Origins of Value Investing

The origins of Value Investing has been pushed even further back than Henry Clews.

I am currently reading “Devil Take The Hindmost,” by Edward Chancellor. The book is an excellent review of the history of speculative activity in the financial markets. One quote that I wanted to share was from Richard Steele, an English writer who wrote a publication called the Spectator in the late 17th and early 18th centuries.

“Nothing could be more useful, than to be well instructed in his Hope and Fears; to be diffident when others exalt, and with a secret Joy buy when others think it is their interest to sell.”

Sounds just a little like Warren Buffett when he says:

"Try to be fearful when others are greedy and greedy when others are fearful."