This course covers the philosophy, the theory and the practice of value investing as it has developed since Graham. We will present the techniques of investing: search; valuation and the construction of a portfolio. We will focus on the economic analysis of the firm and the valuation of the firm. The underlying idea is to completely understand the firm. To do so, we will begin by understanding the industry and market trends. We will then systematically develop valuation techniques from the ground up as well as understand the limitations of the current standard forms of valuation. We will apply these techniques and the framework developed to study specific companies. Finally, we will discuss the construction of the portfolio and issues of portfolio management.