Over a period of 30 years or so, in managing investment funds, Benjamin Graham used the approach of investing in the stocks of companies where the stocks were trading at less than their working capital value.The average return from using this strategy was approximately

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Although Graham said in 1976 that markets were so efficient that one could not expect to identify undervalued securities consistently, as he had done throughout his career, he continued to find this one variable useful.

Over a Period of 30 Years or So, in Managing