Value Investing From Graham To Buffett And Beyond by Bruce C. N. Greenwald, Judd Kahn, Paul D. Sonkin, and Michael van Biema
This is the best book that I have read so far on a modern approach to value investing. It brings forward the classic principles espoused in Benjamin Graham’s Security Analysis and updates the process of valuation in a way that makes clear logical sense for today’s investor. Valuation is the key to good value investing – knowing what the price should be is the only way to know if the current price of the stock is high or low. This book contrasts the way most analysts value a stock with the alternative value-oriented approach.
The second half of the book gives examples of successful value investors and the strategies they have employed. The examples show there are many ways to apply the principles of value investing to achieve success.
This edition of the book was published in 2001 so the examples are a bit dated but still relevant. There is a new edition that is due to come out in October of 2020 and I already have a copy on pre-order.
I highly recommend this book to anyone interested in value investing.