Christopher Browne’s The Little Book of Value Investing is a fine introduction to the logic and philosophy behind value investing. Written in plain, accessible language, it is an excellent resource for the beginning investor who wants to learn the secrets of achieving long-term investing success. It may also be helpful for investors with experience with other investment strategies, who are looking to branch out into value investing.

There can be little doubt that Christopher Browne knows value investing about as well as anyone alive. He has over 37 years of professional market experience. Christopher Browne’s father, Howard Browne, was co-founder of the famous Tweedy Browne and Reilly brokerage, where the author now serves as managing director. In the early days of the firm, Howard Browne served as broker and trusted advisor to both Benjamin Graham, and his protege, Warren Buffett. The names Buffett and Graham have become nearly synonymous with value investing and its great profit potential. Indeed, value investing has made Warren Buffett the world’s second-richest man. Mr. Browne and son plainly learned from the best.

The Little Book of Value Investing is filled with timeless wisdom about investing in general, as well as crowd psychology, and the intrinsic value of great companies. Mr. Brown introduces the reader to the traditional methods of determining what a company is worth, and explains why the market price is often out-of-whack with a company’s true value (in both directions). Along the way, the author makes an excellent case for why value investing works so well, and so consistently. Every bit of advice and sage wisdom offered is the result of decades of successful experience, and is thouroughly supported by historical studies and back-testing. (The final chapter discusses a number of these supporting studies.)

The book is written in a light-hearted, witty style which makes it a quick, easy read, and leaves the reader eager to get started. Ultimately, though, this strength is also the book’s only real weakness. It is very brief, and lacking in detail. To be fair, the title is The Little Book of Value Investing. This book is about as good an introduction as could be wished for, but I would advise that the reader channel the enthusiasm it creates into further study, rather than jumping right into markets. I’m sure Christopher Browne would agree.

Regrettably, the book is only available in hardback. It’s a bit annoying to have to pay hardcover prices for a book that is easily finished in a couple of hours. Still, value stocks have outperformed growth stocks by significant margins for as long as records have been kept, and if The Little Book of Value Investing inspires you to learn how to find them, it will be well worth the price.