie focused and posts pretty frequently. Same two blokes so no interviews but more of discussion around the markets and individual stocks themselves on the ASX.
- Invest Like the Best – Not strictly value investing and sometimes not even investing in general. But very good for self-improvement in relation to investing.
- Focused Compounding – Hosted by Geoff Gannon and Andrew Kuhn, both aim to invest in overlooked value type stocks.
Whether it’s watching interviews online or educational videos, finance videos are getting better by the day
Investors Archive – Exactly what it says it is and one of my favourite resources. Archives of videos and interviews from some of the best from finance, investing, business, and economics. You’ve got Buffett, Howard Marks, Jim Simons, Bill Ackman, Carl Icahn and everyone in between. Great source of wisdom from others.Has been taken down 🙁 Hoping for a miracle here.
- Real Vision – Videos and interviews on finance, business and the global economy. Fair few videos behind a paywall (fair enough no complaints here) but there are some good free gems there.
- Value Investing TV by valueDACH – Similar Investors Archive a little bit but with more of a European focus. Not all videos in English though.
- Value Investing Insights (See my notes on the talk)- by Li Lu. Incredibly underrated as an investor. Charlie Munger has 3 investments. Berkshire, Costco and an investment in Li Lu’s partnership. How wild is that?
- Aswath Damodaran – The GOAT. Professor of Finance at the Stern School of Business at NYU, where he teaches corporate finance and equity valuation. So he knows what he’s talking about. Uploads tonnes of courses onto his YouTube channel and goes in-depth on his blog Musings on Markets.
- Bloomberg – Streams online and it’s my choice of financial news channel. Some pretty cool interviews and videos on their YouTube Channel too.
Whilst these are my favourite and best-rated value investing books, like Charlie Munger, I encourage reading broadly and not limiting yourself to just value investing books.
- The Most Important Thing Illuminated by Howard Marks – See My Book Summary. One of my favourites.
- Common Stocks and Uncommon Profits by Philip A. Fisher – Another one of my personal favourites. And a lot of what I base my investment decisions today came from this book.
- One Up On Wall Street by Peter Lynch – His mindset and investment philosophy is easy for the layman to understand and he does a great job explaining it. Great for beginners.
- The Education of a Value Investor by Guy Spier – More of a story than actionable ideas and advice. But nice to learn from someone who’s been in the business and their mindset towards investing.
- The Intelligent Investor by Benjamin Graham – GOAT tier level investment book.
- Value.able by Roger Montgomery – Favourite Australian book and hugely underrated investor I think. Nice guy too (in my limited interactions with him).
- Charlie Munger: The Complete Investor by Tren Griffin – More of a backstory to Charlie and his mindset on a range of things.
- The Manual of Ideas: The Proven Framework for Finding the Best Value Investments by John Mihaljevic –
- The Essays of Warren Buffett: Lessons for Corporate America
- Value Investing: From Graham to Buffett and Beyond – Bruce Greenwald
- You Can Be A Stock Market Genius – Joel Greenblatt
In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time — none, zero. You’d be amazed at how much Warren reads–and at how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.Charlie Munger
Financial Data / Education
For those needing financial data and those wanting to learn how to use it.
- Finviz – Good screener although for foreigners like me it only has US-listed stocks so less useful for me than it could be.
- TIKR – Biased cause I got a random message through Reddit to try it. But seriously I rate it highly so far it’s amazing. Has all my Aussie small caps which a lot of places don’t.
- Koyfin – Maybe a comparison would be a free stripped-down Bloomberg Terminal? But it’s free and solid so can’t complain.
- A Simple Model – Never done an integrated financial model for your investments before and want to try it for free? You’ve got it.
- Wall Street Prep – Might be deemed a better modelling resource but is a fair investment so maybe try the free version first and see if you want to commit.
- CFA Program – Now hold up, I ain’t recommend signing up to the program willy-nilly. That shit’s expensive. But the textbooks will give a good foundation of financial reporting, business and investing. You should be able to find some old textbooks on eBay and the like or find some online versions somewhere easy enough.
Last Updated: 12th May 2020