A style of investing based on exploiting gaps between the fundamental (or intrinsic) value of securities and their market price. Value investors believe that the price and value of securities will converge over time, providing opportunities to buy or sell them appropriately. Further, they look for a sufficient ‘margin of safety’ between price and value to reduce the risk of loss in an investment. Benjamin Graham, the father of value investing, introduced the idea to the world through his famous coauthored 1934 book, Security Analysis . Warren Buffett, Phil Carret, Charlie Munger, and Peter Lynch are some of its most successful practitioners.