Benjamin Graham in 1974: Book Value, Inflation, and the Case Against Efficient Markets

Issue 31| 1974 - Inside Part Two of Graham’s classic 1974 interview on the future of common stocks.

In the second half of his 1974 address, Graham, often referred to as the “Dean of Wall Street,” shifts from his earlier warnings about low price-to-earnings multiples to a more practical approach: the return of book value as a guiding principle for investors. He argues that when half of the companies on the New York Stock Exchange are trading below thei…