📖Benjamin Graham
Use Mr. Market Wisely
Let market prices serve your strategy, not dictate it.
The market is there to serve you, not to guide you. It is folly to sell because the market has gone down. The real investor does not sell out to Mr. Market.
🏠 Everyday Analogy
📖 Core Interpretation
Benjamin Graham advocates a repeatable process: define criteria, execute consistently, and review decisions against evidence. Process quality drives outcome consistency.
💎 Key Insight：Use market irrationality as a buying opportunity.
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❓ Why It Matters
Without process, there is no reliable feedback loop. Structured execution and review improve decision quality over time.
🎯 How to Practice
Run a decision loop of research, thesis, execution, and post-mortem; document assumptions and update playbooks with evidence, not hindsight bias.
⚠️ Common Pitfalls
Having opinions without execution criteria
Reviewing outcomes but not decisions
Abandoning rules during volatility spikes
📚 Case Studies
1
Early Index Fund Adoption (1973)
An investor, inspired by Graham-style discipline and early indexing ideas, buys a low-cost S&P 500 index fund during the 1973–74 bear market.
✨ Outcome：Keeps contributing regularly; by the early 1980s, portfolio recovers and significantly outperforms many actively managed funds.
2
Global Financial Crisis Indexing (2008)
A Graham-influenced saver holds a broad U.S. stock index fund through the 2008 crash, seeing a portfolio decline of over 40%.
✨ Outcome：Continues dollar-cost averaging; by 2013–2014, values surpass pre-crisis highs, validating long-term, low-cost index investing discipline.
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