{"id":3744,"date":"2020-08-05T14:49:24","date_gmt":"2020-08-05T12:49:24","guid":{"rendered":"https:\/\/valueinvestingeducation.com\/?page_id=3744"},"modified":"2026-01-12T13:30:31","modified_gmt":"2026-01-12T11:30:31","slug":"value-investing-from-theory-to-practice-a-guide-to-the-value-investing-process","status":"publish","type":"page","link":"https:\/\/valueinvestingeducation.com\/index.php\/value-investing-from-theory-to-practice-a-guide-to-the-value-investing-process\/","title":{"rendered":"VALUE INVESTING: From Theory to Practice"},"content":{"rendered":"

[vc_row css=”.vc_custom_1576074467856{padding-top: 3rem !important;}”][vc_column][vc_row_inner][vc_column_inner][vc_column_text]VALUE INVESTING: <\/strong>From Theory to Practice – A Guide to the Value Investing Process<\/span>[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner width=”1\/4″][vc_single_image image=”4156″ img_size=”200×250″][\/vc_column_inner][vc_column_inner width=”3\/4″][vc_column_text]Purchase Here<\/a>\u00a0 Paperback (for current students) – Out of Print<\/strong><\/em><\/p>\n

Purchase Here<\/a>\u00a0 Hardcover (for the public, at large) – Now Available for Purchase<\/strong><\/em>[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_column_text]* For orders of five books or more, please email cavieinfo@valueinvestingeducation.com<\/a>.<\/p>\n

** The Western Bookstore will not ship to the US due to tariff complications. US buyers wishing to purchase the book, please email cavieinfo@valueinvestingeducation.com<\/a>.<\/p>\n

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“Little did I know then that 46 years later a follow up to \u201cSecurity Analysis\u201d would be published as a \u201cNew Testament\u201d to Ben Graham\u2019s \u201cOld Testament\u201d, with the same influence on students as \u201cSecurity Analysis\u201d had on me. This is the book \u201cValue Investing: From Theory to Practice\u201d by George Athanassakos”<\/em><\/p>\n

(Excerpt from the book\u2019s foreword).<\/p>\n

-PREM WATSA
\nChairman & Chief Executive Officer, Fairfax Financial Holdings Ltd., Toronto, ON, Canada<\/p>\n

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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.\u00a0 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.<\/p>\n

The book\u2019s Foreword<\/a> is written by Mr. Prem Watsa, Chairman & Chief Executive Officer, Fairfax Financial Holdings Ltd. Endorsements<\/a> 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.<\/p>\n

Click Here to View a Condensed Table of Contents<\/a><\/p>\n

Six permanent<\/strong><\/em> files accompany the book \u2013 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<\/em> and Douglas Dynamics Inc.<\/em>, and selected notes to financial statements (including ten-year financials) for Fonar Corporation<\/em> and Douglas Dynamics Inc.<\/em> In addition, several transitory<\/strong><\/em> files, with valuation reports that may change from year to year to keep valuations up to date, supplement the book.<\/p>\n

Please Note: The\u00a0permanent<\/i>\u00a0and\u00a0transitory\u00a0<\/i>valuation reports\u00a0<\/i>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.<\/span><\/u><\/p>\n

To download these files, you will require a password. To obtain the password, you must fill out the purchaser’s details form<\/a> and email it to <\/em>cavieinfo@valueinvestingeducation.com<\/em><\/a> along with a proof of purchase.<\/em><\/p>\n

 <\/p>\n

Click link below to download:<\/p>\n

PERMANENT FILES
\n<\/strong><\/p>\n

Read<\/a> Me<\/a><\/p>\n

Valuation Model and Framework<\/a><\/p>\n

Full Valuation Report for Douglas Dynamics Inc.<\/a><\/p>\n

Selected Notes to Financial Statements for Douglas Dynamics Inc.<\/a><\/p>\n

Full Valuation Report for Fonar<\/a> Corporation<\/a><\/p>\n

Selected Notes to Financial Statements for Fonar Corporation<\/a><\/p>\n

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TRANSITORY FILES
\n<\/strong><\/p>\n

2023 Valuations<\/em><\/strong><\/p>\n

Full 2023 Valuation Report for TerraVest Industries<\/a><\/p>\n

2022 Annual and Quarterly Reports for TerraVest Industries<\/a><\/p>\n

 <\/p>\n

2025 Valuations<\/em><\/strong><\/p>\n

Full 2025 Valuation Report for Dorel Industries Inc.<\/a><\/p>\n

PPT Presentation for Dorel Industries Inc.<\/a><\/p>\n

2024 Annual Report for Dorel Industries Inc.<\/a><\/p>\n

Full 2025 Valuation Report for Douglas Dynamics Inc.<\/a><\/p>\n

PPT Presentation for Douglas Dynamics Inc.<\/a><\/p>\n

2024 Annual Report for Douglas Dynamics Inc.<\/a><\/p>\n

Full 2025 Valuation Report for Malibu Boats Inc.\u00a0<\/a><\/p>\n

PPT Presentation for Malibu Boats Inc.<\/a><\/p>\n

2024 Annual and Quarterly Reports for Malibu Boats Inc.<\/a><\/p>\n

Full 2025 Valuation Report for Stella Jones\u00a0 Inc.<\/a><\/p>\n

PPT Presentation for Stella Jones Inc.<\/a><\/p>\n

2024 Annual Report for Stella Jones Inc. <\/a>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_raw_html]JTNDc3R5bGUlM0UlMEFhJTIwJTdCJTBBJTIwJTIwJTIwJTIwY29sb3IlM0ElMjAlMjM1ZjViMjglM0IlMEElMjAlMjAlMjAlMjB0ZXh0LWRlY29yYXRpb24lM0ElMjB1bmRlcmxpbmUlM0IlMEElN0QlMEElM0MlMkZzdHlsZSUzRQ==[\/vc_raw_html][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"

[vc_row css=”.vc_custom_1576074467856{padding-top: 3rem !important;}”][vc_column][vc_row_inner][vc_column_inner][vc_column_text]VALUE INVESTING: From Theory to Practice – A Guide to the Value Investing Process[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner width=”1\/4″][vc_single_image image=”4156″ img_size=”200×250″][\/vc_column_inner][vc_column_inner […]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/valueinvestingeducation.com\/index.php\/wp-json\/wp\/v2\/pages\/3744"}],"collection":[{"href":"https:\/\/valueinvestingeducation.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/valueinvestingeducation.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/valueinvestingeducation.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/valueinvestingeducation.com\/index.php\/wp-json\/wp\/v2\/comments?post=3744"}],"version-history":[{"count":125,"href":"https:\/\/valueinvestingeducation.com\/index.php\/wp-json\/wp\/v2\/pages\/3744\/revisions"}],"predecessor-version":[{"id":5047,"href":"https:\/\/valueinvestingeducation.com\/index.php\/wp-json\/wp\/v2\/pages\/3744\/revisions\/5047"}],"wp:attachment":[{"href":"https:\/\/valueinvestingeducation.com\/index.php\/wp-json\/wp\/v2\/media?parent=3744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}