📖Benjamin Graham
Discipline Over Genius
Treat investing as a business, not entertainment.
The individual investor should consistently act as an investor and not as a speculator. Investment is most intelligent when it is most businesslike.
🏠 Everyday Analogy
📖 Core Interpretation
Benjamin Graham emphasizes durable business quality over short-term noise. A strong model, real competitive edge, and disciplined capital allocation matter more than quarterly excitement.
💎 Key Insight：Disciplined process beats brilliant speculation.
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❓ Why It Matters
Without business-quality filters, investors drift toward stories rather than economics. Durable cash generation is what supports long-term valuation.
🎯 How to Practice
Use a checklist covering moat, management, unit economics, and capital allocation; track long-term cash generation instead of quarter-to-quarter noise.
⚠️ Common Pitfalls
Buying narratives instead of cash-generating economics
Overreacting to short-term operating noise
Ignoring management quality and capital allocation
📚 Case Studies
1
Nifty Fifty Overvaluation (1973)
Popular blue-chip growth stocks traded at extreme P/E ratios, seen as 'one-decision' stocks that could be bought at any price.
✨ Outcome：A Graham-style value investor avoided overpaying, preserved capital during the 1973–74 bear market, and later bought quality stocks at far lower prices.
2
Dot-Com Bubble Discipline (2000)
Technology and internet stocks soared despite little or no earnings, while many established companies traded below intrinsic value.
✨ Outcome：A Graham-style investor shunned speculative tech names, bought undervalued, profitable firms, and outperformed when the bubble burst and value stocks recovered.
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