Value Investing: From Graham to Buffett Hardcover – 8 December 2020

This is a monumental achievement by Bruce and team. The authors are very experienced professor and practicing Investors (plus adjunct professors in Columbia). I have read the first edition of the book at least 3 times in the last 10 years. The new edition builds on that good work and adds substantial content in this edition. The first edition kept harping on deep value investing and discourages paying up for quality stocks. In this edition they corrected that bias and expanded upon the valuation and analysis of high quality compounders as most value investors today focus on Quality. What is impressive in this book is the case studies for every valuation method they have espoused in the book- Replacement value, Earning Power Value and Franchise with Growth valuation. These are actual companies with real data.The book is not just about valuation. It covers a lot of ground on Equity Analysis of companies including industry maps, competitive advantage analysis etc. What it lacks is analysis of management and forensic analysis to detect frauds.The second part is deep dive into various investing greats and their respective investing methods. Invaluable for new investors to zero in on the investing style that suits them from this menu.Overall a gem of a book and must read for serious investors. Just be mindful that this book is serious body of scholarship and new investors may find it difficult to follow.There are some Prerequisites for getting the best out of this book-1. Solid grounding in corporate finance including concept of Time value of money, Capital structure, dividend policy etc.2. Financial statement analysis - Income, balance sheet and cashflow statement - structure and components of these three. You need very high competency in the financial statements to understand this book. But then this book is written for Columbia business school investing MBAs and professional investors!But those serious investors (Or CAs and MBAs) equipped with the above prerequisite knowledge can derive lot of value from this "How To" Manual. I will advise the serious students to apply the methods on multiple stocks to imbibe the concepts. You need multiple high quality reps to get better.I personally use the methods described in this book regularly when I analyze and value stocks.Serious investors can also look at Valuation book written by Stephen Penman.

Its pure technical book. Understanding of concepts from this book and implementation is very difficult.Only qualified CA people can able to understand i think.

Book is awesome. But the seller destroyed everything. Look at the quality of hardcover book. Very poor