Value Investing News

Are there any value investing classics missing from this list?

In my view, the "Ideal Value Investing Book" would present the best ideas of Benjamin Graham, Phil Fisher, Philip Carret, Warren Buffett, and Charlie Munger. It would be light reading like an updated version of the "Intelligent Investor." It would capture the genius of the individuals mentioned and present these in a simple and sequential way. At the same time, the "Ideal Value Investing Book" would not overpromise its readers, yet it would motivate its readers to think about the ways in which the best practitioners "frame" and "make" their investing decisions.

Next, the "Ideal Value Investing Book" would teach as well as entertain. It should have a nice assortment of insightful quotes as well as real world experiences and insights from the best practitioners. In such a book, the author should minimize his or her own biases and carefully lay out the "Best Practices" of the best practitioners of value investing. Furthermore, the book should have a carfully written case example that clearly explains how to calculate an estimated intrinsic value of a business.

Finally, if you really want to swing for the historical fences and alter the course of future academic teaching, such a book would take a stand and encourage academics to discuss and analyze this radical idea.

I think Buffett and Munger invented an amazing Behavioral Finance Formula or Process that is underappreciated by the business and academic communities. On paper as early as the 1977 BRK annual letter, their work in designing a mixed qualitative + quantitative formula may be worthy of a Nobel Prize in Economics and Behavioral Finance. So, in my new self-published book "The Four Filters Invention of Warren Buffett and Charlie Munger" I examine each of the basic steps they perform in "framing and making" an investment decision. I intended to make this book a small and highly distilled look into this amazing invention within "Behavioral Finance."

In my view, the genius of Buffett and Munger's four filters process was to "capture all the important stakeholders" in one "multi-variable" equation or formula.

Imagine...Products, Enduring Customers, Managers, and Margin-of-Safety... all the important stakeholders for business success in one mixed "qual + quant" formula. I think this is the real genius of the Munger and Buffett collaboration.

Here is a 10 min. audio book summary: http://www.frips.com/4fsummary.mp3

Thanks for considering and debating these ideas. I never said that I wrote the best "Value Investing Book." I just wanted to give you an idea of what I was aiming for. When the right ball shows up, aim high and swing for the fences!

Bud Labitan
Author of "The Four Filters Invention of Warren Buffett and Charlie Munger"
www.frips.com

I can't tell if any are missing, but IMO, The Intelligent Investor is the best, followed by Margin of Safety.

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