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Timeless Resources on Value Investing

When I started my career in 2003, I “confidently” counted myself among the elite few from my MBA college to have made it to the lucrative “equity research” industry (MBA + campus placement + finance job = Overconfidence!)

I thought I had a wonderful chance to bring into practice whatever I’d learnt during my specialization in Finance, and especially things I’d learnt reading the subject of “Security Analysis and Portfolio Management”.

Things looked great till about early 2006, while I was still learning the “tricks” of the trade – the concepts of CAPM, beta, and efficient markets seemed so relevant.

However, things took a turn in around April 2006, when a friend forwarded me the link to Warren Buffett’s letter to shareholders. Till then, I had known Buffett as a successful investor, but had never bothered to read the philosophy that made him an investing great.

But as I started reading his letters one by one, I was hooked! The hook was so strong that I started reading anything and everything that was written on, and by Buffett (though I’m sure I still have a lot to read of him).

Along with Buffett, I also moved to Peter Lynch, Philip Fisher, Charlie Munger and Seth Klarman…though in bits and pieces.

Those I think were the “playgroup” years for the value investing student in me (I am still passing through the “pre-primary” phase :-))

Anyways, while I’m fully devoted to value investing now, the only thing I rue is that I realized this gem of a career (of being a value investor) late in my professional life.

I still wish I had read Buffett during my MBA days so as to have my priorities set earlier in life. But better late than never!

Over these years, thanks to the Internet, I’ve collected a lot of timeless pieces of resources (articles, writings, lectures etc.) on value investing, behavioural finance and related subjects.

I recently shared the link to the page on Safal Niveshak that contains these resources with participants at my “Art of Investing” workshops.

However, during my “holiday” last week, and after having searched for whatever resources I’d collected over these past few years, I’ve added a lot of new links to this page, which I’m now sharing with you.

Before I share the link to the Resources page, know that what you see on it might seem like, “Oh God, there’s so much to read!”.

But if you go through these resources one by one, and make your own “swipe file” using the best ideas you read across these links, it would make the task achievable and enjoyable.

Here’s the link to the amazing…Value Investing Resources.

Isaac Newton once said, “If I have seen further, it is by standing on the shoulders of giants.”

Reading these resources is akin to standing on the shoulders of giants in value investing. I’m already experiencing the charm of seeing things from top…and now invite you to be my partner-in-standing. 🙂

Finally, even after collecting so many insightful resources on one page, I’m sure I must have missed a lot of other invaluable stuff that you might know of.

So let me know in the Comment section below what I have missed that you think must also be on this page for the benefit of other tribesmen.

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About the Author

Vishal Khandelwal is the founder of Safal Niveshak. He works with small investors to help them become smart and independent in their stock market investing decisions. He is a SEBI registered Research Analyst. Connect with Vishal on Twitter.


  1. That is really a great resource, Vishal…:) Great work…:)
    Thank you very much for such a wonderful resource…:)

  2. My My! That is quite a bit, and I thought I had read it all! Fantastic work VK. I have some of Klarman’s letters from Market Folly – mail me and I will send that across.

  3. Vishal Awsome..
    To add soem more facts .. Prof.Bakshi’s site– fundooprofessor..
    There was a couple of articles called Flirting with Floats …

    And some of the articles from Motley Fool site…

  4. Abhishek Jain says:

    Thanks a lot for sharing it..

  5. Abhishek Jain says:

    I am student of value investing..and this will go a long way in this wonderful learning process…Thanks again..

  6. Ayush Aggarwal says:

    Kind of same story: (MBA + campus placement + finance job = Overconfidence!). Just that I’m in ‘Kindergarten’ right now. Have been re-reading Buffett’s 1977-87 letters before moving ahead (though have done Security Analysis)
    I think during MBA, since the professors themselves have no idea or understanding about the market inefficiencies (not commenting on any particular person, you guys still provided such a great learning) and we also as students get fascinated by all the math and excel modeling complex financial econometrics (it’s such an ecstatic feeling when your model flows properly and you play with growth rates and you justify you CAPM and stupid terminal growths etc etc) that thinking in behavioral terms and inefficiency terms doesn’t come up naturally, until unless you actually spend some time reading about personalities like Buffett.
    Wish they have more professors like Mr. Bakshi.


  7. Sincerely thank you and sincerely this is quite a lot.
    I can assure you, one needs to be a very serious student to be able to read so much and better still actually understand it.
    My best wishes to all who are attempting or are already on the learning road. These are awesome resources.

  8. sanjeevbhatia says:

    Phew, seems your sadistic traits are beginning to overpower… 😛

    On a serious note, this list is just awesome. No doubt, you have put a great treasure trove at our doorstep (screens, if you prefer) and not it is up to us, the fellow SN tribesmen, to dive and bring out the gems. This is the best spoonfeeding you can ever provide. (You can also just recommend stocks, but that will be counter to the whole initiative, no? 😀 )

    More than reading, it is the understanding and the subsequent integration of the philosophies contained there in with our own investment process, which will pave the way for investment success. There have never been shortcuts to success, and there never will be.

    So bring on the ammunition, folks, and lets charge full speed ahead.

    God, why are there only 24 hours in a day… :(.

    • Surely there will be enough life lessons and philosophy that will emerge as well, as the tribe pours over this huge treasure trove.
      I expect to see enlightened (Buddha) souls.
      I just finished reading Influence – Science and Practice, a great book …. but then if it was not great it would not be a book.
      I am really liking “What I learned before I sold to Warren Buffet”. It gives you a good glimpse in to the kind of business you would like to build/ buy/ invest in and more importantly what good and great some people are.

      • Manish Sharma says:

        Hi Sudhir,

        Thanks for providing some feedback on the books, especially about “What I learned before I sold to Warren Buffett”. Can u throw some more light on the book, as i am looking forward to know anything and everything about Warren Buffett….

  9. Dear Sudhir,
    Thanks for referring those books…:)

  10. Hi Vishal,

    Yes, the headline to the resource ” Timeless Resources on Value Investing” is apt.

    Thank you for sharing this with us.
    I can see a lot of additions since my last visit a few weeks ago.


  11. Firoz Ahmed says:

    One of the best posts in the history of indian investment blogs ..

  12. Anil Jain Shastri says:

    Isaac Newton once said, “If I have seen further, it is by standing on the shoulders of giants.”


  13. The value vault has about 50 value investing videos (Greenblatt, Greenwald, Buffett) and 100s of books, case studies.

    Ask for the key to the Value Vault.

  14. Thanks Vishal for the wonderful information.

  15. Request you to add this to Seth Klarman list.Its one of the best he has written.Don’t know if it has been covered in Baupost letters.

  16. Hey Vishal,
    Really a nice article, put up with lots of info. Thanks for it !
    And as you Quoted-
    Isaac Newton once said, “If I have seen further, it is by standing on the shoulders of giants”, wish to see you as one among these “giants” .

  17. Thanks Vishal for sharing the bundle of information (articles, papers, books, interviews etc.) on Value Investing & Behavioural finance. These information are really valuable & helpful and it is not easy to find all at one place. It will provide us the relaxation from searching goods articles on value investing but will keep us busy for days (even weeks) to read these information. Best compilation. 🙂


  18. Gaurav Parikh says:

    Dear Vishal

    First of all my congratulations for the work you have started. Your article on interview of Bakshi Sir was really good. I am his student and your article articulated the philosophy he has conveyed all this years quite effectively. While going through this post I saw the material on value investing you have shared and I have found them quite useful. I would like to contribute add more to it which can be beneficial to all in this forum. Let me know if there is some path through which I can upload same


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