Abstract
Efficient market hypothesis considers that because many talented analysts constantly searching the market for the deals in a short period, after a certain point of time there are not so attractive deals. According to the hypothesis, successful investors owe their success more to luck than to their skills. The paper presents the Value investing. Value investing is an investment paradigm, which stems from the ideas of Benjamin Graham and David Dodd. The proponents, including the chairperson of Berkshire Hathaway Warren Buffett, argue that the essence of value investing is to buy shares at a price lower than their true value. The difference between the market price and intrinsic value of the stock Graham called the “margin of safety”.