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Welcome Vekm,

You are not alone several well known value investors have scratched their heads over W.E.B.'s IBM and railroad buys.

I would suggest that you start with

http://www.amazon.com/Intelligent-Investor-Definitive-Invest...

and

http://www.amazon.com/Uncommon-Profits-Writings-Investment-C...

These two books are foundational for anyone taking a more fundamental approach to investing.

http://www.amazon.com/How-Read-Financial-Report-Wringing/dp/...

Is a great primer on the three sheets

After that, if you want to know more about an industry there are two primary places to dig. Sell side analyst reports on industry are useful, their recommendations and targets might be skewed but they know their back yard. If they didn't they wouldn't keep their job. The second place to go is start reading the financial reports, here is where Google, Yahoo!, Investopedia.com come in handy. If you run into a term or idea that you want to explore further start with the web cuz you are already paying for it.

jack
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