Isabelle, I am an active value investor and have studied the greats (Ben Graham, Buffett, Munger, Klarman, Marks, etc.). I'm reading "Poor Charlie's Almanac" at the moment, so I'm familiar with the concepts. I think Graham's methods are much more straightforward and simple for individual investors, and that what Buffet/Munger do is much more difficult to accomplish (and Buffett agrees with this). The fundamental concepts may be simple, but the analysis required is not. I would argue that it is almost impossible for anyone to understand a company well enough to invest the way Buffett invests "in only 15 min a week" as Town has as the subtitle of his book. Identifying a durable competitive advantage is much more difficult and complicated than that. Case in point was the example Town gave in the book I read, where he drastically overestimated the growth rate of Harley-Davidson and therefore grossly overestimated the value (because he misjudged it's moat). He tried to implement the "simple" Buffett/Munger method and failed spectacularly. If he had remembered Ben Graham, he may have realized that paying for growth is a very dangerous proposition that most often results in surprises to the downside. If you want to learn more about valuation and when you can actually pay for growth, you can read "Value Investing" by Bruce Greenwald. He covers both Grahm-style and Buffett-style investing and has received shout-outs from Buffett himself for training Todd Combs (now CEO of GEICO). If Town works for you, and you can beat the market with his ideas, then that’s great. From what I know of him, however, he doesn’t make the recommended reading list.