Value investing is synonymous with investing in undervalued businesses. The central idea is to invest in companies selling at a discount to their intrinsic value, and with an appropriate margin of safety. While the main ideas of value investing are well codified, how individual investors apply the concepts vastly differ.

Benjamin Graham: From Security Analysis to the Intelligent Investor

Graham needs little introduction for his contributions in making investing a profitable enterprise for those who apply his principles. My own view is that Security Analysis has less relevance (beyond its principles) to the modern investor than the Intelligent Investor. What is interesting is that towards the end of his days, Graham regarded his work in Security Analysis to be almost useless, and adopted a “basket approach” towards investing as opposed to researching and investing in individual companies with the rigour espoused in his earlier days.

Through interviews recorded with him …