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2026 Value Investing Conference: Stephen Penman On Why Book-to-Price Only Works When You Reverse-Engineer the Market

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Stephen Penman of Columbia Business School
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At the Ben Graham Centre’s 2026 Value Investing Conference, accounting expert Stephen Penman of Columbia Business School opened his morning keynote with a joke and a warning. The joke was that he’s an accountant, so the audience should feel free to leave for coffee early. The warning, which turned out to be the whole point...

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