Value investing · Course 17 of 39 · The practice
The masters: price first
Graham, Schloss, Neff, Dreman, Templeton, Klarman and Marks, investors who started from the price, in what each actually published.
For a reader who wants each classic price-first method in its own terms, from the published record, not a summary of a summary.
After it you can run Graham's seven tests and see which three a filed record can check, describe Schloss's discipline of buying cheap and holding many, compute Neff's total return ratio and Dreman's case for the lowest multiples, place Templeton's timing on a matrix of price and sentiment, and read Klarman's three-technique range and Marks's separation of risk from volatility.
It assumes The value investor's mindset and the valuation courses, and one lesson draws on the value-factor evidence in Screens and factors.
The method, not the running of it
The masters: price first is 7 lessons on running the whole method on one company. Running it is the part that only happens against real filings, on a real date, and this course has none of yours. It also cannot tell you the day one of your reasons stops being true, which is the part that matters after you have bought.
See our methodology for how the product reads a filing and what it refuses to compute.