How has value investing changed since Buffett defined the style?

Three new factors to consider

Simon Jaffé, director and portfolio manager at OLIM, argues the rules of value investing have changed with three new factors for investors to consider in addition to the classic principles of Benjamin Graham and Warren Buffett.

The traditional focus for value investors has been on appraising the intrinsic value of each business and investing where the discount to that valuation was largest. The founding father of value investing, Benjamin Graham, liked to look at the net asset value (NAV) of each potential investment. He would not simply take the published balance sheet figures, but rather adjust each item based on his own analysis. Close Brothers sells funds arm OLIM to Albion Ventures The final value he would arrive at would represent his estimated minimum value that the company's assets would be worth ...