Collins/Bay Island Securities (Collins BIS) represents fund managers who adhere to Value Investing strategies. Value investors look for companies whose securities are selling at deep discounts to their intrinsic value--the price a knowledgeable buyer would pay for the entire business. Deep discounts provide a cushion to investors, or a margin of safety, in the event of stock market swoons, bad management decisions, or economic downturns. Value Investors also seek to preserve capital.

The origins of Value Investing date back 75 years, when Benjamin Graham and David Dodd, two professors at Columbia University, published their 1934 classic, Security Analysis. The book outlined their search for a rational alternative to the speculation and insider trading that dominated stock market investment decisions and that had impoverished so many investors as a result of the 1929 Crash. Their work, which emphasized methodical research, was an attempt to provide the first rational basis for investment ideas.

Warren Buffett is arguably the world’s best-known value investor, but the strategy has other notable adherents including Buffett’s partner, Charles Munger, Irving Kahn, John Templeton, Seth Klarman, Charles Royce, William Browne, Joel Greenblatt, Martin Whitman and Michael Price.


Security Analysis, 6th Edition. By Benjamin Graham and David Dodd. Foreward by Warren Buffett. Edited by Seth Klarman.
Written by the fathers of value investing, Security Analysis was first published in 1934. One of the most influential financial books ever written, it has sold more than one million copies through five editions.
Margin of Safety: Risk Averse Value Investing Strategies for the Thoughtful Investor.
By Seth Klarman. HarperBusiness. 1991.
It is sometimes possible to find this out-of-print investing classic in your local library, but it’s more common to find it on the internet for more than $700.
The Intelligent Investor. (Revised 1973 edition) By Benjamin Graham and updated by Jason Zweig. HarperBusiness Essentials. 2003.
Graham developed his value investing approach with David Dodd at Columbia University, where both men taught. First published in 1949, this classic has sold more than one million copies. Warren Buffett praises it as "by far the best book on investing ever written."
Value Investing: From Graham to Buffett and Beyond. By Bruce C. N. Greenwald, Judd Kahn, Paul D. Sonkin, and Michael van Biema.
Bruce Greenwald has a well-deserved reputation as the premier teacher of value investing. This book incorporates his essential ideas and also includes profiles of some of the most outstanding value investors.