• Deep Value Letter
    Independent, highly-performing value investing research
  • Audited account performance:
    2009: +45.84%  2010: +57.02%
    2011: +28.33%  2012: +22.31%
    2013: +47.30%

Independent value-driven investment research
with a solid track record of market outperformance Satisfaction guaranteed

Welcome to Deep Value Letter

With a multiyear track record of significant market outperformance, Deep Value Letter is an independent Graham-and-Dodd value investing newsletter providing high-quality, unbiased investment research directly to individual and institutional investors. Incorporating quantitative stock screening methods based on decades of empirical studies in academic finance, coupled with diligent fundamental research into targeted companies, this newsletter aims to achieve exceptional long-term returns for subscribers through careful identification of deeply undervalued and special-situation investment opportunities.

As a successful independent value investor for over fifteen years, I have achieved substantial long-term outperformance by systematically identifying and investing in mispriced securities, and now earn the majority of my income from investing. I'm happy to exchange ideas with other serious value investors, and publish research reports on some of my highest-conviction personal investments through this newsletter sent quarterly to subscribers. I have had the returns on my personal Roth IRA account verified by a Certified Public Accountant and have published the results below. Past performance does not guarantee future results.

Audited Account Performance

2009: +45.84%

2010: +57.02%

2011: +28.33%

2012: +22.31%

2013: +47.30%

Published quarterly, each issue includes from one to three concise, thorough research reports presenting microcap to mid-capitalization stocks carefully selected for extreme fundamental undervaluation and 50% or greater upside potential. Unlike conventional sell-side research, this content is fully independent from any of the investment banking or other relationships that compromise typical Wall Street research coverage, and unlike the majority of small-cap research providers, I will neither solicit nor accept fees or compensation of any kind from any of the covered companies. I am not motivated to generate commissions through frequent trading; and instead focus on carefully identifying a limited number of deeply mispriced securities with high expected long-term returns, using long holding periods to minimize tax liability and transaction costs. I do not hold myself out to the public as an investment adviser, and this newsletter represents my personal opinion and a discussion of my personal investments. I want to prominently disclose that unless otherwise noted I have invested for myself and my family in the securities mentioned, and will personally bear the consequences of every one of my investment decisions.

All investing does involve risk, and small-cap or microcap stocks often exhibit greater short-term price volatility, which can scare away the majority of momentum-oriented traders and act as a source of opportunity for others. Behavioral finance and deep value investing operate on a fundamentally different definition of risk than the traditional concepts of beta and historical price action used by most conventional investors. Through careful independent research, the successful deep value investor aims to identify a limited set of investments that are extremely mispriced relative to their intrinsic value, combining a strong fundamental margin of safety with high expected return. The core of this philosophy is perhaps best summed up in the words of Warren Buffett and his mentor Benjamin Graham: "Price is what you pay. Value is what you get."

Deep value investing requires a degree of level-headedness, patience, and perseverance that few people truly possess. I recommend this newsletter only to investors with a long-term investment horizon, a significant degree of patience, perseverance and self-control, and with firm confidence in an evidence-based and fundamentally driven value investment philosophy. It is my hope that this independent research can be used together with your own due diligence to build a diversified portfolio that will strongly outperform the market.

Risk-Free Trial Subscription

I would be glad to offer you a subscription at no risk to you, so that you can immediately start experiencing these powerful results for yourself. At a cost significantly more reasonable than almost all institutional alternatives, the freedom of this research from any investment banking relationships or corporate sponsorship means you'll receive truly independent analysis prepared with your benefit in mind.

I am so confident you'll be pleased with the solid results this research generates that I'm giving this newsletter my strongest guarantee - you'll owe nothing unless you're absolutely satisfied. Click the icon below to begin a subscription at no risk to you.

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