The following links will introduce you to our generous supporters, Fairfax Financial Corporation and Burgundy Asset Management, and will direct you to other informative resources on value investing.

ABC Funds is a Canadian-based financial management company led by Irwin A. Michael. Their investment philosophy incorporates value investing principles, which they call the "Ten Commandments of Value Investing", to their stock selection process. They focus on factors such as consistent earnings performance, undervalued assets or brands and management quality.

Aquamarine Capital is an investment manager run by Guy Spier, a devoted disciple of Warren Buffett. Based in Switzerland, far away from the noise of Wall Street, Guy Spier closely follows Buffett's princples on capital allocation and value investing.

Berkshire Hathaway is a large holding company headquartered in Omaha, Nebraska, that oversees and manages a number of subsidiary companies. The company is owned and managed by two of the most renowned value investors, Warren E. Buffett and Charlie Munger.

For the very early letters to partners by Warren Buffett, click here.

For more recent letters to shareholders by Warren Buffett, click here.

For a compilation of Charlie Munger's speeches, click here.

Burgundy Asset Management Ltd. is a leading investment counselling firm providing discretionary investment management services to private individuals, charitable foundations, endowments, and pension funds. Burgundy is a proud supporter of the Value Investing Library & Collection at the Richard Ivey School of Business.


CAVIE focuses on educating future business leaders and investors in the investment style made popular by Benjamin Graham in the early 1930's, referred to as Value Investing. Its mission is to preserve and disseminate, via its seminars, the ideas, valuation and stock selection methodologies and investment philosophies associated with Value Investing.

Toronto-based Chou Associates Management Inc. has operated two of the country’s most successful funds, Chou Associates Fund and Chou RRSP fund, for the last 18 years. In 2005, the Canadian Investment Award named Mr. Francis Chou, the president of Chou Associates Management Inc., the fund manager of the decade. Mr. Chou’s approach is to “find bargains and maintain discipline; if you cannot find bargains stay in cash”.

CoattailInvestor shows the complete holdings of some of the greatest investors of all-time including the Oracle of Omaha - Warren Buffett. Site visitors will see what companies these great money managers are buying, selling, increasing and decreasing.

Fairfax Financial Holdings Limited is a financial services holding company whose corporate objective is to achieve a high rate of return on invested capital and build long-term shareholder value. Fairfax is a proud supporter of the Ben Graham Chair in Value Investing and Centre for Value Investing at the Richard Ivey School of Business.

Franklin Resources, Inc., is a global investment management organization known as Franklin Templeton Investments. Our headquarters are located just south of San Francisco, in San Mateo, California. They have offices in 29 countries around the world and offer investment solutions and services in more than 150.

Greenlea Lane is a New York based private investment partnership founded in 2007 by Josh Tarasoff. Their approach to investment is focused on the long term, working within their circle of competence to determine the intrinsic value of companies 5 years, 10 years, and beyond. 

GuruFocus tracks the Stock Picks and Portfolio Holdings of Warren Buffett, George Soros and other guru investors.

Irwin A. Michael and his firm, I. A. Michael Investment Counsel Limited have managed the ABC Funds since 1988 when the first fund was launched. By concentrating on securities that are deemed to be undervalued, ABC Funds’ portfolios are structured for superior long term returns with limited downside risk. Until June 1994, the firm also managed over $75 million of segregated mutual funds and pension accounts. However, at that time the firm made a key decision to focus all of its efforts on the ABC Funds, and therefore resigned all non ABC portfolios and ceased to offer segregated investment management. Consequently, the only way for investors to receive the firm's highly focused investment counselling service is through investment in the ABC funds.

Kahn Brothers & Company, lnc. a New York Stock Exchange member firm, is an investment advisor with over $800 million of institutional and private funds under management. Founded in 1978 by Irving, Alan and Thomas Kahn, it invests primarily in undervalued equity securities that have attractive prospects for capital appreciation. The firm's principals have well over one-hundred years aggregate experience in applying the "value investing" philosophy espoused by Benjamin Graham in Security Analysis, (1934). Its goal is to provide clients with superior returns on investment while limiting their exposure to risk and possible loss of capital. 

