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I'm trying to learn as much as I can about investing and understanding accounting, instruments, markets, etc. so i am reading as much as I can. I'm really looking for a textbook with lots of examples and practice, but the textbooks I find place a lot of emphasis on the efficient market hypothesis. I am a fan and reader of Buffett and Graham and value investing so I don't really want to use the tools and principles taught in modern portfolio theory.

So the question I pose to value investors out there is: do you use any modern portfolio theory in your investing process? I'm really interested in getting the perspective of a value investor who got an MBA from a well known program because I read that MPT is given a lot of emphasis. I assume investors like Bill Ackman who got their MBA's from Harvard Business School would have received lots of exposure to MPT, yet he doesn't believe in it so far as I have read.

Another question: are there any textbooks that don't place emphasis on MPT and have a value orientation?

Thanks to anyone who takes the time to reply

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