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by rchaud 13 days ago
Graham died back when stocks were traded by guys shouting orders from a pit. High frequency trading was decades away, as was Wall Street's push for:

- creative accounting (Enron, Worldcom)

- zero-interest rate policy

- SPAC IPOs

- exotic securitization (credit default swaps)

...that made valuation more opaque over time. The age of value investing is long gone.