This course covers the philosophy, theory, and practice of value investing as it has developed since Graham. Techniques of investing will be presented, including search, valuation, and portfolio construction. The focus will be on the economic analysis and valuation of firms, with the underlying goal of achieving a comprehensive understanding of each firm. The course will begin with an exploration of industry and market trends, followed by a systematic development of valuation techniques from the ground up, along with an examination of the limitations of current standard valuation methods. These techniques and the developed framework will be applied to study specific companies. Finally, the course will address portfolio construction and issues related to portfolio management.