10

CHAPTER

More Than One Way to Find Value

CASE STUDIES SHOWING

THE APPROACH AT WORK

The individual investor should act consistently as an investor and

not as a speculator. This means that he should be able to justify

every purchase he makes and each price he pays by impersonal

objective reasoning that satisfies him that he is getting more than

his money ’ s worth for his purchase.

— Benjamin Graham

So far, the goal of this book has been to alert investors to the

ways in which a value - oriented investment mind approaches invest-

ing. Tell people that your investment approach entails buying

50 - cent dollars and investing with a high margin of safety and,

presto, you ’ re a value investor. But saying something isn ’ t the same

as doing it. It ’ s time to do now.

This chapter presents three case studies that illustrate how to

approach investing in an intelligent, businesslike fashion. They

are examples of why a value - oriented investment approach makes

sense. Each case study presents a different way to determine that

the company under investigation is indeed a bargain investment

opportunity at the time.

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