Lountzis Asset Management LLC is an investment firm with a value-based approach to investing. They uniquely complement their bottom-up quantitative with field-based research  to enhance their understanding of a company's industry and financial characteristics.

McElvaine Investment Management's investment philosophy is “to make all the money on the purchase.” The company’s management believes that one of the few things they can control is the price they are willing to pay. Therefore, when they are selecting investments, they focus on what they are getting and at what price they are prepared to act. The company’s intention is to invest only where the difference between the value of the investment and the price they pay gives them a margin of safety. The factors they consider in assessing investments include:

·The difference between the “intrinsic value” and the market price of the investment
·The business risks associated with the investment
·Incentives that align management’s and shareholders’ interests.

Oaktree’s mission is to provide highly professional management with a primary emphasis on risk control in a limited number of sophisticated investment specialties. Oaktree specializes in less efficient markets and alternative investments, and has extensive experience, an enviable track record, broad product range and substantial assets under management. They are dedicated to the achievement of consistent and superior performance without high risk. Their ultimate objective is investment success, the fruits of which are shared by Oaktree’s clients and personnel.

Oldfield Partners LLP is a London, England based boutique fund management firm. They manage over US$4 billion for an international client base, and takes a value-focused approach to their investments.

Outstanding Investor Digest brings you the most important ideas and insights of those money managers with the best long-term records in the business. Each edition is filled with exclusive in-depth interviews, substantive excerpts from annual meetings, lectures, and other special events.

Since inception in 1999 with $1 Million in assets under management, the Pabrai Funds have grown to $600 Million in assets under management in 2011. The funds invest in public equities utilizing the Munger/Buffett Focused Value investing approach. A $100,000 investment in Pabrai Funds at inception in 1999 would have been worth $809,800 as of March 31, 2011 – an annualized gain of 19.5% (versus 3.3% for the Dow).

Patient Capital is an independent investment counseling firm founded in 2000 with the sole purpose of preserving and growing wealth. Their principals invest their capital along with their clients and are committed to the highest levels of personal service. They focus on a select group of clients who have an investment philosophy similar to their own. They employ a highly disciplined and focused investment strategy anchored in Absolute Value designed to achieve tax-efficient, above average long-term rates of return while minimizing risk.Patient Capital advises clients in the provinces of British Columbia, Alberta, Manitoba, Ontario, Quebec and Nova Scotia.

Peters MacGregor Capital Management is an Australian based boutique fund manager that specialises in global equities. Its investment philosophy, which has been developed from the teachings of Benjamin Graham, Philip Fisher, Warren Buffett and Charles Munger, aims to generate positive absolute returns for investors over the long term (five year plus). They are value focused investors. All portfolios are managed identically and consist of investments in a limited number of listed companies which they understand and believe are currently undervalued by the market. 

Robotti & Company, a diversified financial services boutique, has been in the securities business since 1983. They pride themselves on their disciplined bottom-up research orientation. Their registered investment adviser, Robotti & Company Advisors, LLC, offers personalized investment management targeted to the client's long-term equity investment needs. Their broker-dealer, Robotti & Company, LLC, specializes in applying their research methodology in identifying undervalued securities as well as providing clients with first rate trading desk execution capabilities. Bob Robotti is their principal and is affiliated with the general partner and managing member of several investment partnerships.

Sarbit Asset Management Inc. was founded in 2005 and is an investment management firm providing investment advisory and related services. Sarbit distributes its services through a diversified network of third party financial advisors who look for a rational, common sense and business-like approach to investing.

Sionna uses a relative value investment style – a pragmatic approach to capitalizing on the Canadian market, which is overweighted in resources. Sionna considers cyclical stocks that more restrictive investing styles won’t. This provides a broader pool of prospective stocks. 

Stacey Muirhead Capital Management's investment approach utilizes time-tested principles of intelligent investing. Achieving a superior investment record is a lot harder than most people think and developing investment wisdom comes from both direct experience and a willingness to absorb lessons from others. Stacey Muirhead has been fortunate to learn from the experiences and writings of super investors such as Benjamin Graham, Warren Buffett, Charlie Munger and others.

