Episode 4: Benjamin Graham — The Father of Value Investing and His Indian Legacy | Complete Value Investing Course

Episode 4: Benjamin Graham — The Father of Value Investing and His Indian Legacy

Welcome to Episode 4 of the Complete Value Investing Course for Indian Investors, brought to you by Manish Goel at multibaggershares.com.

Benjamin Graham, born in 1894, survived the devastating 1929 stock market crash and dedicated his life to developing a systematic, rational approach to investing. His masterpiece, The Intelligent Investor, published in 1949, is still considered the bible of value investing. Warren Buffett himself called it “the best investing book ever written.”

What You’ll Learn in This Episode

Graham’s Core Principles: The Margin of Safety means always buying a stock for significantly less than what it’s actually worth. His famous Mr. Market allegory teaches that the stock market is like a moody business partner — your job is to take advantage of his mood swings, not be controlled by them.

Stock Selection Criteria: Graham wanted companies with PE ratios below 15, price-to-book below 1.5, consistent earnings growth over 10 years, and current ratio above 2. Companies like Titan Biotech (BSE: 524717), currently trading around ₹368 with ROCE above 25% and consistent earnings growth, exemplify the kind of quality businesses Graham championed.

Why Speculation Destroys Wealth: Graham drew a sharp line between investing and speculation. SEBI’s own research confirms that over 90% of individual F&O traders lose money. Compare that with patient value investing — Titan Biotech went from just ₹8 to around ₹368, rewarding patient investors enormously.

Graham’s Indian Legacy: With Nifty near 23,000 and Sensex around 74,400, Indian markets are volatile — but Graham taught us that market declines create opportunities for intelligent investors. Indian small-caps offer abundant Graham-style opportunities.

Your Action Steps

Read The Intelligent Investor. Calculate intrinsic value before buying. Always demand a margin of safety. Ignore TV experts and WhatsApp tips. Build a portfolio of quality businesses with high ROCE, low debt, and honest management.

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Disclaimer: This content is for educational purposes only. Please do your own research before making investment decisions. Past performance is not indicative of future results.

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