, serves as a practical manual for translating dense accounting data into actionable investment intelligence. For Graham, a company's stock price must always relate to its underlying financials to avoid the "costly mistakes" of speculative exuberance. The Primacy of Tangible Assets and "Watered Stocks" Tangible over Intangible : Graham championed valuing companies based on tangible assets
Companies often hide recurring expenses under the label of "one-time restructuring fees" to make their core earnings look artificially high. , serves as a practical manual for translating