The man behind the success of Tweedy Browne speaks up. Yes, the truth is many can understand value investing, but it is the "emotional discipline" that completes the circle.

Though there's little, if anything, new and exciting in this book, there are several timeless gems of advice. I never tire of the first rule of investing: Do not lose money. The second rule is equally important and easy to remember: Don't forget rule number one. Because it takes a 100% gain to offset a 50% loss, curtailing mistakes is paramount to investing success. Some mistakes are unavoidable, of course, but to minimize the unpalatable results of errors, Browne suggests avoiding firms with a lot debt, reiterating Ben Graham's advice to stick with firms that own twice as much as they owe. Even though debt can boost returns, a firm will be saddled with the irksome requirement to repay the debt. Debt has a nasty habit of compounding an already difficult situation. Look no further than Mills (MLS).

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Browne is one of several value investors who have written books detailing their investment approaches. Why would they give away the keys to the kingdom? They haven't, of course. Browne notes that temperament is the main barrier to investing success, not grasping the fact that you must pay less than the stock is worth and sell it at a higher price. In the preface to Ben Graham's The Intelligent Investor, Warren Buffet states, "This book precisely and clearly presents the proper framework. You must supply the emotional discipline." Those two sentences apply to The Little Book of Value Investing. In my view, this isn't much different than giving someone golf clubs and telling them to go win the U.S. Open, but it's the best we can hope for.