Value books

Introductions to value investing

The Little Book of Value Investing - Chris Browne

A fantastic introduction to value investing – clear, simple and short. Chris Browne is a managing director at Tweedy Browne, one of the largest and most successful value managers in the world.

The Most Important Thing - Howard Marks

A slightly misleading title to the extent that Marks actually highlights a number of key considerations for the value investor, but that only serves to make the book more comprehensive. Often inspired by his memos to clients over the decades (which are themselves highly regarded) this is an easy-to-read, relatively short but still deeply insightful text that would serve as a good bridge between introductory value investing ‘primers’ and some of the weightier value classics. Marks is chairman and cofounder of US based asset manager Oaktree Capital Management.

Margin of Safety - Seth Klarman

Often referred to as the Warren Buffet of his generation, Klarman runs the hugely successful hedge fund Baupost which he founded in 1982. Copies are hard to come by, but worth the effort (if not the exorbitant prices on eBay)

Classic value books

The Intelligent Investor – Benjamin Graham

Considered the bible of modern value investing, Benjamin Graham is known as the father of value investing and was Warren Buffet’s mentor. This is one of the two most famous books he wrote on the subject (the other being “Securities Analysis”). Written in the 50’s, it still strikes a chord today, though is probably not the best introduction to the subject – more for those who are already familiar with the style and want to hear it from the man himself.

Contrarian Investment Strategies: The Next Generation - David Dremen

A heavy read for those who have


Behavioural finance

Think Twice - Michael Mauboussin

One of the best commentators of our time on behavioural finance. This is an easy to read book with some cracking examples of how our emotions can betray us and lead us to make poor judgments.

Moneyball/The Big Short - Michael Lewis

Neither is strictly a book about behavioural finance and Moneyball isn't even about Investing. However, both are amongst the most relevant and apocryphal books that a modern day (value) investor could wish to read and Michael Lewis has a gift for stories which relate the human condition.

Risk: The Science and Politics of Fear - Dan Gardener

Full of great anecdote and real life (rather than investment world) examples of how behavioural errors impact our every day. A great book starter book for those interested in behavioural finance.

Other reading

The Essays of Warren Buffet - Lawrence Cunningham

A summary of the best bits from 20 years of Buffet Annual reports summarized under topics that make it easy for the casual and reference reader alike. Not strictly a book on value investing, more a collection of common sense thinking from one of the world’s most successful living value investors
Follow us

Please remember that the value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.

This marketing material is for professional clients or advisers only. This site is not suitable for retail clients.

Issued by Schroder Unit Trusts Limited, 1 London Wall Place, London EC2Y 5AU. Registered Number 4191730 England.

For illustrative purposes only and does not constitute a recommendation to invest in the above-mentioned security / sector / country.

Schroder Unit Trusts Limited is an authorised corporate director, authorised unit trust manager and an ISA plan manager, and is authorised and regulated by the Financial Conduct Authority.

On 17 September 2018 our remaining dual priced funds converted to single pricing and a list of the funds affected can be found in our Changes to Funds. To view historic dual prices from the launch date to 14 September 2018 click on Historic prices.