Wherever you see yourself sitting in the broad church that is value investing, writes Andy Evans, it is well worth reminding yourself what Warren Buffett has pinpointed as the discipline's three main tenets
Value investing is a broad church and its fundamental principles offer enough scope for its ‘congregation' to adopt a variety of approaches. One of the best illustrations of this is the way value's most famous living exponent, Warren Buffett, was able to explain his shift across the aisle - from what we have characterised before as ‘deep value' to ‘quality value'. Buffett had been a student of Ben Graham - the author of value's founding text The Intelligent Investor and thus the patron saint, so to speak, of the former style. As his Berkshire Hathaway investment company attracted ever gr...
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