If I have been able to see any further, it is because I have stood on the shoulders of giants," Isaac Newton once said. He realized that many of our actions in life are inspired by someone we admire. People like Benjamin Graham, Warren Buffett, Charlie Munger, and many others in the investing world have developed countless strategies, techniques, and mental models that they have shared with us. However, with so much information available, it can be difficult to compile the best advice for value investing success. Providing this information in an understandable format can greatly speed up someone's investing journey, and this book aims to do just that.

This book focuses on value investing, which seeks companies with long-term business quality that are undervalued in comparison to their intrinsic value.

The book starts with the fundamentals of value investing, such as understanding that a stock is an ownership stake in a company, the significance of price fluctuations and what they mean for value investors, and how to have patience and discipline to stick to one's investing style during periods of underperformance. It also sheds light on the role of emotions in investing and aids in the understanding of risk and value. The book also discusses herd mentality, social proof theory, market cycles, and the most important principles (such as integrity and humility) in the value investing game.

Obviously, it also covers other important topics such as qualitative and quantitative business analysis, as well as the various indicators that the best in the field use to assess a company's competitive ability. Furthermore, the book explains how to evaluate management, identify signs of a moat, determine an industry's growth potential, and calculate the intrinsic value to ensure that a margin of safety is applied. It discusses the seven major business shenanigans, business failure commandments, and whether there are signs of moat erosion. "Invert, always invert," says Charlie Munger. As a result, the book focuses not only on finding successful businesses but also on avoiding bad ones. Financial indications such as ROE, debt-to-equity and the art of valuation is also talked about in this book.

Following that, the book emphasizes the importance of checklists and provides checklist points (created by analyzing the decisions and conversations of the most successful investors) to avoid making mistakes. No pilot, no matter how skilled, takes off without first going through his checklists. Market cycles, business cycles, portfolio allocation, and the benefits and risks of diversification are all covered in worldly wisdom. Not only that, but the book delves into the psychological tendencies that lead to misjudgments and offers a list of mental models that can be ingrained as a way of thinking to avoid the man with the hammer syndrome. Finally, the book concludes by looking at some business case studies and attempting to help readers learn from them.