See and learn why super investors think that all intelligent investing is value investing.

1. All Intelligent Investing IS Value Investing
Jae Jun
www.oldschoolvalue.com

2. What You Will Learn
● What’s required to be a value investor
● Why invest long term
● What’s it like to be a business partner when
investing

3. Foreword
Charlie Munger stated it quite clearly. Intelligent
investing = value investing.
By value investing, the general population
tends to think of it as bottom feeding and being
cheap, but such a statement only holds true in
a town called Speculatown.

4. Value investing is much more than buying cheap companies.

5. It’s just like how
we all love to find
something great
in the sale bin
and then brag
about it to our
friends.
It revolves around
paying less or a fair
amount to its real value,
referred to as intrinsic
value or buying $1 for
50c.

6. Benjamin Graham, the father of value investing, stated in his book Security Analysis,
“An investment operation is one which, upon thorough analysis, promises safety of principal and a
satisfactory return. Operations not meeting these requirements are speculative.”

7. Without data and reasoning associated with an appropriate price tag, this type of activity should be
labeled “Get Rich Quick Like That Guy on TV”.

8. Speculation is darn easy but value investing is difficult. Difficult because it requires;
● Patience, patience, patience and more patience
● Discipline
● No emotion
● Going against the crowd
● Lots of reading and studying

9. Many great value investors mentioned by Warren Buffett in his famous speech, The Super Investors
of Graham and Doddsville, show the track record of these great investors.

10. They weren’t able to beat the benchmark
year after year, but their overall records tell
the true story.

11. Seth Klarman clarifies the idea when saying
that
“while others attempt to win every lap around
the track, it is crucial to remember that to
succeed at investing, you have to be around
at the finish”.

12. This brings me to the point of
long term buy and hold.

13. While there certainly are opportunities
where the market provides short term no
brainer investments, a long term buy and
hold methodology will allow an investor to
look at the horizon, focus on quality
businesses and live a life without the
computer.

14. By investing for the long
term in quality companies,
we are recognizing that we
are the business partners.

15. As an associate member of the Dividend
Investing and Value Network, I hope to
bring light to great companies and value
investing.
I am proud to be a business partner and hope to
be one with you as well.

16. Jae Jun (jae.jun@oldschoolvalue.com)
http://www.oldschoolvalue.com
Old School Value improves your
investment decisions and performs
deep fundamental analysis and valuation
for you. Just like a personal stock analyst.