Go Ugly Early When It Comes To Benjamin Graham’s Stocks Trading Below NVAC

What percentage of students in a typical high school would be classified as part of the in-crowd? I’m confident that people’s responses to that question are dependent on where they felt they were ranked in the popularity caste system back in their school days. Former students on the outer ring of popularity (including financial advisors such as myself who advocate a value investing philosophy) probably estimate a smaller popularity percentage in comparison with the former captain of the football team or his cheerleader girlfriend. Let’s classify the cool kids in a typical brick-and-mortar high school as representing twenty-five percent of the entire student body. Many students aren’t part of the in-crowd but are eager to gain their peers’ acceptance, hoping to move up...