The content of the book Value Investing already exists in its predecessor Security Analysis. Value investing (which differs from the speculative strategies like “momentum trading” or “technical analysis”) objects to the economic assumption that the stock market is efficient. Efficient in this context means the market as a whole always knows the important information about a company. The consequence of such an assumption is that there can be no wrong valuation of the stocks. The price of a stock always (at least in most cases) reflects the fundamental value of a company.
The idea of value investing is to buy stocks whose price is lower than their true value and then to hold those stocks until their price returns to the true value earning a return on the investment.
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