📖Benjamin Graham
Patience is a Virtue
Trust your informed judgment against the crowd.
Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it — even though others may hesitate or differ.
🏠 Everyday Analogy
📖 Core Interpretation
Benjamin Graham frames investing as a compounding game. Time amplifies quality and discipline, while unnecessary activity often destroys long-horizon returns.
💎 Key Insight：Conviction backed by analysis is a competitive advantage.
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❓ Why It Matters
Short-term noise often forces investors out before value is realized. Long-term discipline increases the odds that fundamentals, not emotions, drive outcomes.
🎯 How to Practice
Extend research and review horizon, reduce unnecessary turnover, and adjust only when intrinsic value, risk, or opportunity cost materially changes.
⚠️ Common Pitfalls
Calling it long term while never reviewing thesis
Overtrading and damaging compounding
Ignoring opportunity cost and alternatives
📚 Case Studies
1
Defensive Investor in 1973–74 Bear Market (1973)
Using Graham-style defensive asset allocation, an investor keeps substantial high‑grade bonds and limits exposure to cyclical stocks during the 1973–74 bear market.
✨ Outcome：Experiences smaller drawdowns than major indices and recovers capital faster as markets rebound in the late 1970s.
2
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.
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