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 math 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.