The following links will direct you to informative websites on value investing.
Founded in 1983 by Kiril Sokoloff, 13D Global Strategy & Research’s original, eponymous project allowed subscribers to piggyback on the ideas of the investment greats—the Warren Buffetts and Carl Icahns. At the time, 13D filings (notifications filed with the SEC when a company or individual purchased a 5% share in a public company) were totally ignored. Sokoloff saw their immense value as thousands of U.S. public companies were selling way below their break-up value and visionary investors were generating huge returns.
Over the decades, 13D has continued to apply a unique and open perspective in order to find investment opportunities for its clients. Our research is not generated behind closed walls - it’s generated on the streets of cities and towns around the world and over dinners with today’s most promising thought leaders. We read and re-read the lessons of history - they are integral to making sense of the world today.
A. Gary Shilling & Co., Inc. was founded in 1978 by A. Gary Shilling. Their approach to analyzing and forecasting economic and financial developments in the U.S. and abroad, and to apply their results to clients’ activities and portfolios they manage is guided by Dr. Shilling’s two long-standing principles:
-Human nature changes very slowly over time, if at all. Therefore, history is relevant because human beings will react to similar circumstances in similar ways. The trick, however, is to find the relevant piece of history on which to draw parallels. In this sense, forecasting is an art, not a science.
-The objective of forecasting is to identify the significant but undiscounted aspects of the outlook. This is where the true opportunities for investors lie and where business can get the jump on competitors. A rehash of the consensus view, which is fully discounted in security markets and business plans, is of limited value.
Their approach is "top down," emphasizing the major themes—developed from their economic, financial and political analysis—that will influence business and financial markets in the short and long runs. The themes are developed carefully, and they normally stick to them as they unfold, avoiding whipsawing our clients—and themselves—by constant radical changes in their outlook.
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.
Bristol Gate Capital Partners Inc. uses machine learning and other data science techniques in combination with fundamental analysis to construct high dividend growth portfolios that aim to reduce risk and improve return while avoiding emotional bias in the investment process.
Bristol Gate was founded in 2006 and is a privately owned company.
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 Ivey School of Business at Western University.
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”.
Ewing Morris & Co. Investment Partners Ltd. is a value driven Canadian boutique investment firm established in September 2011 by John Ewing and Darcy Morris. Their aim is to achieve preservation and growth of capital for their limited partners by focusing on inefficient markets. They do this by relying on fundamental analysis, high conviction and the use of flexible capital.
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 Ivey School of Business at Western University.
With a heritage dating back to 1864, First Eagle Investment Management is an independent investment management firm that provides investment advisory services to private investment funds, institutional accounts, high-net-worth individuals, financial advisors and their clients through a range of investment strategies and retail mutual funds. Over their long history, their primary goal has always been to help clients avoid permanent impairment of capital, while seeking attractive returns. Fundamentally, they believe in flexible, benchmark-agnostic, absolute return-oriented investing that seeks to provide clients with downside protection. All of First Eagle’s offerings align with these core investment principles.
Three partners – Donald Foyston, Peter Gordon and Malcolm Payne – launched Foyston, Gordon & Payne in 1980. Each partner brought extensive expertise and experience to the firm – with deep knowledge of the institutional investment and private money management business. With a belief in the discipline and success of value style investing, FGP soon developed strong connections with clients based on trust and integrity – backed by disciplined research and analysis of the quality and value of potential investments. More than three decades later, their firm has grown to over 50 employees while continuing to invest in high-quality companies with attractive valuations – just as their original partners did.
Franklin Resources, Inc., is a global investment management organization known as Franklin Templeton Investments. Their 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.
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.
Martin Capital Management, LLC is a privately owned investment advisor registered with the state of Indiana. Since 1987, we have remained committed to a fiercely independent, risk-averse, concentrated, value-oriented investment philosophy.
Long-term compounding of capital is our ultimate goal, achieved by following the cardinal principles of preservation first, growth second. Making money begins with not losing it; accordingly, we seize the opportunity to invest only when we find companies or other investments that are underpriced by the markets. We measure growth of capital in absolute terms, not on a relative basis which seems to have become the industry standard.
In a profession where it is safer for one’s career to fail conventionally than succeed unconventionally, “outsiders” with strength of conviction have a huge competitive advantage. Our Main Street, USA base in Elkhart, Indiana allows us to ignore the group-think on Wall Street.
Founded in 1974, Mawer Investment Management Ltd. is a privately owned, independent investment firm, managing over $55 billion in assets for individual and institutional investors across all major investment strategies. They have over 150 employees across their locations in Calgary, Toronto, and Singapore. For over 45 years, they have provided investment management for their clients using their “boring” investment approach. This approach has helped their clients safely and profitably navigate the investing landscape over many economic cycles. Their mission is to be their clients’ most trusted investment manager by delivering long-term investment excellence, building strong client partnerships, and making a commitment to do the right thing—always.
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.
Overlook Investments Group is an independent fund management company founded in 1991 by Richard H. Lawrence, Jr. Overlook established The Overlook Partners Fund L.P. ("The Partnership"), a Cayman Islands exempted limited partnership, in 1992 to invest in public equity markets throughout Asia, excluding Japan. In 2016, Overlook established Overlook 3G Investments, L.P., ("O3G"); a second Cayman Islands exempted limited partnership, to invest in a Chinese utility company. The Partnership and O3G are both managed by their General Partner, Overlook Investments, L.P., and are advised by Overlook Investments Limited. The Partnership's successful 26 year history is based on the consistent execution of The Overlook Model.
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.
PenderFund Capital Management Ltd. was founded in 2003 and is an independent, employee-owned investment firm located in Vancouver, British Columbia, Canada. Their goal is to protect and grow wealth for their investors over time. They have a talented investment team of expert analysts, security selectors and independent thinkers who actively manage their suite of niche investment funds, exploiting inefficient parts of the investing universe to achieve their goal. They believe that:
- Small and nimble funds, such as theirs, can be opportunistic, accessing unique investment opportunities that are potentially rewarding for investors.
- Funds with concentrated portfolios of value‐based investments have the potential to generate superior long‐term, risk‐adjusted returns.
- Managers who have their own financial interests aligned with those of investors in the fund show greater conviction in their investment process and act with heightened vigilance of both risks and opportunities.
- A diverse and inclusive team drives more rounded conversations, leading to better decision making for their funds.
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.
Since 1975, Southeastern Asset Management has been a leader in value equity investing. The key to their decades-long success has been high-conviction investing with a long-term time horizon in strong businesses with good people at deeply discounted prices.
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.
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.
Validea.com 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.