Rules-based value investing for grown-ups.

Val­ue invest­ing isn’t new. Ben Gra­ham worked it out in the 1930s. War­ren Buf­fett and Char­lie Munger turned it into one of the great for­tunes of the last cen­tu­ry. The idea under­neath it is sim­ple: fig­ure out what a busi­ness is actu­al­ly worth, buy it for less than that, and let the maths do the heavy lift­ing. No tips, no hunch­es, no astrol­o­gy.

The trou­ble is, “buy won­der­ful com­pa­nies at fair prices” is easy to say and hard to do. Buf­fett can read a bal­ance sheet in his sleep. Most of us can’t. And the leg­ends are famous­ly vague on the one ques­tion that keeps you up at night: when do I sell?

That’s the bit Tony Kynas­ton solved. Over 30 years he turned the prin­ci­ples of val­ue invest­ing into a checklist—a repeat­able process that scores every stock on qual­i­ty and price, tells you what’s worth buy­ing, and, just as impor­tant­ly, tells you when to get out. No gut feel required. You don’t have to be War­ren Buf­fett. You just have to fol­low the rules.