Common yardsticks such as dividend yield, the ratio of price to earnings or to book value, and even growth rates have nothing to do with valuation...

In a deflationary environment assets tend to decline in value. Buying a dollar at 50 cents may not be a bargain if the asset value is dropping....

Value investing carries a dangerous enticement for the self-confident fool, because one of the core concepts in successful value investing is learning...

If we find a company we like, the level of the market will not really impact our decisions. We will decide company by company. We spend essentially no...

There are characteristics that have been proven over long periods to be associated with above-average rates of return: low P/Es, discounts to book...

The hedge-fund industry grew up by preying on the inefficiencies created by the mutual-fund mentality of only departing from a benchmark index...

Character today is best judged in the proxy statement: what do they pay themselves and how? Is their financial self-interest truly aligned with mine...

People often put stocks or their stock buying theory into the "growth" or "Value" category. This phenomenon is relatively new - pioneered primarily by...

It's fascinating how differently the same business can perform with two different leaders. We look first for intellectual honesty. It drives me crazy...

There are two ways to approach value investing. One is to look for situations in which a company is selling far below its intrinsic value, and buy it...