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Studies on Value Investing

Tweedy Browne What Has Worked in Investing

Fama & French, “The Cross-Section of Expected Stock Returns,” Journal of Finance,
June 1992.

Lyon & Barber, “Firm Size, Book-to-Market Ratio, and Security Returns: A Holdout Sample of Financial Firms,” Journal of Finance, 1997.

Dreman & Berry, “Overreaction, Under reaction, and the Low-P/E Effect,” Financial Analysts Journal, July-August, 1995.

Recommended Books

Dreman, David, Contrarian Investment Strategies
Dreman’s books are based on extensive research.  He shows that stocks with low price to earnings, low price to book value, low price to cash flow and high-dividend stocks outperform other stocks. This means that “growth” investors start with a disadvantage. On average “value” stocks outperform the market.

Brandes, Charles, Value Investing Today

Greenwald, Bruce, Value Investing

Graham, Ben, The Intelligent Investor
A classic written for the ordinary investor

Recommended Websites

Books about Berkshire Hathaway, Warren Buffett and Charles Munger

Buffett, Mary and Clark, David, The New Buffettology
An oversimplified but a useful book.

Cunningham, Lawrence (editor), The Essays of Warren Buffett

Hagstrom, Robert, The Essential Buffett
A short version of The Warren Buffett Way (see below)

Hagstrom, Robert, The Warren Buffett Portfolio
A review of some key investments made by Buffett

Hagstrom, Robert, The Warren Buffett Way
The best book on Buffett’s investment style

Heller, Robert, Warren Buffett

Kirkpatrick, Andrew, Of Permanent Value

Lowe, Janet, Damn Right
A delightful biography of Berkshire Hathaway’s vice chairman

Lowenstein, Roger, Buffet, The Making of an American Capitalist
A biography

O'Loughlin, James, The Real Warren Buffett

To read Warren Buffett’s letters to stockholders in Berkshire Hathaway’s annual reports, go to

Other Recommended Reading

Deffeyes, Kenneth, Beyond Oil
Argues that the world is at or near peak oil production

Collins, Jim, Good to Great
Identifies the factors that caused ordinary companies to become great companies

Graham and Dodd,  Security Analysis
The classic text on analysis of securities

Bogle, John, The Battle for the Soul of Capitalism
Describes how much of the financial sector, including many mutual funds and many corporations have used their power to benefit corporate and mutual fund managers rather than the investors

Friedman, Thomas, The World is Flat
An entertaining book on how we have arrived at globalization since 1990.

Fisher, Philip,  Common Stocks and Uncommon Profits and other Writings
A look at how Fisher researched companies by talking with everyone connected with the subject company, such as vendors, customers, employees and competitors rather than just management

Information on Selected Companies

Berkshire Hathaway
You can find the value of a share of Berkshire Hathaway by visiting the finance section of You pick the assumptions. The site does the math for you.

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