VALUE INVESTING: From Theory to Practice – A Guide to the Value Investing Process

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Purchase Here  Paperback (for current students) – Now Available for Purchase

Purchase Here  Hardcover (for the public, at large) – Now Available for Purchase

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“Little did I know then that 46 years later a follow up to “Security Analysis” would be published as a “New Testament” to Ben Graham’s “Old Testament”, with the same influence on students as “Security Analysis” had on me. This is the book “Value Investing: From Theory to Practice” by George Athanassakos”

(Excerpt from the book’s foreword).

Chairman & Chief Executive Officer, Fairfax Financial Holdings Ltd., Toronto, ON, Canada


The purpose of this book is to show the readers a process that will enable them to find the stocks that are worth one dollar, but trade for fifty cents. This process involves three-steps. In the first step, the book develops an approach to identify possibly undervalued stocks. This step will start with a pure Ben Graham search approach and will be further refined to evolve into the Buffett search approach. In the second step, the book develops a valuation methodology to determine the intrinsic value of the stocks obtained from the first step. It first discusses the theory and the differences, at a theoretical level, between value investing valuation and the traditional valuation one learns at a finance program at any university and then transitions from theory to practice.  Ben Graham type, as well as Buffett type franchise and growth companies will be analysed and valued in this step. The final step is that of deciding to buy or not, using the concept of Margin of Safety. Portfolio formation and risk management are also discussed in the final step.

The book’s Foreword is written by Mr. Prem Watsa, Chairman & Chief Executive Officer, Fairfax Financial Holdings Ltd. Endorsements of the book have been written by prominent value investor professionals such as, W. Browne, L. Cunningham, R. Oldfield, M. Pabrai, B. Robotti, T. Russo, K. Shannon, and A. Van Den Berg.

Click Here to View a Condensed Table of Contents

Six permanent files accompany the book – a “read me” file, a valuation model and framework which facilitates simulations and the practical application of value investing, and four files that include the full valuation reports of two U.S. companies, Fonar Corporation and Douglas Dynamics Inc., and selected notes to financial statements (including ten-year financials) for Fonar Corporation and Douglas Dynamics Inc. In addition, several transitory files, with valuation reports that may change from year to year to keep valuations up to date, supplement the book.

Please Note: The permanent and transitory valuation reports and company analyses that supplement the book are for teaching and training purposes only. In no way do these reports or analyses represent a recommendation for any of the stocks analyzed.

To download these files, you will require a password. To obtain the password, you must fill out the purchaser’s details form and email it to along with a proof of purchase.


Click link below to download:


Read Me

Valuation Model and Framework

Full Valuation Report for Fonar Corporation

Selected Notes to Financial Statements for Fonar Corporation

Full Valuation Report for Douglas Dynamics Inc.

Selected Notes to Financial Statements for Douglas Dynamics Inc.



2021 Valuations

Full 2021 Valuation Report for Dorel Industries Inc.

PPT Presentation for Dorel Industries Inc.

2020 Annual Report for Dorel Industries Inc.

Full 2021 Valuation Report for Stella Jones Inc.

PPT Presentation for Stella Jones Inc.

2020 Annual Report for Stella Jones Inc. 


2022 Valuations

Full 2022 Valuation Report for Douglas Dynamics Inc.

PPT Presentation for Douglas Dynamics Inc.

2021 Annual Report for Douglas Dynamics Inc.