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 professional 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.

Published quarterly, each issue includes from one to three concise, thorough research reports presenting microcap to large-capitalization stocks carefully selected for extreme fundamental undervaluation and 50% or greater upside potential. Unlike conventional sell-side research, this content is not compromised by any of the investment banking or other relationships that distort typical Wall Street research coverage, and unlike the majority of small-cap research providers, I will neither accept nor solicit fees or compensation of any kind from any of the covered companies. 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.

All investing does involve real 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. 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 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.

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