Charles Munger: Why Did Ben Graham’s Net Nets Disappear | Value Investing News

Charles Munger: Why Did Ben Graham’s Net Nets Disappear

  • People were so shell-shocked for a long time thereafter that Ben Graham could run his Geiger counter over this detritus from the collapse of the 1930s and find things selling below their working capital per share and so on.
  • Just look at what disappeared from its balance sheet when it decided that it had to change size both because the world had changed technologically and because its market position had deteriorated.
  • But there was enough turmoil in technological change that IBM got bounced off the wave after “surfing” successfully for 60 years.
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