Value Investing
Buy great businesses at fair prices.
The discipline of identifying companies trading below their intrinsic value — and holding with patience until the market agrees. Rooted in first-principles analysis, value investing asks not "where is the price going?" but "what is this business actually worth?"
Learning Path
School Principles
FreeThe worldview, founding assumptions, and core mental models of this school.
Foundational Lessons
FreeKey ideas, thinkers, and concepts — the essential vocabulary of this school.
Price vs. Value — The Most Important Distinction in Investing
Benjamin Graham
The Margin of Safety — Investing's Most Important Concept
Benjamin Graham
Mr. Market — The Mental Model That Changes Everything
Benjamin Graham
The Circle of Competence — Know What You Know
Warren Buffett
Economic Moats — Why Some Businesses Stay Great
Warren Buffett
Understanding Intrinsic Value
Warren Buffett
Reading a Balance Sheet Like an Investor
Benjamin Graham
Warren Buffett's Two Rules
Warren Buffett
Practitioner Lessons
PractitionerDeeper application — how the principles of this school translate into real portfolio decisions.
DCF Valuation — A Step-by-Step Guide
Warren Buffett
Qualitative Business Assessment — What Numbers Cannot Tell You
Philip Fisher
Management Quality Evaluation — Assessing the People Behind the Numbers
Charlie Munger
Competitive Advantage Analysis — Measuring Moat Depth and Durability
Warren Buffett
When to Buy, When to Hold, When to Sell — The Complete Decision Framework
Peter Lynch
Building a Value Investing Checklist — Systematic Process for Consistent Decisions
Charlie Munger
Reading Financial Statements as an Investor
Benjamin Graham
Accounting Red Flags — Spotting the Warning Signs
Charlie Munger
Portfolio Construction — Building a Multi-School Portfolio
Ray Dalio
Analysis Frameworks
PractitionerThe structured method for analysing businesses or markets using this school's approach.
The Value Investor's Analysis Framework
Warren Buffett
Intrinsic Value Assessment Framework
Warren Buffett
Margin of Safety Calculation Framework
Benjamin Graham
Economic Moat Evaluation Framework
Warren Buffett
Management Quality Assessment Framework
Warren Buffett
Business Quality Scorecard
Charlie Munger
Applied Case Studies
PractitionerHistorical investments analysed through this school's framework — what the data showed, what the thesis was, how it played out.
Advanced Lessons
AdvancedNuanced edge cases, advanced applications, and cross-school comparisons for serious practitioners.
Sector-Specific Valuation — Banking, Insurance, and Commodities
Warren Buffett
Deep Value — Graham-Style Net-Nets
Benjamin Graham
Quality at a Fair Price — The Buffett Evolution
Warren Buffett
Position Sizing in a Value Portfolio
Warren Buffett
Seth Klarman — Margin of Safety, Advanced
Benjamin Graham
Decision Systems
AdvancedEntry criteria, exit rules, position sizing, and portfolio construction principles.