Guides

Step-by-step how-tos for applying net-net rules.

• Circle of Competence - Stay Within What You Can Value

  Only act where you can appraise value versus price; skip the rest.
  Published: 2025-12-26
  graham competence risk analysis

• Defensive vs. Enterprising Investor - Graham's Playbooks

  Two playbooks: defensive (quality + diversification) and enterprising (work + selectivity) with Graham's rules.
  Published: 2025-12-26
  graham defensive enterprising strategy

• Diversification and Position Sizing - Graham's Guidance

  Portfolio size rules for defensive vs. enterprising investors, and how margin of safety influences position size.
  Published: 2025-12-26
  graham diversification sizing risk

• Dividend and Earnings Stability - Graham's Quality Filter

  Why long records of dividends and steady earnings mattered to Graham, and how to use them today.
  Published: 2025-12-26
  graham dividends earnings-stability quality

• Earnings Power vs. Asset Value - Graham's Lens

  Choose the right anchor: normalized earnings or discounted assets, with Graham-style haircuts.
  Published: 2025-12-26
  graham valuation earnings-power asset-value

• How to Practice Intelligent Speculation (Graham Playbook)

  A Graham-style approach to speculation: separate it, size it, price it with a margin of safety.
  Published: 2025-12-26
  graham speculation risk discipline

• Investment vs. Speculation - Graham's Lens

  How Graham defines investment vs. speculation, why the line blurs, and how to keep speculation fenced.
  Published: 2025-12-26
  graham investment speculation margin-of-safety discipline

• Margin of Safety - Graham's Core Rule

  A Graham-style playbook for pricing, haircuts, and position sizing using margin of safety.
  Published: 2025-12-26
  graham margin-of-safety valuation risk

• Market Analysis vs. Security Analysis (Graham's View)

  What Graham means by security analysis, why market forecasts are unreliable, and how to anchor decisions on value.
  Published: 2025-12-26
  graham security-analysis market-analysis intrinsic-value risk

• Mr. Market - Using Volatility Graham's Way

  How to treat the market as a servant, not a guide—buy from him when cheap, ignore him when dear.
  Published: 2025-12-26
  graham volatility psychology margin-of-safety

• Special Situations - Graham's Approach to Workouts

  How to evaluate special situations with Graham's focus on terms, timing, and downside protection.
  Published: 2025-12-26
  graham special-situations workouts catalyst

• How to Evaluate Net-Net Risk in Microcaps

  Quick risk checklist for net-net stocks covering balance sheet strength and dilution risk.
  Published: 2025-12-20
  net-net risk microcap checklist

• How to Spot Dilution Risk in Small and Microcaps Stocks

  Quick risk checklist for net-net stocks covering dilution risk.
  Published: 2025-12-20
  net-net risk microcap checklist

• How to Understand Earning Power

  Use the golden-goose analogy to reason about recurring cash flows and earning power.
  Published: 2025-12-20
  earning-power valuation cash-flow

• Why Stocks Trade Below Net Asset Value (Graham-Style)

  Graham pointed to unpopularity, neglect, and hard-to-understand businesses as drivers of net-net discounts.
  Published: 2025-12-20
  net-net valuation graham