4  Value Investing

4.1 Introduction

TODO: Price data is pretty easy to come by, but where does one scrape up-to-date earnings data?

TODO:

• Reading a 10-K

4.2 Margin of safety

• Margin of safety
• Benjamin Graham (1894-1976)
  • The Intellegent Investor (1949) ¹

¹ Graham (2003).

Figure 4.1: The cost of loss (Graham, 2003, p. 526).

4.3 Buffett Indicator

• Buffett Indicator
• Longtermtrends: Buffett Indicator
• Longtermtrends: S&P 500 P/E Ratio
• multpl.com: Shiller P/E
• Buffett, W. (2017). Berkshire Hathaway Letters to Shareholders 1965-2016. ²

² Buffett (2017).

4.4 Misc

• Benjamin Graham formula
• Discounted cash flow
• Market Rules to Remember - Bob Farrell (1998), Merrill Lynch
• Magic formula investing - Joel Greenblatt
• Value investing

Buffett, W. (2017). Berkshire Hathaway Letters to Shareholders 1965-2016. Explorist Productions.

Graham, B. (2003). The Intellegent Investor, Revised ed. Harper. (Originally published in 1949).