What is Value Investing Substack?
"Value", as defined in Value Investing, is simply the gap between what something is worth and its price.
The father of Value Investing, Benjamin Graham, defined an investment as an "operation which, upon thorough analysis, promises Safety of Principal + Satisfactory Return". (i.e. risk:reward of bonds)
The endgame objective of Value Investing isn't maximum returns, but LT Arbitrage. True business ownership in stock markets just empirically happens to be the best way to achieve this goal.