IN
1975, legendary value investor Benjamin Graham wrote that his net-net
stock strategy worked so well that he had renounced all other value
investing strategies.
In his 2014 shareholder letter, Warren Buffett
wrote that he earned the highest returns of his career employing this
‘cigar butt’ approach to investing.
And despite the widespread
assumption that net-net stocks are a relic of the past, Graham’s net-net
stock strategy is just as viable today for small private investors as
it was for Buffett’s ‘superinvestors’ during their early careers.
Net-net investing remains the most powerful value investing approach a
small investor can adopt.
This book is your ultimate practical guide to implementing it – and reaping the rewards – in today’s markets.
Evan
Bleker has spent ten years studying Graham’s strategy to uncover its
real-world performance, how to employ it, and why it works. He’s also
dug deeply to identify additional criteria to boost returns and ensure a
greater number of winners.
In this book, Evan defines the strategy
for investors, then walks readers through the strategy’s philosophy, as
well as academic and industry studies assessing the framework, and its
implementation by world-class value investors such as Benjamin Graham,
Warren Buffett, and Peter Cundill.
He also compiles selection
criteria into a practical checklist for investors, and documents how the
strategy works in today’s markets with exclusive detailed case studies.