Value Investing

Table Of Contents

Preface: Ben Graham Was Wrong

Part I: The World Graham Built For—History Through Financial Matrix

See Also: The Sorcerer’s Apprentice

1. Graham’s Universe No Longer Exists: Value, Money, & Macro

2. Value Investing’s Kryptonite: Inflation

3. Value In The Age Of Technocracy

4. The Price Of Everything & Value Of Nothing—Value, AI, & Passive

Part II: Value’s Cracked Foundation

1. Graham Thought Like An Arb & An Activist

   1. See also The Factory That Makes Investment Processes Repeatable and Let’s Break A Deal

2. There Is No Such Thing As Intrinsic Value

   1. The Deeper Problem With DCFs

3. The Continuum Of Force: The Physics Of Value

   1. Introducing The Continuum Of Force: The Missing Variable

      Part I: Graham’s Cargo Cult Forgot His Brass Knuckles

   2. The Physics of Value: Force, Event Paths, and Convergence

   3. What Is A Catalyst? Catalyst v. Continuum Of Force

   4. The Myth Of Time Arbitrage

   5. Continuum Of Force Defines Speculation v. Investment

   6. Duration Doesn’t Make Something An Investment

   7. The Problem With a “Private Equity Approach” To Public Equities

   8. Governance & Dark Arts: & The Continuum Of Force

      1. See Also Dark Arts here and here

   9. Event Driven

   10. Activism & The Activism Manifesto

   11. Private Equity & Private Credit

   12. Short Selling & The Continuum Of Force

4. Margin Of Safety Is Incomplete

   1. Must Include Monetary System & Continuum Of Force

5. Many Value Investors Misunderstand Inflation & Prices

6. Moving The Goal Posts: From Arbs to Compounders

   1. The Shapeshifter Problem

Part III: Practice

1. Value Investing: Process Failures

   1. Idea Generation, Research, & Value In The Age Of AI

   2. Every Idea Is An Island: The Lonely Stock Problem

   3. Live By The Comp, Die By The Comp

2. Value Investing: Portfolio Management

   1. Value Investing Portfolio Construction Failures

   2. From Portfolio Construction To Portfolio Cohesion

   3. The Problem With Sitting In Cash As A Perpetual Option

   4. You Can Ignore Multiflation But Multiflation Won’t Ignore You

   5. You Can Ignore Factors But Factors Won’t Ignore You

   6. The Multiflation Method: Cohesion Over Collections

3. The Value Musical Chairs Lifecycle

   1. How Value Traps Are Born

4. Value Investing In The Mirror: Human Failures

Part IV: The Intelligent Investor, Reimagined

1. Value & The Multiflation Method

2. If You Die In The Financial Matrix, You Die In Real Life

3. What Value Can Learn from Growth, Momentum, Quant, and Pod Shops

4. Cash & Fixed Income Alternatives for Multiflation

5. During An Inflation, Limited Prudent Speculation May Be Intelligent