ry or "lack thereof." While perhaps it is trite or even arrogant to say that the market is getting it wrong and I was/am getting it right, we think Benjamin Graham captures it best: "In the short run, the market is a voting machine but in the long run, it is a weighing machine." As many of you know, my first l

ings the same? The answer is no, but the confusion is understandable. Value investing in securities markets as we know it today traces its roots to Benjamin Graham and his book Security Analysis. Graham's fundamental insight was really just a derivation of basic corporate law. Namely that "every corporate secu

ry or "lack thereof." While perhaps it is trite or even arrogant to say that the market is getting it wrong and I was/am getting it right, we think Benjamin Graham captures it best: "In the short run, the market is a voting machine but in the long run, it is a weighing machine." As many of you know, my first l

tifications for these assumptions are given below. Until a few years ago, despite the wealth accumulated by Warren Buffet and other acolytes of the Benjamin Graham school of investing, the concept of companies having fundamental value was highly controversial. In recent years, these views have become more accep