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The Little Book of Value Investing by Christopher H. Browne
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's review
May 01, 2007

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Recommended for: Anyone interested in investing in stocks
Read in May, 2007

I read this book today in a few hours. Very well-written. And very understandable. It's actually a more drawn out treatment of a study on Tweedy, Browne's website, called, "What Has Worked In Investing."

It's great, too, because it's peppered liberally with many historical examples from Chris Browne's long, successful career as an investor.

Every now and then, he lets something slip, like when he says you'd have avoided the 1929 crash using Ben Graham's principles. In reality, of course, Graham was leading a guilded life, he was using way too much margin (just like everybody else) and his lifestyle was cut back dramatically for several years before he recovered. He bet the initial crash was the end of it, too, and got hammered on the next leg down. So, Browne is wrong. You can't avoid market crashes by doing what Graham did, as Graham himself proved.

But that's nit-picky. If this is the first investing book you ever read, you're lucky to start out with one this good.

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