📖Benjamin Graham
Think Independently
Base decisions on facts, not crowd opinion.
You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.
🏠 Everyday Analogy
📖 Core Interpretation
Benjamin Graham highlights that many investment mistakes are psychological, not analytical. Managing behavior under stress is as important as finding ideas.
💎 Key Insight：Independent analysis is the foundation of sound investment.
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❓ Why It Matters
In volatile markets, fear and greed push investors to buy high and sell low. A behavioral framework reduces avoidable, self-inflicted errors.
🎯 How to Practice
Pre-write decision rules, slow down trades during stress, and separate market emotion from business facts before adjusting positions.
⚠️ Common Pitfalls
Following crowd emotion at extremes
Mistaking confidence for certainty
Forcing trades to quickly recover losses
📚 Case Studies
1
Textile and Steel Net-Net Bargains (1974)
During the 1973–74 bear market, several small U.S. textile and steel companies traded below their net current asset value, reflecting deep pessimism about traditional manufacturing.
✨ Outcome：Graham-style investors buying a diversified basket saw strong gains as prices rebounded with the late‑1970s recovery.
2
Post‑Crisis Micro‑Cap Net-Nets (2009)
After the 2008 financial crisis, many micro‑cap industrial and consumer firms traded below NCAV due to forced selling and credit fears, despite remaining solvent.
✨ Outcome：Investors applying Graham’s NCAV discipline achieved large returns over 3–5 years as liquidity normalized and valuations mean‑reverted.
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