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Investment: An A-Z Guide by Philip Ryland

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V

Value investing

Caricatured as buying a dollar for 50 cents, or BOTTOM FISHING, value investing is a broad church that defies conventional definitions. It is more about a frame of mind than specific investment techniques and was best summed up by Benjamin GRAHAM when he coined the maxim “Margin of Safety” to encapsulate the value approach. By this he meant that there must be a substantial difference between the price paid for a share by an investor and the investor’s assessment of its true value, even though the methods of assessing that value may vary widely. The popular image of value investors – that they seek out the shares of companies whose stockmarket value is less than the BALANCE SHEET value of their shareholders’ EQUITY – is ...

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