Steadyhand is a Canadian mutual fund company with an experienced management team and a unique investment philosophy.

Steadyhand has a straightforward lineup of no-load, high-conviction funds that are offered directly to investors. Their fees are low, their portfolios are concentrated and their managers focus on making clients money, rather than tracking an index.

Templeton and Phillips, LLC was originally founded by Lauren Templeton as Templeton Capital Management in 2001 with $30 million in seeded capital from the value investing legend Sir John Templeton. Under the guidance of Sir John Templeon, the firm's leadership refined its investment strategy, and to this day still reflects Sir John Templeton's investment philosophy. 


The Baupost Group, LLC is an employee owned hedge fund sponsor. The firm provides its services to pooled investment vehicles. It invests in the public equity markets of the United States. The Baupost Group was founded in 1982 and is based in Boston, Massachusetts.

A short biography on Ben Graham and a listing of his books and articles.

The Brandes Institute develops ideas and research that expand the investment community's understanding of market behavior and portfolio management. The Institute is a division of Brandes Investment Partners, a leading investment management firm based in San Diego.

O. Mason Hawkins’ views on entrepreneurship center on keeping the spirit going, “Perpetuating an entrepreneurial environment is America’s greatest challenge as well as our brightest hope.” Thirty years ago, Mason founded Southeastern Asset Management, which manages more than $34 billion in assets, including the Longleaf Partners Funds, a group of mutual funds that consistently ranks among the nation’s best performers. They include the Longleaf Partners Fund, Longleaf Partners Small-Cap Fund, and Longleaf Partners International Fund. 

Founded by veteran value investor Martin J. Whitman, Third Avenue Management LLC, through predecessor firms, has been in the asset management business using the same disciplined value approach since 1986. The firm utilizes a research-intensive approach and repeatable investment process to create portfolios that seek absolute returns with limited investment risk, over the long term. They are guided by one proven value philosophy, which focuses on the strength of a company's balance sheet and the discounted prices of its securities. Their belief is that a strong, well-managed company can survive difficult environments, and that the price of its securities will eventually reflect its intrinsic value.

Turtle Creek Asset Management is a Canadian independent investment management firm that is firmly rooted in value investing principles. They spend a great deal of time working to understanding a company and its business in order to determine its intrinsic value. Their six founding principles are:

1. All of the investment manager's personal financial assets should be in the same investments as their clients
2. Take a long-term view on investing
3. Abhor lazy money
4. Abhor over-diversification
5. The only value is the present value of future cash flows
6. Prices will fluctuate around value

Tweedy, Browne Company LLC is an investment firm established in 1920. Their 95+ year history is rooted in finding undervalued securities. Their investment approach is derived from Benhamin Graham, who was one of the firm's primary brokerage clients in the 1930s, 1940s, and 1950s. is a web site that constructs model portfolios which are based on an interpretation of the strategies of 11 of history's most successful stock pickers, including Peter Lynch, Warren Buffett, Ben Graham, Martin Zweig and Ken Fisher.

The Value Investing Congress and Pre-Congress Workshops are produced by Schwartz-Tilson Information, Inc. (STI). The principals of STI combine decades of creating and delivering high-quality information with more than 20 years of investing success.

Created by money manager Whitney Tilson and media executive John Heins, Value Investor Insight has a straightforward goal: To deliver the highest-quality investment ideas, analysis and insight to professional and sophisticated investors.

Under normal market conditions, the Wintergreen Advisers' Fund invests mainly in equity securities (including securities convertible into, or that the Investment Manager expects to be exchanged for, common or preferred stock) of companies of any nation that the Investment Manager believes are available at market prices less than their value. The Investment Manager will seek to identify securities through extensive analysis and research, taking into account, among other factors, the relationship of book value to market value, cash flow and multiples of earnings.

Thanks to Burgundy Asset Management for their vision and generous support of the Resource Centre, which benefits practitioners and scholars worldwide.